13.3 PSM Completion and Result Release
Key Takeaways
- Candidates must complete at least one Practical Skills Module at each level to receive CFA exam results.
- Each PSM takes about 10 to 20 hours and can be started after registration.
- CFA Level I results are typically released within 5 to 9 weeks after the exam window closes.
- The latest official Level I pass rate is February 2026 at 45%, which is a pass rate rather than the MPS.
PSM and results timeline
The CFA Program Practical Skills Module changes the post-exam checklist. At each level, candidates must complete at least one PSM to receive exam results. The module can be started after registration and typically takes 10 to 20 hours.
Treat this as a required workstream. The PSM should be on the calendar before exam day if possible. If it remains open after the exam, complete it promptly while you wait for results. A candidate who delays until result week creates an avoidable administrative risk.
| Requirement | Current official fact | Candidate control |
|---|---|---|
| PSM completion | Required at each level to receive results. | Finish and submit before results release. |
| Time required | About 10 to 20 hours. | Reserve multiple calendar blocks. |
| Result timing | Usually within 5 to 9 weeks after the exam window closes. | Monitor email and CFA Institute account. |
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 will not receive a pass or fail result and the exam result will be voided. To continue, the candidate must register, pay applicable fees, and retest at the same level.
That makes PSM timing a risk-control item. It is different from optional practice. You may decide how deeply to use a mock or flashcard set, but you cannot treat the PSM as a preference if you want a result.
What the result means
CFA Institute says candidates receive an email when official results are available. Results include pass or fail information and topic-level performance information. The report also includes an overall scale score that lets candidates compare performance against the Minimum Passing Score.
Detailed exam scores and responses to exam questions are owned by CFA Institute as part of the candidate test record. You should not expect to receive your exact item responses or a public raw passing score. The MPS is set by CFA Institute and is not published as a stable raw percentage.
Latest official pass-rate anchor
The latest official Level I pass-rate fact in this guide is the February 2026 Level I result. CFA Institute reported 24,006 candidates and a 45% pass rate. The release said this was above the 10-year average of 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 candidates passed that administration. It does not mean a 45% raw score passed, and it does not reveal the raw score needed on your exam form.
| Result item | Proper use | Misuse to avoid |
|---|---|---|
| Pass or fail | Decide next level or retake path. | Treat as a full item-by-item transcript. |
| Topic performance | Identify strong and weak areas. | Ignore weak topics after a pass. |
| Pass rate | Understand cohort context. | Convert it into a raw MPS. |
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 issues, topic surprises, calculator errors, and administrative lessons. This debrief is useful whether the next step is Level II or a retake.
Avoid result-window speculation. You cannot reverse-engineer the MPS from message boards or pass-rate history. Use the waiting period to complete requirements, rest, and prepare a decision tree for both outcomes. That is more useful than guessing.
A candidate completes the Level I exam but fails to submit a required PSM before results are released. What is the most likely consequence?
CFA Level I candidates should generally expect results:
The February 2026 Level I pass rate of 45% is best interpreted as: