CIPM Level II
CIPM® Program (Certificate in Investment Performance Measurement) Level II
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ExploreAbout this exam
The Certificate in Investment Performance Measurement (CIPM®) is a two-level credential offered by CFA Institute for professionals who evaluate investment results, analyse risk, and select managers. It is aimed at investment performance analysts, investment consultants, portfolio managers, risk analysts and managers, compliance officers, financial advisers and planners, and managers of managers. The curriculum develops skills in performance evaluation, attribution, appraisal, manager search and selection, and reporting based on the Global Investment Performance Standards (GIPS®). Level II builds on Level I and increases in complexity; it also contains all of the manager search and selection content, with emphasis on performance appraisal and on applying the appropriate tools and inputs in more complex investment decision-making situations. The Level II exam is three hours long and contains 80 questions, delivered as scenarios and multiple-choice items; results are available within 60 days of taking the exam. There are no entrance requirements for Level I, but CFA charterholders and candidates who have passed CFA Level III may waive Level I and register directly for Level II. Preparation is self-study: the Learning Ecosystem provides the complete curriculum, practice questions, mock exams and a personalised study plan, and successful candidates report studying an average of 155 hours per exam. Exams are offered in March and September at approximately 400 test centres in 80 countries. Earning the designation also requires regular CFA Institute membership, and holders must complete at least 15 Mandatory Professional Learning credits each year.
What you'll study
About CIPM Level II preparation
What is the format of the CIPM Level II exam?
Level II is a three-hour exam containing 80 questions. The question format is scenarios and multiple-choice, so expect item sets built around a described situation rather than only standalone questions. Level I by contrast is 100 multiple-choice questions in three hours. Both levels are offered in March and September.
How difficult is Level II, and what is the pass rate?
Level II builds on Level I and increases in complexity, and it carries all of the manager search and selection content. CFA Institute reports a 36% pass rate for Level II against 40% for Level I. The exams are graded pass or did not pass, and Level II candidates receive a score report only if they fail.
How many hours should I plan to study?
CFA Institute states that successful candidates report studying an average of 155 hours per exam, and describes the credential as advanced level with 155 hours per level. Treat that as a planning baseline rather than a guarantee, and weight your time toward performance appraisal and manager selection, which are the emphasis of Level II.
Can I skip Level I?
Only if you already hold the CFA charter or have passed CFA Level III. CFA charterholders and CFA Program candidates who have passed Level III are eligible to waive CIPM Level I and register directly for CIPM Level II. Otherwise there are no entrance requirements for Level I, so you simply enrol by registering for that exam.
How long does the whole program take, and when do results arrive?
The program consists of two levels and can typically be completed within 18 months, depending on your pace of study and other commitments. Because exams run only in March and September, sequencing two levels around work and study matters. Results are available within 60 days of taking the exam.
What happens if I fail Level II?
The source material does not publish a retake policy or a limit on attempts, so confirm the current rules in the CIPM Program policies before you register. Level II candidates who do not pass receive a detailed score report, which you can use to target weak areas before sitting the exam again.
What should I study first?
Start with the Level I conceptual foundations of performance measurement, attribution, appraisal and presentation, plus the GIPS standards, because Level II assumes them. Then move to Level II performance appraisal and manager search and selection, where you apply tools and inputs to more complex investment decision-making situations.
What preparation tools are available?
The Learning Ecosystem is the primary platform: it holds the complete CIPM curriculum, practice questions, mock exams and personalised study plans, and is adaptive and mobile-friendly. CFA Institute also notes that third-party prep providers operate alongside its own study support and follow CFA Institute guidelines.
What does it cost, and what must I do after passing?
Exam fees start from USD 675 per exam; see the dates and fees page for early registration rates and deadlines. To earn the designation you must become a regular member of CFA Institute, and to maintain it you must complete at least 15 Mandatory Professional Learning credits each year.