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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 155 hours per exam. CIPM exams are administered in approximately 400 local test centers in 80 countries.

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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 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.

Select Exam Criteria

2022 September CIPM Exams
Exam Registration and Scheduling Opens: 1 March 2022
September 2022Level I
2022 September CIPM Exams
Exam Registration and Scheduling Opens: 1 March 2022
September 2022Level II

  • Exam Registration Opens

    1 March 2022Level I

  • Exam Registration Opens

    1 March 2022Level II

  • Exam Scheduling Opens

    1 March 2022Level I

  • Exam Scheduling Opens

    1 March 2022Level II

  • Exam Results Available

    Mid-May 2022Level I

  • Exam Results Available

    Mid-May 2022Level II

  • Early Registration Deadline

    31 May 2022Level I

  • Early Registration Deadline

    31 May 2022Level II

  • Pay by Invoice Deadline

    16 June 2022Level I

  • Pay by Invoice Deadline

    16 June 2022Level II

  • Exam Registration Closes

    31 July 2022Level I

  • Exam Registration Closes

    31 July 2022Level II

  • Exam Window Opens

    16 September 2022Level I

  • Exam Window Opens

    16 September 2022Level II

  • Exam Scheduling Closes

    22 September 2022Level I

  • Exam Scheduling Closes

    22 September 2022Level II

  • Exam Window Closes

    30 September 2022Level I

  • Exam Window Closes

    30 September 2022Level II

  • Exam Results Available

    Mid-November 2022Level I

  • Exam Results Available

    Mid-November 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.

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 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 475
The early registration period applies from 1 March through 31 May.
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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

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.

Find a Prep Provider

CFA Program

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

Prepare for 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.

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