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

Standard VII(A): Conduct as Participants in CFA Programs

Updated 8 October 2026 · Fact-checked

Standard VII(A) says members and candidates must not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation, or the integrity, validity, or security of CFA Institute programs. To solve a question, find the act, then test whether it harms that reputation or exam integrity, validity or security.

Understand Standard VII(A): Conduct as Participants in CFA Programs

Standard VII(A) protects the CFA exams and programs themselves. The designation is only valuable if people trust that every charterholder passed a fair, secure test. So the Standard governs how you behave as a participant: when you register, study, sit an exam, or help others who do.

The Standard covers the reputation or integrity of CFA Institute and the CFA designation, and the integrity, validity and security of CFA Institute programs. Integrity means the process is honest. Validity means the result truly measures knowledge. Security means exam content stays confidential until released. A breach of any one is a violation.

Conduct that compromises a program includes cheating, and also disclosing exam content. Examples of violations: bringing unauthorized material into the exam room, copying or receiving answers, collaborating with another candidate during the exam, using a prohibited device, and giving or receiving information about specific exam questions. Posting what you remember of the questions on a forum also breaks the Standard.

The Standard also covers the use of confidential exam information to help others, such as a member serving as a grader or exam writer who reveals content. Members involved in developing or grading exams carry extra responsibility to protect it.

What is allowed matters too. You may discuss the curriculum, share general study techniques, and talk about your general experience, for example that time was tight. You may not disclose specific, non-public exam content, such as the questions, the answers or the specific items tested.

As a guide, ask whether you reveal or use non-public exam content, or engage in other conduct, such as cheating, that compromises the integrity, validity or security of the program. This is a study aid, not a formal test written in the Standard.

Key rules to remember

Core rule
Members and Candidates must not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation or the integrity, validity, or security of CFA Institute programs.
Applies to members and candidates, and covers cheating, disclosing exam content and any conduct that undermines the program or the designation's reputation.
Three protected qualities
Integrity + Validity + Security
Identify which one the act damages. A single breach is enough for a violation. Reputation of CFA Institute and the designation is protected as well.
Disclosure test
Specific, non-public exam content shared = violation
General comments on the curriculum, study methods or overall difficulty are acceptable.
Compromise guide
Conduct that compromises integrity, validity or security, such as cheating = violation
A study guide, not a formal test in the Standard. It includes unauthorized materials, copying, collaboration and prohibited devices in the exam.

How to solve Standard VII(A): Conduct as Participants in CFA Programs questions

Use this method on any Standard VII(A) question, whether it asks if a violation occurred or what the person should do.

  1. 1Identify who acted: a candidate, a member, or someone with a special role such as an exam writer or grader.
  2. 2State the act precisely: what was said, shared, brought or used, and when (before, during or after the exam).
  3. 3Ask whether the information is specific, non-public exam content or general curriculum and study advice.
  4. 4Test the act against integrity, validity and security. Does it compromise any of them, for example by exposing content or by cheating?
  5. 5Decide: violation or no violation. Name the Standard, VII(A), in your answer.
  6. 6If asked for a corrective action, say what the person should do: stop, not disclose, and not use the content, and follow program rules.
  7. 7Write the reason in one or two short sentences tied to the facts.

Quickest way: Specific content or general advice?

When to use it: Use it when a vignette or essay describes someone talking about or doing something around an exam and you have little time.

  1. Underline the act and the timing.
  2. Ask: does it reveal or use specific exam content, or otherwise compromise integrity, validity or security, as cheating does?
  3. If yes, answer violation of VII(A). If it is only general study advice or overall experience, answer no violation.
  4. Add one short reason using integrity, validity or security.

Common mistakes in Standard VII(A): Conduct as Participants in CFA Programs

  • Thinking only cheating during the exam counts.

    The word cheating suggests copying in the room.

    Fix: Remember that sharing exam content afterwards, online or in person, also compromises security and violates VII(A).

  • Treating any talk about the exam as a violation.

    Students overapply the confidentiality idea.

    Fix: General comments on the curriculum, study methods and how hard it felt are acceptable. Specific questions or content are not.

  • Confusing VII(A) with VII(B).

    Both sit under Standard VII.

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

  • Believing the act must be intentional and successful to be a violation.

    Students look for harm done.

    Fix: The conduct need not result in anyone passing or in actual harm. It is enough that it compromises the integrity, validity or security of the program. Do not assume intent is irrelevant.

  • Naming the wrong Standard, such as III(E) confidentiality.

    Confidential content sounds like client confidentiality.

    Fix: Exam content and program conduct belong to VII(A). III(E) concerns client information.

Worked examples

Example 1

After sitting her Level III exam, a candidate posts on a study forum a description of three vignette topics and the answers she gave to several questions. Does she violate the Code and Standards?

Show the solution
  1. Who acted: a candidate, after the exam.
  2. Act: she shared specific exam content publicly.
  3. The content is non-public and specific, not general study advice.
  4. Sharing it exposes the questions to future candidates, harming security and the validity of results.
  5. This breaches Standard VII(A).

Answer: Yes. She violates Standard VII(A) because disclosing specific exam content compromises the security and integrity of the program.

Example 2

A candidate tells a colleague who will sit next year that the exam felt time-pressured, that he used a structured approach to essay answers, and that he found the curriculum readings long. Does he violate Standard VII(A)?

Show the solution
  1. Who acted: a candidate talking to a future candidate.
  2. Act: he shared his general experience and study approach.
  3. Check for specific content: he named no questions, vignettes or tested items.
  4. Check for unfair edge or compromised security: none arises from general advice.
  5. Therefore integrity, validity and security remain intact.

Answer: No. He does not violate Standard VII(A) because he shared only general experience and study methods, not specific, non-public exam content.

Exam tips

  • Most questions turn on one fact: was specific exam content shared, or was the program's integrity, validity or security compromised? Find it first.
  • In essays, name Standard VII(A) and give a one-sentence reason using integrity, validity or security.
  • Do not mark general study advice as a violation; the exam often tests that boundary.
  • Watch for timing words such as during, after or before the exam, and for roles such as grader or writer.
  • If asked what the member should do, say stop the conduct and not disclose or use the content.

Standard VII(A): Conduct as Participants in CFA Programs in other exams

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

Standard VII(A): Conduct as Participants in CFA Programs: frequently asked questions

What does Standard VII(A) cover?

It requires members and candidates not to engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation, or the integrity, validity, or security of CFA Institute programs. This covers cheating and disclosing exam content.

Can I share my exam questions after the exam?

No. Describing specific exam questions or content is a violation, even after you finish. You may share general study methods and your overall experience.

Is discussing the curriculum with other candidates allowed?

Yes. Discussing curriculum material and study techniques is fine. The problem arises when you reveal or use specific, non-public exam content, or otherwise compromise the integrity, validity or security of the program.

How is VII(A) different from VII(B)?

VII(A) governs your conduct in CFA programs, including exam security. VII(B) governs how you refer to CFA Institute, the designation and the program in public statements.