CIPM Level 1 Curriculum Changes 2026: Everything You Need to Know

Kateryna Myrko
6 days ago
6 min read

The CFA Institute has released the updated curriculum for the Certificate in Investment Performance Measurement (CIPM) Level 1 exam in 2026, and candidates will be relieved to learn that changes are remarkably minimal compared to previous years. The CIPM Level 1 Curriculum Changes 2026 represent more of a refinement than a revolution, with only one new learning outcome added across the entire syllabus. For candidates preparing for CIPM Level 1, this stability means existing study materials remain largely relevant, though understanding the specific updates—particularly around GIPS composite construction—is essential for complete exam readiness.

Comprehensive Comparison of CIPM Level 1 Curriculum Changes 2026

Topic Area	2025 Topic Title	2026 Topic Title	Content Changes	Study Impact
Ethics	Ethical and Professional Standards	Ethical and Professional Standards	No changes to learning outcomes	Low - Use existing materials
Performance Evaluation & Returns	Performance Evaluation Measurement, Attribution, and Appraisal	Overview and Return Measurement	Title renamed only; all learning outcomes identical	Low - Title change only
Return Attribution	Return Attribution and Benchmark Analysis	Return Attribution and Benchmark Analysis	All learning outcomes match line-by-line	None - Completely unchanged
Risk Measurement	Risk Measurement, Risk Attribution, and Security Characteristics	Risk Measurement, Risk Attribution, and Security Characteristics	All learning outcomes match line-by-line	None - Completely unchanged
Performance Appraisal	Performance Appraisal	Performance Appraisal	All learning outcomes match line-by-line	None - Completely unchanged
GIPS Standards	Investment Performance Presentation	Investment Performance Presentation	One new learning outcome on composite construction rules	Medium - New content added

Understanding the Minimal Nature of Changes

The CIPM Level 1 Curriculum Changes 2026 are distinguished primarily by what hasn't changed rather than what has. The CFA Institute has maintained the core structure and content that has proven effective in developing investment performance professionals. This continuity reflects the relatively stable nature of performance measurement principles, where foundational concepts remain constant even as market conditions evolve. For candidates, this means the vast majority of 2025 study materials, practice questions, and preparation resources remain fully applicable to the 2026 exam.

The only substantive addition involves a single new learning outcome within the GIPS standards section, specifically addressing operational rules for composite construction. Beyond this targeted update, candidates will encounter identical learning outcomes across ethics, return calculation methodologies, attribution techniques, risk measurement approaches, and performance appraisal frameworks. This stability allows candidates to focus energy on mastering existing content rather than learning entirely new frameworks.

Ethics Standards: Complete Continuity for CIPM Level 1

The ethics component of CIPM Level 1 remains completely unchanged in the 2026 curriculum. Candidates will still study the same Code of Ethics and Standards of Professional Conduct that formed the foundation of previous exam cycles. This includes understanding professional responsibilities, conflicts of interest, fair dealing with clients, and the ethical obligations specific to investment performance measurement professionals. The learning outcomes covering ethical principles, professional standards, and application of the Code remain identical between 2025 and 2026.

For candidates preparing for CIPM Level 1, this continuity means any ethics materials from 2025 remain fully valid. Focus your preparation on understanding how to apply ethical principles in realistic performance measurement scenarios, as exam questions typically test judgment and application rather than simple memorization. The unchanged nature of ethics content allows you to leverage any previous preparation or professional experience without concern about outdated frameworks.

Performance Evaluation: Title Update Without Content Changes

One cosmetic adjustment in the CIPM Level 1 Curriculum Changes 2026 involves renaming the core

performance evaluation section from "Performance Evaluation Measurement, Attribution, and Appraisal" to "Overview and Return Measurement." This change reflects clearer organizational logic, as the new title better describes the introductory and foundational nature of this section. However, the actual learning outcomes remain identical, covering introduction to performance evaluation concepts, rate-of-return measurement methodologies, and data integrity principles.

Candidates will still study holding period returns, money-weighted versus time-weighted return calculations, compounding and annualization techniques, handling of external cash flows, unit value pricing, approximations to time-weighted rates of return, ensuring calculation consistency, and composite return computations. The data integrity content covering data quality standards, governance frameworks, handling data errors, corporate action adjustments, foreign exchange considerations, and performance restatements also remains completely unchanged. Study this material exactly as you would have for the 2025 exam, simply noting the updated section title for reference purposes.

The Single New Learning Outcome: GIPS Composite Construction

The only genuine new content in the CIPM Level 1 Curriculum Changes 2026 appears within the Investment Performance Presentation section covering GIPS standards. Specifically, a new learning outcome has been added that requires candidates to explain GIPS requirements for composite construction, focusing on three operational aspects: how portfolios may be switched between composites, the timing requirements for including new portfolios in composites, and the timing requirements for excluding terminated portfolios from composites.

This addition addresses a practical gap in the previous curriculum. While 2025 candidates learned about the purpose of composites, composite return calculations, and required elements of GIPS Composite Reports, the specific operational rules governing when and how portfolios move into and out of composites were not explicitly tested. The 2026 curriculum rectifies this by ensuring candidates understand these critical implementation details that affect composite integrity and GIPS compliance.

For CIPM Level 1 preparation, this means dedicating focused study time to understanding the mechanics of composite management. Study the specific GIPS provisions governing portfolio switches between composites, which typically relate to changes in investment mandate or strategy. Understand the timing rules requiring prompt inclusion of new discretionary portfolios that meet composite criteria. Learn the requirements for handling terminated portfolios, including whether performance through the termination date must be included and how this affects composite calculations. This operational knowledge complements the existing learning outcomes about composite purpose and return calculation methodologies.

Attribution, Risk, and Appraisal: Total Stability

The remaining major sections of the CIPM Level 1 curriculum show zero changes between 2025 and 2026. Return Attribution and Benchmark Analysis maintains identical learning outcomes covering Brinson attribution models, fixed-income attribution approaches, factor-based attribution, returns-based versus holdings-based versus transactions-based attribution methodologies, benchmark classification schemes, index construction approaches, peer universe comparisons, style indexes, specialized benchmarks for hedge funds and liability-driven investments, and benchmark misspecification issues.

Risk Measurement, Risk Attribution, and Security Characteristics continues with the same comprehensive coverage of risk classification frameworks, dispersion measures, beta calculations, downside risk metrics, maximum drawdown analysis, Value at Risk methodologies, stress testing and scenario analysis, various approaches to VaR estimation, equity and bond risk characteristics, risk attribution techniques, equity portfolio characteristic analysis, and factor versus fundamental risk models.

Performance Appraisal remains unchanged with learning outcomes covering the Sharpe ratio, M-squared measure, Treynor ratio, Jensen's alpha, information ratio, appraisal ratio, Sortino ratio, Calmar ratio, the fundamental law of active management, application of multifactor models in performance evaluation, and distinguishing skill from luck in risk-adjusted performance assessment. This complete stability across three major curriculum sections means candidates can confidently use any recent study materials without concern about outdated content.

Strategic Study Approach for CIPM Level 1

Given the minimal nature of the CIPM Level 1 Curriculum Changes 2026, candidates should adopt a study strategy focused on comprehensive mastery of existing content rather than chasing marginal updates. Begin with the major unchanged sections where you can build confidence through familiar material. Work systematically through return calculation methodologies, attribution techniques, risk measurement approaches, and performance appraisal frameworks using any quality study materials from recent years.

Allocate specific time to the new GIPS composite construction learning outcome, ensuring you understand the operational rules for portfolio switching, inclusion timing, and exclusion timing. This focused addition shouldn't require more than a few hours of dedicated study but could easily appear in exam questions given its newness to the curriculum. Practice applying these rules in realistic scenarios where portfolios change mandates, new accounts are opened, or existing relationships terminate.

Conclusion

The CIPM Level 1 Curriculum Changes 2026 demonstrate remarkable continuity, with only a single new learning outcome added to an otherwise unchanged syllabus. This stability reflects the enduring nature of investment performance measurement principles and allows candidates to prepare confidently using existing materials. The new GIPS composite construction content addresses an operational gap in composite management understanding, while all other areas from ethics through performance appraisal remain identical to previous years. Candidates who master the comprehensive existing curriculum and incorporate the targeted GIPS update will be thoroughly prepared for CIPM Level 1 success in 2026.