This Person Will Keep You from Passing the CFA® Exams

This page is split into two clearly separated parts: FinQuiz Editorial Additions and the Original Guest Post (Text Unchanged). The active-learning approach he references is in A Scientifically-Proven Way to Study for the CFA Exam.

Read the Original Guest Post Level I Resources FAQ
On this page FinQuiz Editorial Additions (2026 update) Recommended Level I resources Original Guest Post (Text Unchanged) FAQ

Disclosure

  • The guest author does not endorse FinQuiz products.
  • FinQuiz editorial additions are separate from the original guest post.
  • One product link that had been inserted into the guest text has been removed (the page it pointed to no longer exists); the author’s own in-prose reference to the FinQuiz homepage is kept as he wrote it. The author’s words are otherwise preserved exactly, with no links added.

FinQuiz Editorial Additions (2026 Update)

This section is written by FinQuiz editors. The guest post below comes from the same mid-2010s run of Joseph’s series as his study-technique posts (its exact publication date isn’t recorded; it promises “future posts” on focus that his side-tracking post went on to deliver). The subject — the candidate in the mirror — is the one part of the exam that no format change has touched.

His fear catalog, re-scored for 2026: every doubt on his list still shows up in candidate forums today — and the modern program has weakened most of them. “It’s too late this year” lost its sting when the exams moved to multiple computer-based windows per year: a missed window now costs months, not a year. And the fear of failing sits differently once you know that roughly half of candidates don’t pass a given attempt — 2025 average pass rates were about 44% / 42% / 50% across the three levels — so a fail is the majority outcome on the road to the charter, not evidence you don’t belong on it. His real insight needs no updating: learn to tell honest cost-benefit analysis apart from fear wearing its costume.

What has changed since it was written

  • The calendar answers his “next year” excuse: all three levels are computer-based with multiple exam windows per year, so the gap between “I’m ready to commit” and a bookable exam date is shorter than it has ever been. Registration closes well before each window — picking a date early is now the single best commitment device.
  • His “three years” framing is now a choice, not a sentence: the multi-window calendar lets candidates set their own pace between levels. We make no claims about minimum timelines — the honest point is that the pace is yours to control, which defuses both the “too old” and the “too slow” doubts on his list.
  • The forums he mentions are still both medicine and poison: study communities remain a real support system, and “is it worth it” spirals remain their tax. His prescription — recognize the spiral, close the tab, do a practice set — is the part we’d print on a card.
  • “Repetition” and “condensed versions” date surprisingly well: his closing tips — multiple passes through condensed material, active practice over passive reading — are the same method his forgetting-curve post teaches in detail. The two posts are one argument in two halves.
  • One link, one cleanup: a product link that had been inserted into his prose pointed at a page that no longer exists and has been removed (his words are untouched); his own sentence recommending FinQuiz summaries and notes is his, and stays exactly as written.
  • The 300-hour yardstick he alludes to still stands — and so does his caveat that hours only count when they’re active. A written plan with scheduled practice, as he suggests, remains the best self-doubt repellent we know of.

Recommended Level I resources (FinQuiz)

Only Level I resources are promoted in the editorial areas of this page.

  • Level I Summary (Primary) — the “condensed versions” his repetition tip calls for: flowchart reviews built for a second and third pass through the material.
  • Level I Question Bank — the active practice he says candidates skip for the easy route. An optional extra alongside the official practice included with your CFA Institute registration.
  • Level I Notes — the curriculum-based study guide side of the pairing his closing paragraph describes, aligned to every LOS.
  • Level I Formula Sheet — one page of recall for the material self-doubt attacks first.
  • Level I Full Course Playlist — free video-led coverage with guided pacing.
  • Free Full-Length Mock Exam — one complete 180-question mock (two 90-question sessions) free with any account.
Practical pairing: When the “is it worth it” spiral starts, don’t argue with it — outvote it. A timed practice set or a mock section produces a score, and a score is the one voice in that conversation with actual evidence behind it.

Original Guest Post (Text Unchanged)

Disclosure: The guest author does not endorse FinQuiz products. The content below is displayed with no edits, no paraphrasing, and no reordering. No links have been added into the author’s text. One product link that had been inserted into his prose has been removed because its destination no longer exists (the words remain untouched); his own in-prose link to the FinQuiz homepage is kept as written. The original publication date is not recorded.

Your greatest hurdle preparing for the CFA exams is not going to be your new job, your newborn that wants 100% of your attention, or giving up any semblance of a social life.

As cliche as it may be, your biggest challenge for passing the exams is YOU.

You are going to get in the way of earning the charter by being lazy and by letting fear keep you from doing what needs to be done.

Did He Just Call Me Lazy??

By lazy I don’t mean everyone is slothful vagrants, sitting around doing nothing.

I mean that it is easy to lose focus and your commitment to the process.

We’ve already talked about the effectiveness of active learning and doing practice problems but many will still choose the easy route of simply reading through the curriculum or watching a few videos on the topics.

I know because I caught myself doing it every year and had to make myself take the harder route.

It’s much easier to relax during the week and ‘plan’ on studying over the weekend.

We’ll talk more about ways to keep your focus in future posts.

For now, just remember three years is a minuscule amount of time compared to the big picture.

You’ve already chosen the road less traveled, now stick with it and push through to your reward.

It’s a tough choice and will get tougher, but it is all worth it!

Stepping on Your own Foot

The subject here is letting your fear keep you from succeeding.

Over the three years of studying for the CFA exams, I spent hours on internet forums or wondering to myself if it was worth it to pursue the designation.

I’m a fairly confident man and aware of my abilities but every once in a while that self-doubt would creep in and make me question whether to continue.

Fortunately, what I discovered early is that this is just my mind playing tricks on me. It’s a tough process and the fear of failure is going to try to keep you down.

The cruel irony is that if candidates spent the time studying instead of worrying and searching for ‘is it worth it’ type questions, more would pass the exams.

The important thing is to recognize when this self-doubt is happening.

It won’t always come in the form of fear about your preparedness but could be thoughts like:

Is the CFA designation even worth the trouble?

When am I ever going to use… (fill in the blank: bond pricing, Black-Scholes, APT, etc.)

It’s too late this year, I’ll get to it next year.

I’m too old for the charter.

I’m not saying that pursuing the Chartered Financial Analyst designation is an easy decision or that everyone should do it, but you need to understand the difference between objectively analyzing the cost-benefit of the charter versus fear and self-doubt holding you back.

Just understand that these questions are not legitimate reasons for not finishing but just fear manifesting itself.

Make the decision to pass the exams and collect your charter, then do not let anything stand in your way!

A few suggestions to wrap it up:

Surround yourself with a strong support system- Let your friends and family know how difficult the exams are and how important they are to you.

When times get tough, their encouragement will help guide you.

Stay active in study groups and forums- Surrounding yourself with others working toward the same goal helps immensely. There’s strength in numbers!

Start early- Poor preparation and not having a plan is the quickest way to self doubt. Write down a rigorous study program and stick to it, leaving yourself time for those what-if scenarios.

Repetition- Knowing that you’ve been through the material a couple of times and can summarize the important points will boost your confidence.

While this might be tough to do with the entire curriculum, there are options for condensed versions.

FinQuiz offers both a curriculum-based study guide and topic summaries to help you move through the material multiple times and grasp the important stuff.

Joe Hogue, CFA

As an added bonus for reading through my ramblings, I thought the quote below was especially relevant.

Any time you can fit in a quote from Rocky has gotta be a good day!

“Your best friend is a guy named Frankie Fear. You see Fear is a fighters best friend you know, it aint nothin to be ashamed of, you see Fear keeps you sharp, it keeps you awake you know what I mean it makes you want to survive, you know what I mean. But the thing is you gotta learn how to control it alright, cause Fear is like this fire alright, and it’s burning deep inside, now if you control it, it’s gonna make you hot! Or if you see if this thing here controls you… it’s going to burn you and everything around you up!”

Rocky Balboa, Rocky V

Written by Joseph Hogue, CFA

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FAQ (Global candidates)

Is self-doubt during CFA prep normal?

Completely. The exams are designed to be hard: 2025 average pass rates were roughly 44% at Level I, 42% at Level II, and 50% at Level III, so not passing on a given attempt is the majority outcome, not a verdict on your ability. The post’s key distinction still holds — objectively weighing the cost and benefit of the charter is legitimate analysis, while vague dread dressed up as a question usually is not. Name which one you are doing and the doubt loses most of its power.

Is it too late in the year to start preparing?

Much less likely than in his era. The exams are now computer-based and run in multiple windows per year — so where a missed June sitting once cost a candidate six months or a full year, the next realistic window is usually months away. Registration for each window closes well in advance, so the honest version of his advice is: pick a window on the official CFA Institute calendar, register, and let the fixed date do the motivating. The roughly 300-hour planning figure tells you how far ahead to start.

How many hours should I plan to study?

About 300 hours per level remains the standard guidance, and his warning is the important footnote: hours spent passively rereading count for much less than hours spent on practice problems and active review. Our guide on how many hours to study for CFA Level 1 breaks the figure into a weekly schedule you can actually keep — which is also, as he notes, the best inoculation against self-doubt.

What is the best way to build confidence before the exam?

His repetition tip, upgraded with evidence: go through the material more than once in condensed form, then replace reassurance with data by sitting a full-length mock. Every free FinQuiz account includes one complete Level I mock exam — 180 questions in two 90-question sessions — and a real score by topic answers the am-I-ready question far better than a forum thread can.