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CFA® Level II · Ethical and Professional Standards · free lesson
Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate
The charter is valuable only if the public trusts that it was earned honestly and is described accurately. Standard VII protects that trust by prohibiting conduct that compromises CFA Institute programs, such as cheating or sharing exam content, and by setting rules on how members and candidates refer to membership, the designation and candidacy. Level II questions test the fine line between permitted comments and disclosure, the correct use of the marks, and what happens when membership lapses. This module explains both sub-standards and the practices that prevent violations.
What you will learn
1. Recognise conduct that compromises the integrity or security of CFA Institute programs and exams.
- Cheating, ignoring proctor instructions and breaking exam rules violate VII(A).
- Never disclose specific questions, topics or formulas tested, before or after the exam, in any forum.
- Soliciting exam content from candidates is as much a violation as disclosing it.
- False information on applications, the Professional Conduct Statement or CE records violates VII(A).
- General comments on difficulty and criticism of CFA Institute's policies are permitted.
2. Apply the rules on referring to CFA Institute membership, the CFA designation and candidacy.
- Use 'CFA' only as an adjective or after a name, never as a noun or a partial designation.
- A charterholder must remain a member in good standing (dues and Professional Conduct Statement) to use the designation.
- Candidate status means registered for the next exam or awaiting results; otherwise state levels passed.
- Factual statements about the program and one's own results are allowed.
- Never imply that the charter brings superior performance or guarantees competence.
3. Recommend practices that help prevent violations of Standard VII.
- Individuals: follow exam rules, keep exam content confidential forever, keep membership and records current and accurate.
- Use approved templates for bios, cards and signatures, and update them when status changes.
- Firms should verify membership and candidate status and review marketing claims about the charter.
- Prep providers must never solicit exam content or imply access to it or endorsement by CFA Institute.
- Integrity controls should extend to internal training and licensing exams.
Module at a glance
- Cheating, ignoring exam rules and accessing study material during breaks violate VII(A).
- Never disclose or solicit specific exam questions, topics or formulas, before or after the exam, publicly or privately.
- General comments on difficulty and criticism of CFA Institute are permitted.
- False information on applications, the Professional Conduct Statement or CE records violates VII(A).
- 'CFA' is an adjective used after a name or with words like charterholder; never a noun, never a partial designation.
- Using the designation requires continuing membership in good standing; candidacy requires registration for an upcoming exam or awaiting results.
- Do not imply that the charter brings superior performance; use templates, status checks and compliance review to prevent errors.
This free module has 3 lessons, 13 practice questions with full explanations.