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

Referring to Candidacy for the CFA Designation: Standard VII(B) Guidance

Updated 7 October 2026 · Fact-checked

Standard VII(B) lets you say you are a candidate in the CFA Program. You must not call yourself a charterholder, use the CFA designation or letters as a candidate, imply superior ability, or describe partial progress as a designation. Passing a level earns no designation. Only completing the program and becoming a charterholder does.

Understand Referring to Candidacy for the CFA Designation

Standard VII(B) says members and candidates must not misrepresent or exaggerate the meaning or implications of CFA Institute membership, the CFA designation, or candidacy in the CFA Program. This page covers the candidacy part.

The core idea is simple. A candidate is someone enrolled in the program who has not yet earned the charter. Being a candidate is a status, not a credential. You may state it truthfully. You may not turn it into a title.

The Standards allow you to say you are a candidate in the CFA Program. You can also say you have passed a level, or that you have passed Level I, Level II or Level III, if that is true. Keep the wording factual. For example: "Passed Level II of the CFA exam" or "Candidate, Level III, CFA Program" are acceptable.

The Standards do not allow you to claim a designation you have not earned. So you must not put "CFA" after your name as a candidate. You must not say you are "CFA Level II" in a way that sounds like a title or a partial designation. You must not say you are "part-way to a charter" as if it were a rank. You must not suggest that candidacy makes you more skilled, or gives you a better chance of good investment results.

The reason is protecting clients and the market. Clients may rely on a title to judge competence. If a person gives a title they have not earned, or hints at superior ability, clients may be misled. This is also tied to Standard I(C), Misrepresentation.

A useful test is: does the wording state a fact about your status, or does it suggest a credential or skill you do not hold? Facts are fine. Titles, letters and promises are not.

Key formulas to remember

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.

How to solve Referring to Candidacy for the CFA Designation questions

Use this method for any item-set question on how a person describes candidacy or the designation.

  1. 1Read the vignette and find the exact words the person used: in a resume, bio, business card, email, brochure or conversation.
  2. 2Identify the person's real status: candidate, passed levels, or charterholder. Look for whether the charter has been awarded.
  3. 3Check whether the wording only states a fact, such as being a candidate or having passed a level.
  4. 4Look for red flags: CFA letters after the name, the word charterholder, a claim of a partial designation, or a promise of better performance.
  5. 5Name the Standard: VII(B) for misuse of designation or candidacy, and possibly I(C) if the wording misleads clients.
  6. 6Choose the answer that matches. If the wording is factual, there is no violation. If it exaggerates, it is a violation, and the fix is to state candidacy plainly.
  7. 7Check the exact answer option wording, since a correct rule can be paired with the wrong reason.

Quickest way: Status or title? Two-second filter

When to use it: Use when time is short and the vignette is mostly one statement about a person's credentials.

  1. Ask: is this wording only saying I am a candidate or have passed a level?
  2. If yes, it is acceptable under VII(B).
  3. If it shows CFA as letters or a title, or says charterholder, designation or partial designation, it is a violation.
  4. If it implies better skill or results because of candidacy, it is a violation.
  5. Pick the option that corrects it to a plain statement of candidacy.

Common mistakes in Referring to Candidacy for the CFA Designation

  • Thinking a candidate may put CFA after their name once they pass Level II.

    Passing a hard exam feels like earning part of the designation.

    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.

    Students over-apply the rule and assume the Standards forbid all references.

    Fix: Stating you are a candidate, or that you passed a level, is permitted if true.

  • Missing implied superiority.

    The wording looks factual, so the claim about ability is overlooked.

    Fix: Read for phrases like "better investor because of the CFA Program". Candidacy cannot be linked to superior results.

  • Calling someone "part-way to a charter" an acceptable title.

    It sounds like a status.

    Fix: Describe progress by factual levels passed, not as a partial designation or a rank.

  • Choosing Standard VII(A) instead of VII(B).

    Both standards sit under CFA Program responsibilities.

    Fix: VII(A) concerns conduct in the program such as exams and confidential material. VII(B) concerns how you refer to the designation, candidacy and CFA Institute.

  • Assuming a candidate who has passed all three levels is already a charterholder.

    The exams feel like the final step.

    Fix: The designation also requires meeting the other charter requirements and being awarded the charter. Until then, the person is a candidate.

Worked examples

Example 1

Vignette: Priya has passed Level II of the CFA exam and is registered for Level III. She updates her business card to read "Priya Nair, CFA" and her LinkedIn headline to "Candidate, Level III, CFA Program". Q1: Does the business card comply with Standard VII(B)? Q2: Does the LinkedIn headline comply?

Show the solution
  1. Priya's status is candidate. She has not been awarded the charter.
  2. The business card uses CFA as letters after her name. That claims the designation, which she does not hold.
  3. So the card misrepresents her status and violates VII(B).
  4. The LinkedIn headline states only that she is a candidate in the program. That is a true statement of status.
  5. So the headline complies.

Answer: Q1: No, the card violates Standard VII(B) because candidates may not use the CFA letters after their name. Q2: Yes, the headline is a factual statement of candidacy and complies.

Example 2

Vignette: Daniel, a portfolio analyst, has passed Levels I and II. In a pitch to a prospective client he says: "I am a CFA Level II charterholder, so my stock picks should beat the market." Later he corrects his resume to say: "Passed Level II of the CFA exam." Q1: What does Daniel's pitch violate? Q2: Is the corrected resume wording acceptable?

Show the solution
  1. Daniel is not a charterholder. Passing a level does not make him one.
  2. Calling himself a charterholder is a false claim to a designation he does not hold, which violates VII(B).
  3. Using "CFA Level II" as a title is also prohibited. It presents passing a level as a partial designation. Passing a level is only progress in the program.
  4. Saying his picks should beat the market because of the credential implies superior ability, which is also prohibited.
  5. The misleading statement to a client may also breach Standard I(C), Misrepresentation.
  6. The resume line states a fact: he passed Level II. It is a plain statement of progress, not a title or partial designation, so it is permitted if true.

Answer: Q1: He violated Standard VII(B) by falsely claiming to be a charterholder, by using "CFA Level II" as a title (a prohibited partial designation), and by implying superior performance. He likely breached I(C) too. Q2: Yes, "Passed Level II of the CFA exam" is a factual and acceptable statement.

Exam tips

  • Match the exact wording to your status: candidate, passed levels, or charterholder. Most questions turn on one phrase.
  • Look for letters after a name, the word designation, or any promise of results. These usually signal the violation.
  • If the vignette's wording is purely factual, the correct answer is often that there is no violation. Do not invent one.
  • Name the Standard in your reasoning. VII(B) is about referring to the designation or candidacy. VII(A) is about conduct in the program.
  • When asked for a corrective action, choose the option that restates status plainly as candidate or levels passed.

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 after my name if I am a Level II candidate?

No. The CFA letters represent the designation, which you only hold once you are awarded the charter. As a candidate you may say you are a candidate in the CFA Program.

How can I write CFA Level II on my resume?

Use factual wording such as "Passed Level II of the CFA exam" or "Candidate, Level III, CFA Program", but only if it is true. Avoid wording that sounds like a title or a partial designation.

Is passing Level II a designation?

No. Passing a level is progress in the program, not a designation. The CFA designation requires completing all the charter requirements and being awarded the charter.

What is the difference between VII(A) and VII(B)?

Standard VII(A) covers conduct in the CFA Program, such as exam integrity and confidentiality. Standard VII(B) covers how you refer to CFA Institute, the designation and the program, including candidacy.