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CIPM Exam Results and Scoring Information

Results for CIPM exams taken on the following dates are now available:

You will receive a result of "pass" or "fail" along with information on your topic level performance. (Candidates who pass Level II will not receive detailed results.) Candidates can use the CFA Institute exam performance guide to help them interpret their results report. CFA Institute will notify you when your official exam results are available. After candidates receive their CIPM exam results, they may register for the next exam. We encourage candidates who do not pass to use the exam result information to guide their studies and to re-take the exam at their earliest convenience. Candidates can take as much time as they need before registering for the next exam.

CIPM Exam Pass Rates

Below are the CIPM Program Level I–II exam pass rates for each of the most recent exams administered.

CIPM Level I Exam Pass Rate

  • March 2021 CFA Level I exam pass rate: 45%

CIPM Level II Exam Pass Rate

  • March 2021 CFA Level II exam pass rate: 43%

CIPM Exam Results Date

The results for the CIPM Level I and II exams are available within 60 days of the exam date.

Individual candidate results are released only to the candidate and are never released to a third party; however, lists of passing candidates are provided to societies for membership purposes.

Detailed exam scores and responses to exam questions are measurement information and part of a candidate's test record, both of which are owned solely by CFA Institute. This information is not given to candidates.

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.