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

After sitting the Level I exam, a candidate tells her study group that the exam contained no questions on a particular reading and that a certain formula was tested heavily. Her disclosure most likely:

She violates Standard VII(A). Confidential exam information covers not only specific question details but also broad topical areas and formulas tested or not tested. Sharing it with other candidates, even without exact wording, compromises the integrity of the exam for future candidates.

  1. Ais acceptable because she described no specific question wording
  2. Bviolates Standard VII(A) because broad topical areas and formulas tested or not tested are confidentialCorrect
  3. Cis acceptable because the study group members are all CFA candidates

Explanation

Confidential information includes specific question details and also broad topical areas and formulas tested or not tested. Omitting exact wording does not cure the breach, and the audience being candidates does not remove the confidentiality requirement.

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