Exam Overview

Differences Between CIPM Exam Levels

As you pursue your investment performance evaluation certification, it’s important to understand the different exam levels. Level II of the curriculum builds on Level I and increases in complexity. Level II also contains all manager search and selection content. The chart below explains the differences between each exam so you can prepare accordingly.

	Level I	Level II
Exam Structure	100 questions	80 questions
Exam Length	3 hours	3 hours
Question Format	Multiple-choice	Scenarios and multiple-choice
Results Availability	Within 60 days of taking the exam	Within 60 days of taking the exam
Focus	The Level I exam emphasizes the conceptual foundations of performance measurement, attribution, appraisal, and presentation, as well as the GIPS standards. This level is weighted more heavily on performance measurement and attribution.	The Level II exam emphasizes performance appraisal and manager selection, including application of the appropriate tools and inputs in more complex investment decision-making situations.
Pass Rate	48%	51%
Resources	Level I Quick Start Guide	Level II Quick Start Guide

Keep Track of Important Exam Dates

Both levels of the CIPM exam are offered each March and September. Use the calendar below to view upcoming exams and other important dates leading up to the exam. CFA Institute reserves the right to prematurely close registration and scheduling dates as conditions warrant.

Exam Registration Opens

1 September 2022Level I
Exam Registration Opens

1 September 2022Level II
Exam Scheduling Opens

1 September 2022Level I
Exam Scheduling Opens

1 September 2022Level II
Exam Registration Closes

31 January 2023Level I
Exam Registration Closes

31 January 2023Level II
Exam Registration Opens

1 March 2023Level I
Exam Registration Opens

1 March 2023Level II
Exam Scheduling Opens

1 March 2023Level I
Exam Scheduling Opens

1 March 2023Level II
Exam Window Opens

16 March 2023Level I
Exam Window Opens

16 March 2023Level II
Exam Scheduling Closes

23 March 2023Level I
Exam Scheduling Closes

23 March 2023Level II
Exam Window Closes

31 March 2023Level I
Exam Window Closes

31 March 2023Level II
Exam Results Available

Mid-May 2023Level I
Exam Results Available

Mid-May 2023Level II
Early Registration Deadline

31 May 2023Level I
Early Registration Deadline

31 May 2023Level II
Pay by Invoice Deadline

16 June 2023Level I
Pay by Invoice Deadline

16 June 2023Level II
Exam Registration Closes

31 July 2023Level I
Exam Registration Closes

31 July 2023Level II
Exam Window Opens

16 September 2023Level I
Exam Window Opens

16 September 2023Level II
Exam Scheduling Closes

22 September 2023Level I
Exam Scheduling Closes

22 September 2023Level II
Exam Window Closes

30 September 2023Level I
Exam Window Closes

30 September 2023Level II
Exam Results Available

Mid-November 2023Level I
Exam Results Available

Mid-November 2023Level II

Exams Offered Internationally

The CIPM exams are offered at many Prometric test centers around the world. After you register, you can schedule your own exam appointment ̶ through your CFA Institute account ̶ at your preferred test center. To find availability, select the start and end date for your desired exam window.

Find a Test Center

Program Fees

When you register for your first CIPM exam, you will be enrolled in the program. The cost of the exam depends on when you register. There are no entrance requirements*, but during the registration process, you must agree to the CFA Institute Code of Ethics and Standards of Professional Conduct.

All fees shown are net of any local Value-Added Tax (VAT), Goods and Services Tax (GST), Sales Tax or any similar tax payable by the candidate in their country of residence. Where CFA Institute is required to collect such taxes at the local statutory rate, this will be added to the fees shown during the payment/checkout process.

For information about taxability related to online purchases from CFA Institute, please visit our Tax Policy page.

March 2023
September 2023

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Early Registration Fee

USD 475

The early registration period applies from 1 September through 30 November.

Registration is Closed

Standard Registration Fee

USD 675

The standard registration period applies from 1 December through 31 January.

Registration is Closed

Early Registration Fee

USD 475

The early registration period applies from 1 March through 31 May.

Enroll and Register

Standard Registration Fee

USD 675

The standard registration period applies from 1 June through 31 July.

Unavailable at this Time

*Residents of certain countries may be prohibited from participating.

CIPM Exam Study Support

Learning Ecosystem

Access an online learning program with the complete curriculum, custom lessons, personalized study plans, a mock exam and more.

Learn More About the LES

Exam Prep Providers

Get extra study support through our expert exam prep providers.

Find a Prep Provider

LinkedIn Group

Connect with CIPM candidates and designation holders with the CIPM LinkedIn group.

Join LinkedIn Community

Understanding Your Results

CIPM exams are graded as either "pass" or "did not pass," along with detailed performance feedback. Candidates who pass receive their performance management certification. Check out the document below for information on pass rates, how to track your performance, and more details on how we evaluate exams.

Understand Exam Grading

Advance Your Career

Earn the CIPM designation to deepen your knowledge and increase your professional value. First time registrants must enroll in the CIPM Program. Click on the link below, create an account, and gain access to everything you need to prepare for the CIPM exam.