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CIPM® Program Curriculum

The CIPM Program curriculum is based on an advanced body of knowledge that is continuously reviewed and updated by investment practitioners to ensure it reflects the competencies needed to succeed in the current financial climate.

These competencies guide the curriculum and exam development processes. Actual exam domain weights may vary slightly from year to year, and some topics are combined for testing purposes. 

CIPM Program Topic Area Weights

Major Topic Area Level I Level II
Ethics and Professionalism
Discover the importance of ethics and professional standards and learn how to apply them in the workplace.
15% 15%
Performance Measurement. 
Learn the how to measure the performance of a security, asset class, portfolio, or composite to inform asset owners’ and portfolio managers’ investment decisions.
35% 510%

Performance Attribution
Develop the skills needed to identify sources of portfolio risk and return.

25% 15–20%

Performance Appraisal
Learn how to determine if a manager’s investment results were due to skill or luck.

10% 15–20%
Manager Selection
Build skills in manager evaluation and selection, and learn how to build portfolios of investment managers to achieve a client’s risk and return objectives.
0% 30%
Performance Presentation
Learn how to prepare a performance presentation that fairly and accurately reflects the performance of a firm or a portfolio.
15% 10–15%
Total 100% 100%

The curriculum for each level includes:

  • Topic-level learning objectives. These indicate the depth of knowledge candidates are expected to have in each major topic area at a particular level.
  • Learning Outcome Statements (LOS). These are objectives for study sessions and/or specific readings that indicate the level of knowledge candidates are expected to gain from each lesson.
  • Custom readings to help candidates efficiently master the topics

All exam questions are based on the content in the corresponding curriculum for that level. Each exam question is explicitly based on one or more LOS.

Read about the latest updates to the CIPM program curriculum (PDF)

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