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Put the Conduct as Members and Candidates standard, VII(A), into practice

CFA® Level I · Ethical and Professional Standards · Guidance for Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate · ET.9.a

The idea

Members and candidates must not engage in conduct that compromises the reputation or integrity of CFA Institute or the CFA designation, or the validity of its examinations. This covers cheating, but also disclosing examination content to others, including broad topical areas tested, removing materials from the testing room and misrepresenting one's candidacy. Expressing a personal opinion about CFA Institute policies is explicitly permitted — the Standard protects examination integrity and the designation's meaning, not the organisation from criticism.

A practice question

From the question bank, with the reason each wrong option is wrong.

Which conduct violates Standard VII(A)?

  1. Criticising a CFA Institute policy in a public forumWhy not: Expressing opinions about policies and the programme is expressly permitted.
  2. Disclosing exam question content to candidates — correct
  3. Discussing study techniques with other candidatesWhy not: Sharing how to prepare is ordinary and encouraged, and it reveals nothing about the exam.

Standard VII(A) Conduct as Members and Candidates prohibits compromising the integrity of the examination, of which disclosing question content to future candidates is the clearest example.

A harder one

May a candidate publicly express the opinion that a particular exam topic was poorly weighted?

  1. Yes, opinions about policies are permitted — correct
  2. No, all public comment about the programme is prohibitedWhy not: That would forbid the criticism the Standard explicitly allows.
  3. Yes, but only after receiving resultsWhy not: No waiting period applies to an opinion, which does not reveal exam content whenever it is voiced.

Standard VII(A) expressly permits opinions about CFA Institute, its policies and the programme. What it prohibits is conduct compromising the examination itself.

The hardest tier

Why does the Standard treat disclosing exam content as seriously as cheating?

  1. Because disclosure is the easier one to detectWhy not: Detection is a practical matter and does not explain why the two are treated alike.
  2. Because it breaches the copyright in the examWhy not: Copyright may also be infringed, and the Standard's concern is the integrity of the assessment.
  3. Because both destroy the exam's power to distinguish — correct

Standard VII(A) protects what the designation certifies. Both cheating and disclosure destroy the examination's power to distinguish candidates who know the material.

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