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Practical Skills Modules (PSM)

Updated 29 Mar 2024

Last Updated 29 March 2024

In order to receive your exam result, you are required to complete at least one PSM at each level. The PSM topic may be chosen after registration at any time during your exam study period and must be completed before results are released. Each PSM takes 10-15 hours to complete.

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. To continue your journey in the CFA Program, you will be required to register and pay all applicable fees, and retest at the same exam level.

The Practical Skills Modules requirement will be added for Level I candidates beginning with the February 2024 exam and the May 2024 exam for LII candidates. PSMs for Level III will be added for 2025 exams.

Learn more about Practical Skills Modules.

Level I and LII candidates testing in 2024: Complete a Practical Skills Module