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

VII(A) Guidance on Confidential Program Information and Exam Conduct

Updated 7 October 2026 · Fact-checked

Standard VII(A) says CFA members and candidates must not engage in conduct that compromises the reputation or integrity of CFA Institute or the CFA designation, or the integrity, validity or security of the CFA exams. You may criticise the program. You may not disclose or seek confidential exam content, cheat or help others cheat.

Understand Guidance on Confidential Program Information and Exam Conduct

Standard VII(A), Conduct as Participants in CFA Institute Programs, protects the exam process. Its purpose is fairness. If some candidates see questions in advance or use banned aids, the designation loses meaning for everyone who holds it.

The key idea is confidential program information. This is material that is not publicly disclosed by CFA Institute and that relates to exam content or exam security. It includes the specific questions, answer choices and vignettes you see in the exam, and the exam grading guidelines and results of questions. It also covers which specific curriculum content or questions were or were not tested. Information CFA Institute publishes, such as the curriculum, learning outcomes, published topic weights, the topic areas it has publicly released and sample questions, is not confidential. Discussing those publicly released topic areas is not a breach. Naming a broad topic is not a violation in itself.

The Standard does not silence candidates. You have the right to give your opinions about the program, as long as you do not reveal confidential content. For example, you may say the exam was too hard or too long, or that the curriculum is too heavy overall. You may suggest that the time allowed should change. You may not say which specific curriculum content or questions were or were not tested, or describe what a question asked.

The Standard also covers conduct during the exam. Violations include cheating, copying from another candidate, bringing unauthorized materials or devices into the exam room, using a phone or smart device, continuing to write after time is called, and communicating with others during the exam. It also covers helping another candidate do any of these, and using your role as a grader or volunteer to get confidential information. Candidates agree to the exam rules, and breaking them is a breach even if the answers were not improved.

On the exam you will usually see a short case. Ask two questions: was the information confidential, and did the person compromise the integrity, validity or security of the exam? Then name VII(A).

Key formulas to remember

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).

How to solve Guidance on Confidential Program Information and Exam Conduct questions

Use this method on any item set question about candidate or member conduct in CFA programs.

  1. 1Read the vignette and identify who acted: a candidate, a member, a grader or a volunteer.
  2. 2Identify what was done and when: before, during or after the exam.
  3. 3Decide whether any information shared was confidential (specific questions, answers, tested or untested content) or public (curriculum, weights, sample questions).
  4. 4Separate opinions from disclosure. Comments on difficulty, fairness, length or curriculum design are allowed. Details of specific content are not.
  5. 5Check for exam conduct breaches: unauthorized devices, cheating, helping others, ignoring exam rules.
  6. 6Decide whether the conduct compromised the integrity, validity or security of the exam. If yes, VII(A) is violated.
  7. 7Choose the option that names the right Standard and matches your finding.

Quickest way: Content or opinion? Rules or breach?

When to use it: Use when time is short and the vignette describes a candidate talking about or taking the exam.

  1. Ask: did the person reveal or seek what a specific exam question or answer was? If yes, violation.
  2. If they only said the exam felt hard, long or badly weighted, no violation.
  3. If they used a banned device, copied, helped another candidate or broke exam-room rules, violation.
  4. If the facts only use published curriculum or sample material, no violation.

Common mistakes in Guidance on Confidential Program Information and Exam Conduct

  • Treating any talk about the exam as a violation.

    Students remember that the exam is confidential and overapply the rule.

    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.

    Both involve naming a topic, so they feel like the same thing.

    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.

  • Assuming no violation if the candidate did not gain an advantage.

    Students focus on outcome rather than conduct.

    Fix: The Standard protects integrity, validity and security. Bringing a banned device breaches it even if you never used it to improve answers.

  • Ignoring the person who helps.

    Attention goes to the candidate who benefits.

    Fix: Assisting another person in cheating or sharing exam content is also a breach by the helper.

  • Confusing VII(A) with VII(B).

    Both sit under Standard VII.

    Fix: VII(A) is about conduct in the program and exam security. VII(B) is about how you refer to CFA Institute, the designation and candidacy.

Worked examples

Example 1

Vignette: Lena Fischer sat the Level II exam yesterday. On a public forum she writes that the exam was far longer than she expected, that the curriculum is too heavy overall, and that CFA Institute should review the time allowed. She adds that one item set asked her to compute a specific ratio from a particular exhibit. Question 1: Which of her comments are permitted under VII(A)? A) The comments on time and curriculum only. B) The comment on the item set only. C) All of the comments. D) None of the comments. Question 2: Did Fischer violate the Standard? A) Yes, by disclosing specific exam content. B) No, because all her comments were opinions. C) No, because she did not give the question number. D) Yes, but only because she criticised the program.

Show the solution
  1. Identify the type of each statement. The comments on length, overall curriculum weight and time allowed are opinions about the program.
  2. Opinions are allowed provided they do not reveal confidential content, so the time and curriculum comments are permitted. That points to option A for Question 1.
  3. The comment about a specific item set, ratio and exhibit describes actual exam content, which is confidential. So option B is wrong, and so are C and D.
  4. Disclosing that content compromises exam integrity and security. Not giving a question number does not change this, and criticising the program is not the problem. So Question 2 is A.

Answer: Q1: A, the comments on time and curriculum only. Q2: A, yes. She violated Standard VII(A) by disclosing specific exam content, even though her other comments were permitted opinions.

Example 2

Vignette: The exam rules prohibit smart devices, such as smartwatches, in the exam room. During the exam, candidate Arjun Rao leaves his phone switched off in his bag at the front of the room as instructed. Candidate Mei Tan keeps a smartwatch on her wrist but never looks at it. Afterward, Rao tells a friend preparing for the next sitting that he thought the exam was harder than the mock exams and that the curriculum is too heavy overall. Question 1: Who, if anyone, violated VII(A)? Options: A) Rao only, B) Tan only, C) both Rao and Tan, D) neither.

Show the solution
  1. Check Rao. Storing the phone as instructed follows the rules. His comments are opinions on difficulty and curriculum weight overall, with no specific content, so no violation.
  2. Check Tan. The vignette states that the exam rules prohibit smart devices, such as smartwatches, in the exam room. Keeping one on her wrist breaches those rules.
  3. Whether she looked at it does not matter. The Standard protects the security and integrity of the exam, and keeping a prohibited device compromises that.
  4. Only Tan breached the rules, so the answer is B.

Answer: B) Tan only. Rao followed the rules and gave permitted opinions. Tan breached VII(A) by keeping a device the exam rules prohibit during the exam.

Exam tips

  • 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.
  • Watch for answer options that cite VII(B) or III(E). Confidential exam information belongs under VII(A).
  • Published curriculum, weights and sample questions are public. Do not flag them as violations.

Guidance on Confidential Program Information and Exam Conduct in other exams

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

Guidance on Confidential Program Information and Exam Conduct: frequently asked questions

Can a candidate discuss exam questions after the CFA exam?

No. Specific questions, answer choices, vignettes and which specific content was or was not tested are confidential. You may share general opinions, such as that the exam was hard or too long, and you may discuss topic areas CFA Institute has publicly released, without describing content.

What is the difference between expressing opinions about the CFA program and disclosing exam content?

Opinions are views about the program, such as difficulty, fairness or curriculum design. Disclosure reveals specific content, such as what a question asked or which specific content was or was not tested. The first is allowed under VII(A); the second is a violation.

Does VII(A) apply if I only bring a device into the exam and do not use it?

Yes. Bringing unauthorized devices or materials into the exam room breaches the exam rules and the Standard, because it threatens exam security. Proof of use is not needed.

Is helping another candidate a violation of VII(A)?

Yes. Assisting someone to cheat, or sharing confidential exam content with them, compromises exam integrity. The person who helps breaches the Standard as well as the one who benefits.