CFA Institute

To become a CIPM certificant, you must sequentially pass two computer-based exams: Principles and Expert.

The Principles exam emphasizes investment tools and inputs necessary for performance evaluation and the provisions of the GIPS standards. The questions primarily measure knowledge, comprehension, and application outcomes.

View examples of Principles exam questions (PDF).

View exam guideline topic area weights.

The Expert exam emphasizes performance evaluation and presentation, including application of the necessary tools and inputs and the GIPS guidance statements. The questions address all types of learning outcomes, but focus on application, analysis, and evaluation.

View examples of Expert exam questions (PDF).

View exam guideline topic area weights.

Standard setting is a rigorous, systematic process that is widely employed in professional credentialing programs. CFA Institute uses standard setting as an input into the minimum passing score (MPS) decision-making process for the CFA Program exams. The CIPM program employs the Angoff standard-setting process, considered by test and measurement experts to be a reliable evaluation method for selected response exams.

The process involves assembling a panel of practitioners who are familiar with the knowledge, skills, and abilities required of competent practitioners in the field of investment performance valuation and presentation. Working under the direction of professional test and measurement specialists, the panelists go through an organized process to assess candidate performance. The MPS is determined after the completed questions have been subjected to thorough psychometric analysis and the standard setters have concluded their evaluation.