You are reading the 2026 curriculum (exams up to November 2026). Sitting in February 2027 or later? Go to the 2027 Ethical and Professional Standards guide.
Standard VII(A): Conduct as Participants in CFA Institute Programs
Do not compromise the reputation or integrity of CFA Institute or the CFA designation, or the integrity, validity or security of its programs. That means no cheating, no disclosing confidential exam content (including topics tested or not tested), and no misstatements on program forms. Criticizing CFA Institute is allowed.
Before this: Standard VI(C): Referral Fees
On the exam
- Demonstrate the application of the Code of Ethics and Standards of Professional Conduct to situations involving issues of professional integrity
- Recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct
- Identify conduct that conforms to the Code and Standards and conduct that violates the Code and Standards
Demonstrate VII(A), recommend procedures and identify compliant conduct. Expect "can the candidate post this about the exam?" items. Disclosing topics tested or not tested is a violation; criticizing the policies is not.
How deeply to learn each part
- Know the idea
- Understand it in general. It frames other topics, but you will not calculate with it.
- Use it
- Understand it well enough to solve a question with it. Recognize when it applies.
- Memorize
- Learn it by heart. The exam will not give it to you.
You know this one. The full lesson is folded away. The takeaways, formulas and checkpoint below are your quick refresher, and the checkpoint is a fair test of whether you still do.
You tested strong here. The full lesson is folded away. The takeaways, formulas and checkpoint below are your quick refresher, and the checkpoint is a fair test of whether you still know it.
What does Standard VII(A) require?
Members and candidates must 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 Institute programs. The aim is to keep public confidence that the charter reflects merit and ethical conduct.
Memorize
The Standard covers more than the CFA exams. It applies to every CFA Institute program, including the others it runs, such as its performance-measurement and foundations programs. Conduct in CFA Institute programs that breaches it includes:
- giving or receiving help (cheating) in an exam;
- breaking the rules, regulations and testing policies, such as the calculator policy, belongings policy or Candidate Pledge;
- giving confidential program or exam information to candidates or the public;
- disregarding or trying to circumvent exam security;
- improperly using an association with CFA Institute to further personal or professional goals;
- misstating facts on the Professional Conduct Statement or in the continuing education program.
- Prohibited Memorize compromises integrity, validity or security
- Cheating or helping others including breaking testing rules
- Disclosing confidential program information questions, formulas, topics tested or not
- Misstating facts on program forms for example the Professional Conduct Statement
- Volunteer breaches revealing exam development or grading material
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- Permitted Memorize not covered
- Expressing opinions about CFA Institute policies, procedures, advocacy positions
- Discussing nonconfidential curriculum study groups, published information
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What counts as confidential?
Confidential program information includes specific details of questions and the broad topical areas and formulas tested or not tested. Everything about the exam, from a single question to the topics that did or did not appear, remains confidential unless CFA Institute itself makes it public. This protects the rigor of the exam for later candidates, and so the value of the charter.
Discussing nonconfidential information or the curriculum with others, for example in a study group, is not prohibited.
Members who volunteer in developing, administering or grading exams must not share questions under consideration, deliberations about the exam, or information on how questions are scored with anyone outside the exam process. A volunteer for any other program should keep to the same standard of integrity and confidentiality. Exam security is a duty of the candidates and members alike.
Can you criticize CFA Institute?
Yes. The Standard does not cover expressing opinions about CFA Institute , the CFA Program or other programs. You may disagree with its policies, procedures or advocacy positions. When giving a personal opinion, a candidate still may not disclose content-specific information, including actual questions or the subject matter covered or not covered.
Where do the lines fall?
| Situation | Verdict |
|---|---|
| Posting “lots of questions on swaps and nothing on securitized assets today” | Violation (topics tested and not tested) |
| Posting “Level I was tough and time was tight” | Fine |
| A blog criticizing the exam’s pass rate policy | Fine |
| Continuing to write answers after time is called | Violation |
| Misreporting a past regulatory sanction on the annual Professional Conduct Statement | Violation |
Exam tip Safe to say: how it felt, how hard it was, how you prepared. Not safe: any question, formula, topic tested or not tested, or weight.
What recommended procedures apply?
The curriculum gives no separate firm procedures here beyond following the testing rules. Candidates should read the program rules and the Candidate Pledge, keep what they post about the exam to opinion, and answer program forms fully and accurately.
Go deeper Why confidentiality protects everyone who holds the charter
If questions and topics leaked, later candidates could prepare for the test rather than the profession, and passing would say less about ability. The value of the designation to every charterholder depends on the exams being a fair, secure measure. CFA Institute monitors online forums and works to have breaches removed, and anyone may report a suspected violation.
Memorize this
MemorizeStandard VII(A): what you may and may not say
| Violation | Fine |
|---|---|
| Specific questions or formulas from the exam | Published curriculum and nonconfidential material |
| Broad topics tested or not tested | Opinions: "it was hard", "time was tight" |
| Cheating, helping others, ignoring testing rules | Criticizing CFA Institute, its policies or its exam format |
| Misstating facts on the Professional Conduct Statement | Studying with others from nonconfidential material |
Memory hook Talk about how it felt, never about what was on it.
Know it cold Covers all CFA Institute programs, not only the CFA exams, and members who volunteer (setting or grading exams) must keep that work confidential.
- Prohibited Memorize compromises integrity, validity or security
- Cheating or helping others including breaking testing rules
- Disclosing confidential program information questions, formulas, topics tested or not
- Misstating facts on program forms for example the Professional Conduct Statement
- Volunteer breaches revealing exam development or grading material
-
- Permitted Memorize not covered
- Expressing opinions about CFA Institute policies, procedures, advocacy positions
- Discussing nonconfidential curriculum study groups, published information
-
How it is asked
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Topics tested or not tested
After the exam a candidate posts "mostly Standard III, nothing on GIPS" (the Global Investment Performance Standards). Violation?
Yes, VII(A). Topics tested or not tested are confidential. Trap: "no specific question was disclosed".
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Criticism of CFA Institute
A charterholder writes that exam fees are too high. Violation?
No. Opinions are allowed. Trap: VII(A) or VII(B).
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Which statement is consistent?
Which post is acceptable: question count on a formula, topic weighting, or "harder than expected, ran short of time"?
The last one: an opinion about the experience.
Exam traps
- Thinking you may say which topics were not tested. Topics tested or not tested are both confidential.
- Thinking criticism of CFA Institute violates VII(A). Opinions are free, provided you disclose nothing confidential.
- Forgetting that the Professional Conduct Statement is covered, so a false statement on it breaches VII(A).
- Forgetting that the Standard applies to programs beyond the CFA exams, and to member volunteers.
Checkpoint
3 exam-style questions. About 90 seconds each.
1After the exam, a candidate posts online: "Ethics questions were mostly about Standard III, and there was nothing on GIPS." Did the candidate violate the Standards?
2A charterholder writes an article arguing that CFA Institute's exam fees are too high. Did the charterholder violate the Standards?
3Which statement by a candidate is most consistent with Standard VII(A)?
Key takeaways
- No cheating and no disclosure of exam questions, formulas, or topics tested or not tested.
- Be truthful on program forms and the Professional Conduct Statement.
- Opinions and criticism of CFA Institute are allowed.
Questions about this lesson?
Where this comes back
- Standard VII(B): Reference to CFA Institute, the CFA Designation, and the CFA Program Guidance for Standards I–VII
Questions candidates ask
What can I say about the CFA exam after taking it?
You can share opinions and general impressions, such as that it was hard or time was tight. You cannot disclose questions, formulas, or the topics tested or not tested. Published curriculum and topic weights are public.
Can I criticize CFA Institute?
Yes. Standard VII(A) does not cover opinions about CFA Institute, its policies or its programs. You may not use the criticism as cover to disclose confidential exam content.
What is a violation of Standard VII(A)?
Cheating or helping others cheat, breaking testing rules, disclosing confidential exam information, circumventing security, or misstating facts on the Professional Conduct Statement or other program forms.
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