CFA Level II · CFA Level II Exam

Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate: formula sheet

Full chapter guide

Key formulas

Core duty: Do not compromise the reputation or integrity of CFA Institute or the CFA designation, or the validity and security of CFA exams; Applies to members and candidates. No personal gain is needed for a violation.
Cheating test: Any unfair advantage or breach of exam rules = violation; Includes using unauthorized materials or devices, copying, and helping others do so.
Confidentiality test: Non-public exam content disclosed = violation; Covers questions, answers and specific content not released by CFA Institute.
Permitted discussion: Published curriculum, published topic areas and weights, and study methods = allowed; Sharing general study approaches is fine. Sharing specific non-public content about what was actually tested is not.
Core rule of VII(A): Do not engage in conduct that compromises the integrity, validity or security of CFA Institute programs; Applies to members and candidates, before, during and after the exam.
Confidential vs public: Confidential = non-public exam content and security information; Public = published curriculum, weights, sample questions; Only the first group is protected.
Opinions test: Opinion about the program (allowed) vs disclosure of specific content (violation); Saying the exam was unfair is fine. Describing a question is not.
Examples of violations: Cheating + unauthorized devices or materials + helping others + disclosing or seeking exam content + ignoring exam rules; Listed as conduct that breaches VII(A).
Core rule: No misrepresentation or exaggeration of the meaning or implications of membership, the designation, or candidacy; Applies to CFA Institute membership, the CFA designation and the CFA Program.
Charterholder vs candidate: Charterholder = has earned the designation; Candidate = registered for the exam, or passed an exam and actively pursuing the designation; designation not yet earned; A candidate may say they are a candidate in the program. A candidate must not say or imply they hold the designation.
Permitted claims: Factual statements about membership, designation or candidacy, and accurate descriptions of the program; Do not say or imply guaranteed or superior results, or a higher level of skill than facts support.
Candidacy wording: Passing an exam, or any number of exams, does not give a designation or a partial designation; A candidate may say "passed the Level I, II or III exam" or "candidate in the CFA Program" as accurate facts. A candidate may not imply a partial designation, put "CFA" after their name, or suggest superior ability because of passing exams.
Designation usage: "CFA" as letters after a charterholder's name or "CFA charterholder" as a noun; do not use it as an adjective; Example: avoid "a CFA fund". Do not imply CFA Institute endorsement of a firm or product. A firm may factually state that it employs charterholders.
Permitted statements: Allowed = factual status: "candidate in the CFA Program" or "passed Level I/II/III" (only if true); Keep the wording plain and accurate. No designation language.
Prohibited claims: Not allowed = CFA letters after your name, "charterholder", "partial designation", or implied superior ability; Passing a level is not a designation. Only completing all requirements and being awarded the charter gives you the CFA designation.
Core test: Fact about status → acceptable; title, credential or skill claim → violation; Use this to sort any answer option quickly.

Quick revision

VII(A): do not engage in conduct that compromises the integrity, validity or security of CFA Program exams.
Conduct in VII(A) includes cheating, violating exam rules, and disclosing confidential Program or exam content.
Sharing specific exam questions or content with others is a violation.
Using a device or help that is not allowed in the exam is a violation.
Specific exam questions and content that CFA Institute has not made public must not be disclosed. Publicly released information, such as the general topic areas, may be discussed.
Expressing opinions about the Program, or giving feedback to CFA Institute, through proper channels is not a violation.
VII(B): do not misrepresent or exaggerate the meaning or implications of membership in CFA Institute, holding the CFA designation, or candidacy in the CFA Program. Claims about your own skills may also be misrepresentation under I(C), so both Standards can apply.
Say you are a candidate in the Program; do not imply you hold the designation.
Passing an exam level does not give you a designation or partial designation.
Do not claim or imply a partial designation. Do not claim superior ability or special status because you passed levels or passed on the first attempt.
Name the Standard first, then test whether the act breaches it.
Check for overlap with Standard I(C) misrepresentation and I(D) misconduct.

Common mistakes

Thinking there is no violation when no one benefited or no exam answer was shared. Fix: The Standard protects integrity and security. Breaking exam rules is a violation even without a gain.
Treating all talk about the exam as a violation. Fix: General study tips and published information are allowed. Only non-public content is restricted.
Treating any talk about the exam as a violation. Fix: Remember that candidates may give opinions on the program, such as difficulty or curriculum design, without disclosing content.
Mixing up broad topic discussion with disclosing what was tested. Fix: Discussing topic areas CFA Institute has publicly released, such as the published topic weights, is fine. Saying which specific curriculum content or questions were or were not tested is prohibited.
Treating a candidate as allowed to use CFA after their name Fix: Remember that the designation is earned only on meeting all requirements. A candidate can say they are a candidate in the program or that they passed a given level, and must not imply a partial designation.
Thinking any mention of the CFA designation is a violation Fix: Factual, accurate statements are allowed. Only misrepresentation or exaggeration breaches VII(B).
Thinking a candidate may put CFA after their name once they pass Level II. Fix: Passing a level is not a designation. Say "passed Level II" or "candidate", never use the letters as a title.
Treating any mention of candidacy as a violation. Fix: Stating you are a candidate, or that you passed a level, is permitted if true.

Exam tips

Look for the trigger words in the vignette: shared, asked for, remembered, brought, helped. They usually mark the violation.
Decide whether information is published or non-public before judging. Many wrong options treat published information as confidential.
Remember that members and candidates are both covered, and the duty continues after the exam.
When asked for an action, prefer answers that stop the conduct and protect exam security, not ones that excuse it because it helped no one.
Do not mix up VII(A) with VII(B). Exam and program conduct is A. Claims about the designation or candidacy is B.
Look for the dividing line: opinion about the program is allowed, specific exam content is not.
Check timing. Conduct before, during or after the exam can all breach VII(A).
Do not rely on whether the person gained an advantage. Possession of banned devices or helping others is enough.