CFA® Program 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 Level Level
I II 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.
Level I - III Pathway PSMs
Financial Modeling
Build a best-in-class, three-statement financial model showcasing an understanding of business
issues, design best practices, and technical skills.
Prerequisites
We recommend candidates have basic familiarity with the principles behind financial modeling
or have completed the CFA® Program Level I Financial Statements Analysis content.
Available for Level I only.