CIPM Level II 2025 Results: What They Mean and How to Earn the Credential
- Kateryna Myrko
- Apr 8
- 5 min read
The Certificate in Investment Performance Measurement (CIPM®) program, administered by the CFA Institute, is recognized worldwide for its focus on performance evaluation and ethical reporting standards. For candidates who sat for the CIPM Level II exam in 2025, the results represent not only the conclusion of a demanding exam cycle but also the potential beginning of a new chapter as a credentialed investment performance professional.
This article breaks down what your Level II result means, how to interpret the information provided, and what steps to take next to formally earn the CIPM designation.
Interpreting the CIPM Level II Result
The CIPM Level II result, like Level I, is issued as either "pass" or "fail", but the structure of the feedback differs slightly between the two levels. In particular, candidates who pass Level II do not receive a detailed performance breakdown across topics. This is in line with the CFA Institute’s standard practices for final-level exams in credentialing programs.
For those who do not pass, the CFA Institute provides a topic-level performance analysis, showing how the candidate performed in each subject area relative to the minimum passing score (MPS). This feedback is critical for understanding which topics require further attention if the exam is to be retaken.
The key curriculum areas assessed in Level II include:
Ethics and Professional Standards
Performance Attribution (with a strong focus on fixed income and multi-period attribution)
Risk-adjusted Performance Appraisal
Manager Selection and Monitoring
GIPS Standards (Advanced Applications)
Candidates should understand that Level II emphasizes application and critical thinking. It is designed to test whether candidates can apply performance concepts in real-world contexts, making it more integrative and analytical than Level I.
The Role of the Minimum Passing Score (MPS)
The minimum passing score is determined independently for each exam session and is not disclosed publicly. It is set using a rigorous psychometric process that considers exam difficulty and candidate performance. The MPS ensures that all candidates are measured against a consistent, fair standard that reflects competence in the profession.
While the MPS is not available, candidates can infer relative performance based on the performance bands (for those who did not pass) and official communications from the CFA Institute.
It is essential to note that the pass/fail decision is final and not subject to appeals. Candidates who do not pass are encouraged to use the topic-level analysis as a roadmap for future success.
CIPM Level II Pass Rates and What They Reflect
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%, reflecting a moderately selective outcome aligned with the exam’s difficulty.
While CIPM is less widely taken than the CFA Program, its rigor should not be underestimated. The exam requires not only a mastery of performance evaluation techniques but also the ability to apply them to nuanced and practical situations, often under time pressure.
The pass rate also reflects the level of preparation candidates bring to the exam. 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.
What Passing Level II Means: You're Almost There
Passing CIPM Level II is a significant professional accomplishment. It means you’ve successfully demonstrated competence in the theoretical and practical application of investment performance evaluation, and you are now eligible to apply for the CIPM designation.
However, passing the exam is only one part of the process. To officially earn the credential, you must also meet the following requirements: CIPM Level II 2025 Results , CIPM Level 2
1. Work Experience Requirement
Candidates must demonstrate at least two years of professional experience in a role related to investment performance measurement, performance appraisal, or related fields. This can include work in asset management, wealth management, consulting, investment operations, or risk analysis—provided the responsibilities align with the core principles of the CIPM curriculum.
CFA Institute provides a detailed description of acceptable job roles and tasks that qualify. Be prepared to describe your role and responsibilities in your membership application, as these are reviewed for eligibility.
2. Membership Requirements CIPM Level II 2025 Results , CIPM Level 2
To be awarded the CIPM designation, candidates must:
Submit a membership application to CFA Institute
Provide professional references (typically one to two, depending on experience)
Agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct
Once the application is approved and all requirements are met, the CIPM credential is officially granted.
If You Did Not Pass: Constructive Next Steps
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.
Here’s how to approach a retake strategically:
Analyze Your Topic-Level Feedback: Identify patterns in underperformance. Was it attribution, GIPS application, or ethics that caused difficulty? Use the report to prioritize your focus.
Adjust Your Study Plan: Re-evaluate your materials and methods. Did you complete enough practice exams? Did you focus too heavily on memorization rather than application?
Leverage CFA Institute Resources: Use official mock exams, curriculum readings, and any updated candidate bulletins to strengthen your preparation.
Consider a Study Group or Prep Course: Peer discussion often clarifies complex attribution models or GIPS applications, which are common pain points.
The next exam window gives you an opportunity to reapproach the exam with new insight and a refined strategy.
Why the CIPM Credential Matters
Achieving the CIPM 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.
The designation is particularly valuable for:
Performance analysts
Risk managers
Portfolio evaluators
Consultants in institutional investment settings
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.
Final Thoughts
The release of CIPM Level II 2025 results marks a key turning point. For those who passed, the journey to credentialing is nearly complete—but it is important to promptly complete the remaining steps to secure the designation. For those who did not pass, this is an opportunity to regroup, analyze, and return stronger.
Regardless of your result, your engagement with the CIPM program demonstrates a commitment to excellence in an area that is foundational to investor trust and transparency. As investment management continues to evolve, professionals who can credibly analyze, present, and communicate performance will be among the most valuable in the industry.
Stay focused, maintain momentum, and continue building on what you’ve learned—because whether you're applying for the designation or preparing for a retake, you’re on a path toward measurable impact in your field.
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