CFA Institute, the global association of investment professionals, has announced the launch of three brand-new Practical Skills Modules (PSMs) tailored one for each of the three specialised pathways in the CFA Program Level III curriculum. These advanced learning tools seek to elevate the real-world application of critical investment skills and will be available for candidates registering for the February 2026 Level III examination window.
The new modules are aligned with the three specialised pathways at Level III: Portfolio Management, Private Wealth, and Private Markets. Each module brings highly practical content developed in collaboration with industry leaders and domain experts.
Portfolio Management Pathway – Practical Macro
Designed by renowned economist François Trahan, President of The Macro Institute, this module bridges timely macroeconomic theory and real-world investment decisions and features 15 structured units with hands-on exercises. The module provides deep insights into key economic indicators, portfolio construction, sector and factor analysis, and how to apply macro trends in the quest to generate alpha — making it especially relevant today as investors attempt to navigate macroeconomic uncertainty.
Private Markets Pathway – Due Diligence
Developed by Dr. Alan Lok, CFA, Director of Learning Content at CFA Institute, this module dives into analytical frameworks for assessing private equity transactions. Spanning six units, it includes both top-down and bottom-up analytical approaches, cash-flow modelling, valuation metrics, legal considerations, transaction strategies, and deal exit strategies. It’s tailored for General Partners, Limited Partners, investment consultants, and other professionals engaging with private market assets.
Private Wealth Pathway – Managing Private Wealth Clients
Developed by Julan Al-Yassin, CFA, Director of Learning Content at CFA Institute, this module is created as a comprehensive client journey — from the very first client/advisor meeting to ongoing portfolio performance reviews, with emphasis on behavioural finance, soft skills, and hands-on Excel-based portfolio planning. With global applicability, the module resonates with advisors working with high-net-worth and ultra-high-net-worth clients through each stage of the client advisory lifecycle.
Anne Fahlgren, Senior Head and General Manager of the CFA Program at CFA Institute comments:
“These capstone modules bring together the practical, analytical, and strategic dimensions of finance. They signal our commitment to preparing candidates to lead the investment profession through a combination of important skills needed to succeed.”
Rob Langrick, CFA, CIPM, Chief Product Advocate at CFA Institute adds:
“The Practical Macro PSM connects the micro and macro. It teaches the learner how to read the tea leaves of the economic cycle through the prism of economic indicators. Then how to interpret the data as an input to portfolio construction, sector selection, factor selection and ultimately, single security selection. It builds on all three levels of the CFA Program and equips candidates to navigate macro factors, which have become increasingly important determinants of portfolio performance. This release from CFA Institute could not be more timely.”
François Trahan of The Macro Institute comments:
“I’ve always seen the CFA designation as the foundational passport to a career in this industry. This module builds on that foundation and empowers professionals at every level to think more strategically and make better investment decisions. The practical macroeconomic knowledge this module delivers is invaluable across the board — whether you’re in portfolio management, sales, trading, research, or client-facing.”
The Practical Macro PSM is available to candidates as of 29 April 2025, with the remaining two modules launching by mid-year. The PSMs are mandatory, one per exam level, but not graded and can be completed up to exam-results release day — though early access is encouraged.
