Ouch! It happens.
The June exam results are behind us, and not everyone is happy about them. It can be devastating to find out that you have failed the CFA exam, especially if you have put a significant effort in the learning process. But it really happens, even if you have done everything in your power. Remember, it is possible that you are just below the line, or among 10% of candidates that have almost passed the exam. Don’t panic, it usually takes four years to complete the entire program anyway. There are few things you should bear in mind if you have failed the exam.
First of all, if you are 100% sure that your exam result may be better than graded by CFA Institute keep in mind that you may request that your CFA exam score be manually retabulated. The retabulation will cost you USD 100. Bear in mind that CFA Institute takes a number of quality controls and makes sure that all the exams are graded correctly.
If you are a CFA L1 candidate and you have failed the June exam, consider the opportunity to sit for the December exam. If you have recently read all the materials and solved a number of practice problems, with additional effort you can brush up certain topics and pass the exam in December. If you wait until June next year it may happen that you forget the majority of concepts you don’t use on a daily basis and that you will be forced to read again in details all the materials and solve most of the practice problems you have already solved before. On a plus note, when you pass your exam in December, you will be able to keep preparing for CFA level 2 exam the following June, thus increasing your chances of success on that exam also.
Actually, the main reason for failing the exam is not found in intellectual capabilities of the candidates, but in time management and organising the learning process. Most of the candidates work in the financial industry, which is known for its long working hours, and a significant effort is more than necessary if a candidate wants to stay on track and be right on time with his/hers preparation. If you have an iOS device, you can check our solution for those problems – TimePrep for CFA Exam.
Finally, don’t quit, be patient and persistent. Talk to fellow candidates and peers who will encourage you and help with advice. If you want to read our advice and get some tips for *free*, make sure to download our Guide for the CFA Exam either via the iBookstore or directly. The learning process is demanding and you need all the support you can get from your colleagues, friends and family. All the effort will be paid off in the end.