January 2025
CASSL Vice Chair Oliver Sighe explains why exam failure is not the end, it’s the start of the next challenge.
As someone who has been doing accountancy exams for a number of years, through AAT and now through ACA, they don’t always go to plan. Stepping back to understand that this is okay is vital and taking the time to reflect and to come back even stronger.
Accountancy exams can be rigorous, comprising intricate financial, auditing and managerial accounting content, testing not only knowledge but also perseverance. While success stories abound, failure is not something to shy away from talking about, as this is part of the journey. Understanding and learning from failure in exams is important and can assist with developing resilience.
I moved to London from Bristol in 2023. Because of health issues, the move, and three professional level ACA exams happening at the same time in the space of a month, the exams didn’t go to plan. They weren’t bad enough to become a risk to my job, but it did cause an incredible amount of stress and turbulence in my life.
It took several months for this to settle and for me to find the will power to attempt the exams again. The main things I learned during this time were:
- Reflect on why you failed the exam and the possible reasons that contributed to this. Hold yourself accountable to even the smallest points, as these can be built upon for future exams.
- All time is useful, so make plans to study before work or at other times. Attempt small questions or topics when you have a spare 30 minutes, saving the larger topics/ questions for when you have longer.
- Your routine, friends, hobbies and more don’t have to stop to allow for exams. These are vital for your health and well-being.
- Exam technique is critical to passing. Often questions require a proforma, and learning this can make answering the question much easier. It can even prompt you in the exam.
- Use what you are given. If the exam allows for open book or includes something such as Hardman’s Tax, you do not need to spend time learning certain things.
Use this in your practice questions to focus on what you need to know, and how you can use given materials to help.
The reality of failure
Failing an exam, particularly in a field as prestigious and competitive as chartered accountancy, can feel devastating. For many, it strikes at the core of self-worth and your ambition. This is compounded by the high stakes involved – whether financial investments in courses and materials, time sacrifices or the emotional toll of repeated late-night studying.
Statistically, pass rates for exams, such as the ACCA or ICAEW, are often below 50% for certain papers. This reflects the exams’ rigor and the emphasis on not just learning but practical application.
Firm exam polices
Many firms put failure consequences in place to scare/motivate students to do well and apply themselves to their exams. While this should be seen as encouragement, it doesn’t consider that other things in life can impact an exam.
If you do find yourself in this situation, it isn’t the end of the world. As Vice-Chair of CASSL I’ve spoken to countless people who have found themselves being asked to leave their firm due to failing an exam. Nearly all of these are now working at a different firm, feeling more valued and enjoying their work more. Admitting the failure and being honest in their interviews allowed them to enter their new firm honestly and with the support they needed.
The emotional and psychological impact
Failing a CA exam is not just an academic setback – it often triggers significant emotional distress. Feelings of embarrassment, self-doubt and frustration are common. A failure may also provoke a fear of judgment from peers and mentors, exacerbating the isolation many candidates already experience.
Overcoming the fear of failure
Addressing psychological hurdles is as important as revisiting the technical aspects.
Recognizing that failure is part of growth is essential. Many successful accountants admit to failing at least one paper during their qualification process. This shared experience can be empowering.
Mindfulness, stress management and realistic goal setting can also play a role in maintaining mental health. Techniques such as meditation, physical activity and scheduling breaks into study plans can prevent burnout and promote a healthier, more sustainable approach to exam preparation.
Turning setbacks into success
The path to becoming a chartered accountant is paved with challenges that test both intellect and character. Embracing failure as part of this process rather than as an anomaly can shift the mindset from self-blame to self-improvement.
Each failed attempt provides a blueprint for what not to do next time, carving the path to eventual success.
To conclude, failing a CA exam is not an endpoint but a powerful learning opportunity.
The resilience built through facing setbacks is what ultimately shapes competent, well- rounded professionals capable of navigating the complexities of the finance world. By understanding, accepting and growing from these experiences, aspiring CAs can turn their temporary defeats into lasting triumphs.
- Oliver Sighe is Vice Chair of The Chartered Accountant Student Society of London (CASSL)
