CFA® Exam Practical Skills Modules (PSMs), FAQ on Completion
- Key Takeaways for CFA Program PSMs
- What's CFA Exam Practical Skills Module?
- Level 1 Practical Skills Module
- Level 2 Practical Skills Module
- Level 3 Practical Skills Module
- When to Complete PSM?
- CFA Exam Practical Skills Module Deadline
- Can You Skip Your CFA Exam Practical Skills Module?
- How Much Time for a Practical Skills Module?
- How to Complete PSM?
- How to Record Completed PSM?
- How Many PSM Modules Are Required to Complete at Each Level?
- Is There Python in Level 1 CFA Exam?
- Do I Need to Complete the Practical Skills Module before CFA Exam?
- Do You Have to Re-Do a Practical Skills Module If You Fail the Exam?
- Is CFA Exam Practical Skills Module Graded?
Key Takeaways for CFA Program PSMs
- NEW FOR 2025 CFA EXAMS: You MUST complete your PSM before the release of your CFA exam results. Additional 90 days are NO LONGER granted after the results release date for slow starters.
- You must complete at least one PSM per CFA exam level.
- Available topics include financial modeling, Python programming, analyst skills, and portfolio construction.
- Each PSM takes 10-20 hours to complete.
- Level 1 focuses on fundamentals, while Level 2 and Level 3 offer advanced topics.
- Your exam results will be voided if you fail to complete a PSM within the required timeframe, i.e., between your registration for the exam and the release of the results.
What's CFA Exam Practical Skills Module?
CFA exam Practical Skills Module (PSM) is an additional CFA exam learning module aimed at developing your practical skills based on some extra study materials. CFA Institute introduced PSMs back in 2023 in response to employers who need their future employees to be more practical.
A PSM module consists of interactive content, including videos, multiple-choice questions, case studies, and guided exercises. Candidates must complete at least one PSM per level, though they can complete more if they want.
Level 1 Practical Skills Module
You can choose from:
- Financial Modeling
- Python Programming Fundamentals
Level 2 Practical Skills Module
You can choose from:
- Analyst Skills
- Python, Data Science & AI
- Python Programming Fundamentals
Level 3 Practical Skills Module
You can choose from:
- Analyst Skills
- Financial Modeling
- Portfolio Development & Construction
- Python, Data Science & AI
- Python Programming Fundamentals
| Practical Skills Module | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| Financial Modeling | |||
| Python Programming Fundamentals | |||
| Analyst Skills | |||
| Python, Data Science & AI | |||
| Portfolio Development & Construction |
When to Complete PSM?
You must complete your PSM module before your CFA exam result is out, or else you won't be able to see your exam score, and you'll need to retest at the same level to continue your pursuit of the CFA designation. You may complete your PSM any time between your registration for the exam and the release of the results.
CFA Exam Practical Skills Module Deadline
The deadline for completing your PSM is the day before CFA exam results are released. If you miss the deadline, your results will be voided, and you will need to retake the CFA exam at the same level.
Can You Skip Your CFA Exam Practical Skills Module?
PSM is a requirement at each CFA exam level and cannot be skipped. If you fail to complete your practical skills module before exam results are released, your results will be voided.
How Much Time for a Practical Skills Module?
10-20 hrs is the time needed to complete a Practical Skills Module for each CFA exam level. The time commitment varies based on the candidate's pace and familiarity with the topic. You should plan out your CFA exam prep efficiently, including the PSM time allocation. Remember that:
- each PSM takes 10-20 hours,
- the module you choose can be completed anytime after registration,
- you can complete more than one PSM or you can switch between PSMs meanwhile – the bottom line is that you MUST complete at least one of them,
- you must finalize your PSM before results are released,
- some PSMs may take longer if additional practice is needed.
Planning is crucial here. Once again, if you delay your PSM until after the CFA exam, ensure you have sufficient time to complete it before results are available.
How to Complete PSM?
- You may begin your PSM module at any time after registration.
- You must complete your PSM module before your CFA exam results are released.
- You will need 10-20 hours to complete a PSM.
How to Record Completed PSM?
When you complete your PSM, click the 'Finish Task' button within the module. After completion, you should receive an email confirming you have completed a Practical Skills Module. You can also check if your Practical Skills Module is recorder as 'Complete' in your CFA Institute account under the My PSMs section.
How Many PSM Modules Are Required to Complete at Each CFA Exam Level?
You must complete at least one Practical Skills Module at each CFA exam level, which means you'll be required to complete a minimum of three PSMs throughout all three CFA exam levels. You may choose to complete additional modules at each level if you want. You may even complete all of them. Any number above 1 per level is your choice. Also, you can switch between PSMs before you actually complete one. The thing is, even if you switch from PSM to PSM, at least one must be finished before the results are due.
Is There Python in Level 1 CFA Exam?
The focus of level 1 CFA exam PSMs is on foundational skills rather than advanced data science concepts. The following are included:
- Python Programming Fundamentals: Covers basic coding principles, syntax, and financial applications.
- Financial Modeling: Introduces candidates to spreadsheet-based financial analysis and modeling.
So, it's just the fundamentals of Python; no Data Science or AI is included in the level 1 CFA exam yet. More advanced topics like Data Science and AI are introduced at higher levels.
Do I Need to Complete the Practical Skills Module before CFA Exam?
No, you can complete your Practical Skills Module after you take your CFA exam, but no later than the day before the results are released for the exam you took.
Do You Have to Re-Do a Practical Skills Module If You Fail the Exam?
No, you don't have to re-do your Practical Skills Module if you fail your CFA exam. One PSM per level is the requirement, and it holds as long as you need to retake your CFA exam. Mind the 6 times limit of CFA exam retakes per level.
Is CFA Exam Practical Skills Module Graded?
No, Practical Skills Module is just for you to help you gain some practical skills and knowledge. No grades are given and no grading process is applied. The completion of the PSM is what's important.
PUBLISHED: Feb 4, 2025
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