Extracurricular Requirements for CFA Exams: When Did You Do Your PSM’s?
The Chartered Financial Analyst (CFA) Institute has introduced Practical Skills Modules (PSMs) as a mandatory requirement for candidates before they can receive their exam results. The curriculum has shifted to a more practice-oriented approach and PSMs boost the practical knowledge. This means even a Level 1 completion means a candidate has more value in the marketplace.
?These modules are designed to enhance practical skills through a combination of videos, multiple-choice questions, guided practice, and case studies. Each PSM requires approximately 10–20 hours to complete, and candidates must finish at least one module at each level of the CFA Program. For Level 1 candidates, the available PSMs are:
- Python Programming Fundamentals
- Financial Modeling
Candidates can begin their PSM at any time after registration. However, the timing of when they choose to complete these modules varies. We wondered when candidates were completing these extra sessions. A recent poll asked candidates: "When do you do your Practical Skills Modules?"
Here’s what we heard:
- During regular exam prep: 43%
- Before registering: 11%
- While waiting for results: 42%
- After results if have to: 4%
What are the relative benefits or demerits from starting soon or waiting until later?? Let's analyze these results and explore the reasoning behind these choices.
During Regular Exam Prep (43%)
Nearly half of the respondents prefer to integrate the PSM into their regular exam preparation.
- Synergy Between Theory and Practice: Combining PSMs with exam studies allows candidates to apply theoretical knowledge in practical scenarios immediately.
- Efficient Time Management: Addressing both requirements concurrently can prevent the accumulation of tasks later on.
- Enhanced Understanding: Practical application can reinforce learning, potentially leading to better exam performance.
This approach indicates that many candidates see the value in synchronizing their practical skills development with their theoretical studies.
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Before Registering (11%)
A smaller segment chooses to complete the PSM before even registering for the exam.
- Early Skill Acquisition: Gaining practical skills early can build confidence and a solid foundation for subsequent studies.
- Assessing Commitment: Engaging with the material beforehand can help candidates decide if the CFA Program aligns with their interests and career goals.
- Flexible Scheduling: Without the pressure of upcoming exams, candidates might find it easier to dedicate time to the PSM.
This group values front-loading their preparation to mitigate future time constraints.
While Waiting for Results (42%)
Another significant portion completes the PSM after the exam but before receiving results.
- Productive Use of Downtime: This period can be utilized to stay engaged with the material without the intensity of exam preparation.
- Reduced Stress: With the exam behind them, candidates might have more mental bandwidth to focus on practical skills.
- Continuous Learning: Keeping momentum can ease the transition into the next level if the candidate passes.
This timing suggests that candidates view the post-exam period as an opportunity to enhance their skills without the immediate pressure of studying.
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After Results If Have To (4%)
A minority postpones the PSM until after results are sent even though they won’t see theirs until completing the PSM.?
- Prioritizing Exam Performance: These candidates focus solely on passing the exam before tackling additional requirements.
- Risk of Delays: Since the PSM must be completed to receive results, this could potentially delay their progression.
- Possible Overwhelm: Facing both exam outcomes and PSM requirements simultaneously might increase stress.
Scheduling Conflicts: The PSM deadline is caused only by results release date. Some people have schedules that supersede that. Results will wait for you until you complete the PSM and for some that may be a manageable choice!!
This choice reflects a preference for sequential rather than concurrent task completion, albeit with potential drawbacks.
What Advice Does This Yield?
The poll results highlight that most candidates prefer to complete the PSM either during their exam preparation (43%) or while waiting for results (42%). This indicates a general tendency to integrate practical skills development into the broader CFA journey rather than treating it as an afterthought.
- For Candidates: Consider your personal learning style and schedule. Integrating the PSM with exam prep might enhance your understanding, but completing it while waiting for results can alleviate pressure during study periods.
- For the CFA Institute: Understanding these preferences can inform how PSMs are structured and promoted. Encouraging early completion might improve candidate satisfaction and outcomes.
The introduction of Practical Skills Modules represents the CFA Institute's commitment to equipping candidates with both theoretical knowledge and practical abilities. The varied responses in the poll suggest that while candidates recognize the importance of these modules, their strategies for completion differ based on personal preferences and circumstances.
Ultimately, choosing when to complete the PSM depends on individual goals, time management skills, and learning preferences. Whether integrated with exam preparation or completed afterward, the key is to approach the PSM thoughtfully to maximize its benefits in your CFA journey.
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