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

Lena passed all three CFA exam levels on her first attempt each time and has been awarded the charter. Which of the following statements by Lena most likely violates Standard VII(B)?

The statement promising superior results because she earned the charter without failing is the violation. Passing each level on the first attempt is a fact, and opinions on exam rigor are allowed, but implying superior ability or performance is prohibited.

  1. AI passed each level of the CFA exam at my first sitting.
  2. BThe CFA exams are rigorous, in my opinion, and I found them demanding.
  3. CBecause I earned the charter without failing any exam, you can expect superior results from me.Correct

Explanation

Stating that she passed each level in consecutive sittings is a statement of fact and is not a violation. Opinions about the rigor of the exams are permitted when expressed as opinion. Claiming or implying superior ability or expected performance from the designation and a clean exam record violates the standard.

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