Exam failure: Turn setbacks into success
Key takeaways
- Failing an exam can be a catalyst for growth if you analyze weaknesses, set realistic goals, and revise your study approach to improve future performance.
- Reflect on preparation gaps like time management, materials, and exam strategies to build a smarter plan.
- Perseverance and structured planning turn setbacks into long-term success.
Exams are meant to be hard. That’s how to check if someone has learned everything they need to know to be competent. CFA® Program and other CFA exams are no exception. Failing exams can be discouraging but it can often be the motivation we need to succeed. This guide explores why people fail exams, what to do if you fail, and how to turn exam failure into success.
Learn practical strategies, from goal setting and study planning to mindset techniques, to help you recover and achieve your next exam success.
First off, exam failure isn’t the end of the world
Failing an exam isn’t easy to stomach, but it doesn’t have to spell disaster. In fact, flunking an exam can have a positive outcome if you learn from it and move on.
It can even propel you to greater success.
Take multi-billionaire entrepreneur Richard Branson. He left school at 16 after failing all his exams.
Now, we’re not saying you’ll go on to launch a global conglomerate if you don’t get the exam results you need. But the message stands: exam setbacks can be stepping stones to success if you use them as opportunities to grow and improve.
“The question is, what do you do after the failure? Pick up yourself, identify areas where you can improve and then you just keep going. And you're going to make it and you will see the impact,” said Isaac Asomani, CFA, a Principal at Wangara Green Ventures.
Here, we dig into why people fail exams and the steps to take to turn failure into success.
Why do people fail exams?
People come up short in exams for various reasons but the main ones are:
- Lack of preparation: not dedicating enough time or effort.
- Poor time management: ineffective allocation of study time.
- Misunderstanding the exam question: answering incorrectly or off-topic.
- Nerves and anxiety: British Psychological Society research shows that test anxiety in the run-up to an exam is closely linked to poor performance. In fact, students with high levels of pre-test anxiety went into the exam with less knowledge, according to research.
What to do if you fail an exam
If you fail an exam, the most important thing is not to panic. You can feel frustrated and angry, but panicking will achieve nothing.
It’s essential to persevere. “Do not treat failures as an excuse for giving up,” said Rena Kwok, CFA, fixed income research at Bloomberg.
Give yourself a bit of time to get over the disappointment, then try and analyze why you failed.
Ask yourself the following questions:
- Did you dedicate enough time to studying?
- Did you use the most effective study materials?
- Did you understand the exam format?
- Were there topics you didn’t understand?
- Did external factors contribute such as stress or lack of sleep?
- Did you manage your time well during the exam?
Once you’ve reflected on the answers, you can identify areas of weakness and start to devise a plan for succeeding next time.
How to turn exam failure into success
Here are some practical strategies to help you overcome setbacks, improve your performance, and turn exam failure into a stepping stone for success.
1. Set realistic goals
When formulating your plan, it's important to set goals. But be realistic. Studying 18 hours a day, 7 days a week, for example, isn’t feasible for most people.
Start by defining what you want to achieve. For example, it might be that you want to pass your next exam while still maintaining a work/life balance.
Next, identify any obstacles that may stand in your way. Are you balancing multiple responsibilities? Do you have a specific skills gap? Are you feeling unmotivated? Then develop a plan to overcome these obstacles. Write your plan down and keep it to hand so that you can easily refer back to it.
Using this structure will keep you focused, motivated, and more likely to achieve your objectives.
2. Create a study plan
Once you’ve set your goals and defined your approach, the next step is to create an effective study strategy.
Time management is key. Studying for extended periods without breaks can lead to stress or even burnout.
The Pomodoro technique is a popular strategy. It aims to improve focus and productivity by encouraging short bursts of work - typically 25 minutes - accompanied by short breaks. After four sessions, you take a longer break.
You can use any timer for this technique but if you want to be even more efficient, there are various apps that automate the process for you.
It’s also worth considering your study environment. You want a setting that promotes productivity and overall wellbeing.
Here are a few things to consider:
- Choose your space carefully. You want to reduce distractions and promote concentration.
- Minimize noise. Could you use noise-canceling headphones or a white noise machine to block out sound?
- Set boundaries. Make sure family members or housemates know not to disturb you during certain times of the day.
3. Stay positive
Mindset is crucial in turning failure into success.
It’s important to remember that failing is normal and happens to everyone. Plus, it can benefit you later in life.
Kate Freeman, CFA, a Financial Advisor at UBS said: "I think one of the best things that happened in my life was failing Level III of the CFA® Program. I cried a lot. I'm not going to lie, when you study for six months and then you don't pass, it really hurts. But it helps me every day because I have setbacks every day in my job."
Mindfulness is an effective way of managing stress, staying focused and maintaining a positive outlook, which are all important in achieving success in future exams. Headspace and Calm are two apps to check out.
It’s also important to lean on your support network. This could include family, friends, colleagues or fellow students. Consider reaching out to people who’ve sat the exam before and asking for tips or advice.
The main thing is don’t be afraid to ask for help. It’s not a sign of weakness.
Need help preparing for a CFA exam?
Third party exam prep providers can help you study and give you expert tips on how to pass your exams. All tutors are CFA charterholders themselves. So they’ve been there, done that and got the qualification.
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