Learning Module 9 of Ethical and Professional Standards 10–15% of the exam

Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate

2 lessons. About 8 minutes in cram mode, 46 minutes in full.

Start with lesson 1 Learn with Sensei Read the module summary Practice this module

Lessons

1
Standard VII(A): Conduct as Participants in CFA Institute Programs
demonstrate 4 min cram, 22 min full
2
Standard VII(B): Reference to CFA Institute, the CFA Designation, and the CFA Program
demonstrate 4 min cram, 24 min full

What the exam expects you to do

Demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct by interpreting the Code and Standards in various situations involving issues of professional integrity.Standard VII(A): Conduct as Participants in CFA Institute Programs
Recommend practices and procedures designed to prevent violations of the Code and Standards.Standard VII(A): Conduct as Participants in CFA Institute Programs

Module summary

The whole module on one sheet, organised by lesson: what to memorize, how the ideas fit together, the formulas and the key terms. No paragraphs, just what you need to revise.

Hide what I know

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.

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

Known

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
Misrepresenting information to CFA Institute about any of its programs (for example on a program form)	Studying with others from nonconfidential material
Testing-policy breaches: written material in the test center, looking at other screens, disruptive conduct, a fraudulent deferral request	Asking the proctor a question the rules allow

Memory hook Talk about how it felt, never about what was on it; in the test center, bring nothing and look at nothing but your own screen.

Know it cold Covers all CFA Institute programs, not only the CFA exams. Volunteers who develop or grade exams must not share questions, deliberations or scoring. Participants who are not members or candidates are not bound by the Code.

Key terms

conduct in CFA Institute programs Memorize
confidential CFA Institute information Memorize
exam security Use it
expressing opinions about CFA Institute Memorize
volunteers with CFA Institute programs Memorize
testing policies Memorize

What VII(A) covers

Conduct in CFA Institute programsexams, grading, forms

Prohibited Memorize compromises integrity, validity or security
- Cheating or helping others including breaking testing rules
- Disclosing confidential CFA Institute information questions, formulas, topics tested or not
- Misrepresenting information to CFA Institute about any CFA Institute program
- Testing-policy breaches written material in the test center, looking at other screens, disruptive conduct, a fraudulent deferral request
- Volunteer breaches sharing exam questions, deliberations or scoring
Permitted Memorize not covered
- Expressing opinions about CFA Institute policies, procedures, advocacy positions
- Discussing nonconfidential curriculum study groups, published information
Not bound by the Code Use it program participants who are not members or candidates

Standard VII(B): Reference to CFA Institute, the CFA Designation, and the CFA Program

Known

MemorizeStandard VII(B): proper vs improper

Proper	Improper
"Ana Ruiz, CFA charterholder"	"Ana Ruiz is a CFA" (noun)
"Passed the Level I CFA exam in 2025"	"CFA, Level II" (partial designation)
"Level III candidate for the CFA designation" (enrolled for the next exam)	"CFA, expected 2027" or "charter pending"
"Passed all three levels in three consecutive sittings" (fact)	"Three levels in three years proves I am a cut above"
"The program is rigorous and demanding"	"Charterholders outperform other managers" or "I will beat the market"

Memory hook Adjective only, no levels, no promises. Facts yes, boasts no.

Know it cold Keep dues paid and the Professional Conduct Statement filed yearly. If either lapses you are not an active member or charterholder until reactivated: remove the designation from social media profiles and elsewhere (you may say you were one). Never put the designation on a pseudonymous profile.

MemorizeWho is a candidate

You are a candidate if	You are not if
Registration accepted and enrolled to sit a specified exam	Registered but not enrolled for any exam
You have sat an exam and results are not yet received	Enrollment lapses, until you enroll again

Memory hook No exam booked, no candidacy.

Know it cold Candidates never state or imply a partial designation (except as authorized or permitted by CFA Institute) or an expected completion date.

Key terms

CFA designation Memorize
CFA charterholder Memorize
candidate for the CFA designation Memorize
active membership Use it
proper and improper references Memorize
partial designation Memorize
superior performance claims Memorize

Referring to CFA Institute, the designation and the program

VII(B) referencesany medium: cards, bios, websites, speech

CFA Institute member Memorize active only
- Dues paid yearly to stay active
- Professional Conduct Statement filed yearly renews the commitment to the Code
CFA charterholder Memorize may use the designation
- Completed the program and work experience right to use earned
- Membership requirements kept lapse forfeits the right until reactivated
Candidate for the CFA designation Memorize registered and enrolled, or awaiting results
- No partial designation never "CFA Level II"
- No expected date never "CFA, expected 2027"