CFA Institute developed the Certificate in Investment Performance Measurement in response to industry demand for a professional credential for qualified investment performance practitioners.

In 2004, The Spaulding Group surveyed employers and individuals to determine the need for a credentialing program designed specifically for professionals with performance-related responsibilities. CFA Institute undertook a similar study. Both surveys indicated that respondents overwhelmingly recognized the value of an investment performance certification program.

The Spaulding Group and the Foundation of Investment Performance Professionals, a nonprofit organized and funded by The Spaulding Group, generously donated their work on the subject to CFA Institute.

In June 2005, CFA Institute announced a new credentialing program for investment performance professionals, called the “Certificate in Global Investment Performance Standards” (CGIPS). On 1 November 2005, the “Principles” level curriculum became available and enrollment opened for the first Principles examination.

A total of 334 candidates in 27 countries sat for the first Principles examination in the March–April 2006 period. After a psychometric analysis of exam results was completed and the volunteer Examination Review Panel met for standard setting, CFA Institute announced that 66 percent of examinees passed the Principles exam.

In May 2006, the “Expert” level curriculum became available, and enrollment opened for the first Expert exam and the second Principles exam.

In July 2006, CFA Institute changed the name of the CGIPS program to “Certificate in Investment Performance Measurement” (CIPM), effective 1 November 2006. The change came in response to advice from candidates, employers, volunteers, and Country Sponsors of the GIPS standards in finding a name that best reflected the scope of the curriculum.

A total of 165 candidates in 18 countries sat for the first Expert exam, and 281 candidates in 17 countries sat for the Principles exam, in the September–October 2006 period. Sixty percent of Expert examinees and 62 percent of Principles examinees passed the exams.

In January 2007, CFA Institute determined that 93 individuals had met all requirements and awarded them the right to use the CIPM designation.