Just got the CFA FAIL email? Read this first
By Greg Campion, CFA, author of CFA Confidential · Published October 2026 · Updated October 2026
Don’t decide anything today. Most CFA candidates fail at least one exam along the way. Give it some time, figure out honestly why you failed, and if you go back, spend far more time on practice exams than on rereading. Walking away is also a legitimate choice. I got the FAIL email three times before I passed Level 3.
First, I’m sorry. I know exactly how that feels. I’ve gotten that email three times. Here’s what I learned the hard way.
Should I decide right away whether to retake?
Don’t decide anything today. After my second Level 3 failure, I told my family, my friends and my colleagues that I was done, and I meant it. I didn’t think about the exam for months. Then in March, I signed up again. Give yourself some time before you decide either way.
How do I figure out why I failed?
Be honest with yourself. My first Level 2 failure was about studying the wrong way. My second Level 3 failure was about panic on exam day. Those need very different fixes. Your results report will show you how you did by topic, which is a good place to start.
Is the second attempt easier?
Yes. You’ll learn the material at a much deeper level. Spend less time rereading and a lot more time taking practice exams. That’s what finally got me through.
Do I have to tell people I failed?
No. On my last attempt, I told almost no one I was even taking it. It took a lot of pressure off.
Is it okay to quit the CFA?
Yes. If your heart isn’t in it anymore, or the cost to your family is too high, stopping is a legitimate choice, not a character flaw. But if you got close and you know you’d regret quitting, I can tell you that going back one more time was one of the best decisions I’ve ever made.
How common is failing a CFA exam?
Look at the numbers. Most candidates fail at least one exam along the way. You’re in very good company.
Frequently asked questions
How long does it take to get CFA exam results?
CFA Institute says results typically take five to seven weeks. Level 3 can take a little longer, since charterholders still grade the essays.
What score do you need to pass a CFA exam?
CFA Institute doesn’t publish it in advance. The minimum passing score is set after each exam. Conventional wisdom puts it around 70% of questions answered correctly.
How many times did the author fail?
Three. Greg Campion failed Level 2 once and Level 3 twice, then passed Level 3 in 2012 on his sixth exam. He tells the full story in CFA Confidential.
What should I change when I retake?
Match the fix to the reason. If it was how you studied, shift most of your time to practice exams. If it was exam-day nerves, practice under timed conditions and plan your exam day in detail.