Just failed your Level 1 CFA exam, not sure what to do next?

Failing your CFA? exam can be brutally difficult to swallow. There is a lot riding on your exam results. Exam success can mean job offers, promotions and greater earning power…

 As the Founder of Exam Success?, Canada’s award-nominated CFA Institute Approved Prep Provider with a 20+ year track record of student success at all three exam levels of the CFA Program, and having been a candidate a CFA candidate myself, I understand the pressure you are in and know that there’s a strong chance you’re at a loss as to what to do next.

 Here a few ideas on how to move forward after a Level I fail:

Forget the CFA Program and move onto something else.

Clearly, resitting the exam is not an appealing prospect. You have already prepared endless hours, put your social life on the back burner, crammed your brain with endless formulas and concepts and drunk enough Red Bull and coffee to drown a fish. So now is an excellent opportunity to make sure you have a very good reason to put yourself through this torture again! Take time to evaluate your personal and career goals and your aptitudes and interests. What makes you happy? What are you are best suited for? What job do you want and will that be a good fit? Will you be true to your authentic self by continuing down the CFA path or by cutting your losses and moving in a different direction? Are you prepared to swallow your pride, learn from your mistakes, buckle down, sacrifice and tackle the CFA exam again?

If you decide CFA is not for you, it is OK to surrender. It is better to have just to spent a handful of months or years (not several or an entire decade) following a path that isn’t right for you.

Hang onto your GOALS and plan for a retake to get the exam done with while it’s still fresh in your mind.

If you were below but close to the Minimum Passing Score line on your Performance Report, you’ll need to work specifically on your weakness… and using additional practice and review materials can certainly help. 

If you were far off from the Minimum Passing Score line, start your studying from the ground up so you are strengthening and solidifying what you already know and are closing in your knowledge gaps for the extra marks you need to push you over a pass the next try is a must.

If you decide you are going to re-challenge your Level I exam, the soonest you can write again is June 2020 (Level I). CFA Institute has re-opened and is taking registrations for the June 2020 and Dec 2020 exams. But don’t delay, June 2020 exam registration fees go $450 USD as of Feb 20 and the Final Deadline to register to write the June 2020 exam is March 11, 2020.

And while the June 2020 exam may seem really far away, especially amidst this wintery weather, it leaves you just under 4 months to study – not a heck of a lot of time, especially considering all the other demands you’re likely to be juggling.

When you’re hurting over your exam fail, sometimes a FRESH START is just what is needed to help you rebound.

Level I candidates who missed the mark and are rewriting June 2020 can take advantage of Exam Success’ Fresh Start Discount, available on our most popular Toronto course at https://www.examsuccess.ca/cfa-new-start.html

Hurry, the next wave of Exam Success' comprehensive Level I CLASSES at the University of Toronto is just starting, you can still join!

And you can even attend a CLASS TRIAL to see if you like it, before you decide to continue. Get details at https://www.examsuccess.ca/cfa-resources1.html

Looking for something else? 

Exam Success has a range of Level I, II and II CFA Program prep options to help you get over the passing score in record time, with fewer headaches. For more information, visit www.examsuccess.ca

Take a Short Break

If you aren’t quite motivated enough to jump back in for the June 2020 exam, take a short break, put the CFA Program materials away, reboot, and get back to it when you’re in a new headspace. There’s always the December 2020 exam and, once CFA Institute rolls out computer testing in 2021, there will be other opportunities for you to re-write the exam, with 4 new exam testing windows per year to choose from. 

Whichever path you choose, it’s important to remind yourself that the CFA exams are tough (probably the most difficult exams you’ll write in your life) -- fewer than 43% of the Level I CFA exams taken in June and December within the last year were a pass -- but, with the right motivation and prep support behind you plus your determination and hard word, you can achieve your goals.

Prof. Brian Gordon, CFA, CFP, CIM, MBA, FCSI

About the Author Prof. Brian Gordon, CFA, CFP, CIM, MBA, FCSI is a top Financial Industry Exam Prep Training Expert and the founder of Exam Success?, a leading one-stop exam prep resource and Canada's award-nominated longest-serving independent CFA? Institute Approved Program Prep Provider. Renowned for his no-nonsense teaching approach, Brian motivates and prepares aspiring CFA, CIM, CFP, CSC... Program candidates to pass and optimize career potential with a mix of strategic exam-focused in-class and online study solutions designed to eliminate wasted study time and stress. Brian has taught or teaches CFA/ MBA courses at Smith School of Business, Queen's University @queensu, Concordia University @Concordia, Wilfred Laurier University @Laurier, Ryerson University @RyersonU, @University of Waterloo @UWaterloo and has written for, or been covered by Investment Executive @IE_Canada, MoneySense @MoneySenseMag and Advisor.ca @advisorca.