CIPM Curriculum

The CIPM curriculum and exams reflect a practice analysis of current investment performance professionals who understand the knowledge, skills, and abilities needed to succeed in the current financial climate.

The curriculum (including the LOS) is available in a digital format to access online and to download (an optional print version is available for purchase). You will have immediate access to your CIPM curriculum eBook once your exam registration payment has been processed.

Competency-Based Curriculum

Performance Evaluation (70%)

  • Performance Measurement
    • Select, calculate, and interpret the appropriate return/risk measures.
    • Communicate the return/risk measures.
  • Performance Attribution
    • Select an appropriate performance/risk attribution methodology.
    • Select valid benchmarks for use in a performance attribution analysis.
    • Prepare and critique a performance/risk attribution analysis for an equity or fixed-income manager.
    • Communicate the results of the performance/risk attribution analysis.
  • Performance Appraisal
    • Select an appropriate performance appraisal methodology to evaluate investment management skill.
    • Prepare and critique a performance appraisal analysis.
    • Recommend the continuance or dismissal of an investment manager based on assessment of investment skill.
  • Manager Selection
    • Formulate manager selection criteria for a fund or investment strategy.
    • Identify and critique the use of various style analysis methodologies.
    • Recommend the hiring of an investment manager(s) based on selection criteria.

Ethical and Professional Standards (30%)

  • Investment Performance and Reporting Standards
    • Explain the purposes of the GIPS Standards — in a manner which facilitates the understanding of their relevance to the investment presentation process.
    • Prepare performance reports based on the GIPS standards — in a manner that fulfills the claim of compliance with the Standards.
    • Prepare investment performance reports — in a manner that fulfills the need for evaluating investment performance.
  • Ethics
    • Determine the professional standards of practice that apply to workplace activities and decisions with the purpose of ensuring that the investment professional and his/her firm act in the best interests of clients.
    • Recommend an ethical course of action when ethical issues arise in the investment performance workplace.