CFA Level IEthical and Professional StandardsEasy
Immediately after finishing his Level II exam session, a candidate posts on an online forum: "Today's afternoon session had a vignette about a company using LIFO to inventory that tested deferred tax liabilities — really specific numbers, hard question." Is this a violation of the Code and Standards?
- ANo violation, because he only described the exam after completing it and left the testing center
- BViolation of Standard I(D), Misconduct, only if the description of the question is factually inaccurate
- CNo violation, because CFA Institute only restricts sharing content before the exam administration window closes
- DViolation of Standard VII(A), Conduct as Members and Candidates in the CFA Program, because candidates may never reveal specific exam content at any time
Show answer & explanationAnswer & explanation
Correct answer: D. Violation of Standard VII(A), Conduct as Members and Candidates in the CFA Program, because candidates may never reveal specific exam content at any time
Standard VII(A) requires candidates to keep confidential all CFA exam content indefinitely, not merely during the testing window. Describing specific vignette topics and question details, even after finishing, breaches the Candidate Pledge and this Standard.
Why the other options are wrong
- A. Confidentiality obligations do not end when the candidate leaves the room.
- B. Accuracy of the disclosure is irrelevant; the disclosure itself is prohibited.
- C. There is no window after which sharing becomes acceptable.
Conduct as Candidates (VII(A))
Members and candidates must not undertake conduct that compromises the integrity or reputation of the CFA designation or the CFA Program, including disclosing exam content.
- Confidentiality of exam content is permanent
- Includes cheating, sharing questions, and violating Candidate Pledge
- Also covers actions like exam impersonation and copyright violations
Memory trick: What happens in the exam room stays confidential forever.