5 Reasons You Didn't Pass CFA Level 1 and How to Ace It Next Time

“Are you that guy? Who couldn’t clear Level 1? Not even Level 1? Seriously? Who doesn’t clear Level 1 at least?” Ever had these words thrown at you? And if not, have you ever found yourself muttering them in the depths of your own mind? Let me enlighten you—IT'S A NATURAL INSTINCT! Our brains are wired to relentlessly criticize ourselves. And when those criticisms echo from others, it's like a knife twisting in your gut. But you know what? They don't have a clue about the battles you've fought. So why are you being so damn hard on yourself?

Take a step back, let go of the past, and ponder upon some of the mistakes you may have made. Remember the word “FAILS”

1. Fleeting Study Habits: You may have Rushed through the content without depth. One of the primary reasons candidates fail the CFA Level 1 exam is rushing through the study material without truly grasping the concepts. It's essential to understand that the CFA curriculum is vast and requires a comprehensive understanding of each topic.

2. Avoiding Practice: You may have solved insufficient amount of questions. Merely reading and understanding the content isn't enough to excel in the CFA Level 1 exam. Many candidates overlook the importance of solving practice questions, which are crucial for reinforcing knowledge and understanding the exam format.

3. Ignoring Mocks: You may have not taken an ample number of mock tests. Mock tests are invaluable tools for assessing your readiness and familiarizing yourself with the exam format. Unfortunately, some candidates underestimate their importance and neglect to take an adequate number of mock tests.

4. Lacking Notes Synthesis – You may have not synthesized or upgraded your notes. After taking mock tests, many candidates overlook the opportunity to leverage their performance feedback to enhance their study approach. Failing to make additional notes based on mock tests can hinder your progress and leave you unprepared for exam day.

5. Strategic Test Day Absence – You may have not planned for the D-Day. Some candidates underestimate the importance of having a solid test day strategy, leading to unnecessary stress and underperformance on exam day. Without a clear plan of action, you may struggle to manage your time effectively and navigate challenging questions.

So, what can you do about each? Remember the word “PASSS”

1. Prioritize Depth – Instead of focusing on completing the material quickly, prioritize depth. Go through each video/study guide thoroughly. Allocate sufficient time to each study session, ensuring you get the concepts to a teaching level mastery.

2. Active Practice - Incorporate active practice sessions into your study routine. Dedicate time each day to solve practice questions from reputable sources like CFA Institute's official materials or third-party providers. Analyze each question and answer choice and move on to the next one, only after closing it.

3. Strategic Mock Tests - Prioritize mock tests in your study plan. Take advantage of mock exams provided by CFA Institute and reputable providers like SSEI. At least one month before the exam, schedule regular mock exams under exam-like conditions to simulate the actual testing environment and identify areas for improvement.

4. Synthesize Learnings – Be it Candidate Resources or EOCQs or Mock Tests, each question consists of detailed explanations. Go through them and upgrade your notes based on the same.

5. Solidify Test Day Strategy - Develop a comprehensive test day strategy well in advance of the exam date. Plan the order in which you’ll attempt the test (Which topic to start and go on with), be clear as to what will you do if you encounter an unfamiliar question, what would be your approach (whether you’ll spend more time into it or mark (flag) it with your best guess and comeback to it later)

In conclusion, passing the CFA Level 1 exam requires diligent preparation, strategic planning and a proactive approach to addressing common pitfalls. By avoiding these five mistakes and implementing the suggested solutions, you can significantly improve your chances of success on exam day.

Good luck!