CIPM Level I

Level I consists of 100 multiple-choice questions delivered over three hours. Unlike Level II, which mixes scenario-based items with multiple choice, Level I is purely multiple choice. The exam emphasizes conceptual foundations of performance measurement, attribution, appraisal, and presentation, plus the GIPS standards, and is weighted more heavily toward performance measurement and attribution.

There are no entrance requirements for Level I, and no specific prerequisites for enrolling in the program, although candidates typically have some experience in investment performance measurement, analysis, or a related field. If you are a CFA charterholder or have passed CFA Level III, you can skip Level I and register directly for Level II.

CFA Institute reports that successful candidates study an average of 155 hours per exam. Because the program is self-paced, you can spread that across your own schedule, but plan for a consistent weekly block rather than a final cram. The Learning Ecosystem includes personalized study plans to help you structure the work.

CFA Institute publishes a 40% pass rate for Level I and 36% for Level II. Treat those as historical statistics that will be updated over time rather than fixed targets. The main difficulty is conceptual precision: candidates must apply measurement, attribution, and appraisal concepts correctly rather than simply recall definitions.

Both levels are offered in March and September, and exams are administered in approximately 400 local test centers across 80 countries. Results are available within 60 days of taking the exam. Level I and Level II are graded as pass or did not pass, and Level II candidates receive a score report only if they fail.

Retakes are possible because the exams run twice a year, in March and September. The source does not publish a specific retake policy, waiting period, or fee treatment for repeat attempts, so check the CIPM Program policies and dates and fees pages before you re-register. Plan your next attempt around the following sitting.

No. Level II builds on Level I and increases in complexity, so the natural order is Level I first, then Level II. The program can typically be completed within 18 months depending on your pace and other commitments. Attempting both in one sitting compresses 155 hours per level into a single study cycle.

Weak conceptual grounding is the usual culprit. Level I tests the foundations, so memorizing formulas without understanding how measurement, attribution, appraisal, and presentation fit together leaves you exposed on application questions. Candidates who skip practice questions and mock exams also misjudge their pacing across 100 questions in three hours.

The CIPM Program is priced from USD 675 per exam, with the dates and fees page carrying the details, including early registration rates and scheduling deadlines. Fees can change, so confirm the current amount when you register rather than relying on a figure you saw earlier.

You must become a regular member of CFA Institute to earn the CIPM designation, and you then maintain it through Mandatory Professional Learning of at least 15 credits each year. Passing Level II yields the performance management certification. The designation is a specialist credential in performance and risk evaluation rather than a broad investment qualification.