In Professional, Enterprise, and Unlimited Editions, administrators can specify that certain fields are not displayed in the page layouts for their Users. Normally if a field is hidden in the page layout, it will not be accessible as a column header in a list view. However in list views, Users can see required fields that are "derived" from associated records, even if the field is hidden in their page layout.
Note: In Professional Edition, the field must be in the page layout to display in a list view.
In Enterprise, Developer, and Unlimited Editions, Field Level Security determines whether or not the field is visible.
Example:
In Enterprise Edition, using field-level security, administrators can specify that a field may be visible for a particular profile, but hide that field from the user on the page layout. This way, a User may still report on the field, but not visible on the record detail or edit page.
See also:
Field-Level Security
Control User Access to Fields
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