It can be higher than the max set in the campaign settings ... the max in campaign settings is just so that you don't have to give each individual keyword a CPC ... if u set an individual CPC, it overrides the campaign one for that keyword. Download the Offline adwords editor ... then, click on a campaign on the left, and select the ad on the right, then select the keywords tab, click on a keyword and set the cpc in the bottom right, otherwise, just click the campaign, then on the right highlight the campaign again, and set the overall max cpc in bottom right. I'll post a pic.