The recent CFA Level I results have caused much celebration amongst successful candidates. For more than half, though, results did not go their way.

If you were one of those who were graded below the minimum passing score or MPS, where to next?

What are your options?

This depends on you individually. We’ll explore the various choices you can make and hopefully help you to work out your future path.

Although some generalisations can be made, each candidate needs to make a decision on the basis of their own circumstances.

Option 1: Resit at the earliest opportunity

You need to wait six months between exams. If you were unsuccessful in the May exam you can resit in November.

The CFA exam curriculum is updated every calendar year, so a resit from May to November (or February to August) is generally much easier than crossing a year from August or November into the following year. This said, the 2026 curriculum is largely unchanged from 2025 (phew!).

By reregistering you will need to pay the Exam Registration Fee again, but not the Enrolment Fee (which is disappearing next year in any case).

This option is best for candidates who were quite close to achieving a passing score or who had a one-off life event that affected performance. You have about four and a half months until your resit exam. If you already have most of the knowledge needed, then use this time to focus on areas in which you were below the required standard. Gain an intuitive understanding of the content with expert tuition, read the CFA curriculum in detail and do hundreds, or even thousands, of practise questions.

Whatever studying technique you use, question practice is essential, as this is an active learning technique that is preparing your brain for what you’ll be doing on the day.

If your recent result was much worse than what you expected, you should consider whether the next 20 weeks is going to give you enough time to improve your score – and maybe consider giving yourself an extra three months.

Option 2: Reconsider again in the future

You are disappointed and feel that you can’t face the gruel of starting again.

It may be well-advised to take a few months out and enjoy an exam-free life. After all, you learnt a huge amount about finance, even if the exam didn’t go your way.

A few snippets of advice from us before you take this option.

Firstly, the detailed knowledge you gained is, if you will excuse a dip into accounting terminology, an amortising intangible asset. You studied hard, you learned lots. Using this in your day-to-day work will cement it into your long-term skillset. However, if it takes a year for you to take a second plunge, it is likely that you’ll be largely starting from scratch as much of the detail from the CFA curriculum will have faded.

Our second snippet is the distribution of candidate results (some quants terminology now – sorry!). We see many results letters at each exam window covering both good and bad outcomes. The difference between a solid pass and a disappointing fail is surprisingly few marks. There is usually a big bunching of results just below the MPS, for which a handful of extra marks would have made all the difference. If you are in this range, then best to capitalise on your current abilities and do what you can to get a handful more questions right.

Option 3: Exams Are Just Not My Thing

Most roles in finance do not require the CFA charter, or even Level I. An unsuccessful exam result can stay hidden from your LinkedIn profile.

For many people, including finance professionals, exams are highly stressful events that require lifestyle changes that are just too much.

There are many reasons why people move away from the CFA Program. It could be mental health-based, you just can’t face putting yourself through this again. Those with young families or with jobs expecting 70-hour weeks will struggle to find the time to study. Or you just want to defer until you have more professional or domestic stability. Likewise if you have many outside interests, for instance a local charity that entirely relies on your generosity with time, you may feel the sacrifice is too much.

There is nothing wrong with cutting your losses if this is the right decision for you.

The way forward

Whatever your circumstances, your decision regarding the CFA Program is important. If you’d like an experienced yet sympathetic ear, please do talk to us.