The CFA exam is not easy to pass. According to Bloomberg, only 43% of candidates passed the Level 1 examination in June 2018, with the pass percentage being 45% and 54% respectively for Level 2 and Level 3 during the same period. Subsequently, history has shown that overall passing levels are on the low as compared to previous years. Even though not passing an exam after working hard for it can be demotivating, it is necessary that one looks at the silver lining and uses the test taking experience to analyze their mistakes, find out their weaknesses and work hard to rectify them to do well in the exam in the future. So can you retake the CFA Exam?
Rather than being downbeat about not passing, one should analyze their test performance and pin point their weak areas. Targeted study on such topics can improve the odds of passing as while preparing for re taking the exam, one has the added advantage of already being aware of the CFA curriculum. Properly evaluating your study plan and changing it to suit your needs can be essential for enhanced preparation. Find out what you did wrong earlier, and adjust your schedule accordingly for avoid making the same mistakes again.
Finally, enrolling in study classes can help you clear your concepts, become regular with preparation and plan your test taking strategy. All of this can help you become equipped to retake the CFA exam and improve your chances of success.
While the CFA Institute does not have any specific re-exam policies, some things have to be kept in mind while taking the exam again, which include…
Can I Retake the CFA? How many times?
Although there is no limit to the number of times you can take each exam, it is worth keeping in mind that the CFA exam is conducted twice a year, in June and December for Level 1 whereas the Level 2 and 3 exams are conducted annually in the month of June. The CFA Institute allows candidates to take as much time as necessary to complete all three levels of the CFA program.
CFA Program Fees
The CFA Program Fee is divided into two parts:
Program Enrolment Fee
This is a one-time program enrolment fee that is required to be paid when you register for your first Level 1 CFA exam. The Program Enrolment Fee currently is USD 450. Since this is a one-time registration fee, this need not be paid again while retaking the exam.
Exam Registration Fee
This fee is paid for each exam that the candidate takes. Thus before retaking the exam, the registration fee has to be paid accordingly for each test that you take. The details for the exam registration fees are given below
June 2019 Exam (Levels I, II, III)
| Early registration fee | USD 650 | (ends 17 October 2018) |
| Standard registration fee | USD 950 | (ends 13 February 2019) |
| Late registration fee | USD 1,380 | (ends 13 March 2019) |
Alternatively, one can also check the current fee status online on the CFA Institute website. Apart from this, all other provisions remain the same for taking the CFA exam. There is no difference with respect to test centers, exam provisions, etc. However, each year slight changes in the CFA curriculum can be expected. One must also constantly update themselves with the exam structure and pattern in case of any changes.
While one must be positive and must retake the test after a failed first attempt, there is no harm in researching other courses. These courses can act as career enhancers if you are looking to enter into the field of finance. They can act as suitable alternatives to the CFA Program.
Financial Risk Management
Administered by the Global Association of Risk Professionals (GARP, USA), FRM is a globally recognized professional certification. FRM is a specialized exam for obtaining expertise in Risk management and is particularly helpful for those who want to make a career in Risk Management in Banks, Treasury Department, and Risk Management. An FRM Charter is offered to the candidate on completion of the course. The FRM Exam part I is the first part out of two parts. You need to pass the FRM Exam part I first in order to pass the FRM Exam part II. The FRM Exam part I exam can be given in May-Nov, twice a year. An added advantage of pursuing the Financial Risk Management certification is that the program fees for the same are much lower than that of other educational qualifications like CFA and MBA.
Chartered Alternative Investments Analyst Charter
Attaining the CAIA Charter is an excellent alternative for candidates looking to break into a job in a firm that specializes in the field of alternative investments like hedge funds, venture capital, and private equity. Launched in 2002 and sponsored by CAIA Association, the Chartered Alternative Investment Analyst (CAIA) Charter is the only educational standard uniquely designed for individuals specializing in alternative investments. The course consists of two exams, namely Level 1 and Level 2, which are objective based MCQ questions in subjects like quantitative methods, risk and portfolio management.
We hope this article helped you gain some clarity on whether or not you can retake the CFA Exam and if you should or shouldn’t retake the CFA Exam.
