Differences Between Exam Levels
| 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 | View the Level I Quick Start Guide | View the 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.
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Exam Registration Opens
1 September 2021Level I
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Exam Registration Opens
1 September 2021Level II
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Exam Scheduling Opens
1 September 2021Level I
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Exam Scheduling Opens
1 September 2021Level II
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Early Registration Deadline
30 November 2021Level I
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Early Registration Deadline
30 November 2021Level II
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Exam Registration Closes
31 January 2022Level I
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Exam Registration Closes
31 January 2022Level II
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Exam Window Opens
16 March 2022Level I
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Exam Window Opens
16 March 2022Level II
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Exam Scheduling Closes
23 March 2022Level I
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Exam Scheduling Closes
23 March 2022Level II
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Exam Window Closes
31 March 2022Level I
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Exam Window Closes
31 March 2022Level II
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Exam Results Available
Mid-May 2022Level I
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Exam Results Available
Mid-May 2022Level 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.
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 VAT, Goods and Services Tax (GST) or any other sales tax payable by the candidate in their country of residence. Where CFA® Institute is required to add sales tax 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.
Early Registration Fee
USD 475Standard Registration Fee
USD 675Study Support
Learning Ecosystem
Access an online learning program with the complete curriculum, custom lessons, personalized study plans, a mock exam and more.
Exam Prep Providers
Get extra study support through our expert exam prep providers.
LinkedIn Group
Connect with CIPM candidates and designation holders with the CIPM LinkedIn group.
Understanding Your Results
Exams are graded as either "pass" or "did not pass," along with detailed performance feedback. Check out the document below for information on pass rates, how to track your performance, and more details on how we evaluate exams.
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.
