CIPM® Exam Results and Scoring Information
Pass/fail exam results are emailed to candidates within 60 days of the close of the exam window. At that time, detailed exam results are available online.
You will not be able to register for the next CIPM exam until your results have been released.
September 2019 Pass Rates
- Level I: 48%
- Level II: 51%
CIPM Exam Minimum Passing Score
The CIPM exams are compensatory; there is a minimum passing score (MPS) for the exams as a whole, but not for the individual topic areas reflected on each exam. After the completion of each exam window, candidates’ scores undergo thorough statistical analysis by the CIPM Association.
The CIPM Association sets the MPS for each exam. Pass rates are a result of, not a determinant of, the minimum passing score. Exam results are reported as either “pass” or “fail.” Numeric scores are not released to candidates.
Standard Setting for CIPM Exams
Standard setting is a rigorous, systematic process that is widely employed in professional credentialing programs. CFA Institute uses standard setting as an input into the minimum passing score (MPS) decision-making process for the CFA Program exams. The CIPM Program employs the Angoff standard-setting process, considered by test and measurement experts to be a reliable evaluation method for selected response exams.
The process involves assembling a panel of practitioners who are familiar with the knowledge, skills, and abilities required of competent practitioners in the field of investment performance valuation and presentation. Working under the direction of professional test and measurement specialists, the panelists go through an organized process to assess candidate performance. The MPS is determined after the completed questions have been subjected to thorough psychometric analysis and the standard setters have concluded their evaluation.