In 2026, CFA Practical Skills Modules will sit inside the CFA Program as required work that candidates must finish before results are released. CFA Institute says each module takes about 10 to 20 hours and the same module cannot be reused at another level. That turns the choice into more than a small side task for any CFA candidate. It shapes the kind of skill you bring into interviews, project work, and early finance roles.
Many students entering the CFA certification course think the module will feel like a short extra lesson. The 2026 setup shows a clearer picture. CFA Institute lists Financial Modeling at Level I, and Python Programming Fundamentals at Level I and Level II. The same 2026 curriculum update also notes changes to the Python PSMs at Levels I and II, which means the track is still being refreshed for current candidates.
Python PSM in the 2026 CFA path
Python Programming Fundamentals starts with coding basics in Jupyter Notebooks. CFA Institute says the module covers variables, data types, loops, functions, lists, dictionaries, Pandas, data pulls from Yahoo Finance, portfolio optimization, Monte Carlo work, and simple finance based Python apps. It has no prerequisites, though CFA Institute recommends some comfort with Level I Quantitative Methods before starting. For a CFA candidate who likes data and code, that mix feels direct and usable.
A learner in the CFA certification course who wants more than spreadsheet work may find Python easier to connect with day to day finance tasks. The module uses Jupyter Notebooks and asks candidates to build and present finance related data projects, so the work feels close to the way analysts handle data in modern teams. CFA Institute also says employers expect more Python knowledge, which gives this path a clear job market pull.
Financial Modeling PSM in the 2026 CFA path
Financial Modeling takes a different route. CFA Institute says the module centers on Excel and three statement models. Candidates build revenue, cost, working capital, debt, and equity schedules, then test scenarios inside a full model. The module is available for Level I only, and CFA Institute recommends either basic modeling familiarity or Level I Financial Statements Analysis before starting. For a CFA candidate who enjoys company level numbers, this module feels close to valuation work.
Inside the CFA certification course, Financial Modeling speaks to candidates who want clean Excel habits and a stronger grip on business drivers. CFA Institute says the module teaches model flow, design, and presentation ready output, and it uses Microsoft Excel, which still shows up across investment banking, corporate finance, and investment analysis. A CFA certification course student who wants to build forecast sheets and read business moves through numbers may get faster value from this path.
Skills You Gain from Python Programming Fundamentals
A CFA candidate who selects Python Programming Fundamentals works with coding tools that are widely used in modern finance teams. The module introduces data handling, automation, portfolio analysis, and finance related programming tasks. Candidates also work with Jupyter Notebooks and real market data.
Key skills include:
● Writing basic Python code
● Working with Pandas datasets
● Pulling financial data from online sources
● Portfolio optimization exercises
● Monte Carlo simulation basics
● Building small finance applications
For students enrolled in a CFA certification course, these skills can support roles that involve data intensive work and quantitative research.
Skills You Gain from Financial Modeling
Financial Modeling is built around Excel and business forecasting. Candidates create integrated financial models and connect income statements, balance sheets, and cash flow statements.
Key skills include:
● Revenue forecasting
● Cost projections
● Working capital planning
● Debt and equity schedule creation
● Scenario analysis
● Excel model structuring
Within a CFA certification course, this module can be useful for learners interested in valuation, corporate finance, and investment banking related work.
Python or Financial Modeling for the CFA candidate?
A CFA candidate should not pick by popularity alone. The better route comes from the kind of work you want after the exam. Python suits candidates who like data cleaning, repeatable analysis, code based tasks, and finance projects that touch automation or datasets. Financial Modeling suits candidates who spend time in Excel, build company forecasts, and work with statements and assumptions. That fit comes straight from the skill sets each module trains.
For the CFA certification course, the split is simple. Pick Python if you want a coding base that can grow into analytics, research workflows, or data heavy work. Pick Financial Modeling if you want stronger spreadsheet judgment and a sharper feel for forecast building. CFA Institute has kept both modules in the 2026 candidate path, which says each one still serves a different kind of finance user. A CFA candidate does not need both on day one. The smarter move is the one that matches the next role.
Python vs Financial Modeling: Quick Comparison
| Feature | Python Programming Fundamentals | Financial Modeling |
| Main Tool | Python and Jupyter Notebooks | Microsoft Excel |
| Available In 2026 | Level I and Level II | Level I |
| Learning Style | Coding based | Spreadsheet based |
| Primary Use | Data analysis and automation | Business forecasting and valuation |
| Covers Market Data | Yes | Limited |
| Covers Three Statement Models | No | Yes |
| Portfolio Analysis | Yes | No |
| Scenario Testing | Basic | Extensive |
| Suitable For | Data oriented CFA candidates | Finance and valuation oriented CFA candidates |
| Technical Background Needed | No prior coding required | Basic Excel familiarity helps |
Final Thoughts
The 2026 CFA curriculum continues to place strong attention on practical workplace skills. Python Programming Fundamentals and Financial Modeling both serve different purposes within the CFA Program. A CFA candidate should select the module that aligns with future responsibilities rather than choosing based on trends.
For learners pursuing a CFA certification course, the decision becomes easier when career goals are clear. Python supports data focused finance work, while Financial Modeling supports forecasting and valuation assignments. Institutions such as Zell Education can help candidates identify which learning path best matches their professional direction.