CIPM® Certification: Eligibility, Pass Rate, Cost & Exam Structure (2025 Edition)
- Kateryna Myrko
- Jun 25
- 6 min read
The Certificate in Investment Performance Measurement (CIPM®) is a prestigious credential offered by the CFA Institute that validates expertise in investment performance evaluation, attribution, and appraisal. As demand grows for professionals who can accurately measure and report investment results, the CIPM® designation has become a powerful differentiator in the asset management industry. This 2025 edition guide delves into everything you need to know—eligibility requirements, historical and current pass rates, detailed cost breakdowns, and a complete overview of the Level I and Level II exam structures. Whether you’re just starting your CIPM® journey or seeking to streamline your preparation, this article arms you with the insights, timelines, and best practices to maximize your chances of success.
Table of Contents CIPM® Certification: Eligibility, Pass Rate, Cost & Exam Structure (2025 Edition
Why Pursue the CIPM® Certification?
In an era where data-driven decision-making and transparent reporting are paramount, having an industry-recognized performance measurement credential offers several advantages:
Enhanced Credibility: Demonstrates mastery of Global Investment Performance Standards (GIPS®), performance attribution, and appraisal methodologies.
Career Advancement: Opens doors to roles in performance analysis, client reporting, and senior portfolio management teams.
Networking Opportunities: Connects you with a global alumni base of investment performance professionals.
Competitive Edge: Distinguishes you among peers when vying for roles in asset management, consulting, and wealth advisory.
By achieving CIPM® certification, you signal to employers and clients that you possess the technical expertise and ethical foundation to deliver accurate, transparent performance insights.
2025 Eligibility Criteria
1. Level I Open Registration
No Formal Prerequisites: Anyone can register for Level I—no degree, work experience, or prior certification is required. CIPM® Certification: Eligibility, Pass Rate, Cost & Exam Structure (2025 Edition
Ethics Agreement: All candidates must pledge to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct upon registration.
Language Requirement: Exams are administered exclusively in English; proficiency in reading and understanding complex financial terminology is essential.
Passport Requirement: A valid international travel passport is mandatory for exam center admission.
2. Direct Entry to Level II
CFA Charterholders & CFA Level III Candidates: Individuals who hold the CFA charter or have passed the CFA Level III exam may waive Level I and register directly for Level II.
Professional Conduct Review: Direct-entry candidates are also subject to the CFA Institute’s Professional Conduct admission criteria, ensuring ongoing adherence to ethical standards.
3. Attempt Limits & Retakes
Six-Attempt Limit: Candidates may attempt each level up to six times. A partially completed exam counts as one attempt.
No Lifetime Cap: While there’s no time-based expiration, the six-attempt cap underscores the importance of serious preparation for each sitting.
Pass Rate Analysis: Benchmarks & Trends
Understanding historical pass rates helps set realistic expectations and underscores the rigor of the CIPM® curriculum.
Exam Level | March 2025 Pass Rate | Five-Year Average |
Level I | 40% | ~42% |
Level II | 36% | ~38% |
Level I (40%): Reflects the challenge of foundational subjects—performance measurement, attribution, and GIPS®.
Level II (36%): Demonstrates the complexity of advanced appraisal techniques and manager selection case studies.
Trend Insights:Pass rates have oscillated between 35% and 50% over the past decade. The current sub-40% rates indicate that targeted, structured study—especially on quantitative topics and item-set practice—is crucial to outperforming the average candidate.
Cost Breakdown & Budgeting
Effective exam budgeting helps avoid last-minute surprises. Below is the complete cost profile for each level:
Exam Registration Fees
Early Registration: USD 575
Standard Registration: USD 775
Tip: Register during the early window to save 25% on fee costs.
Rescheduling & Cancellation
Rescheduling Fee: USD 25 (within confirmed window)
Cancellation Policy: No refunds after the registration deadline; a 50% credit toward a future window applies if you cancel before the deadline.
Enrollment & Curriculum Materials
Program Enrollment: No separate one-time fee—covered by exam registration.
Optional Print Curriculum: USD 110 ± shipping/taxes for printed textbooks (digital materials are included).
Taxes & Local Surcharges
Local Taxes: Vary by region; displayed at payment checkout.
Prometric Fees: None beyond CFA Institute charges.
Total Estimated Budget per Level:
Early: USD 575 + taxes
Standard: USD 775 + taxes
With Print Materials: + USD 110
Exam Structure & Content Outline
Level I: Performance Measurement & Attribution
Format: 100 multiple-choice questions
Duration: 3 hours (no scheduled breaks)
Weightings:
Performance Measurement Concepts (25%)
GIPS® & Standards (20%)
Performance Attribution (20%)
Presentation & Appraisal Fundamentals (15%)
Ethics & Professional Standards (20%)
Key Focus Areas:
Time-weighted vs. money-weighted rates of return
GIPS® compliance, verification, and reporting
Brinson attribution and factor-based attribution
Basic performance appraisal metrics (e.g., Sharpe ratio, information ratio)
Level II: Performance Appraisal & Manager Selection
Format: 20 item-sets × 4 multiple-choice questions (80 total)
Duration: 3 hours
Weightings:
Advanced Appraisal Techniques (30%)
Manager Search & Selection (30%)
Related Tools & Applications (20%)
Ethics & Case Studies (20%)
Key Focus Areas:
Multi-period performance attribution and fixed-income attribution
Risk-adjusted return metrics in practice
Construction of manager search criteria and RFP processes
Scenario analysis and case-based ethics applications
Scoring & Results
Pass/Fail Grading: No numeric score; performance is compared against a minimum passing score (MPS) set by exam committees.
Result Release: Within 60 days via the CFA Institute website. Candidates receive a detailed breakdown of topic-area strengths and weaknesses.
Registration, Scheduling & Policies
Enrollment Process:
Create or log in to your CFA Institute account.
Choose exam level, window, and region.
Complete ethics acknowledgment and passport verification.
Submit payment before deadlines.
Exam Windows (2025):
March Window: Registration closes late January; exams mid-March.
September Window: Registration closes late July; exams mid-September.
Prometric Centers: Available in 160 + countries. Early scheduling is recommended to secure preferred locations and times.
Calculator Policy: Only the Texas Instruments BA II Plus (including Professional) and the Hewlett Packard 12C (including Platinum) models are permitted.
Academic Misconduct & Irregularities: Strict enforcement of CFA Institute’s rules; violations can lead to exam disqualification or revocation of designation.
Preparation Strategies & Study Plan
Recommended Study Hours
Average: ~155 hours per level
High-Performers: 200+ hours, especially for quantitative and item-set practice
Six-Month Study Roadmap
Phase | Duration | Activities |
Foundation | 6 weeks | Read curriculum, build concept summaries |
Drill & Practice | 8 weeks | Topic-based question banks, end-of-chapter quizzes |
Mock Exam Cycles | 6 weeks | Full-length timed exams; review weak areas |
Final Review & Ethics | 4 weeks | Flashcards, ethics case studies, formula memorization |
Top Prep Resources
Official CFA Institute Learning Ecosystem: Digital curriculum, question bank, and mock exams.
Third-Party Prep Providers: Schewser-style videos for quantitative topics; guided workshops for ethics.
Study Groups & Forums: Peer-to-peer discussion on topic nuances and tricky item sets.
Flashcards & Formula Sheets: Daily drills to reinforce key formulas and definitions.
Time-Management Drills: Practice pacing to ensure you can answer 30+ questions per hour under timed conditions.
Frequently Asked Questions (FAQ)
Q1: Can I take both levels in the same exam window?
A1: No. You must complete Level I before sitting Level II, unless you qualify for direct Level II entry via CFA charterholder status.
Q2: How long does it take to receive the CIPM® certificate after passing?
A2: After passing both levels and completing the work experience requirement, you may apply for the designation. Issuance typically occurs within 4–6 weeks.
Q3: Is there an experience requirement?
A3: Yes. Two years of professional experience in investment performance, attribution, appraisal, or related fields is required to earn the CIPM® charter.
Q4: How often are exams offered?
A4: Twice a year—in March and September.
Conclusion & Next Steps
Achieving the CIPM® Certification in 2025 can be a transformative milestone in your investment career. By understanding the eligibility requirements, anticipating the exam costs, benchmarking against pass rate trends, and mastering the exam structure, you position yourself for success.
Register Early: Lock in lower fees and your preferred exam date.
Craft a Study Plan: Allocate 150+ hours, focusing on ethics and quantitative modules.
Utilize Official Resources: Leverage the CFA Institute Learning Ecosystem’s question banks and mock exams.
Join a Community: Engage in study groups and forums for peer support.
Track Your Progress: Regularly assess strengths and weaknesses, adjusting your plan accordingly.
With disciplined preparation and strategic planning, you’ll not only navigate the rigors of the CIPM® exams but also emerge as a recognized expert in investment performance measurement. Good luck on your journey to becoming a CIPM® charterholder in 2025!
Boost your chances of success in the CIPM Program with the right preparation—explore our exclusive study materials and resources to excel in your certification journey!
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