CIPM® exam information
Everything you need to know about the CIPM exam, from how the two levels compare and study support available to career prospects after passing.
What is the CIPM exam?
The CIPM Program uses a self-study model that can be tailored to fit your schedule. The program has two levels; exams for both are offered in March and September. Successful candidates report studying an average of 155 hours per exam. CIPM exams are administered in approximately 400 local test centers in 80 countries.
Planning on taking the CIPM exam?
Find out the latest CIPM exam fees, early registration rates, upcoming exam dates, and scheduling deadlines.
Already taken your CIPM exam?
Access your CIPM exam results and check the latest pass rates and results timeline.
CIPM exam levels compared
As you study for the Certificate in Performance Measurement, it’s important to understand the different exam levels. Level II of the CIPM Program 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 | 40% | 36% |
Getting ready for your CIPM exam
There are several tools and resources available to help you achieve the Certificate in Investment Performance Measurement:
The Learning Ecosystem (LES) is a digital learning tool where you can access the complete CIPM Program curriculum, as well as personalized study plans.
Exam prep courses and materials are available alongside study support provided by CFA Institute. Prep providers follow CFA Institute guidelines, so the high standard of learning is maintained.
When you register as a candidate, you must agree to abide by the policies. These protect the integrity of the CIPM Program, ensuring the exam process is fair for all candidates.
What happens after your exam
Level I and Level II of the CIPM exam are graded as either “pass” or “did not pass,” along with detailed performance feedback. When you pass Level II, you’ll receive the performance management certification. Learn more about understanding your CIPM exam result.
Understanding performance and risk, finding actionable insights from investment decisions, and communicating performance effectively are skills that are in high demand in the investment industry. This means a number of career paths are open to you once you achieve the CIPM certificate. Learn more about CIPM Program career prospects.
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.
