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Exam Overview

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 150 hours per exam. Exams are administered in approximately 400 local test centers in 80 countries.
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Differences Between 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 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.

Select Exam Criteria

2020 September CIPM Exams
Exam Registration, Scheduling, and Scholarship Application Opens: 1 March 2020
September 2020Level I
2020 September CIPM Exams
Exam Registration, Scheduling, and Scholarship Application Opens: 1 March 2020
September 2020Level II
2020 March CIPM Exams
Exam Scheduling Closes: 22 March 2020
Exam Window Closes: 31 March 2020
March 2020Level I
2020 March CIPM Exams
Exam Scheduling Closes: 22 March 2020
Exam Window Closes: 31 March 2020
March 2020Level II

  • Exam Registration Opens

    1 March 2020Level I

  • Exam Registration Opens

    1 March 2020Level II

  • Exam Scheduling Opens

    1 March 2020Level I

  • Exam Scheduling Opens

    1 March 2020Level II

  • Scholarship Application Period Opens

    1 March 2020Level I

  • Scholarship Application Period Opens

    1 March 2020Level II

  • Exam Window Opens

    16 March 2020Level I

  • Exam Window Opens

    16 March 2020Level II

  • Exam Scheduling Closes

    22 March 2020Level I

  • Exam Scheduling Closes

    22 March 2020Level II

  • Exam Window Closes

    31 March 2020Level I

  • Exam Window Closes

    31 March 2020Level II

  • Exam Results Available

    Mid-May 2020Level I

  • Exam Results Available

    Mid-May 2020Level II

  • Early Registration Deadline

    31 May 2020Level I

  • Early Registration Deadline

    31 May 2020Level II

  • Scholarship Application Period Closes

    15 July 2020Level I

  • Scholarship Application Period Closes

    15 July 2020Level II

  • Exam Registration Closes

    31 July 2020Level I

  • Exam Registration Closes

    31 July 2020Level II

  • Disability Accommodations Application Due

    5 August 2020Level I

  • Disability Accommodations Application Due

    5 August 2020Level II

  • Exam Window Opens

    16 September 2020Level I

  • Exam Window Opens

    16 September 2020Level II

  • Exam Scheduling Closes

    23 September 2020Level I

  • Exam Scheduling Closes

    23 September 2020Level II

  • Exam Window Closes

    30 September 2020Level I

  • Exam Window Closes

    30 September 2020Level II

  • Exam Results Available

    Early-November 2020Level I

  • Exam Results Available

    Early-November 2020Level II

Exams Offered Internationally

We host exams at CFA Institute testing centers located in most major cities around the world. Find the nearest test center and register for an exam closest to you.

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.

Early Registration Fee

USD 475
The early registration applies from 1 March through 31 May.
Register Today

Standard Registration Fee

USD 675
The standard registration fee applies from 1 June through 31 July.
Unavailable at this Time
*Residents of certain countries may be prohibited from participating.

Study Support

CFA Program

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

CFA Program

Exam Prep Providers

Get extra study support through our expert exam prep providers.

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CFA Program

LinkedIn Group

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

Join LinkedIn Community

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.

Enroll and Register
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