Failed CFA Level 1? Here’s What to Do Next (Don’t Panic!)

You failed CFA Level 1? First things first: take a deep breath. You’re not alone, and this definitely isn’t the end of your CFA journey.

In fact, many candidates don’t pass on their first try. According to historical data, the CFA Level 1 pass rate has hovered around 40%, meaning more than half of all test-takers have faced this exact same disappointment.

The real question now isn’t “Why did I fail?” but “What will I do next?”

Next Steps After Failing CFA Level 1

Before jumping back into books and mock exams, take a moment to pause and reflect. What follows is a clear, actionable 5-step roadmap to help you rebound from this setback and set the stage for success next time:

1. Acknowledge Your Feelings
It’s okay to feel frustrated, embarrassed, or even angry. You failed the test, and that stings. But this moment is a temporary one. Many successful CFA charterholders failed Level 1 once or more before eventually passing. You’re in good company. Give yourself a day or two to sit with the disappointment, then get ready to rise.

2. Review Your CFA Level 1 Results
Your CFA Level 1 results include a performance breakdown across key areas like Ethics, Quantitative Methods, FRA, and Economics. This is not just a report card; it’s a roadmap. Where did you underperform? Did your Ethics score fall short? Did you run out of time and miss out on valuable points? Use this data to shape your next approach.

3. Understand Why You Failed
This is the hard but necessary part. Be brutally honest. Did you overestimate your preparedness? Did you cram in the last few weeks instead of starting early? Did you rely solely on reading notes and ignore practice questions? Understanding your mistakes is the first step toward fixing them.

4. Set a Realistic Retake Date
When should you retake the CFA exam? The answer depends on your circumstances. If your fundamentals were strong and the failure was due to nerves or timing, the next available exam window (February, May, August, or November) might work. But if your performance was uneven across the board, you may need more time. Choose a retake date that allows you to fully rebuild your knowledge and confidence.

5. Build a Smarter Study Plan
It’s not about studying more hours; it’s about studying smarter. Rebuild your strategy. Use tools like the CFA Level 1 Study Packages, Mock Exams, and Exam Day Tips. Balance passive learning (notes and videos) with active recall (flashcards, quizzes, and practice exams). Join a study group or online forum. Talk out loud. Teach someone else. Make it stick.

What Happens When You Fail the CFA Exam?

What if I fail CFA Level 1? What happens next?

You can absolutely retake the exam. There are no penalties and no judgment. The CFA Institute lets you register for another sitting as early as the next cycle. However, be aware that you must pay the exam fees again.

Yes, if you fail CFA Level 1, you do have to pay again. That’s why taking the time to prepare better this time matters.

Use this opportunity to retool your process. Review your notes, revisit tough topics and make mock exams a cornerstone of your prep. And don’t forget to read our full article on Managing Your Time During the CFA Exam for strategies that could make all the difference.

How Many Times Can You Take the CFA Exam?

Here’s the good news: there is no cap on how many times you can take the CFA exam. That’s right; you can take the CFA Level 1 exam as many times as needed. But remember: each attempt requires a new registration and payment of the CFA Level 1 fees.

Instead of worrying about how many attempts for CFA are allowed, ask yourself: “What am I going to do differently this time?” Because the only real failure is repeating the same mistakes.

Why Candidates Fail CFA Level 1

Let’s face it: CFA Level 1 is hard. And that’s by design. But understanding common pitfalls can help you avoid becoming another statistic. Here’s a look at why many candidates don’t make it:

Common Reasons Candidates Fail CFA Level 1:

• Poor Time Management: 30% underestimate how long it takes to prepare.
• Low Practice Hours: 25% skip mock exams and practice questions.
• Weak Ethics Section: 20% underestimate how heavily Ethics weighs.
• Overconfidence: 15% believe their academic background is enough.
• Ineffective Study Materials: 10% rely on subpar resources.

Identifying which category you fall into is key. That’s your starting point.

How Difficult is CFA Level 1?

So, how difficult is CFA Level 1 really? Let’s be candid: it’s one of the toughest professional exams out there. It’s not just about remembering formulas. You have to understand, apply, and evaluate under timed pressure. Add in a demanding curriculum and low pass rate, and it’s no wonder so many candidates walk away feeling defeated.

The CFA Level 1 pass rate has dipped below 40% in recent years, reflecting the exam’s rising difficulty. But here’s the silver lining: with proper planning, resources and time management, it’s absolutely doable. Start with our Mock Exams and Practice Questions to build endurance and improve recall.

Frequently Asked Questions

What if I fail CFA Level 1 again?
You reassess, reload and retry. There is no limit to how many times you can fail. The CFA retake fee applies each time, but you can take as many shots as needed.

How many times can you fail CFA?
There’s no official cap. The program is designed to test persistence and preparation, not just intelligence.

If you fail CFA Level 1, do you have to pay again?
Yes. Every exam sitting requires a new registration and payment.

How many times can you take CFA?
Unlimited. But aim to improve each round. Learn from past mistakes.

What happens if you fail CFA Level 1?
You reflect, adjust, and retake. Many charterholders failed once, some twice. It’s not unusual.

What is the CFA full form?
Chartered Financial Analyst.

What are CFA Level 1 results like?
You receive a detailed report showing your percentile rank in each topic area. Use this feedback as your personal blueprint.

What is the CFA pass rate?
As of recent cycles, around 36% to 41%. Lower than many expect.

Build Your Comeback Plan

Rebuilding your CFA strategy doesn’t mean starting from scratch. It means refining, realigning, and recharging. Here’s what we recommend:

• Use our CFA Level 1 Study Packages for comprehensive, curriculum-aligned content.
• Take timed Mock Exams to simulate real testing conditions.
• Practice actively with thousands of Practice Questions from past exams.
• Explore our Exam Day Tips to prepare mentally and logistically.

Extra Tip: Join a community or study group. Whether online or in person, accountability partners can make a big difference in morale and motivation.

Conclusion

Let’s say this clearly: failing CFA Level 1 does not make you a failure. It means you’re one step closer to figuring out how to succeed. Every stumble is a setup for a comeback, and your path to the CFA charter is still wide open.

Pick up the pieces. Learn from your mistakes. Build better habits. Study smarter, not longer. Thousands have done it before you—and you can too.

Ready to rewrite your story? Let’s get to work!