CIPM® Program
Program overview
Distinguish yourself as a leading professional in the field of investment performance measurement. The Certificate in Investment Performance Measurement (CIPM®) leverages the expertise of CFA Institute, a respected global leader in investment education, ethics, and standards. By developing your skills for performance evaluation and manager analysis, you’ll gain the trust of clients, colleagues, and the wider finance community.
Earn the leading designation for performance evaluation
Gain the skills for effective investment performance (return and risk) evaluation, manager selection, and investment reporting – based on the Global Investment Performance Standards (GIPS®) standards.
The CIPM Program builds your knowledge across several key areas of performance measurement. You’ll need to complete both levels to achieve the CIPM designation (CFA® Charterholders and candidates who have successfully completed the final level of the CFA® Program can register directly for Level II of the CIPM Program.)
Why earn the CIPM designation?
Mark of distinction
Stand out with advanced portfolio evaluation, and manager search and selection skills.
Exam exemptions
Use your charterholder status to enter and complete the CIPM Program directly at Level II.
Continuing education
Demonstrate your commitment to maintaining globally relevant and practice-based investment performance and risk evaluation skills.
Global gateway
Be recognized by investment management professionals and institutions around the world who respect CFA Institute credentialing programs.
Deep insights
Add a deeper level of understanding to performance results, risk analysis, and reporting.
Build stronger client relationships
Gain the trust of clients through an expert understanding and explanation of performance results.
For a summary of the CIPM Program’s key benefits and structure, download the CIPM Program factsheet.
How to earn and maintain the CIPM designation
The following steps detail how to earn your CIPM designation and maintain your status with ongoing professional learning opportunities:
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Enroll in the CIPM Program by registering for the Level I exam
There are no entrance requirements for Level I. If you're a CFA Charterholder or have successfully completed the Level III CFA exam, you can register directly for Level II.
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Complete Level I and Level II exams
CIPM exams are offered in March and September.
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Become a regular member of CFA Institute
You need to be a regular member of the CFA Institute to earn the CIPM designation. Learn more about applying for membership.
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Maintain your Mandatory Professional Learning (MPL)
As a CIPM designation holder, you need to complete at least 15 credits each year to maintain your designation.
Who should enroll
The Certificate in Investment Performance Measurement is particularly beneficial if you work in one of the following roles:
- Investment Performance Analyst
- Investment Consultant
- Portfolio Manager
- Risk Analysts / Managers
- Compliance Officer
- Financial Adviser / Planner
- Manager of managers
Study tools to support your learning
The Learning Ecosystem is our comprehensive digital learning platform, available when you register for the CIPM Program. Adaptive and mobile-friendly, it lets you learn at your own pace, when and where it’s convenient for you.
Through the Learning Ecosystem, you’ll access the official program curriculum as well as study tools like personalized study plans, mock exams, flashcards, and more.
Testimonials from CIPM designation holders
The CIPM Program provides a great learning experience, allowing you to continue your education and stay on top of everything that's changing in the industry. I highly recommend taking the CIPM exam.
Earning the CIPM designation has really influenced the direction of my career. I would recommend anybody who is considering it to take the program. In addition to being a great credential for just building your resume and experience, the information in the curriculum is very valuable.
The CIPM designation can lead to so many different opportunities, whether it is in investment management, or other private credit or private investment designations. It gives you a broad breadth of the market and the underlying metrics involved in investments.
When a position opened in the performance group, I applied and once accepted, started my performance measurement journey. I was strongly encouraged to undertake the CIPM designation, and over a decade later, it continues to yield significant benefits.
Career paths and benefits
Trust, transparency, and analytical expertise are essential if today’s markets are to function at their best. As a result, if you can master evaluating performance and risk, finding actionable insights from investment decisions, and communicating performance effectively, you will be in high demand.
Investment industry career paths
Which roles do CIPM holders typically have?
Performance Analyst
Investment Analyst
Portfolio Manager
Risk / Analyst Manager
Business Analyst
Accountant / Auditor
Which sectors do CIPM holders typically work in?
Asset management
Investment management
Consulting
Private wealth management
Investment banking
Commercial banking
IT
Insurance
Curriculum
Earn an advanced specialty designation developed by the leaders in investment education. To make sure you study the most pertinent topics in our industry today, we consult with experts when developing the CIPM curriculum, because when you equip yourself with the skills needed in the current financial environment, you’re setting yourself up for success.
Building your skills over time
The CIPM Program consists of two levels. Level II of the curriculum builds on Level I and increases in complexity. Level II is also where you will study manager search and selection content.
Level I: Performance measurement and attribution
Emphasizes the conceptual foundations of performance measurement, attribution, appraisal, and presentation, as well as the GIPS standards.
Level II: Performance appraisal and manager selection
Looks at the application of appropriate tools and inputs in more complex investment decision-making situations.
Curriculum topics
There are six main topics that you’ll study across Level I and Level II of the CIPM Program. We collaborate with investment management professionals to ensure the CIPM curriculum is relevant to current industry practice, so you can start applying your knowledge straight away.
What does the CIPM curriculum contain?
The curriculum for each level includes:
- Topic-level learning objectives. These indicate the depth of knowledge you are expected to have in each major topic area at a particular level
- Learning Outcome Statements (LOS). These are objectives for study sessions and/or specific readings that indicate the level of knowledge you are expected to gain from each lesson
- Custom readings. There will help you efficiently master the topics
All exam questions relate to content from that level’s curriculum. Each exam question is explicitly based on one or more LOS.
Start learning today by viewing our study sessions.
Study smarter with personalized learning tools
To help keep your studies on track, we offer lots of different ways to engage with the CIPM curriculum. So you can learn in a way that suits you and fits with your schedule.
Learning Ecosystem
The Learning Ecosystem (LES) is a digital learning tool to help you study for the Certificate in Investment Performance Measurement more effectively by:
- Personalizing your learning experience
- Improving your knowledge retention
- Making the curriculum more engaging
- Giving you convenient access to materials
The entire curriculum is on demand, on any device. In addition, you can access personalized study plans, flashcards, a candidate discussion board and more.
Preview the Learning Ecosystem
Take a closer look at the Learning Ecosystem and see how it can help you stay focused, engaged, and on track while you work towards your CIPM designation.
Mock exams
Prepare yourself for exam day by taking a CIPM mock exam. Mimicking the experience on the day, the mock is timed and structured like the real exam. You’ll be tested on the same topic areas and difficulty level as the actual exam via questions based on the current curriculum.
Exam Preparation Providers
In addition to the study support provided by CFA Institute, you can benefit from extra exam prep courses and materials from third party providers. CFA Institute Prep Providers agree to follow our guidelines and standards in what they offer and how they communicate with you.
See how the CIPM Program has benefitted previous candidates
Hear stories from students who have completed the CIPM Program.
Exam fees & calendar
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 them.
Please note that CFA Institute reserves the right to close registration early.
Select exam criteria
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Exam Registration Fee:
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One-time Enrollment Fee:
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Fees displayed do not include local taxes. If we need to collect such taxes, they will be added during the payment process. Please refer to our Tax Policy for more information.
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.
*Residents of certain countries may be prohibited from participating. See our OFAC Policy.
Exam rescheduling fee
A USD 25 rescheduling fee will apply if you need to reschedule your exam appointment.
In-person exams
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 above for your desired exam window.
Scholarships
CIPM scholarships help more people develop the skills needed for effective investment performance evaluation and manager selection, therefore raising standards globally. Learn more about scholarships below and find the one that's right for you. Scholarships are awarded on a rolling basis.
Policies
Our policies and procedures protect the integrity of the CIPM Program, ensuring the exam process is fair for all candidates. It is your responsibility to read and understand all policies set forth by CFA Institute. When you register as a candidate, you must agree to abide by the policies listed here (please note that they are updated from time to time).
Registration criteria and requirements
To become a CIPM candidate, you must enroll in the CIPM Program and register for the Level I exam*. All the following requirements must be met for you to enroll:
*If you are a CFA charterholder or candidate who has successfully completed the Level III CFA exam, you can register directly for Level II CIPM.
CFA Institute requires that every CIPM candidate has a valid international travel passport. If you do not have a passport, you will not be able to sit for your exams.
CIPM exams are only offered in English. Exams require English proficiency for reading comprehension and formulating answers to complex financial scenarios.
We expect all CIPM candidates to follow our Code of Ethics and Standards of Professional Conduct (Code and Standards). To show that you will do this, you must complete a Professional Conduct Statement.
There are some locations that CFA Institute cannot work in – please review the OFAC Policy to check if there are any sanctions on your country.
The CIPM Program is not yet offered globally. We are working to expand the certificate into additional markets. At this time, for example, we are not able to test candidates based in Mainland China. We are working with local regulators to obtain approval to test candidates in the region. Once approval is obtained, we will update this notice.
Access CIPM policies and procedures
We want you to be informed when you become a candidate in the CIPM Program. Here are the policies that you will need to know.
These are the instructions you must follow in order to take your CIPM exams. You are responsible for scheduling your appointment with Prometric (our online exam platform) at least nine days before your exam window closes.
Find out the two calculator models that are authorized for use during CIPM exams.
The Code of Ethics and Standards of Professional Conduct (Code and Standards) are the ethical benchmark for investment professionals around the globe. As a CIPM candidate, you are required to follow the Code and Standards.
Learn what items are permitted in the testing room.
Learn what criteria qualifies you for a refund and Deferral Policy for the CIPM exam.
Exam disability accommodations
We're committed to offering the CIPM exams in a manner and location accessible to people with disabilities and in compliance with legal regulations. Legal regulations apply if you have a significant impairment that limits your ability to sit for the exam.
We don't guarantee that requests for special testing accommodations will be granted, regardless of whether you have previously received special testing accommodations.
CIPM® Program
- Credential - 2 levels / 2 exams
- Advanced level
- 155 hours per level
- Self-paced online learning
- Learning materials included
Frequently asked questions
There are no specific prerequisites for enrolling in the CIPM Program, although candidates typically have some experience in investment performance measurement, analysis, or a related field.
Earning the CIPM designation helps professionals gain advanced knowledge in performance attribution, GIPS® Standards, and risk management, improving career prospects and credibility in the investment industry.
The CIPM Program consists of two levels and can typically be completed within 18 months, depending on the candidate's pace of study and other commitments.
From studying through to exam day and beyond, we have a variety of resources to help you successfully complete the CIPM Program. Visit CIPM Program candidate resources to learn more.
Explore CIPM Program
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