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Practical Skills Modules

The CFA Program has been expanded to include practical, relevant skills training to provide candidates with on-the-job application of what they are learning in the curriculum.

Practical Skills Modules are available for:

  • Level I candidates: Beginning with the February 2024 exam
  • Level II candidates: Beginning with the  May 2024 exam
  • Level III candidates: 2025 exams

A Practical Skills Module (PSM) uses a combination of videos, multiple-choice questions, guided practice, and case studies to develop your practical skills. In order to receive your exam result, you will be required to complete at least one PSM at each level. You may begin your PSM topic at any time after registration. Each PSM takes 10-20 hours to complete. Please review the PSM Policy for more details.

Level I 2024 Modules

Financial Modeling

Financial Modeling

Build a three-statement financial model showcasing an understanding of business issues, design best practices, and technical skills.

Python Programming

Python Programming Fundamentals

Develop fluency in writing Python code for finance-based data science projects using Jupyter Notebooks.

Level II 2024 Modules

analytics skills

Analyst Skills

Analyze best-in-class practices of successful equity research analysts and apply them to your own practice.


Python, Data Science & AI

Develop the skills to execute financial data science workflows using Python by applying advanced machine learning techniques from forecasting EPS changes to sentiment analysis.

Python Programming

Python Programming Fundamentals

Develop fluency in writing Python code for finance-based data science projects using Jupyter Notebooks. (This PSM is also offered at Level I.)

Questions & Answers

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.

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