So, recently I ran into some family issues and probably won’t have time to prepare for CFA L1 exam on Dec but it’s too late to withdraw now, so I have to take it. My question is, are there any downsides to failing L1 the first time? Most importantly, will this be a potential issue for future employers etc.?
Not at all. Life happens and gets in the way sometimes. let it go this time
Consider it a dry run so that you will be experienced with the exam day process for the next time around. Also, give it your best shot – you still could pass. Finally there is no shame in failing a CFA exam – for whatever reason.
I signed up for the Dec. 2011 L1 but in August I accepted a job that required the Series 7 and Series 66 to be taken and passed before Nov. 15. Both had to be passed on 1st try or get fired. Needless to say I didnt hit the CFA books at all but I still sat for the test (I also had a school scholarship so no monetary guilt motivating me to study). I felt like it was a great experience, no stress whatsoever, had a couple beers with lunch between sessions. I even lost my admission ticket in between sessions and the proctors were more frantic for me than I was.
Moral of the story is that I came back and re-took L1 in June 2013 and passed easily, a lot of the exam day jitters were absent since i had been through it before. It sucks to take a 6 hour test knowing you’ll fail but I still think the experience is really valuable. And its also comical to see all of the other candidates freaking out while you have zero expectations.
I had a similar experience (zero expectations included). And I agree fully.
Even though they walk you through it pretty well, the exam experience for the CFA exam is like none other.
Good story and and good attitude.
Thanks for the great story and advice man.
you’ve gotten your answer, but just for curiosities sake, you have no chance of passing even with all of the preparations you have done prior to these final 3wks?
I definitely do have a chance of passing and Im going to give it my best shot but I won’t have the chance to hit the books till the exam so I’m just preparing for the possibility of failing.