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CFA Level III · Level III Core

Standard VII: Responsibilities as a CFA Member or Candidate

Standard VII covers your duties as a CFA Institute member or candidate. VII(A) bars conduct that compromises the reputation or integrity of CFA Institute or the designation, or the integrity, validity or security of the exams. VII(B) requires accurate, unexaggerated references to the designation, program and candidacy. Solve cases by finding the breach.

What this chapter covers

This chapter covers the last Standard in the Code and Standards. It is short and has two parts. Standard VII(A) deals with how you behave as a participant in CFA Program activities. It bars conduct that compromises the reputation or integrity of CFA Institute or the CFA designation, and conduct that compromises the integrity, validity or security of CFA Program exams. Standard VII(B) deals with how you describe CFA Institute, the CFA designation and the CFA Program to others.

The rules are narrow, so cases tend to turn on one fact. Did the person reveal or discuss non-public exam content? Did the person claim more than the facts allow, such as implying the designation is guaranteed or ranking above peers because of it? You decide whether the conduct fits a Standard and then name what is wrong or right.

The chapter links to the rest of the Ethical and Professional Standards topic. Ethics questions on Level III may appear in item sets or in essay (constructed response) sets built around a firm or individual, and a single vignette can test several Standards at once. Standard VII is often the quick one in the set. Knowing it well lets you spend time on the harder Standards, such as those on duties to clients and conflicts of interest. Apply the Code and Standards exactly as written in the official text.

Ethical and Professional Standards carry a meaningful share of the Level III topic weight (10-15%), and the exam gives no minimum score per topic, so every point counts toward the overall result. Standard VII has few rules and clear boundaries, which makes it one of the most reliable places to earn points. Many candidates lose them by guessing on wording, for example about what you may say regarding candidacy. A careful read of this chapter turns those into secure answers. It also matters beyond the exam, because you are bound by these rules as soon as you register.

Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate: topics in the order to study them

  1. 1Standard VII(A): Conduct as Participants in CFA ProgramsStart with the text of the Standard. It sets out the duty not to compromise the reputation or integrity of CFA Institute or the CFA designation, or the integrity, validity or security of CFA Program exams.
  2. 2Guidance for VII(A): Confidential Program InformationNext, learn how the duty applies in practice: what counts as non-public exam content and what you may and may not discuss.
  3. 3Standard VII(B): Referring to CFA Institute, Designation and ProgramMove to the second Standard once VII(A) is clear. It governs how you describe the organisation, the designation and the program.
  4. 4Referring to Candidacy for the CFA DesignationFinish with candidacy wording. It is the most detail-heavy part and builds on the VII(B) rules about accurate, non-exaggerated claims.

How to prepare Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

This chapter is short, so aim for precise wording and fast case recognition rather than long study sessions. A few focused sittings on your phone are enough, followed by practice with item sets.

  1. Read the text of Standard VII(A) and VII(B) in the official material and restate each in one sentence of your own.
  2. List what the guidance treats as non-public exam content and what is publicly available (such as the curriculum and published exam format and rules), so you can sort examples quickly.
  3. Write out the acceptable and unacceptable ways to refer to the designation, the program and candidacy, using the official examples.
  4. Practise with short vignettes. For each, name the Standard, say whether there is a violation, and give the reason in one line.
  5. Combine Standard VII with other Standards in mixed ethics item sets. Check which Standard each fact actually tests.
  6. Review your errors and rewrite any rule you got wrong in your own words until you can recall it without notes.

Common mistakes in Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

  • Treating candidacy as if it were a designation or a partial charter.

    Fix: Remember that candidacy is only a statement of fact about being in the program. Reject any option that implies a designation, a partial charter, superior ability or a ranking.

  • Assuming that discussing exam content is fine once the exam is over or among friends.

    Fix: Treat non-public exam content (specific questions, answers and other exam material not made publicly available by CFA Institute) as confidential, even after the exam and among friends. Publicly released information, such as the curriculum, topic weights and published exam format, may be discussed. Keep everything else out.

  • Missing a violation because the exam-related act seems minor.

    Fix: Check each act against the integrity, validity and security of the exam, and against the reputation and integrity of CFA Institute and the designation. Any conduct that compromises these is a VII(A) breach.

  • Allowing the designation to be described as guaranteeing performance or superiority.

    Fix: Under VII(B), accept only accurate descriptions of what the program covers. Reject claims about guaranteed results or being better than others.

  • Spending too long on Standard VII and neglecting the larger Standards.

    Fix: Learn this chapter quickly and revise it briefly. Use the time saved on the Standards that appear most in complex vignettes.

Last-day revision: Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

  • 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.

Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate in other exams

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

Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate: frequently asked questions

What does Standard VII(A) prohibit?

It prohibits conduct that compromises the reputation or integrity of CFA Institute or the CFA designation, or the integrity, validity or security of CFA Program exams. Disclosing non-public exam content and cheating are the standard examples. Read each case for an act that undermines the exams, the designation or CFA Institute.

How should I refer to my candidacy for the CFA designation?

You may say that you are a candidate in the CFA Program, that you are registered for an exam level, or that you have passed a level, but only if the statement is accurate and not exaggerated. Candidacy applies only while you are registered for an upcoming exam. Do not use a level as a title, suggest you hold the designation or a partial designation, imply that success is guaranteed or likely, or claim that candidacy shows superior ability.

Can I say the CFA designation guarantees better investment results?

No. Standard VII(B) bars misrepresenting or exaggerating the meaning or implications of the designation or the program. A claim of guaranteed performance or superiority would be a breach.

How is Standard VII tested on the Level III exam?

Ethical and Professional Standards may be tested in item sets or in essay (constructed response) sets. An item set is a vignette followed by four multiple-choice questions. You decide whether a Standard is breached and which one applies. A single vignette can test several Standards, so check which fact tests which Standard.