CFA Program Candidate Conduct and Exam Policies Explained

If you are preparing for the CFA exam, understanding the CFA Program candidate conduct and exam policies is just as important as preparing for the syllabus. Many candidates lose marks, have their results withheld, or even face disciplinary action because they are unaware of the registration requirements, exam-day rules, or conduct standards set by CFA Institute.

CFA Program candidate conduct and exam policies are explained here in a simple and organised way. It covers registration eligibility, the candidate code of conduct, exam-day rules, actions that are considered misconduct, and the consequences of violating these policies. By understanding these requirements in advance, you can avoid common mistakes and take the exam with confidence.

What Are CFA Program Candidate Conduct Policies?

The CFA Program Candidate Conduct Policies are a set of rules that every CFA candidate must follow before, during, and after the exam. These policies help maintain the fairness, security, and credibility of the CFA Program while promoting high standards of ethics in the investment profession. They cover important areas such as registration requirements, exam-day behaviour, confidentiality of exam content, and professional conduct.

These rules apply to all registered CFA candidates and other individuals covered under the CFA Institute Bylaws. CFA Institute reviews reported violations through its Professional Conduct Program and follows a structured disciplinary process to investigate cases and take appropriate action when necessary. Following these policies helps candidates avoid misconduct and ensures a fair examination process for everyone.

CFA Candidate Code of Conduct

The CFA Candidate Code of Conduct outlines the ethical standards that every CFA candidate is expected to follow throughout the programme. Following these guidelines helps maintain the integrity of the CFA exam and ensures a fair and professional environment for all candidates.

1. What the Code Covers

As covered persons, candidates are expected to uphold the same ethical standards CFA Institute promotes across the profession — honesty, integrity, and respect for exam security and program rules.

2. Prohibited Actions

Candidates must not misrepresent their qualifications, violate testing policies, or act in ways that undermine the integrity of the exam process.

3. Confidentiality of Exam Content

Candidates may not disclose or discuss specific exam content with anyone, at any time, including after the exam window closes.

CFA Program Registration and Eligibility Rules

Before registering for the CFA Program, candidates must ensure they meet the eligibility requirements set by CFA Institute. These requirements cover education or work experience, valid identification, and the ability to take the exam in English.

1. Education and Work Experience Requirements

To register, candidates need a bachelor's degree or must be within 23 months of graduating (11 months before Level II, or have completed the degree/4,000 work hours before Level III), or have 4,000 hours of professional work experience and/or higher education completed over at least three sequential years. Work experience doesn't need to be investment-related, but it must be paid and require professional judgement.

2. Passport and Identification Requirement

Every candidate must have a valid international travel passport to register and sit for the exam. It must be original, current, machine-readable, and show a name that exactly matches the candidate's CFA Institute account.

3. English Proficiency Requirement

CFA Program exams are offered only in English, so candidates need enough proficiency to read complex financial scenarios and formulate answers.

4. Country Eligibility (OFAC Compliance)

CFA Institute cannot work with candidates from certain sanctioned countries. Candidates should check the OFAC Compliance Policy before registering.

CFA Exam Attempt Policy

CFA Institute has specific rules regarding how many times candidates can attempt each exam level and when they can retake the exam after an unsuccessful attempt. Understanding these policies helps candidates plan their exam schedule and stay eligible for future attempts.

1. Maximum Attempts Per Level

Candidates may attempt each level a maximum of six times, including partially completed exams and attempts under new accounts. Candidates unsuccessful after six attempts become ineligible to register for that level again.

2. The 6-Month Resit Rule

Candidates can sit for the exam up to two times per calendar year, but they are strictly prohibited from scheduling registrations in consecutive testing windows or windows that are six months or less apart. 

CFA Exam Day Rules and Policies

Following the CFA exam-day rules is essential to avoid unnecessary issues at the test centre. Candidates should understand the admission process, identification requirements, permitted items, and other important policies before the exam day to ensure a smooth testing experience.

1. Admission and Appointment Policy

Candidates must schedule their appointment by the published deadline and arrive 30 minutes early. Rescheduling within the exam window costs a non-refundable USD 250 fee. Test centers run security checks, including belongings inspection and a metal-detector scan, at check-in and after breaks.

2. Identification Policy

A valid, matching passport is required at check-in for both exam sessions on exam day.

3. Personal Belongings Policy

Only an approved calculator, eyeglasses (without a case), a passport, and water in a clear container are allowed at the desk. Phones, smartwatches, study materials, food, and bags are prohibited in the testing room.

4. Calculator Policy

Only the Texas Instruments BA II Plus (including Professional) and Hewlett Packard 12C (including Platinum and anniversary editions) are authorised. Sharing or borrowing a calculator during the exam is not permitted, and using an unauthorised model voids exam results.

What Counts as CFA Exam Misconduct?

CFA Institute treats any action that compromises the fairness, security, or integrity of the CFA exam as misconduct. Understanding what is considered a violation can help candidates avoid mistakes and comply with the rules throughout the registration and examination process.

• Cheating or Unauthorised Assistance: Giving or receiving help during the exam, or attempting to do so, is a serious violation.

• Violating Testing Policies or Security Measures: This includes using unauthorised items, disrupting the exam environment, or bypassing security checks.

• Sharing Confidential Exam Information: Discussing exam content with anyone violates the confidentiality obligation candidates agree to.

• Misrepresentation on Registration: Providing false information about education, work experience, or identity during registration can lead to cancelled registration, withheld results, or investigation.

Consequences of Candidate Misconduct

If a candidate is found to have violated CFA Institute policies, disciplinary action may be taken depending on the nature and severity of the misconduct. CFA Institute follows a structured review process to investigate reported cases and determine the appropriate outcome.

1. Investigation Process

CFA Institute's Professional Conduct program investigates allegations through a peer-review process governed by the Bylaws and Rules of Procedure.

2. Possible Sanctions

Sanctions for candidates can include private reprimand, censure, summary suspension, suspension from the CFA Program for a specified period, or permanent prohibition from the program.

3. Voiding of Exam Results

Confirmed violations, such as using an unauthorized calculator, can result in exam results being voided regardless of whether the issue was caught during the exam.

How to Report Misconduct or Appeal a Sanction

CFA Institute provides a formal process for reporting suspected misconduct and reviewing disciplinary decisions. It also offers exam accommodations for eligible candidates with documented disabilities to ensure they have fair access to the examination.

1. Reporting Suspected Violations

Anyone can report suspected misconduct by a CFA Institute candidate or member through CFA Institute's official reporting channel, and all complaints are reviewed confidentially.

2. Sanctions and Review Process

Sanctions are issued according to the Rules of Procedure for Professional Conduct, following a structured disciplinary review.