CIPM Pass Rates (Latest Results from 2025): What Level 1 vs Level 2 Numbers Imply for Your Study Strategy
- Kateryna Myrko
- Jan 21
- 4 min read
Understanding the CIPM pass rate trends is essential for candidates preparing for the Certificate in Investment Performance Measurement (CIPM) examinations. The latest official data from CFA Institute reveals important patterns that should inform your study approach and expectations. This comprehensive guide analyzes the most recent pass rates and provides actionable insights to help you succeed.
Latest Official CIPM Pass Rate Data (2025)
According to CFA Institute's official announcements, the most recent CIPM pass rates demonstrate the challenging nature of both examination levels:
March 2025 CIPM Pass Rate Results
Exam Level | Pass Rate | Number of Candidates |
Level I | 40% | 156 |
Level II | 36% | 157 |
September 2025 CIPM Pass Rate Results
Exam Level | Pass Rate |
Level I | 34% |
Level II | 52% |
These official figures published by CFA Institute reveal significant variation between testing windows and levels, providing crucial insights for candidate preparation strategies.
Historical CIPM Pass Rate Trends and Analysis
Examining historical data helps contextualize current performance benchmarks. Over recent years, the CIPM pass rate has fluctuated within specific ranges:
Level I Historical Range: Typically 30-42%Level II Historical Range: Typically 34-52%
The March 2024 administration showed similar patterns with a 30% Level I pass rate and 34% Level II pass rate, indicating consistency in examination difficulty. The September 2024 results demonstrated 35% for Level I and 52% for Level II, closely mirroring the September 2025 outcomes.
What the CIPM Pass Rate Gap Between Levels Reveals
The contrast between Level I and Level II pass rates provides valuable insights into the examination structure and candidate preparation:
Level I: Broader Foundation, Variable Performance
The Level I CIPM pass rate ranging from 34-40% in 2025 reflects the foundational challenge of mastering performance measurement, attribution, and GIPS standards. The lower pass rate at this level suggests that many candidates underestimate the depth of conceptual understanding required.
Key Level I Focus Areas:
Performance measurement fundamentals
Attribution analysis techniques
GIPS standards application
Ethical and professional standards
Level II: Advanced Application with Higher Variance
Level II demonstrates more volatility, with the CIPM pass rate swinging from 36% (March 2025) to 52% (September 2025). This suggests that candidate preparedness varies significantly based on the testing window and the complexity of case-based scenarios presented.
Key Level II Focus Areas:
Performance appraisal methodologies
Manager search and selection
Complex investment decision-making scenarios
Advanced GIPS applications
Strategic Study Recommendations Based on CIPM Pass Rate Data
For Level I Candidates
Given the 34-40% CIPM pass rate range, Level I candidates should:
1. Allocate Sufficient Study TimeCFA Institute reports that successful candidates study approximately 155 hours per level. Don't underestimate this recommendation—the pass rate data confirms that adequate preparation time is critical.
2. Master the Fundamentals ThoroughlyThe lower pass rates indicate that surface-level understanding isn't sufficient. Focus on:
Understanding the "why" behind formulas, not just memorization
Practicing calculation-based questions extensively
Comprehending GIPS principles at a conceptual level
3. Leverage Official ResourcesUse CFA Institute's Learning Ecosystem, which provides:
Complete curriculum materials
Personalized study plans
Practice questions aligned with exam format
For Level II Candidates
The wider CIPM pass rate variance (36-52%) suggests different strategies may be needed depending on your target window:
1. Understand the Case-Based FormatLevel II consists of 20 scenarios with 4 multiple-choice questions each. The format demands:
Strong reading comprehension skills
Ability to extract relevant information quickly
Application of concepts to real-world situations
2. Target September for Potentially Better OddsWhile not guaranteed, the September CIPM pass rate for Level II has historically trended higher (52% vs. 36% in 2025). Consider factors like:
Your personal schedule and preparation timeline
Professional commitments during each window
Time available for dedicated study
3. Practice Scenario AnalysisGiven the case-based structure, prioritize:
Working through mock exams under timed conditions
Analyzing performance appraisal case studies
Reviewing manager selection frameworks
Understanding the Minimum Passing Score (MPS)
The CIPM pass rate doesn't tell the complete story. CFA Institute uses a Minimum Passing Score (MPS) system that adjusts for exam difficulty through equating, ensuring fairness across administrations. Candidates now receive a scale score showing how their performance compares to the MPS.
What This Means for You:
You're competing against a standard, not other candidates
Exam difficulty variations are accounted for in scoring
Focus on mastering content rather than worrying about curve adjustments
Exam Results Timeline and What to Expect
Results are released within 5-6 weeks after the exam window closes, with email notification when scores are available. Level I candidates receive detailed topic-level performance feedback and a scale score, while Level II passing candidates receive only pass notification without detailed breakdowns.
Results Include:
Pass/fail decision
Topic-level performance indicators (Level I)
Overall scale score compared to MPS
Performance guidance for future attempts (if unsuccessful)
Conclusion
The CIPM pass rate data from 2025 underscores both the challenge and value of this specialized credential. Whether you're approaching Level I with its 34-40% pass rate or Level II with its 36-52% variance, success requires strategic preparation, adequate time investment, and comprehensive understanding of both theoretical foundations and practical applications.
By understanding these pass rate trends and their implications, you can develop a study strategy aligned with the examination's demands. Remember that while the CIPM pass rate provides context, your individual preparation and commitment ultimately determine your outcome. With the right approach, sufficient study time, and focus on mastering the curriculum rather than merely passing, you can join the select group of CIPM designation holders advancing the standards of investment performance measurement globally.
Unlock your potential with our comprehensive CIPM practice exams and study packages!
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