The Australian shot-stopper was the subject of prolonged interest from the Gunners last summer, with Arsene Wenger having identified him as his top keeping target.
Fulham, though, stuck to their guns and refused to bow to the demands of their Premier League rivals.
They were able to keep Schwarzer out of Arsenal's clutches and stood by him throughout the 2010/11 campaign.
The 38-year-old admits it was difficult at time to keep his focus on the job in hand, having come so close to joining a club destined for the Champions League, but insists he has no complaints at still being part of the set-up at Craven Cottage.
He said: "Was it a test for me? Without a doubt.
"It is always a big test when there is speculation and an ongoing saga.
"What you have to do is get your head down and do your job. I showed that I could do that.
"I am an employee of Fulham and I have always said I love playing for this club."
Schwarzer believes the Cottagers are a club heading in the right direction and admits he was surprised to see former boss Mark Hughes quit his managerial position in June.
He said: "The chairman (Mohamed Al Fayed) has been 100 per cent supportive and the club wouldn't exist in the position it is in now without his rock solid backing.
"It was a surprise when Mark Hughes left, but Martin Jol has had some big coaching positions and has slotted in easily."