Arif Irfanullah
New member
- Jun 18, 2026
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Advice for those who just failed the Level I exam
If you failed the Level I exam it is natural to feel disappointed… but you must put this temporary set-back behind you and move on.
You might be thinking about whether or not to continue with the CFA Program and if so when to re-take the exam.
Let us consider the first question: whether to continue with the CFA Program. For those who did not pass, the typical advice is to keep trying; however, I suggest a more thoughtful approach. Put the result on the side for a moment and ask yourself whether you really enjoyed the subject matter? Also do a post-audit on why you did not make it. Was it because you did not have enough time to prepare for the exam? Or did you have a very hard time understanding the concepts. Is the CFA Program aligned with you career aspirations? Carefully thinking through these questions will help you decide whether or not to continue with the program.
If you fundamentally enjoyed the material and you have an interest in investment management then I’d recommend that you continue. The next question is when to take the exam. If you failed with a relatively high band (6 – 10) and have time to study/practice over the next few months then take the exam in December 2015. For a given calendar year, the curriculum for the June and December is exactly the same. If you failed badly (band 5 or below) and/or don’t have much time to study/practice then I’d suggest retaking in 2016. Keep in mind that 2016 curriculum has changed a little relative to the 2015 curriculum.
If you did not enjoy studying the Level I curriculum and you are not particularly interested in investment management then I’d not recommend continuing with the CFA Program. This might sound harsh but in the long-run you are much better off pursing a line of work that you enjoy and where you can make a decent living.
Good luck with whatever you decide to do.
Regards,
Arif Irfanullah, CFA
If you failed the Level I exam it is natural to feel disappointed… but you must put this temporary set-back behind you and move on.
You might be thinking about whether or not to continue with the CFA Program and if so when to re-take the exam.
Let us consider the first question: whether to continue with the CFA Program. For those who did not pass, the typical advice is to keep trying; however, I suggest a more thoughtful approach. Put the result on the side for a moment and ask yourself whether you really enjoyed the subject matter? Also do a post-audit on why you did not make it. Was it because you did not have enough time to prepare for the exam? Or did you have a very hard time understanding the concepts. Is the CFA Program aligned with you career aspirations? Carefully thinking through these questions will help you decide whether or not to continue with the program.
If you fundamentally enjoyed the material and you have an interest in investment management then I’d recommend that you continue. The next question is when to take the exam. If you failed with a relatively high band (6 – 10) and have time to study/practice over the next few months then take the exam in December 2015. For a given calendar year, the curriculum for the June and December is exactly the same. If you failed badly (band 5 or below) and/or don’t have much time to study/practice then I’d suggest retaking in 2016. Keep in mind that 2016 curriculum has changed a little relative to the 2015 curriculum.
If you did not enjoy studying the Level I curriculum and you are not particularly interested in investment management then I’d not recommend continuing with the CFA Program. This might sound harsh but in the long-run you are much better off pursing a line of work that you enjoy and where you can make a decent living.
Good luck with whatever you decide to do.
Regards,
Arif Irfanullah, CFA