CFA Level III · Level III Core

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

Full chapter guide

Key formulas

Core rule: Members and Candidates must not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation or the integrity, validity, or security of CFA Institute programs.; Applies to members and candidates, and covers cheating, disclosing exam content and any conduct that undermines the program or the designation's reputation.
Three protected qualities: Integrity + Validity + Security; Identify which one the act damages. A single breach is enough for a violation. Reputation of CFA Institute and the designation is protected as well.
Disclosure test: Specific, non-public exam content shared = violation; General comments on the curriculum, study methods or overall difficulty are acceptable.
Compromise guide: Conduct that compromises integrity, validity or security, such as cheating = violation; A study guide, not a formal test in the Standard. It includes unauthorized materials, copying, collaboration and prohibited devices in the exam.
Core rule of VII(A): Conduct that compromises the integrity, validity or security of CFA Institute programs = violation; Applies to members and candidates in every CFA Institute program, not only the exam.
Confidential Program Information: Do not disclose specific questions, answers, or which specific material was or was not tested; Applies during and after the exam, in any setting, including social media and study groups.
Additional CFA Program Restrictions: Do not break the exam conduct rules, e.g. unauthorized devices, copying, or helping others; Includes bringing or using a device that is not allowed, and any attempt to gain unfair advantage.
Expressing an Opinion: General opinions about the program are allowed if no confidential content is revealed; For example, you may say the exam was hard. You may not say a named topic was absent.
Scope: Standard VII(A) is about conduct in the programs; Standard VII(B) is about how you refer to CFA Institute, the designation and the program; Do not mix them up. Misusing the CFA name or candidacy status is VII(B).
Core rule: Do not misrepresent or exaggerate the meaning or implications of membership, the CFA designation or candidacy.; This is the full duty. Any statement that overstates what these mean is a violation.
Correct use of designation: Use "CFA charterholder" or "Name, CFA". Never use "a CFA" as a noun.; The designation is a credential held by a person. Only those who have earned it may use it. The noun point comes from CFA Institute guidance on applying the Standard.
No guarantee test: Designation ≠ guarantee of superior performance or implied better results.; Claims that the charter ensures higher returns or lower risk breach the standard.
Candidate statement test: Candidate may state candidacy accurately. Candidacy ≠ designation. Passing a level ≠ designation, title or partial designation.; A candidate may say "candidate in the CFA Program" or "passed Level II of the CFA exam". Do not imply a designation, title or partial designation, or suggest the designation is earned in stages. Wording such as "CFA Level II" right after a name risks implying a credential.

Quick revision

Standard VII has two parts: (A) conduct as participants in CFA Programs and (B) referring to CFA Institute, the designation and the program.
VII(A): do not engage in conduct that compromises the reputation or integrity of CFA Institute or the CFA designation, or the integrity, validity or security of CFA Program exams.
Non-public exam content (specific questions, answers and other exam material not made publicly available by CFA Institute) must not be shared, discussed or disclosed. Publicly released information, such as the curriculum, topic weights and published exam format and rules, may be discussed.
Cheating, or helping another candidate cheat, breaches VII(A).
Using exam content to gain an unfair advantage is a breach.
VII(B): do not misrepresent or exaggerate what the designation or the program means.
The designation does not guarantee investment success, and you must not imply that it does.
Candidacy is not a designation. Never suggest a candidate holds the charter.
A candidate may state only that they are a candidate in the program, are registered for an exam level, or have passed a level, and only if the statement is accurate and does not imply superiority. Candidacy applies only while you are registered for an upcoming exam. Do not use a level as a title, imply a designation or partial designation, or imply a likelihood of future success or superior ability.
In cases, find the one fact that breaches the rule, then name the Standard and give the reason in a few words.

Common mistakes

Thinking only cheating during the exam counts. Fix: Remember that sharing exam content afterwards, online or in person, also compromises security and violates VII(A).
Treating any talk about the exam as a violation. Fix: General comments on the curriculum, study methods and how hard it felt are acceptable. Specific questions or content are not.
Saying candidates can never talk about the exam after sitting it. Fix: Remember that general opinions are allowed. Specific questions, answers, and what was or was not tested are not.
Thinking that saying a topic was not tested is harmless. Fix: Disclosing which specific material was or was not tested reveals confidential program information, so it is a violation.
Thinking any mention of the designation in marketing is a violation. Fix: Members may refer to the designation. Only misrepresentation or exaggeration breaches VII(B).
Treating a claim of better performance as acceptable because it is probably true. Fix: Implying or promising superior results because of the charter is exaggeration, whatever the actual results.

Exam tips

Most questions turn on one fact: was specific exam content shared, or was the program's integrity, validity or security compromised? Find it first.
In essays, name Standard VII(A) and give a one-sentence reason using integrity, validity or security.
Do not mark general study advice as a violation; the exam often tests that boundary.
Watch for timing words such as during, after or before the exam, and for roles such as grader or writer.
If asked what the member should do, say stop the conduct and not disclose or use the content.
Look for the trigger words: specific questions, answers, what was tested, unauthorized device, helping others.
When the scenario is a vague comment such as hard or fair, expect the answer to be no violation.
In an essay, name the standard, state the verdict, then give one reason tied to the integrity, validity or security of the programs, such as confidential content or an exam rule.