Knowing this, that the trying of your faith worketh patience. But let patience have her perfect work, that ye may be perfect and entire, wanting nothing.
The message that James is trying to convey to readers both then and now is that just as sure as the sun rises each morning we will experience trials and tribulations in this life and we are to count it all joy (v.2) and the end result will be for our overall good. In many instances God uses these trials to test and grow our faith in Him as this will develop our perseverance and will enhance our godly character. This is because we will learn to trust God completely, develop a deeper and closer relation with Him of love, obedience and reverence.
With that being said, the question now becomes, How do faith work patience? Patience in itself is the courage and ability to wait on the Lord because His time is different from man's time. God's time is perfect and all our needs and some wants are met. It is noteworthy to say that God knows the extent of our faith and trials are sometimes used to prove our faith strength to us. Who can forget Job and his situation? God knew the extent of Job's faith (Job 1-2). The end result Job was restored and with more than he had before his suffering began.
Patience is a virtue.