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Subject 21. Standard VII (A) Conduct as Members and Candidates in the CFA Program PDF Download

A. Conduct as Members and Candidates in the CFA Program.

Members and Candidates must not engage in any conduct that compromises the reputation or integrity of CFA Institute or the CFA designation or the integrity, validity, or security of the CFA examinations.

This standard applies to anyone who cheats, or helps other people to cheat, on the CFA examination or any other examination. Improperly using the CFA designation is also prohibited by this standard.


Melissa White, CFA, runs her own investment advisory firm and serves as a proctor for the administration of the CFA examination in her city. She receives copies of the Level II CFA examination many days before the exam day. On the evening prior to the exam, she provides information concerning the examination questions to two stressed candidates whom are also her best-performing advisors.

White and the two candidates violated the standard. Although it does not involve clients' money or an investment recommendation, White and the two members undermined the integrity and validity of the examination.

Learning Outcome Statements

a. demonstrate the application of the Code of Ethics and Standards of Professional Conduct to situations involving issues of professional integrity;

b. distinguish between conduct that conforms to the Code and Standards and conduct that violates the Code and Standards;

c. recommend practices and procedures designed to prevent violations of the Code of Ethics and Standards of Professional Conduct.

CFA® 2021 Level I Curriculum, 2021, Volume 1, Reading 3

User Contributed Comments 7

User Comment
asianl6 CFA don't want you to disgrace them.
SueLiu Basically: Don't cheat on this exam. Blah, blah, blah.
thekobe not just blah blah, anybody who is enrolled in the cfa program should have high commitment with himself in order to be tested onlhy on what he or she knows.
alester83 what's the expression? you're only cheating yourself
gill15 Its funny reading this stuff for CFA exams....this is not the hypocratic oath...
gill15 The reason i dont agree with this entirely is I just feel this is knowledge and reading that is unneccessary because 70% of the people fail the exams. Why not just test Real topics and then have a 3-4 day session of ethics teaching this stuff like other programs so if you are successful in passing. LIke the actuarial society.
tybe0012 dont undermine the integrity and validity of the exam
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I just wanted to share the good news that I passed CFA Level I!!! Thank you for your help - I think the online question bank helped cut the clutter and made a positive difference.
Edward Liu

Edward Liu

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