CFA Level 1 candidates who passed exam face horror of voided scores

efinancialcareers.com:

As we explained here a few days ago, it's probably worth taking the CFA Level 1 exams if you're a student hoping to get a job in banking. But be warned, that even if you pass the notoriously difficult exams, you face having your pass voided if you fail to complete some extra tasks.

Get Morning Coffee  ☕  in your inbox. Sign up here.

Yesterday, CFA Institute informed candidates who sat the CFA Level 1 exams in February whether they'd passed or not. 44% did, which was the highest pass rate since May 2023 and far below the depths of the 22% pass rate in July 2021 when the pandemic was disrupting studying and cancelling exams.

Passing CFA exams is no longer simply a question of exceeding the minimum passing score, though. As of this year, for the first time ever, candidates must also complete something known as the 'practical skills modules.' These comprise '10-20 hours of videos and practice case studies.' Students who don't watch the videos and partake of the case studies will have their exams voided, even if they pass them. They will then need to re-register as a CFA Level 1 candidate, pay the fees again, and go through the entire rigmarole of retaking the exams, hoping they don't fail.   

Writing on Reddit, the CFA Institute account says the deadline for completing the practical skills modules is 11 April, 11:59 pm ET. Writing on its own site, CFA Institute says: «If you do not complete a PSM by the time results are released, your exam result will be voided, and you will not be provided with a pass or fail result.» CFA Institute didn't immediately respond to a request to comment on which is correct. 

CFA Institute introduced the practical skills modules (PSMs) for students who sat the Level I exams in February. It plans