"Eu pic un examen acum!"
Translation:I fail an exam now!
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Yes, "a pica" means "to fail" in this context. You can use either "Eu nu am reușit examenul." or "Eu am picat examenul.". Or even "Eu nu am trecut examenul.", but this one is rarely used.
I would not name it a slang, as it is used in writting as well and not by a particular group of people.