13.3 PSM Completion and Result Release

PSM and results timeline

The Practical Skills Module (PSM) changes the post-exam checklist. At each level, candidates must complete at least one PSM to receive exam results. It can be started any time after you register and typically takes 10 to 20 hours; it is included free with registration, so cost is never the obstacle — time and timing are.

Level I candidates choose from PSMs such as Financial Modeling and Analyst Skills, and modules combine instructional content with applied tasks and assessments. Treat the PSM as a required workstream, not a preference. Put it on the calendar before exam day if possible; if it is still open after the exam, finish it promptly rather than waiting for result week.

Consequence of missing the PSM

CFA Institute policy is direct: if the required PSM is not completed and submitted by the time results are released, the candidate does not receive a pass or fail result and the exam result is voided. To continue, the candidate must register again, pay the applicable fees, and retest at the same level. There is no longer a grace window for late starters, so a delayed PSM can cost a full registration cycle.

That makes PSM timing a risk-control item, fundamentally different from optional practice. You may decide how deeply to use a mock or flashcard set, but you cannot treat the PSM as discretionary if you want a result.

What the result tells you

CFA Institute emails you when official results are available. The report includes the pass or fail decision and topic-level performance bands showing where you scored relative to the Minimum Passing Score for each topic, plus an overall scaled view. You will not receive your exact item-by-item responses or a public raw passing percentage — those remain part of the protected candidate test record.

The Minimum Passing Score (MPS) is set by the CFA Institute Board of Governors using a standard-setting (Angoff) process and is not published as a stable raw percentage. Do not try to reverse-engineer it from message boards or pass-rate history.

Latest official pass-rate anchor

The latest official Level I figure in this guide is the February 2026 administration. CFA Institute reported 24,006 candidates and a 45% pass rate, which it noted was above the 10-year average of about 40%. First-time candidates passed at 50%, while candidates testing after at least one deferral passed at 30%.

A pass rate is not the passing score. A 45% pass rate means 45% of that cohort passed — it does not mean a 45% raw score passes, and it reveals nothing about the raw score needed on your specific exam form.

How to read topic-performance bands

The topic bands are the most actionable part of the report, and they are easy to misread. Each topic is shown relative to the Minimum Passing Score for that topic, usually as performance above, at, or below the line, not as a precise percentage. The lesson is comparative, not absolute: a topic marked below the line is a confirmed weakness regardless of how it felt, while a topic above the line should not be re-studied at the expense of weaker areas if you retake.

Because Ethics carries the highest weight and is used in borderline decisions through the ethics-adjustment mechanism, a weak Ethics band is disproportionately costly and should be the first repair target in any rebuild.

Why the MPS is not a fixed percentage

Understanding the standard-setting process prevents a great deal of wasted speculation. CFA Institute uses a modified-Angoff method in which panels of charterholders judge how a just-barely-qualified candidate would perform on each question; those judgments are aggregated and reviewed by the Board of Governors to set the MPS for that specific exam form. Because question difficulty varies slightly between forms and administrations, the raw score required can move, which is exactly why no single public percentage exists.

Equating across forms means two candidates with different raw scores can both pass, so chasing 'the 70% rule' from old forum posts is a trap.

Waiting-period plan

After the exam, finish the PSM if needed, save your study records, and write a short debrief while memory is fresh — note pacing problems, topic surprises, calculator errors, and administrative lessons. This debrief is useful whether the next step is Level II or a retake. Use the wait to complete requirements, rest, and pre-write a decision tree for both outcomes rather than guessing at an unpublished MPS.