marked a pivotal day for many CFA Level 1 candidates—the day results were released. For some of us, it was a moment of celebration. For others, it was a day of disappointment. If you find yourself in the latter group, know this: you are not alone, and this moment does not define your future. In fact, failure can be one of the most powerful catalysts for growth and eventual success. This post is dedicated to those who didn’t pass, and to anyone who has faced setbacks on the road to their goals.
The Power of Failure: Lessons from Sports Legends
Failure is not the opposite of success; it is a crucial part of the journey. Some of the world’s most celebrated athletes have stories of early setbacks that would have ended lesser careers.
Tom Brady—now considered one of the greatest quarterbacks in NFL history—threw an interception for a touchdown with his very first professional pass. Imagine the pressure, the embarrassment, and the self-doubt that could have followed. Instead, Brady used that moment as fuel, learning from the experience and steadily improving. His career is a testament to perseverance, resilience, and the willingness to face and learn from failure.
Michael Jordan, widely regarded as the greatest basketball player of all time, was famously cut from his high school basketball team. Rather than giving up, Jordan used the rejection as motivation. He practiced harder, honed his skills, and returned stronger. Jordan’s story is a reminder that failure is often a detour, not a dead end.
Ray Dalio: Pain + Reflection = Progress
In the world of finance, few stories are as instructive as that of Ray Dalio, founder of Bridgewater Associates, one of the largest hedge funds in the world. Dalio’s journey was not a straight line to success. Early in his career, he made a bold market prediction that turned out disastrously wrong, leading to massive losses. He found himself borrowing money from his father just to pay the bills.
But Dalio didn’t give up. Instead, he reflected deeply on his mistakes. He developed a philosophy that would guide his life and business: “Pain plus reflection equals progress.” Every failure, Dalio believes, contains the seeds of learning and future success—if you are willing to reflect honestly and adapt.
Dalio’s story is proof that even catastrophic setbacks can be transformed into stepping stones, provided you approach them with humility and a willingness to learn.
The Hero’s Journey: A Universal Path
Your journey as a CFA candidate is not just about passing exams; it’s about personal growth and transformation. This path has been described in countless stories throughout history, and nowhere is it better articulated than in Joseph Campbell’s concept of the Hero’s Journey.
Key Elements of the Hero’s Journey
- Call to Adventure: Ordinary people are drawn into a new challenge. For you, this was the decision to pursue the CFA designation.
- Crossing the Threshold: You committed, studied, and for the exam—stepping into the unknown.
- The Road of Trials: Along the way, you faced obstacles: difficult concepts, time management issues, and perhaps, in this case, a failing grade.
- The Abyss: Campbell describes this as the “belly of the whale”—a moment of major failure or crisis. Failing the CFA exam can feel like this abyss: discouraging, isolating, and painful.
- Metamorphosis: The hero faces their greatest fears, reflects, and adapts. This is where growth happens. You have the opportunity to analyze what went wrong, adjust your strategies, and come back stronger.
- The Ultimate Boon: With persistence, the hero eventually achieves their goal, gaining not just the “prize” (in this case, passing the CFA exam), but also the wisdom and resilience earned through the journey.
- Returning the Boon: The hero brings back what they’ve learned to help others. As you progress, you’ll be able to mentor future candidates, sharing your hard-won insights.
As Campbell notes, “Heroes don’t begin as heroes; they just become them because of the way one thing leads to another.” Every setback, every failure, is part of the journey that shapes you into a more capable and resilient person.
Turning Failure into Progress
1. Reflect Deeply
Take time to analyze your preparation and performance. What worked? What didn’t? Were there topics you didn’t understand, or did exam-day nerves get the better of you? Honest reflection is the first step toward improvement.
2. Seek Feedback and Support
Don’t be afraid to reach out to peers, mentors, or online communities. Others have walked this path before you and can offer valuable advice and encouragement. We would be more than happy to Chat
3. Adjust Your Strategy
Based on your reflections, make a concrete plan for your next attempt. This might mean changing your study schedule, using different resources, or practicing more mock exams.
4. Embrace the Process
Remember, the CFA designation is not just a test of knowledge—it’s a test of character. The process is meant to be challenging, and overcoming setbacks is part of what makes the achievement meaningful.
5. Keep Perspective
Failing an exam is not a reflection of your worth or potential. It is a single moment in a much larger journey. Many successful professionals, including those mentioned above, have faced and overcome failure. And think of it this way, you have accumulated a good base of learning. You can build off that and can maybe see an exponentially better result
Your Journey Continues
If you failed CFA Level 1, take heart. You are not alone, and you are not defeated. You are on your own hero’s journey—a path marked by challenges, setbacks, and ultimately, growth. Like Tom Brady, Michael Jordan, and Ray Dalio, you have the opportunity to turn failure into a powerful learning experience.
Embrace the pain, reflect on your experience, and let it propel you forward. The wisdom and resilience you gain now will serve you not just in your next exam, but throughout your career and life. The hero’s journey is not about never falling down—it’s about always getting back up, stronger and wiser than before.