CIPM Level 2 Pass Rates: Why the Exam Is Difficult and How to Prepare
- Kateryna Myrko
- Aug 28
- 6 min read
The Certificate in Investment Performance Measurement (CIPM®) Level 2 exam continues to challenge candidates worldwide, with March 2025 recording a 36% pass rate – significantly lower than many other professional finance certifications. This comprehensive guide examines the latest 2025-2026 pass rate data, explores why the exam remains so challenging, and provides actionable strategies for success.
Current CIPM Level 2 Pass Rates: 2025-2026 Data
March 2025 Results
Of 157 candidates who sat for the Level II CIPM examination in March, 36 percent have passed, marking one of the more selective outcomes in recent years. This data from CFA Institute reveals the exam's continued rigor and the high standards expected of performance measurement professionals.
Historical Context and Trends
As of the most recent exam cycles, CIPM Level II pass rates typically range from 45% to 55%, depending on the session. For instance, the September 2024 session had a Level II pass rate of 52%. The March 2025 result of 36% represents a notable decrease from this historical range, suggesting either increased exam difficulty or changes in candidate preparation levels.
Comparison with Other Sessions
While specific September 2025 results are pending, historical data shows seasonal variations in pass rates. The March exam cycle often presents unique challenges due to its timing and the candidate pool composition.
Why CIPM Level 2 Is Particularly Challenging
Advanced Curriculum Complexity
Level II of the CIPM Program curriculum builds on Level I and increases in complexity. Level II also contains all manager search and selection content. The exam requires candidates to demonstrate mastery across multiple sophisticated areas:
Performance Attribution Analysis: Advanced techniques for decomposing portfolio returns and identifying sources of performance variance require both theoretical understanding and practical application skills.
Manager Selection and Due Diligence: Comprehensive evaluation frameworks for investment managers, including quantitative and qualitative assessment methodologies.
GIPS Standards Implementation: Deep knowledge of Global Investment Performance Standards with practical application in various scenarios and organizational contexts.
Risk Management Integration: Advanced risk measurement and reporting techniques that integrate seamlessly with performance evaluation processes.
Scenario-Based Assessment Format
Unlike Level 1's focus on foundational concepts, Level II: Features 80 multiple-choice questions, but these are scenario-based, challenging candidates to apply their knowledge in real-world contexts within a 3-hour timeframe. This format demands:
Critical thinking under time pressure
Application of multiple concepts simultaneously
Real-world problem-solving capabilities
Integration of ethical considerations with technical analysis
Professional Experience Requirements
The exam's difficulty is compounded by its practical orientation. Those who succeed often engage with the full breadth of the curriculum, use mock exams effectively, and develop a deep understanding of attribution, appraisal, and ethical practices.
Factors Contributing to Low Pass Rates
Specialized Knowledge Domain
CIPM is an intensely focused course with rigorous study material that concentrates on broad topics like performance measurement, attribution, and appraisal. The specialization requires:
Deep expertise in performance measurement methodologies
Understanding of complex attribution models
Mastery of industry-specific software and calculations
Knowledge of regulatory and compliance frameworks
Limited Candidate Pool
As of 2023, according to the CFA, there are 2,600+ CIPM certificate holders, reflecting the program's specialized nature. This smaller candidate base often consists of experienced professionals with high expectations, making the competition more intense.
Time Constraints and Study Requirements
Successful candidates report studying an average of 155 hours per exam. However, the practical application focus means that passive reading is insufficient – candidates must engage in:
Extensive practice with real-world scenarios
Hands-on experience with performance attribution software
Mock exam completion under timed conditions
Integration of theoretical concepts with practical applications
Strategic Preparation Guide for 2025-2026
Understanding the Updated Curriculum Structure
The CIPM program utilizes the Learning Ecosystem (LES), a digital learning tool where you can access the complete CIPM Program curriculum, as well as personalized study plans.
Recommended Study Timeline
6 Months Before Exam:
Complete curriculum overview and create personalized study schedule
Begin foundational readings in performance measurement theory
Establish regular study routine of 20-25 hours per month
4 Months Before Exam:
Focus on advanced attribution methodologies
Practice scenario-based questions weekly
Join study groups or professional forums for peer learning
2 Months Before Exam:
Intensive mock exam practice
Review weak areas identified in practice tests
Complete all official CFA Institute practice materials
Final Month:
Daily practice questions and scenario reviews
Final curriculum review focusing on integration
Stress management and exam day preparation
Key Study Resources and Materials
Official Resources:
CFA Institute Learning Ecosystem with personalized study plans
Official mock examinations and practice questions
CIPM Program curriculum readings and case studies
Supplementary Materials: Exam prep courses and materials are available alongside study support provided by CFA Institute. Prep providers follow CFA Institute guidelines, so the high standard of learning is maintained.
Focus Areas for Maximum Impact
High-Weight Topics:
Performance Attribution: Master both arithmetic and geometric attribution methods
Manager Search and Selection: Understand comprehensive due diligence frameworks
GIPS Standards: Focus on practical implementation scenarios
Risk-Adjusted Performance Measures: Advanced metrics and their applications
Application-Focused Practice:
Work through complex multi-period attribution calculations
Practice GIPS compliance scenarios with various organizational structures
Develop proficiency in manager evaluation frameworks
Master time-weighted and money-weighted return calculations
Exam Day Strategies
Time Management:
80 multiple-choice questions...within a 3-hour timeframe requires approximately 2.25 minutes per question
Allocate time for reviewing complex scenarios and calculations
Practice timed mock exams to develop pacing strategies
Technical Approach:
Read scenarios carefully and identify key information
Use elimination strategies for complex multiple-choice questions
Show all work for calculation-based problems
Review answers systematically if time permits
Post-Exam: Understanding Results and Next Steps
Result Interpretation
You will receive a result of "pass" or "fail" along with information on your topic level performance and an overall scale score which allows you to compare how well you performed against the Minimum Passing Score. (Candidates who pass Level II will not receive detailed results.)
For Successful Candidates
Upon passing Level 2, candidates must complete several requirements to earn the CIPM designation:
Professional Experience: Candidates must demonstrate at least two years of professional experience in a role related to investment performance measurement, performance appraisal, or related fields.
CFA Institute Membership: Regular membership is required to receive the CIPM designation.
For Unsuccessful Candidates
For those who did not pass the 2025 Level II exam, the outcome can be disappointing, but it is not the end of the road. Many successful charterholders needed multiple attempts to pass this final stage.
Improvement Strategies:
Analyze Your Topic-Level Feedback: Identify patterns in underperformance. Was it attribution, GIPS application, or ethics that caused difficulty?
Adjust study methods based on performance analysis
Consider additional practice resources or study groups
Leverage CFA Institute Resources: Use official mock exams, curriculum readings, and any updated candidate bulletins to strengthen your preparation
Career Impact and Industry Recognition
Professional Value
Achieving the CIMP designation sets you apart in the investment profession. It signals to employers and clients that you possess specialized expertise in investment performance measurement and reporting, and that you adhere to high ethical standards in your work.
Market Demand
As regulatory environments become more stringent and clients demand greater transparency, professionals with validated skills in performance attribution and GIPS compliance will increasingly be in demand.
Career Opportunities
The CIPM designation opens doors to specialized roles in:
Investment performance analysis
Risk management and reporting
Investment consultant services
Asset management operations
GIPS verification and compliance
Upcoming Exam Windows and Registration
2025-2026 Schedule
Both levels of the CIMP exam are offered each March and September, providing two opportunities annually for candidates to attempt the exam.
Registration and Fees
First-time registration for either Level I or Level II is $975, with early registration discounts available for advance planning.
The CIPM Level 2 exam's 36% pass rate in March 2025 underscores its reputation as one of the more challenging professional finance certifications. Success requires dedicated preparation, practical application of complex concepts, and strategic time management. While the exam is difficult, the specialized knowledge and professional recognition it provides make it a valuable investment for performance measurement professionals.
The key to success lies in understanding the exam's practical orientation, dedicating sufficient study time with focus on application rather than memorization, and utilizing all available official resources. With proper preparation and realistic expectations about the time commitment required, candidates can improve their chances of joining the select group of CIPM Level 2 pass recipients.
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!