Top 7 FAQs About the CFA CIPM 2025 Exam — Expert Answers & Prep Strategies

Kateryna Myrko
2 hours ago
4 min read

The Certificate in Investment Performance Measurement (CIPM®) Program from CFA Institute offers two exam levels—Level I and Level II—each administered twice per year, in March and September. Designed for investment professionals seeking mastery in performance measurement, attribution, and the GIPS® standards, the CIPM designation requires rigorous study, disciplined preparation, and ongoing professional learning. Below, we address the top seven questions candidates have about the 2025 exam cycle, offering actionable insights and expert-backed tips to help you succeed.

1. When and how do I register for the March and September 2025 exams? FAQs About the CFA CIPM 2025 Exam

Both Level I and Level II exams are offered each March and September; exact dates and deadlines are published well in advance on the CFA Institute “Dates & Fees” page, and registration must be completed through the official CIPM program portal . There are no formal prerequisites for Level I beyond agreement to the Code of Ethics and Standards of Professional Conduct; Level II registration is open to CFA charterholders or those who have passed CFA Level III. When you register for your first CIPM exam (Level I), you’ll also incur a one-time enrollment fee; subsequent exams require only the registration fee. To avoid late fees and ensure seat availability, aim to register early—fees are lowest during the early-bird window and rise thereafter. FAQs About the CFA CIPM 2025 Exam

2. What is the format and structure of Level I and Level II?

Level I is a 3-hour, 100-question multiple-choice exam covering the fundamental concepts of performance measurement, attribution, performance appraisal, presentation, and the GIPS® standards.
Level II is also 3 hours but consists of 80 questions arranged in 20 item-set scenarios, each followed by four multiple-choice questions that test application of advanced appraisal, manager selection, and reporting techniques. Both exams are computer-based, delivered in one continuous session, and results are available within 60 days of testing .

3. How difficult is the exam and what are the pass rates?

CIPM exams are known for their rigor. In the March 2025 administration, the Level I pass rate was 40 percent, while Level II saw 36 percent of candidates earn a passing score.

These rates conform with historical averages, which have ranged from 30–34 percent in recent cycles (e.g., March 2024 saw 30 percent for Level I and 34 percent for Level II). After each exam, the Board of Governors sets the Minimum Passing Score (MPS) through a standardized process that ensures consistency across administrations.

4. What are the fees and payment details?

Exam fees start at USD 575 per exam when registering early, excluding local taxes and any optional materials.
A USD 25 rescheduling fee applies if you change your appointment after scheduling.
Scholarship recipients can reduce the exam fee to USD 300 for a single level, though they remain responsible for any taxes and optional print materials (priced separately).Payments can be made by credit card or invoice, and scholarships are awarded on a rolling basis—check eligibility and apply early to secure the discounted rate.

5. What core topics are tested and how are they weighted?

The CIPM curriculum spans six domains, each carrying a specific weight:

Domain	Level I Weight	Level II Weight
Ethics & Professionalism	15 %	15 %
Performance Measurement	35 %	5–10 %
Performance Attribution Analysis	25 %	15–20 %
Performance Evaluation & Appraisal	10 %	15–20 %
Portfolio Performance Presentation	15 %	10–15 %
Manager Selection	N/A	30 %

These weights reflect the Program’s emphasis on foundational measurement and attribution at Level I, then advanced appraisal, reporting, and manager selection at Level II.

6. What resources and study strategies maximize success?

CIPM Learning Ecosystem (LES): The LES delivers adaptive study plans, topic quizzes, flashcards, and timed mock exams that mirror the actual exam environment.
Quick-Start Guides: Download Level I and Level II guides for a concise roadmap to core concepts; Level II guides also detail the 20 scenario-item sets and offer item-set strategies.
Third-Party Prep Providers: Leverage CFA Institute-approved courses for live instruction, question banks, and peer discussion forums. Aim for 150–200 study hours per level, schedule regular full-length mock exams under timed conditions, and use LES analytics to hone in on weaker domains. Form or join study groups for accountability and concept reinforcement.

7. What comes after passing Level II?

Upon clearing Level II, candidates become eligible to join CFA Institute as regular members, at which point they are awarded the CIPM designation. To maintain the charter, holders must complete 15 Mandatory Professional Learning (MPL) credits each year—these credits can be earned through webinars, conferences, articles, and other qualifying activities listed in the MPL Guidebook. Ongoing membership grants access to the latest GIPS updates, networking events, and exclusive career resources.

Navigating the CFA CIPM exams requires careful planning, disciplined study, and strategic use of official and third-party resources. By understanding registration logistics, exam format, core content weights, and professional requirements, you’ll be positioned to achieve the CIPM designation and advance your career in investment performance measurement.

Good luck with your 2025 exams!

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