Level III Core · Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

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

Updated 9 October 2026

Under Standard VII(B), a candidate may state that they are a candidate in the CFA Program, and nothing more. Candidacy is a status, not a designation. You may not claim partial designation, imply a higher level of competence, or suggest the status gives you any rights or special qualification.

Understand Referring to Candidacy for the CFA Designation

Standard VII(B) protects the meaning of the CFA designation and the CFA Program. It says members and candidates must not misrepresent or exaggerate the meaning or implications of membership in CFA Institute, holding the CFA designation, or candidacy in the CFA Program.

Start with one idea: a candidate is not a charterholder. A charterholder has met the program requirements and holds the designation. A candidate is someone who is registered and enrolled in the program and is working toward it. Candidacy is a status. It is not a designation, and it is not a credential you hold.

This is why a candidate may say they are a candidate in the CFA Program, and may say they are registered to sit or have sat for an exam. A candidate may not use "CFA" as a title or as letters after their name. Labels such as "CFA Level III" are risky because they can imply a designation or partial designation. Prefer "candidate in the CFA Program" or "passed Level I/II of the CFA Program". A phrase such as "CFA Level III candidate" is acceptable only if it clearly states candidacy and does not imply a designation.

The handbook also bars claims that candidacy reflects a particular level of competence, or that passing a level earns a partial designation. Passing Level I or II does not make you partly a charterholder. Passing Level III alone does not make you one either, because other requirements remain. A person who has passed all three exams but has not yet been awarded the charter may still refer to themselves as a candidate, provided the wording does not imply a designation or partial designation. Passing the exams alone does not make them a charterholder. You may claim candidacy while you are actually registered for an exam or awaiting the charter, and you should not claim it when you are not.

Think of the test as accuracy plus restraint. State the fact (you are a candidate), and add nothing that makes it sound like more. Any wording that makes a reader think you hold the designation, or hold part of it, is a violation.

Key rules to remember

Core rule of VII(B): Allowed: state you are a candidate in the CFA Program. Not allowed: exaggerate or misrepresent what candidacy means; Candidacy is a status, not a designation, and implies no partial designation.
Prohibited claims: No partial designation + no implied higher competence + no implied special rights from candidacy; Applies to every medium: resume, bio, email signature, social media, pitch material.
Acceptable wording: "Candidate in the CFA Program" or "Passed Level I / II of the CFA Program" (stated factually); Factual statements of exams passed are fine if not presented as a designation or partial designation, and not as a basis for superior ability. Avoid labels like 'CFA Level III' used as a title or after your name. 'CFA Level III candidate' is acceptable only if it clearly states candidacy and implies no designation; 'Level III candidate in the CFA Program' is safer.
Use of the letters: Only charterholders may use "CFA" after their name; Candidates must never put CFA after their name, even with a qualifier like (Cand).

How to solve Referring to Candidacy for the CFA Designation questions

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

1Identify the person's actual status: charterholder, candidate, or neither (for example, no longer enrolled).
2Read the exact wording used. Note any title, letters after a name, or phrasing about levels passed.
3Ask whether the wording is a plain statement of candidacy or exam progress.
4Check for a hidden claim: partial designation, a designation being held, or higher competence or special rights.
5Check the status is current. A lapsed candidacy cannot be claimed as ongoing.
6Decide: violation or no violation. Name the specific problem, such as implied partial designation.
7If asked for a corrective action, give compliant wording: a simple statement of candidacy.

Quickest way: Status plus add-on test

When to use it: Use it when a vignette gives a resume line, a bio or a client pitch and asks whether it complies.

Strip the wording to the bare fact: is this person a candidate?
Look for anything added: letters after the name, 'partial', 'almost', 'designation earned', or a claim of superior skill.
If anything is added, it is a violation. If it is only the bare fact (or exams passed, stated factually), it complies.
Confirm candidacy is still active.

Common mistakes in Referring to Candidacy for the CFA Designation

Treating any wording about levels as banned, or treating 'CFA Level III' as a title.
The word 'Level III' sounds like rank, so students either ban all level wording or use it like a title.
Fix: Saying you are a candidate in the CFA Program, or that you passed a level, is allowed when stated factually. What is banned is presenting it as a designation or partial designation, or using a label like 'CFA Level III' that implies one.
Allowing 'CFA' after the name with a note such as 'Candidate'.
Students think a qualifier fixes the problem.
Fix: Only charterholders use the designation after their name. A qualifier does not cure it.
Saying passing all three levels makes someone a charterholder.
Students forget other requirements, such as work experience and membership conditions.
Fix: Passing exams is not the same as being awarded the charter. A person who has passed all three exams but has not yet been awarded the charter may still refer to themselves as a candidate, provided the wording does not imply a designation or partial designation.
Claiming candidacy is a sign of higher competence in marketing.
It feels like a harmless boost to credibility.
Fix: Standard VII(B) bars implying superior ability from candidacy. State the fact only.
Claiming to be a candidate when you are not actually registered for an exam or awaiting the charter.
The person assumes past registration still counts.
Fix: Claim candidacy only while you are actually registered or awaiting the charter. Otherwise, describe only what is factually true, such as exams previously passed.

Worked examples

Example 1

Priya has passed Level I and Level II and is registered for Level III. Her resume says: 'Priya Shah, Level III candidate in the CFA Program. Passed Levels I and II.' Does this violate Standard VII(B)?

Show the solution

Status: Priya is a current candidate, registered for Level III.
Wording: 'Level III candidate in the CFA Program' states candidacy clearly. 'Passed Levels I and II' states exam progress factually.
Check add-ons: there are no letters after her name, no claim of partial designation, and no claim of higher competence.
Check currency: she is registered, so candidacy is current.

Answer: No violation. The wording is a factual statement of candidacy and exams passed, with no designation, partial designation or competence claim.

Example 2

Marco has passed all three CFA exam levels but has not yet been awarded the charter. His business card reads 'Marco Rossi, CFA' and his bio says he is 'virtually a charterholder.' Evaluate under Standard VII(B).

Show the solution

Status: Marco has passed all three exams but has not been awarded the charter. He is not a charterholder, but he may still refer to himself as a candidate until the charter is awarded.
Card: 'CFA' after his name implies he holds the designation. Only charterholders may use it.
Bio: 'virtually a charterholder' implies a partial designation, which is not allowed.
The violation lies in the use of 'CFA' after his name and in 'virtually a charterholder', not in claiming candidacy.

Answer: Violation. He misrepresents his status by using CFA after his name and by claiming a partial designation. He may state that he has passed all three exams and remains a candidate until the charter is awarded.

Exam tips

Look for letters after a name. If a candidate uses CFA there, it is almost always the violation.
Words like 'partial', 'almost', 'virtually' or 'nearly a charterholder' signal a violation.
A plain statement that someone is a candidate in the CFA Program or passed a level is usually compliant. Do not over-flag it.
In constructed response, name the exact problem: implied designation, partial designation, or implied competence.
Check whether candidacy is still current before accepting the claim.

Referring to Candidacy for the CFA Designation: frequently asked questions

Can I write 'CFA Level III candidate' on my resume?

The safest wording is 'candidate in the CFA Program' or 'Level III candidate in the CFA Program'. 'CFA Level III candidate' is acceptable only if you are currently a registered candidate and it clearly states candidacy without implying a designation. Do not put CFA after your name or imply you hold any part of the designation.

What is the difference between a CFA charterholder and a CFA candidate?

A charterholder has been awarded the designation after meeting all program requirements. A candidate is enrolled in the program and working toward it. Candidacy is a status, not a designation.

Can I say I passed CFA Level III?

You may state factually that you passed an exam level, for example 'passed Level III of the CFA Program'. You must not present it as a designation or partial designation. Passing all three exams does not make you a charterholder. Until the charter is awarded, you may still refer to yourself as a candidate, as long as the wording does not imply a designation or partial designation.

Does passing a level make me partly a charterholder?

No. Standard VII(B) does not allow any claim of partial designation. Passing levels is progress in the program, not a lesser form of the designation.