Practical Skills Modules

Are the Practical Skills Modules a requirement of the CFA Program? Yes. In addition to completing the exam, you must complete one PSM at each level in order to receive your exam result. The same module cannot be completed at multiple levels. For example, if you complete the Python Programming Fundamentals module at Level I, you must complete a different module (Python, Data Science & AI or Analyst Skills) to meet the PSM requirement at Level II. Please see the PSM Policy for more details.

Does it matter when I complete the PSM requirement? Because the material in the PSM is separate from the curriculum being studied, there is no “best” time to complete it. It can be done right after registration, in the middle of your studies or after you have taken your exam. The PSM must be completed by the results release date in order to get your exam result. If you do not complete a PSM by the time results are released, your exam result will be voided, and you will not be provided with a pass or fail result.

If I fail the exam, do I still have to do the PSM? You must complete the PSM to receive your exam result. Only one PSM is required at each level, so if you fail the exam and have to repeat, you will not have to complete another PSM until you advance to the next level.

What if I change my mind about the PSM I chose? You can stop a PSM and switch to another. The only requirement is that one of them is completed.

What if I miss the deadline to complete the PSM? If your PSM is not completed by the day of results release, you will not receive your exam result that day.