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.
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. Ensure your PSM is completed by clicking the 'Continue' or 'Finish Task' button within the module. Please review the PSM Policy for more details.
PSM availability by level
2026
|
Level I |
Level II |
Level III |
|
| Financial Modeling |
✓ |
||
| Python Programming Fundamentals ("Python I") |
✓ |
✓ |
|
| Python, Data Science, and AI ("Python II") | ✓ | ||
| Analyst Skills | ✓ | ||
| Portfolio Development and Construction |
✓ |
||
| Pathway-specific PSM - Level III candidates will access to ONE of the below-listed PSMs, to correspond with their Pathway selection |
|
✓ |
Level III Pathway-specific PSM
- Practical Macro (Portfolio Management pathway)
- Due Diligence (Private Markets pathway)*
- Managing Private Wealth Clients (Private Wealth pathway)*
*These PSMs will be released in mid-August.
2027
|
Level I |
Level II |
Level III |
|
| Financial Modeling |
✓ |
||
| Python Programming Fundamentals ("Python I") |
✓ |
✓ |
|
| Python, Data Science, and AI ("Python II") |
✓ |
||
| Equity Analyst Skills* |
✓ |
||
| Portfolio Development and Construction |
✓ |
||
| Macro Insights for Investing* |
|
✓ |
|
| Due Diligence** |
✓ |
||
| Managing Private Wealth Clients |
✓ |
Level III Pathway-specific PSM
- Analyst Skills/Equity Analyst Skills
- Practical Macro/Macro Insights (Portfolio Management pathway)
- Due Diligence (Private Markets pathway)*
- Managing Private Wealth Clients (Private Wealth pathway)*
*These PSMs will be released in mid-August.
Analyst Skills/Equity Analyst Skills
Analyze best-in-class practices of successful equity research analysts and apply them to your own practice.
Financial Modeling
Build a three-statement financial model showcasing an understanding of business issues, design best practices, and technical skills.
Portfolio Development and Construction
Develop, implement, and manage an institutional investor portfolio, drawing from lessons learned in the CFA curriculum and using advanced Excel skills.
Python, Data Science, and 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 Fundamentals
Develop fluency in writing Python code for finance-based data science projects using Jupyter Notebooks.
Practical Macro/Macro Insights
Learn to apply top-down macroeconomic insights to make informed financial and equity investment decisions, primarily from a US-based investor’s perspective.
Due Diligence
Learn to confidently lead or support private equity transactions through every stage of the due diligence process.
Managing Private Wealth Clients
Build the skills to advise high-net-worth clients with confidence—combining financial expertise, behavioral coaching, and personalized investment planning.
Frequently asked questions
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.
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.
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.
You can stop a PSM and switch to another. The only requirement is that one of them is completed.
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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