Skip to content

CFA Level I Exam · Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

Referring to Candidacy for the CFA Designation

Updated 7 October 2026 · Fact-checked

Under Standard VII(B), you may say you are a candidate in the CFA Program, or that you passed a level, but candidacy is not a designation or credential. You must not imply you hold part of the designation, or suggest any special competence. Exam questions ask you to spot wording that breaks this rule.

Understand Referring to Candidacy for the CFA Designation

Standard VII(B) is about how members and candidates talk about the CFA Institute, the CFA designation and the CFA Program. This page covers one part: how a candidate describes their own status.

The starting point is simple. A candidate is someone registered for the program who is still working toward the designation. Being a candidate is a status. It is not a designation and it is not a credential. Only people who have met all requirements and are charterholders may use the CFA designation.

Because of this, a candidate may truthfully say they are a candidate in the CFA Program. A candidate may also state that they are registered for, or have passed, a level of the program, as long as the statement is factual and does not imply a partial designation. For example, you may say you passed Level I of the CFA Program.

The rule you must not break is the partial designation rule. A candidate must not imply that they hold a partial designation. A candidate must also not use the CFA designation, or an abbreviation of it, as a credential. Wording such as "Jane Lee, CFA Level I", placed after a name, is not itself the CFA designation. But it is designation-style wording that reads as a credential and misleadingly suggests a partial designation. That is a violation. A factual sentence is different. "I am a candidate in the CFA Program" or "I passed Level I of the CFA Program" states your status and is acceptable.

The Standard also bars overstating the meaning of candidacy. Do not claim that candidacy or passing a level shows special competence, makes you a better adviser, or improves expected results. Claims must be factual and plain.

Finally, a person who is no longer registered cannot truthfully claim to be a candidate. A false claim of candidacy is a misrepresentation issue under Standard I(C). Standard VII(B) adds that statements about the program must be accurate and must not imply a designation. You may still state accurately which levels you have passed. For exam questions, ask: is the wording a factual statement about status, or does it read like a credential, a partial designation or a claim of ability?

Key formulas to remember

Core rule
Candidacy = a status, not a designation or credential
Only charterholders may use the CFA designation. Candidates may state their status accurately.
Permitted statement
"Registered for / passed Level [I, II or III] of the CFA Program" or "candidate in the CFA Program"
Must be true when said. State it as a fact about progress, not as a title.
Prohibited wording
Using the CFA designation or an abbreviation of it as a title or credential, e.g. "Jane Lee, CFA Level I"
The problem is a designation-style label used as a title, because it implies a partial designation. A factual sentence stating candidacy or a passed level is acceptable.
Prohibited claim
No claim that candidacy or passing a level gives special competence or better performance
Overstating what candidacy means breaches Standard VII(B).

How to solve Referring to Candidacy for the CFA Designation questions

Use this method on any question about how a candidate describes their status.

  1. 1Identify who is speaking: a charterholder, a candidate, or someone no longer in the program.
  2. 2Read the exact wording used on the card, resume, website or in conversation.
  3. 3Ask whether it is a factual status statement, such as being registered for or having passed a level.
  4. 4Check whether the label sits like a title or credential, for example after the person's name.
  5. 5Check whether it implies a partial designation or special competence.
  6. 6Check whether the status is currently true. A person no longer registered cannot truthfully claim candidacy. A false claim is a misrepresentation issue under Standard I(C), and Standard VII(B) requires accurate statements that do not imply a designation.
  7. 7Choose the option that keeps the status factual and avoids any designation-like wording.

Quickest way: Status or title? Two-second test

When to use it: Use when you have about 90 seconds and the three options differ only in wording.

  1. Scan each option for designation-style wording, such as "CFA Level I", attached to a name or used like a credential. Eliminate it.
  2. Eliminate any option claiming special skill or better results because of candidacy.
  3. Prefer the option that says plainly the person is a candidate in the CFA Program, or passed a level, and that it is true.
  4. If two options remain, pick the one that does not suggest a partial designation.

Common mistakes in Referring to Candidacy for the CFA Designation

  • Writing "CFA Level I" after your name on a card or resume signature, as if it were a credential

    It looks like a harmless way to show progress, similar to a degree abbreviation.

    Fix: Describe it in a factual sentence: "Candidate in the CFA Program" or "Passed Level I of the CFA Program". Never put designation-style wording such as "CFA Level I" after your name, because it implies a partial designation.

  • Thinking that passing a level earns part of the designation

    Each level feels like a step toward a qualification, so partial credit seems natural.

    Fix: Remember there is no partial designation. Candidacy is a status. Only charterholders hold the designation.

  • Believing candidates cannot mention the program at all

    Students overread the ban on credentials.

    Fix: Candidates may state accurately that they are registered for or have passed a level. The ban is on implying a designation.

  • Claiming that candidacy proves superior ability

    Marketing language tends to praise the credential.

    Fix: State facts only. Do not say candidacy or a passed level shows special competence or better expected results.

  • Continuing to say you are a candidate after leaving the program

    The earlier status feels like a lasting achievement.

    Fix: Describe only your current, true status. A person who is no longer registered cannot truthfully claim to be a candidate. A false claim is a misrepresentation issue under Standard I(C), and Standard VII(B) requires accuracy with no implied designation. You may still say accurately which levels you have passed.

Worked examples

Example 1

Anna has passed the Level I exam and is registered for Level II. Which of the following is most consistent with Standard VII(B)? A) Business card: "Anna Weber, CFA Level I". B) Business card: "Anna Weber, candidate in the CFA Program, registered for Level II; passed Level I". C) Website: "Anna Weber, CFA Level II, a partial charterholder".

Show the solution
  1. Option A puts "CFA Level I" directly after her name. That is not the designation itself, but it reads as a credential and misleadingly implies a partial designation, which Standard VII(B) prohibits.
  2. Option C puts "CFA Level II" after her name and calls her a partial charterholder. Both break the rule.
  3. Option B states three facts: she is a candidate in the CFA Program, she is registered for Level II, and she passed Level I. It uses no designation-style wording after her name and is plain and accurate.

Answer: B

Example 2

Tomas is a registered candidate who has not yet passed Level I. In a client meeting he says candidacy shows he is more skilled than advisers without it. Which statement is correct? A) He violates Standard VII(B) by implying special competence from candidacy. B) He complies because he is registered. C) He complies if he adds the words "CFA Level I" after his name.

Show the solution
  1. Being registered lets him state that he is a candidate, if true.
  2. His statement goes further. It claims special competence from candidacy.
  3. Standard VII(B) does not allow overstating what candidacy means.
  4. Option C adds designation-style wording after his name, which implies a partial designation and would add a second problem.
  5. So the claim of superior skill is the violation.

Answer: A

Exam tips

  • Expect three options that differ only in small wording changes. Look for designation-style wording, such as "CFA Level I", used after a name.
  • Remember the allowed phrases: registered for, passed, or candidate in the CFA Program. Truth at the time is required.
  • Eliminate any option that says or implies a partial designation or special competence.
  • Questions may mention a resume, business card or website. The rule is the same in every medium.
  • If the person is a charterholder, the candidate rules do not apply. Check status first.

Practice questions from Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

Referring to Candidacy for the CFA Designation in other exams

The same ground in other exams, if you are preparing for more than one or want another angle on it.

Referring to Candidacy for the CFA Designation: frequently asked questions

Can I write CFA Level I passed on my resume?

Write it as a factual sentence, such as "Passed Level I of the CFA Program", and only if it is true. Do not use "CFA Level I" as a title or after your name, because that implies a partial designation.

Can I say CFA Level II candidate on a business card?

"Candidate in the CFA Program" is acceptable, and you may state accurately that you are registered for Level II. A designation-like label after a name, such as "Jane Lee, CFA Level II", is not acceptable because it implies a partial designation.

Is CFA candidacy a designation?

No. Candidacy is a status. It is not a designation or credential. Only those who complete all requirements may use the CFA designation.

Which Standard covers how candidates refer to their status?

Standard VII(B), Reference to CFA Institute, the CFA Designation, and the CFA Program. It sits under Responsibilities as a CFA Institute Member or CFA Candidate.