Peter Wellington has changed his status in marketing materials to “Level III CFA candidate.” Wellington passed the Level II CFA exam and just received his results. He intends to register for the next Level III CFA examination that is offered the following June. Wellington has:

Under Standard VII(B) Reference to CFA Institute, the CFA Designation, and the CFA Program, candidates in the CFA Program may appropriately reference their participation in the CFA Program. However, to be considered a candidate, individuals must be registered to take the next scheduled CFA examination. Therefore, Wellington, who intends to register for the next exam, but has not done so, has violated Standard VII(B). Wellington may indicate that he passed Level II of the CFA Program and the year in which he passed, but he is not a candidate unless he is registered for the next exam or awaiting exam results. Standard VII(A) Conduct as Participants in CFA Institute Programs addresses issues that concern the validity and security of the exams and the integrity and reputation of the CFA designation and CFA Institute.