Navigating the CFA Program Practical Skills Module: A Comprehensive Guide

2 Jan 24

Hey everyone, Nathan Ronen, CFA here with an insightful update on the CFA ® Program’s new Practical Skills Module. This applies to our CFA Level I (“Level 1”) and CFA Level II (“Level 2”) exam candidates in 2024 and beyond.

The Practical Skills Module (PSM) has generated a lot of buzz lately, and I've been inundated with queries about it. Here's the lowdown on what you need to know.

Understanding the Basics of PSM for the Purpose of Your CFA Exam:

First off, is the PSM a requirement? Yes, indeed! For both Level 1 and Level 2, completion of the PSM is mandatory for receiving your CFA exam results.

Key Timelines and Access:

Wondering when and where? The PSM kicks off for Level 1 in February 2024 and for Level 2 in May 2024, accessible via your learning ecosystem on the CFA Institute's platform.

Time Allocation:

Plan for 10 to 15 hours to cover the additional PSM requirement. Remember, this isn't exam content but a necessary component for releasing your scores.

Timing Your PSM Completion:

When should you do it? The choice is yours! You can complete the PSM at any time after registering for the exam until before your exam's release date. Pro tip: Don't leave it until the last minute.

Choosing Your Module:

At Level 1, select between Financial Modeling and Python Programming. At Level 2, there are Analyst Skills, Python Data Science, AI, and Python Programming options.

Completing PSM and Exam Results:

Even if you fail your exam, completing the PSM once suffices. You won't need to redo it unless you wish to switch modules before the exam release date.

Benefits of PSM:

The PSM isn't exam content; it's hands-on, designed to bridge the gap between theory and practice. It's a fantastic addition to the curriculum, offering real-world applications.

How Chalk & Board Can Help:

Unfortunately, test prep providers like Chalk & Board currently don't have access to the PSM videos or material. However, we're here to guide and answer questions to help you navigate this requirement.

Looking Forward:

2025 will likely see changes, but the CFA Institute is yet to address the PSM at CFA Level III (“Level 3”) of the exam curriculum.

Final Thoughts:

Ensure you complete the PSM before your exam's release date, and don't leave it to the eleventh hour. I'm here to support your Level 1 and Level 2 preparation, so reach out if you need assistance!

Best regards,

Nathan Ronen, CFA

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