Put the standard on citing CFA Institute and the designation, VII(B), into practice
The idea
Members and candidates must not misrepresent or exaggerate the meaning of membership, the designation or candidacy. There is no partial designation: a candidate may state that they have passed a level or are a candidate in the programme, but not that they are a Level II CFA or hold any similar title. The marks must be used correctly — CFA and Chartered Financial Analyst as adjectives modifying a name, never as nouns and never in a plural or possessive form. Claiming superior performance as a consequence of holding the designation is itself a misrepresentation.
A practice question
How may a candidate who has passed Level II describe themselves?
- As a Level II CFAWhy not: This invents a designation. There is no partial charter, and the marks may not be attached to a level.
- A candidate who has passed Level II — correct
- As a CFA, Level IIWhy not: Also implies a graded designation, and it uses the marks for a status the candidate does not hold.
Standard VII(B) Reference to CFA Institute and the Designation permits a factual statement of progress: a candidate in the CFA Program who has passed Level II. No intermediate title exists.
A harder one
A firm's website lists its staff as 'our four CFAs'. What is wrong?
- Nothing, the usage is standardWhy not: It is common and incorrect, which is why the Standard addresses it specifically.
- The count should be stated separatelyWhy not: Stating a number is unobjectionable; the problem is the grammatical form the marks are put into.
- The mark is used as a plural noun — correct
Standard VII(B) is breached by using the marks as a plural noun. The correct form is four CFA charterholders.
The hardest tier
A member's marketing states that as a charterholder they will outperform non-charterholders. Is this permitted?
- Yes, since the designation indicates greater competenceWhy not: It evidences competence and says nothing about future returns, which no qualification can promise.
- Yes, provided the claim is accompanied by a performance recordWhy not: A record shows what happened; the breach is attributing future outperformance to the charter itself.
- No, it exaggerates what the designation means — correct
Standard VII(B) prohibits exaggerating what the designation means. It signals a body of knowledge and an ethical commitment; it does not predict investment results.
In the app: 9 practice questions on this outcome, a narrated walkthrough with diagrams, spaced review that brings it back before you forget it.
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