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 misrepresenting information to CFA Institute about its programs. Criticizing CFA Institute is allowed.
Before this: Standard VI(C): Referral Fees
On the exam
- 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
- Recommend practices and procedures designed to prevent violations of the Code and Standards
Interpret VII(A) in exam situations and recommend practices that prevent violations. 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;
- misrepresenting information to CFA Institute regarding any CFA Institute program, for example on an exam registration or a charter application.
Participants in a program who are not members or candidates are not bound by the Code and Standards.
- 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
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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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- Not bound by the Code Use it program participants who are not members or candidates
What counts as confidential CFA Institute information?
Confidential CFA Institute 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.
Exam security is a duty of the candidates and members alike.
What about volunteers with CFA Institute programs?
Members who volunteer in developing, administering or grading exams are volunteers with CFA Institute programs . They must not share questions under consideration, deliberations about the exam, or 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.
Do testing-policy breaches violate VII(A)?
Yes. The testing policies protect the integrity of the exam, so breaking them compromises it. The Handbook’s examples include bringing written material into the computer-based test center, looking at other candidates’ screens, disruptive conduct at the test center, and filing a fraudulent deferral request to postpone an exam date. Four cases of our own:
| Situation | Verdict |
|---|---|
| A candidate keeps a page of formulas in a pocket in the test center but never looks at it | Violation: written material in the test center |
| A candidate glances at the next workstation to check an answer | Violation: looking at another screen |
| A candidate argues loudly with staff and delays other candidates | Violation: disruptive conduct |
| A candidate submits a made-up medical letter to postpone the exam | Violation: fraudulent deferral request |
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 |
| Overstating work experience on a charter application | Violation (misrepresenting information to CFA Institute) |
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.
Compliance practices
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 |
| 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.
- 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
How it is asked
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Topics tested or not tested
After the exam a candidate posts "mostly Standard III, nothing on Standard V". Violation?
Yes, VII(A). Topics tested or not tested are confidential. Trap: "no specific question was disclosed".
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Test-center conduct
A candidate slips a page of formulas into the computer-based test center. Violation?
Yes, VII(A). Bringing written material in breaks the testing policies, even if never used.
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Exam volunteer
A member who helps grade the exam tells a friend how one answer is scored. Violation?
Yes, VII(A). Volunteers must not share questions, deliberations or scoring.
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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 misrepresenting information to CFA Institute about any of its programs breaches VII(A).
- Forgetting that the Standard applies to programs beyond the CFA exams, and to member volunteers.
- Treating test-center rules as separate from the Standards. Written material, looking at other screens, disruptive conduct and a fraudulent deferral request all violate VII(A).
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 Standard V." 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.
- Do not misrepresent information to CFA Institute about any of its programs.
- Testing-policy breaches in the test center violate VII(A); volunteers keep questions, deliberations and scoring confidential.
- Opinions and criticism of CFA Institute are allowed.
All Ethical and Professional Standards formulas, every lesson
Questions about this lesson?
Where this comes back
- Standard VII(B): Reference to CFA Institute, the CFA Designation, and the CFA Program Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate
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 misrepresenting information to CFA Institute regarding any of its programs.
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