6/21/2015

Candidate Agreement

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CandidateAgreement
ThisagreementappliestoallcandidateswhotaketheDecember2015exam.
1. Enrollment.
ToenrollintheCFAProgramandregisterforyourfirstexam,youmust:
a.Haveabachelor's(orequivalent)degreeorbeinthefinalyearofyourbachelor'sdegree
programatthetimeofregistration[1],OR
b.Havefouryearsofprofessionalworkexperience(doesnothavetobeinvestmentrelated),
OR
c.Haveacombinationofprofessionalworkandcollegeexperiencethattotalsatleastfour
years.Parttimepositionsdonotqualify,andthefouryeartotalmustbeaccruedpriorto
enrollmentand
d.SatisfytheprofessionalconductcriteriasetforthinSection4and
e.Haveavalidinternationaltravelpassport(seeSection6)and
f.Completetheonlineenrollmentandregistrationprocess.
2. Registration.
ByregisteringfortheCFAProgram,youunderstand,accept,andagreetocomplywiththeCFA
ProgramCandidateAgreement,asamendedfromtimetotime.YouunderstandthatCFAInstitute
hastheauthoritytovoidyourexamresult,andreject,suspend,orterminateyourcandidacyatany
timeforyourfailuretocomplywiththeCandidateAgreement.
3. CandidatePledge.
Onexamday,youwillberequiredtoagreetoandsignacandidatepledgesimilartotheoneset
forthbelow:
AsacandidateintheCFAProgram,youagreetocomplywithStandardVII(A)oftheCFAInstitute
StandardsofProfessionalConduct,whichstatesthatmembersandcandidatesmustnotengagein
anyconductthatcompromisesthereputationorintegrityofCFAInstituteortheCFAdesignationor
theintegrity,validity,orsecurityoftheCFAexam.
Priortotheexam,youwillnotgiveorreceiveinformationregardingthecontentoftheexam.
Duringtheexam,youwillnotgiveorreceiveanyinformationregardingthecontentofthe
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exam.
Afterthisexam,youwillnotdiscloseanyportionofthisexamandyouwillnotremoveany
exammaterialsfromthetestingroominoriginalorcopiedform.Youunderstandthatallexam
materials,includingyouranswers,arethepropertyofCFAInstituteandwillnotbereturnedto
youinanyform.
YouwillfollowallpoliciesandrulesoftheCFAProgram.Yourviolationofanyrulesofthe
CFAProgramwillresultinCFAInstitutevoidingyourexamresultsandmayleadto
suspensionorterminationofyourcandidacyintheCFAProgram.
4. ProfessionalConductCriteria.
AsacandidateintheCFAProgram,youmustabidebytheCFAProgramCandidateAgreement,all
testingpoliciesandrules,andtheCFAInstitutegoverningdocumentsincludingtheBylaws,Codeof
Ethics,StandardsofProfessionalConduct,andRulesofProcedureforProfessionalConduct(PDF),
asamendedfromtimetotime.InordertoenrollintheCFAProgramandregisterfortheCFAexam,
youmustnot:
a.Currentlybeorinthelastfiveyearsbeentemporarilysuspendedbyaregulatory
organizationorjudicialcourtfromparticipationinthefinancialservicesmarketsorfrom
associationwithafinancialservicesinstitution.
b.Currentlybeorinthelastfiveyearsbeenpermanentlyorindefinitelybarredorexpelled
fromparticipationinthefinancialservicesmarketsorassociationwithafinancialservices
institutionbyaregulatoryorganizationorjudicialcourt.
c.Inthelastfiveyearsbeendeniedtradingprivilegesonasecuritiesorcontractmarket,been
deniedregistrationunderalaworregulation,orprohibitedfromactingasanaffiliatedperson
oremployeeofafinancialservicesinstitution.
d.Everbeenconvictedofacrimepunishablebyoneyearormoreinprisonorjail(or
otherwisedefinedasafelony).
e.Inthelastfiveyearsbeenconvictedofacrimepunishablebylessthanoneyearinprison
orjail(orotherwisedefinedasamisdemeanor)involvinglying,cheating,stealingorother
dishonestconduct.
f.Inthelastfiveyearsbeenthesubjectofalawsuit,arbitration,complaint,orotherclaimfor
damagesthatwasresolvedagainstyouinanamountexceedingUS$20,000.
g.Inthelastfiveyearshadcommissionswithheldorafineimposedinanamountexceeding
US$20,000byaregulatoryorganization,judicialcourt,orfinancialservicesinstitution.
h.Inthelastfiveyearsbeenfoundtohavecausedanotherpersontoviolateasecuritiesor
commoditiesrelatedlaw,ruleorregulation.
i.Inthelastfiveyearsbeenfoundbyaregulatoryorganizationorjudicialcourttohave
causedanotherpersonorinstitutiontobetemporarilyorpermanentlysuspendedorexpelled
fromparticipationinthefinancialservicesmarketsorassociationwithafinancialservices
institution.
5. TestCenters.
WhenyouregisterfortheCFAexam,youmustrequestanexamlocation.CFAInstitutewillassigna
testcentertoyoubasedonyourlocationrequestandavailabilitywithinareasonabletraveldistance
ofyourrequestedexamlocation.Testcenterchangerequestsmustbereceivedbythedeadline
publishedontheCFAInstitutewebsite.Testcenterchangerequestsarenotguaranteedandare
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approvedonafirstcome,firstservedbasissubjecttoavailability.Requestsforanalternatetest
centerwithinthesamemetropolitanareaarenotaccepted.Attimes,CFAInstitutemaychooseto
changeanexamlocation.Inthesesituations,CFAInstitutewillworktosecureanewtestcenterand
notifycandidatesofthechange.
6. CompliancewithTestingPolicies.
YouagreethatyouwillcomplywithalltestingpoliciesrequiredbyCFAInstitute,includingthe
policieslistedbelow:
a.ExamDayAdmissionandDeparturePolicy.Youmustpresentone(1)copyofyour
admissionticketprintedonclean,unusedpaperinordertobeadmittedintothetestcenter.
Yourticketisonlyvalidforthetestcenterandexamdatelisted.Youshouldreporttothetest
centeratleastonehourbeforeeachsessioninordertobecheckedinandseated.The
testingroomdoorswillbeclosedpriortothestartofeachsessionforthereadingofthe
instructions.Onceyouhavecheckedin,youmustremainseatedduringtheadministrationof
theexamuntilallcandidatesaredismissedevenifyoufinishearly.Briefwaterandtoilet
breaksarepermittedhowever,youmustremaininthedesignated,secure,proctoredtest
area.Ifyouhavenotbeenadmittedtothetestingroombeforethedoorsareclosed,youwill
notbeallowedtoenteruntilaftertheinstructionshavebeenread.Instructionswillnotbe
repeated,andnoadditionaltestingtimewillbegranted.Timekeptbythedesignatedproctor
istheofficialtimeonexamday.Ifyouarrivemorethan30minutesafterthestartofthetimed
portionoftheexamsession,youwillbeprohibitedfromenteringthetestingroom,willnotbe
permittedtotaketheexam,andyourregistrationfeewillbeforfeited.Youmustattendboth
themorningandafternoonsessionsoryouwillnotreceivearesult.Ifyoudonotsitforthe
morningsession,youwillnotbepermittedtositfortheafternoonsession.Earlydepartures
arenotpermitted.Ifyouleavetheexamroombeforeyouaredismissedbytestingpersonnel,
youmaybesubjecttoaprofessionalconductinvestigationanddisciplinarysanctions.
b.IdentificationPolicy.Youmusthaveavalid,internationaltravelpassporttoparticipatein
theCFAProgram.Avalid,internationaltravelpassportisdefinedasadocumentthat:
Isissuedbyanationalgovernmentwhichcertifies,forthepurposeofinternational
travel,theidentityandnationalityofitsholder
Iscurrent(notexpired)
Containsyourname,dateofbirth,passportnumber,expirationdate,andcountryof
issuance
Includesarecognizablephotographonthepassportdatapageand
Isanoriginaldocument(photocopieswillnotbeaccepted).
Passportcards,nationalidentificationcards,limitedtraveldocuments,andinternalpassports
arenotvalidformsofidentificationfortheCFAProgramandwillnotbeaccepted.
Youmustenterand/orverifyyourpassportinformationwhenyouregisterfortheexam,and
youmustpresentyourvalid,internationaltravelpassportduringcheckinforboththemorning
andafternoonsessionsonexamday.Ifthename,passportnumber,andexpirationdateon
yourpassportdonotmatchexactlytheinformationprintedonyourexamticket,youwillnot
bepermittedtotaketheexamandyouwillforfeityourregistrationfee.Failurebytheproctors
todetectaninvalidIDdoesnotimplytheIDisvalidorthatyourscoreswillbereported.
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c.CalculatorPolicy.OnlytwocalculatormodelsareauthorizedforuseduringCFAProgram
exams:
TexasInstrumentsBAIIPlus(includingBAIIPlusProfessional)
HewlettPackard12C(includingtheHP12CPlatinum,12C25thanniversaryedition,
12C30thanniversaryedition,andHP12CPrestige)
Ifyouintendtouseacalculatoronexamday,youmustbringtheapprovedcalculatorwith
youcalculatorswillnotbeavailableatthetestcenter.Youmaynotborrowacalculatorfrom,
orshareacalculatorwith,anothercandidateduringtheexam.
Yourcalculatorwillbeinspectedpriortothestartoftheexam.Yourcalculatormustremainon
yourdeskinfullview,andproctorswillcontinuetoinspectcalculatorsthroughoutthe
administrationoftheexam.Possessionoruseofanunauthorizedcalculatoratthetestcenter
willresultinthevoidingofyourexamresultsandmayleadtothesuspensionorterminationof
yourcandidacyintheCFAProgram.Failurebytheproctorstodetectanunauthorized
calculatorpriortothestartoftheexam,oryouruseofanunauthorizedcalculatoratanytime
duringtheexam,doesnotimplythatthecalculatorisanapprovedmodelorthatyourresults
willbereported.
Calculatorcovers,keystrokecards,andloosebatteriesarepermittedinthetestingroom
instructionmanualsarenot.Youmaykeepasmallscrewdriverwithyouifnecessaryto
replacebatteriesintheBAIIPlus.
d.PersonalBelongingsPolicy.CFAInstitutepermitsonlycertainpersonalbelongingsinthe
testingarea.
ThefollowingitemsareNOTpermittedinthetestingroom:
Foodordrinks
Baggageofanykind,includingtransparentbags,backpacks,handbags,totebags,
briefcases,luggage,carryingcases,passportcovers,orpencilcases
Studymaterials,includingnotes,papers,textbooks,orstudyguides
Scratchpaper,present/futurevaluetables,orcalculatormanuals
Highlighters,correctionfluid,correctiontape,orrulers
Knivesofanytype
Mobilephones,cameras,headsets,computers,tablets,wearabletechnologysuchas
fitnesstrackingdevices,smartwatches,oranyotherremotecommunicationor
photographicdevices
Anytypeofdeskclockortimer
Youareencouragedtoleaveallprohibitedpersonalbelongingsathomeorinyourcar.Asa
courtesy,yourtestcentermayhaveanareadesignatedforpersonalbelongings.Ifproctorsor
securitypersonnelfinditemsthatarenotpermittedinthetestingroom,theywillconfiscate
themorplacetheminthepersonalbelongingsarea.Ifyouarefoundwithitemsnotpermitted
inthetestingroom,youmaybesubjecttoaprofessionalconductinvestigationand
disciplinarysanctions.Youwillnothaveaccesstoyourpersonalbelongingsduringtheexam,
onlyduringthelunchbreakandattheconclusionoftheexamunlesstheyhavebeen
confiscatedbytestingpersonnel.

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CFAInstitute,testingpersonnel,thetestcenter,andvendorsarenotresponsibleorliablefor
stolen,lost,misplacedordamagedpersonalpropertyinthepersonalbelongingsareaorat
thetestcenters.
e.AnswerSheet/ExamBookPolicy.Itisyourresponsibilitytocompletetheanswersheet
and/oressaybookinaccordancewiththeinstructions.Youmustbringyourownapproved
writinginstrumentsonexamday.Forthemultiplechoiceoritemsetportionsoftheexam,
yourscoreisdeterminedsolelybyhowyourmarksarereadbythescanningequipment.
MarksmadebyawritinginstrumentotherthanaNo.2orHBpencilorthatdonotcompletely
filltheovalmaynotbereadbythescanningequipment.Failuretofollowinstructionsmay
affecthowthescanningequipmentreadsandrecordsyourinformation.ForLevelsI,IIand
theitemsetportionofLevelIII,answerswrittenintheexambookwillnotbegraded.For
theessayportionofLevelIII,answerswritteninthequestionpagesoftheessaybook
willnotbegraded.Youwillbegivennewexammaterialsforeachsessionyourmorning
exammaterialwillnotbereturnedtoyouintheafternoon.
Youmustnotopen,read,orworkontheexambeforebeinginstructedtodosobytesting
personnel.Youmustnotwriteoreraseafterbeinginstructedtostopwritingattheconclusion
ofthetimedportionoftheexam.
Youarepermittedtodoscratchworkonlyintheexambook.Youmaynotremoveanypages
fromthebook,includingpagesmarkedThisPageIntentionallyLeftBlank.Youmaynotuse
yourdesk,tablecovering,hand,paper,admissionticketoranyothersurfaceasscratch
paper.
Ifyouviolateanyofthesetestingpolicies,youmaybesubjecttoaprofessionalconduct
investigationanddisciplinarysanctionsassetforthintheRulesofProcedureforProfessional
Conduct.
7. MisconductandViolations.
a.Misconduct.Misconductisanyactivityorconductthatcompromisesorattemptsto
compromisethereputation,integrity,validityorsecurityoftheCFAexam.Thisincludes
conductoccurringduringenrollment/registration,aswellasconductbefore,duringandafter
theadministrationoftheCFAexam.Misconductincludes,butisnotlimitedto:
i.Creatingadisturbanceduringtheexam
ii.Givingorreceivingassistanceontheexam,attemptingtocommunicatewithfellow
candidatesorotherpersons,and/orusingbooks,papers,orotherstudyaidsduringthe
exam
iii.Opening,workingon,orreadingtheexamduringatimenotauthorizedbythe
testingpersonnel
iv.Writingorerasingafterinstructedtostopattheconclusionofthetimedportionof
theexam
v.Removingexammaterialsornotesfromthetestingroom
vi.Takingpartinanactofimpersonationorotherformsofcheating
vii.Failingtofollowthedirectionsoftestingpersonnelbefore,duringandafterthe
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exam
viii.Usingunapprovedcalculators,mobilephones,cameras,headsets,computers,
tablets,wearabletechnologysuchasfitnesstrackingdevices,smartwatches,orany
otherremotecommunicationorphotographicdevices,duringtheexam
ix.Usingscratchpaperincludingwritingonthefrontorbackofyourexamadmission
ticketbefore,during,oraftertheexam
x.Askingfor,receivingorusingunauthorizedCFAexamquestionswhenpreparingfor
theexam
xi.SharingCFAexamcontentwithothersaftertheadministrationoftheexam
xii.FailingtocomplywithanyCFAInstitutetestingpolicyand
xiii.EngaginginanyotherconductthatcouldbeconsideredbyCFAInstitute,initssole
discretion,tocompromiseorattempttocompromisethereputation,integrity,validityor
securityoftheCFAexamorCFAInstitute.
b.Violations.MisconductandviolationsofthisAgreement,theCFAInstituteCodeofEthics
and/ortheCFAInstituteStandardsofProfessionalConductmaycometotheattentionofthe
CFAInstituteProfessionalConductProgramthroughmanysources,includingwitness/proctor
reports,complaints,useofsimilarityanalysis,publiclyavailableinformation,and/orreviewof
candidatesexammaterials.TheProfessionalConductProgrammayconductan
investigation,pursuanttotheRulesofProcedureforProfessionalConduct,ofanymatter
involving,orappearingtoinvolve,anymisconductorviolationofanytermofthisAgreement
ortheCFAInstituteCodeofEthicsand/ortheCFAInstituteStandardsofProfessional
Conduct.,Aspartoftheinvestigationordisciplinaryproceeding,CFAInstitutemay(i)contact
anypersonorentityitbelievesmaybeabletoproviderelevantinformation,documentsand/or
assistanceintheinvestigation,(ii)voidorwithholdyourexamresult,(iii)sanctionyou,
including,butnotlimitedtosuspensionorterminationofyourcandidacyintheCFAProgram,
and/or(iv)takelegalactionagainstyou.
c.ProfessionalConductProgramCommunications.TheProfessionalConductProgrammay
sendnoticesanddocumentsrelatingtoanyinvestigationordisciplinaryproceedingtoyour
mailingaddressoremailaddressasshowninCFAInstituterecords.Youareresponsiblefor
keepingCFAInstituteadvisedofcurrentmailingandemailaddresses.
8. ExamResults.
Theminimumpassingscore(MPS)foreachleveloftheexamisdeterminedbyCFAInstituteafter
theadministrationoftheexams.NeithertheMPSnorindividualcandidatescoresarereleasedto
candidates.Youwillreceivearesultofpassorfail,atopicareaperformancesummaryanda
scorebandanalysis(failcandidatesonly),postexam.CFAInstitutedoesnotofferanappeals
processorremarkingservicehowever,youmaypayafeeandrequestthatyourexamscorebe
manuallyretabulated.Ifyourexamscoreisfoundtobeaccurate,youwillnotbeprovidedwitha
refundoftheretabulationfee.Ifitisfoundthatyourexamscoreisincorrect,evenifitdoesnot
changeyourexamresult,youwillberefundedtheretabulationfee.Yourexamresultmaynotbe
cancelledatyourrequest.
9. TestingAccommodationsdisabilityandreligious.
CFAInstituteofferstheCFAexaminamannerandlocationaccessibletoindividualswithdisabilities
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incompliancewiththelaw.YoumustrequestaDisabilityAccommodationatleast75dayspriorto
yourexamdate.Inaddition,ifyouhaveareligiousobligationorbeliefthatpreventsyoufromtaking
theexamontheregularlyscheduledexamdate,youmaybeeligibletositfortheexamonthe
Sundayfollowingtheregularexamdate.YoumustrequestaReligiousAlternateDateatleast75
dayspriortoyourexamdate.
CFAInstitutedoesnotguaranteethatyourrequestfortestingaccommodationswillbegranted,
regardlessofwhetheryouhavepreviouslyreceivedtestingaccommodations.Youmustsubmita
requesteachtimeyouregisterforanexam,evenifyouhavebeengrantedaccommodationsona
priorexam.
10. OwnershipandUseofExamMaterials.
a.TheExamRecord.CFAexambooks,answerdocuments,scores,andcandidate
responsestoexamquestionsincludingnotes(ExamMaterials)aremeasurement
informationandarepartofacandidatesexamrecord.ThisinformationisownedbyCFA
Institute.YouarenotpermittedtoaccessyourExamMaterialsaftertheyarecollectedatthe
testcenter.
b.DisclosureofExamMaterial.TheExamMaterialsaretheexclusivepropertyofCFA
Instituteandareprotectedbytradesecret,contract,copyright,andotherlaws.Nopartofthe
ExamMaterialsmaybecopiedorreproducedinpartorinwholebyanymeanswhatsoever,
includingmemorization,notetaking,orelectronictransmission,unlesspreviouslyauthorized
byCFAInstitute.Thisprohibitionincludesreproductionorally,inwriting,inanyInternetchat
room,messageboard,forum,orotherwise.Unauthorizeddisclosureoftheexamscontent
couldresultinlegaland/ordisciplinaryaction.
c.CFAInstituteStudyMaterials.CFAInstituteisthecopyrightownerofcurriculum,sample
exams,mockexams,learningoutcomestatements,andallotherCFAInstitutestudy
materials.Uponpurchaseofsuchmaterials,candidateshavealicensetousesuchmaterials
fortheirownexaminationpreparationonly.Candidatesmaynotcopy,alter,distribute,share,
emailorpostthematerialswithoutpriorpermissionfromCFAInstitute.Violatorsmaybe
subjecttolegaland/ordisciplinaryaction.
11. RefundsandDeferrals.
a.Refundrequests.Afullrefundofyourenrollmentandregistrationfeesisavailablewithin
two(2)businessdaysofpaymentifyouchangeyourmind.Duetofluctuatingexchangerates
outsideourcontrol,wecannotguaranteethattheexactamountpaidtoCFAInstitutewillbe
theamountreturnedincurrencyotherthanUScurrency.Thereafter,enrollmentand
registrationfeesarenonrefundable,evenintheeventofamedicalconditionorotherextreme
circumstance.Enrollmentandregistrationfeesarenontransferrable.Paymentsforprint
curriculumordersarenonrefundableoncetheorderhasbeenplaced.
b.Deferralrequests.Deferralstothenextavailableexamareconsideredonacasebycase
basis,andonlyintheeventofoneofthefollowingeventsimpactingthecandidateora
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memberofhis/herimmediatefamily:
lifethreateningillness(candidateorimmediatefamilymember)ontheexamdate
deathofacandidatesimmediatefamilymember
mandatorymilitaryservice(candidateonly)ontheexamdate
naturaldisaster(candidateslocalarea).
Immediatefamilymemberincludesonlythecandidatesmother,father,sibling,
spouse/domesticpartner,orchild.DeferralrequestsmustbereceivedbyCFAInstituteprior
toorwithin10U.S.businessdaysaftertheexamdate.Decisionsondeferralsarefinaland
areatthesolediscretionofCFAInstitute.Candidatesawardedadeferralareresponsiblefor
allapplicablenewcurriculumcharges.
12. ExamDayDisruptionsorExamCompromise.
CFAInstitutespriorityistoprotectthesafetyofcandidatesandtheintegrityoftheCFAProgram.
CFAInstituteanditstestingagentstakestepsthatareintendedtoensureasafe,standardized
administrationonexamday.Howevereventssuchasfire,flood,earthquake,storm,outbreakof
disease,orothernaturaldisasters,oractsofmilitary,political,orgovernmentauthorities(oreven
thethreatofsuchanevent)couldinterferewiththeexam.IfCFAInstitutesnormaltestingprocessis
cancelled,interrupted,delayed,mistimed,orotherwisedisrupted,orifexamcontentiscompromised
asaresultofadisruptiveevent,CFAInstitutemaychangethedate,time,location,orconditionsof
theexamorcanceltheadministrationoftheexamaltogether.InthatcaseCFAInstitutewill
determinewhetheranalterationoftheexamorothercorrectiveaction,suchascancellingresults,is
warranted.IfCFAInstitutedeterminesthatacorrectiveactionisnecessary,CFAInstitutemayoffer
affectedcandidatesaretestatnoadditionalfee(onaregularlyscheduledtestdateoranotherdate
selectedbyCFAInstitutewithinthenexttwelve(12)months)orarefundoftheexamfee.No
remedywillbeofferedtoaffectedcandidatesiftheycausedorwereinvolvedintheconductthat
resultedintheneedforcorrectiveaction.Ifacandidateacceptstheofferofaretest,thecandidate
willberequiredtoretaketheentireexaminordertoproduceavalidresult.CFAInstitutewillmake
alldecisionsregardingtheadministrationoftheexamandanycorrectiveactioninitssolediscretion.
Thisparagraphcontainsthesoleandexclusiveremediesavailabletoanycandidateaffectedby
examdaydisruptionsintestingorapotentialexamcompromise.
13. AdministrativeErrors.
CFAInstituteendeavorsatalltimestoproperlyprocess,prepare,handleandscoreallexams
properly.Intheunlikelyeventthatanerroroccursintheprocessing,preparation,handling,or
scoringofyourexam,CFAInstitutewill,ifpossible,correctit.Incaseswhereanypartofthetesting
serviceisnotdeliveredorcompleted,CFAInstitute,initssolediscretion,maypermityoueitherto
retestatnoadditionalfeeortoreceiveapartialorfullrefundofyourtestingfees.Theremedies
describedabovearetheexclusiveremediesavailabletoyouforerrorsintheprocessing,
preparation,handlingorscoringofexams.
14. OFACRegulations.
AsaU.S.corporation,CFAInstitutemustabidebytheregulationsoftheU.S.Departmentofthe
Treasury,OfficeofForeignAssetControl(OFAC).OFACregulationsprohibitusfromdoing
businesswithpersonsordinarilyresidentincertaincountries,aswellaspersons/entitiesonthe
SpeciallyDesignatedNationals(SDN)List.Byregisteringfortheexam,yourepresentthatthese
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restrictionsdonotapplytoyouoryouremployer.Ifyouattempttoregisterforanexamdespite
applicablesanctions,wewillcancelyourregistrationandyouwillnotreceivearefund.Reviewthe
OFACCompliancePolicy.
15. TrademarkRestrictions.
NothinginthisAgreementauthorizesyoutouseanyCFAInstitutetrademarks,servicemarks,or
logos.ConsulttheTrademarkUsageGuidelinesforCFACharterholdersforinstructionstoproperly
usetheCFAmarksafterearningyourcharter.
16. Privacy.
CFAInstitutecollectscertaininformationaboutyouduringtheregistrationandtestadministration
processfortheCFAProgram.CFAInstituteuses,sharesandprotectsthatpersonalinformationin
accordancewiththeCFAInstitutePrivacyPolicy.
17. REPRESENTATIONSANDWARRANTIES.
CFAINSTITUTEMAKESNOWARRANTIESORCONDITIONSOFANYKIND,EXPRESS,
IMPLIEDORSTATUTORY,RELATEDTOORARISINGINANYWAYOUTOFTHIS
AGREEMENT.CFAINSTITUTESPECIFICALLYDISCLAIMSANYIMPLIEDWARRANTYFOR
MERCHANTABILITYANDFITNESSFORAPARTICULARPURPOSE.
18. LimitationofLiability.
TheCFAexammaybeadministeredbyanauthorizedcontractor.Youacknowledgeandagreethat
CFAInstituteanditsagentsshallhavenoliabilitytoyouforanyclaiminanywayrelatedtotheCFA
exam,includingregistration,thetestingenvironment,deliveryofthecertificate,andexamfees.TO
THEEXTENTPERMITTEDBYAPPLICABLELAW,CFAINSTITUTESHALLNOTBELIABLE
FORANYINDIRECT,INCIDENTAL,SPECIAL,PUNITIVE,ORCONSEQUENTIALDAMAGESOR
ANYLOSSOFPROFITS,REVENUE,DATAORUSE.CFAINSTITUTESLIABILITYFOR
DIRECTDAMAGES,WHETHERINCONTRACT,TORTOROTHERWISE,SHALLBELIMITED
TOTHEFEESPAIDTOCFAINSTITUTEBYYOUFORTHEEXAMINATIONINQUESTION.
19. ChangesandModifications.
CFAInstitutereservestherighttodiscontinueandchangetheCFAProgramoranyaspectofitat
anytime,includingbutnotlimitedtoprogramentrancerequirements,examcontent,exampassing
score,and/ortestingpolicies.ThisAgreementwillnotchangefromthepointofregistration
untilyoureceiveyourexamresults,butmaybechangedforfutureadministrations.Changes
willbepostedontheCFAInstitutewebsite,andyouagreetobeboundbythesechanges.
20. GoverningLawandJurisdiction.
ThelawsoftheCommonwealthofVirginia,USAgovernthisagreement.Thepartiesconsentto
exclusivejurisdictionandvenueinthefederalorstatecourtsinAlbemarleCounty,Virginia,USA.
21. ReservationofRights.
Inadditiontoanyotherrightsandremediesprovidedbylaworthisagreement,CFAInstitutehereby
expresslyreservesallofitsrightsandremediesarisingoutofabreachofthisagreementand/orany
infringementofanyofCFAInstitutesintellectualpropertyrights.

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[1]Ifyouinitiallyregisterasafinalyearundergraduatestudentwithadegreeinprogress,youmaynot

registerfortheLevelIIexamuntilyouhaveearnedyourdegree,orobtainedprofessionalwork
experiencethatmeetstheseentrancerequirements.Whenyourdegreeisawarded,updateyour
accounteducationinformationtocertifythatyourdegreehasbeenreceived.(GoBack)

Iunderstand,acceptandagreetocomplywiththetermsoftheCandidateAgreement,as
amendedbyCFAInstitutefromtimetotime.IunderstandthatCFAInstitutehastheauthority
tovoidmyexamresults,andreject,suspendorterminatemycandidacyatanytimeformy
failuretocomplywiththeCandidateAgreement.

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