When Do Your PSMs? Before Exam Date for Sure!!!! Why Completing PSM Early Can Boost CFA Success
The Practical Skills Modules (PSMs) introduced by the CFA Institute represent a shift toward integrating theoretical knowledge with real-world applications. By requiring candidates to complete at least one PSM at each level, the CFA Program underscores the importance of practical skills in the financial sector.
When and how candidates tackle these modules can significantly impact their preparation journey.
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Benefits of Completing PSM Before Exam Day
?1. Synergy with Exam Preparation:?
Completing the PSM alongside your study routine for the CFA exam allows for immediate application of theoretical knowledge. For instance, mastering Python or financial modeling during Level I studies helps reinforce concepts, bridging the gap between textbook learning and practical use.
2. Efficient Time Management:?
Tackling the PSM while preparing for the exam ensures candidates avoid last-minute pressure. With about 10–20 hours required per module, integrating this into your study schedule can prevent task accumulation.
?3. Early Practical Exposure:?
For those completing the PSM soon after registration, the early hands-on experience can boost confidence. It also aligns with the CFA’s evolving focus on actionable skills, making candidates more market-ready even after passing Level I.
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?Comparing Advice for Level I, Level II, and Level III Candidates
?The role of PSMs evolves across CFA levels, reflecting the growing complexity of required skills.
- Level I (Python, Financial Modeling):?
At Level I, PSMs are foundational. Candidates benefit most from completing the PSM during exam prep, as it complements theoretical learning and introduces core concepts like programming and modeling.
- Level II (Advanced Python, Data Science, AI):?
Level II introduces more specialized PSMs aligned with the growing importance of data analysis in finance. Completing these early during preparation can help candidates tackle data-heavy topics in the curriculum. But if you have prior programming experience you might delay completion until after covering relevant theoretical content.
- Level III (Equity Research, Portfolio Management):?
Level III PSMs, starting in 2025, are advanced and application-driven. Modules like financial modeling and portfolio development directly apply to real-world scenarios. Here, completing PSMs early can aid in developing strategic thinking, but some candidates may benefit from waiting until they’ve absorbed exam content.
Ultimately, the timing of PSM completion depends on individual schedules, career goals, and learning styles. However, integrating PSMs into exam prep—especially at earlier levels—provides a balanced, practice-oriented foundation for long-term CFA success.
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