CIPM Level 1 Exam Questions 2026: Format, Types, and Sample Questions
- Kateryna Myrko
- Nov 22
- 4 min read
If you are targeting CIPM Level 1 Exam Questions 2026, you need a precise understanding of how the questions are built, how they map to the curriculum, and what “exam-style” actually looks like in practice. Guessing the format is a waste of time; the structure is clearly defined and stable.
1. CIPM Level 1 Exam Questions 2026 – Core Format
For 2026, the CIPM Level 1 exam keeps the same fundamental architecture:
Exam length: 3 hours in one continuous session
Number of questions: 100
Question format: stand-alone multiple-choice, no vignettes
Answer options: 3 choices per question (A, B, C)
Scoring: all questions equally weighted, machine-graded
Each CIPM Level 1 exam question is written directly from one or more Learning Outcome Statements (LOS), and the item-writing team is explicitly instructed that candidates must be able to answer every question using the official curriculum alone. Every distractor is meant to represent a realistic mistake in logic or calculation, not a random number.
In other words, CIPM Level 1 Exam Questions 2026 test whether you can do exactly what the LOS say – no more, no less.
2. Topic weights and what they imply for question distribution
CIPM Level 1 domain weights for 2026:
Ethics and Professionalism – 15%
Performance Measurement – 35%
Performance Attribution Analysis – 25%
Performance Evaluation and Appraisal – 10%
Portfolio Performance Presentation – 15%
Translate that into question counts:
Ethics: ~15 questions
Performance Measurement: ~35 questions
Attribution: ~25 questions
Evaluation/Appraisal: ~10 questions
Performance Presentation: ~15 questions
That is what “heavily weighted toward performance measurement and attribution” actually means: most of your CIPM Level 1 Exam Questions 2026 will be about measuring, decomposing, and fairly presenting performance. If you are weak in those areas, your odds fall fast.
3. Types of CIPM Level 1 Exam Questions 2026 by topic
Ethics and Professionalism (15%)
Typical question style:
Short scenario about a performance analyst, portfolio manager, or firm
One focused issue: misrepresentation, incomplete disclosure, cherry-picking, misuse of composites, front-running performance, etc.
Task: identify whether conduct is acceptable, and if not, which principle or standard is being breached or what the correct action should be.
Expect judgment questions more than brute memorization of labels.
Performance Measurement (35%)
Here is where the math shows up:
Basic and advanced return calculations:
Holding period returns, money-weighted and time-weighted returns
Geometric linking of sub-period returns
Gross vs net returns; before/after fees
Issues like cash flows, valuation timing, and benchmark alignment
Conceptual questions about appropriate return measures in different client contexts
Most questions are one or two calculations deep, wrapped in a short stem.
Performance Attribution Analysis (25%)
Focus:
Brinson-style allocation, selection, and interaction effects for equities
Basic fixed-income attribution concepts (e.g., curve, spread, selection)
Interpreting attribution tables and explaining what drove the active return
Many items avoid heavy arithmetic and instead test whether you can interpret signs and magnitudes correctly.
Performance Evaluation and Appraisal (10%)
Themes:
Distinguishing skill from luck
Risk-adjusted measures: Sharpe ratio, information ratio, tracking error, alpha
Time horizon and sampling error
Interpreting whether performance is statistically reliable
Questions often combine a ratio figure with a conceptual twist (“Is this difference significant?”, “Is this consistent with genuine skill?”).
Portfolio Performance Presentation (15%)
Here is where GIPS-style thinking and fair representation show:
Requirements vs recommendations for presentations
Composite construction principles
Required disclosures and error-correction practices
What can and cannot appear in client reports and marketing materials
Expect a mix of conceptual and scenario-based questions, often without heavy math.
4. Sample CIPM Level 1–style questions for 2026 (original examples)
5. How to prepare specifically for CIPM Level 1 Exam Questions 2026
If you want to be comfortable with CIPM Level 1 Exam Questions 2026, stop reading passively and start preparing in the format you will be tested in:
Work directly from the LOS.Every question is anchored in LOS command words like “calculate”, “describe”, “distinguish”, “analyze”. Build your notes around those verbs and test yourself accordingly.
Practice 3-choice MCQs extensively.Use official question banks and mock exams as your primary reference to internalize the style of distractors and the level of precision expected.
Match practice volume to topic weights. At least half of your question volume should be in Performance Measurement + Attribution, with Ethics and Presentation in continuous rotation.
Train for speed and accuracy together.100 questions in 3 hours means you have about 1.8 minutes per question. Practice under timed conditions until you can move through medium-difficulty items without hesitation.
Post-mortem every mistake.When you miss an item, classify the error: formula gap, conceptual misunderstanding, reading sloppiness, or time pressure. Fix the specific weakness instead of just memorizing the correct option.
If you do that consistently, CIPM Level 1 Exam Questions 2026 stop being a black box. They become a predictable sampling of clearly defined LOS, wrapped in a standardized, three-choice multiple-choice format that you have already seen hundreds of times in practice.
Unlock your potential with our comprehensive CIPM practice exams and study packages!
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