CIPM Exam Overview | CIPM Program

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class="section-placeholder-text"> <h2 class="section-placeholder-title h1">Exam Overview</h2> <div class="section-placeholder-description"><p>The CIPM® Program uses a self-study model that can be tailored to fit your schedule. The program has two levels; exams for both are offered in March and September. Successful candidates report studying an average of 155 hours per exam. CIPM exams are administered in approximately 400 local test centers in 80 countries.</p> <p><a href="https://www.cfainstitute.org/en/programs/cipm/register" class="button">Enroll and Register</a></p></div> <div class="section-placeholder-buttons"> </div> </div> <picture class="section-placeholder-image"> <img src="/-/media/images/hero/Two-Column-Hero-Standard/Exam-Overview_Hero_800x450.jpg" alt="man and woman looking at computer"> </picture> </section> <article class="grid-container full-width"> <section> <div id="GDPR-modal" class="cfa-modal" aria-hidden="true" role="dialog"> <div class="cfa-modal-dialog">  <div class="modal-content"> <h5 class="modal-title alt" tabindex="0">Privacy Settings</h5> <div class="modal-body"> <p><strong>Functional cookies</strong>, which are necessary for basic site functionality like keeping you logged in, are <strong>always enabled</strong>.</p> <form> <p> <label for="analytics" class="indent-label"> <input id="analytics" class="indent-checkbox" type="checkbox" /> <strong>Allow analytics tracking.</strong> Analytics help us understand how the site is used, and which pages are the most popular. Read the <a href="/en/about/governance/policies/privacy-policy">Privacy Policy</a> to learn how this information is used. </label> </p> </form> </div> <div class="modal-footer"> <button id="privacySave">Save Settings</button> </div> </div> <button id="closePrivacyModal" class="modal-close click-to-close cfaicon-x"> <span class="screen-reader-only">Close Modal</span> </button> </div> </div> </section> <section class="grid-container "> <h2 class="section-title h1">Exams That Evolve in Complexity</h2> <div class="section-content">  <div>As you pursue your investment performance evaluation certification, it’s important to understand the different exam levels. Level II of the curriculum builds on Level I and increases in complexity. Level II also contains all manager search and selection content. The chart below explains the differences between each exam so you can prepare accordingly.</div>  <div class="full-width comparison-table"> <table> <thead> <tr> <th scope="col"></th> <th scope="col">Level I</th> <th scope="col">Level II</th> </tr> </thead> <tbody> <tr> <th scope="row">Exam Structure</th> <td>100 questions</td> <td>80 questions</td> </tr> <tr> <th scope="row">Exam Length</th> <td>3 hours</td> <td>3 hours</td> </tr> <tr> <th scope="row">Question Format</th> <td>Multiple-choice</td> <td>Scenarios and multiple-choice</td> </tr> <tr> <th scope="row">Results Availability</th> <td>Within 60 days of taking the exam</td> <td>Within 60 days of taking the exam</td> </tr> <tr> <th scope="row">Focus</th> <td>The Level I exam emphasizes the conceptual foundations of performance measurement, attribution, appraisal, and presentation, as well as the GIPS standards. This level is weighted more heavily on performance measurement and attribution.</td> <td>The Level II exam emphasizes performance appraisal and manager selection, including application of the appropriate tools and inputs in more complex investment decision-making situations.</td> </tr> <tr> <th scope="row">Pass Rate</th> <td>42%</td> <td>44%</td> </tr> <tr> <th scope="row">Resources</th> <td><a href="/-/media/documents/support/programs/cipm/CIPM-Quick-Start-Guide_Level1_2023.pdf"> </a><a href="/-/media/documents/support/programs/cipm/CIPM-Quick-Start-Guide_Level1_2023.pdf">Level I Quick Start Guide</a></td> <td><a href="/-/media/documents/support/programs/cipm/CIPM-Quick-Start-Guide_Level2_2023.pdf"> Level II Quick Start Guide</a></td> </tr> </tbody> </table> </div> </div> </section> <section class="grid-container "> <h2 class="section-title h1">Exam Breakdown CIPM I and II</h2> <div class="section-content">  <div><table> <tbody> <tr> <td><b> Exam Page</b></td> <td><b>Exam Page<span> </span>Time Allotted on Screen</b> </td> </tr> <tr> <td>Section: Candidate Confirmation Details</td> <td>1 minute</td> </tr> <tr> <td>Section: Non-Disclosure Agreement</td> <td>2 minutes</td> </tr> <tr> <td>Section: Introduction & Tutorial</td> <td>16 minutes</td> </tr> <tr> <td>Section (1 of 3): Exam Content </td> <td>180 minutes</td> </tr> <tr> <td>Section (1 of 3): Exam Content </td> <td>1 minute</td> </tr> <tr> <td>Section (3 of 3): Survey Section</td> <td>9 minutes</td> </tr> <tr> <td>Section: Finish<br></td> <td>1 minute</td> </tr> </tbody> </table> <br></div>  </div> </section> <section class="grid-container "> <h2 class="section-title h1">Keep Track of Important Exam Dates</h2> <div class="section-content">  <div><p><a id="CalendarAnchorLink"></a>Both levels of the CIPM exam are offered each March and September. Use the calendar below to view upcoming exams and other important dates leading up to the exam. <em>CFA Institute reserves the right to prematurely close registration and scheduling dates as conditions warrant.</em></p></div>   <div class="exam-calendar full-width"> <form class="exam-filter" style="" autocomplete="off"> <h3 class="exam-filter-title">Select Exam Criteria</h3> <div id="exam-level-dropdown" class="form-group exam-level"> <label class="control-label" for="exam-level-dropdown">Exam Level</label> <select class="form-control exam-level-select" aria-describedby="control-label"> <option value="Level-I" selected>Level I</option> <option value="Level-II" >Level II</option> </select> </div> <div id="exam-period-dropdown" class="form-group exam-period"> <label class="control-label" for="exam-period-dropdown">Exam Period</label> <select class="form-control exam-period-select" aria-describedby="control-label"> <option value="March-2025" >March 2025</option> </select> </div> </form> <section class="exam-section">  <div class="promo-date" data-level="Level-I" data-period="March-2025"> <div class="h2 promo-date-title">2025 March CIPM Exam Dates</div> <div class="promo-date-description"> 16-31 March 2025 </div> <div class="promo-date-info"><span class="promo-date-info-date"><i class="cfaicon-calendar"></i>March 2025</span><span class="promo-date-info-level"><i class="cfaicon-certificate"></i>Level I</span></div> </div> <div class="promo-date" data-level="Level-II" data-period="March-2025"> <div class="h2 promo-date-title">2025 March CIPM Exam Dates</div> <div class="promo-date-description"> 16-31 March 2025 </div> <div class="promo-date-info"><span class="promo-date-info-date"><i class="cfaicon-calendar"></i>March 2025</span><span class="promo-date-info-level"><i class="cfaicon-certificate"></i>Level II</span></div> </div>   <ul class="other-dates"> <li class="other-dates-item" data-level="Level-I" data-period="March-2025" data-icon="ticket"> <p class="other-dates-item-description"> Registration and Scheduling Opens </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>01 September 2024</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level I</span></p> </li> <li class="other-dates-item" data-level="Level-II" data-period="March-2025" data-icon="ticket"> <p class="other-dates-item-description"> Registration and Scheduling Opens </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>01 September 2024</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level II</span></p> </li> <li class="other-dates-item" data-level="Level-I" data-period="March-2025" data-icon="alarm-clock"> <p class="other-dates-item-description"> Early Registration Deadline </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>30 November 2024</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level I</span></p> </li> <li class="other-dates-item" data-level="Level-II" data-period="March-2025" data-icon="alarm-clock"> <p class="other-dates-item-description"> Early Registration Deadline </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>30 November 2024</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level II</span></p> </li> <li class="other-dates-item" data-level="Level-I" data-period="March-2025" data-icon="alarm-clock"> <p class="other-dates-item-description"> Deadline to register with invoice payment option </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>30 November 2024</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level I</span></p> </li> <li class="other-dates-item" data-level="Level-II" data-period="March-2025" data-icon="alarm-clock"> <p class="other-dates-item-description"> Deadline to register with invoice payment option </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>30 November 2024</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level II</span></p> </li> <li class="other-dates-item" data-level="Level-II" data-period="March-2025" data-icon="alarm-clock"> <p class="other-dates-item-description"> Registration Closes </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>31 January 2025</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level II</span></p> </li> <li class="other-dates-item" data-level="Level-I" data-period="March-2025" data-icon="alarm-clock"> <p class="other-dates-item-description"> Registration Closes </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>31 January 2025</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level I</span></p> </li> <li class="other-dates-item" data-level="Level-II" data-period="March-2025" data-icon="star"> <p class="other-dates-item-description"> Exam Window Opens </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>16 March 2025</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level II</span></p> </li> <li class="other-dates-item" data-level="Level-I" data-period="March-2025" data-icon="star"> <p class="other-dates-item-description"> Exam Window Opens </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>16 March 2025</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level I</span></p> </li> <li class="other-dates-item" data-level="Level-II" data-period="March-2025" data-icon="star"> <p class="other-dates-item-description"> Scheduling Deadline: </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>23 March 2025</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level II</span></p> </li> <li class="other-dates-item" data-level="Level-I" data-period="March-2025" data-icon="star"> <p class="other-dates-item-description"> Scheduling Deadline: </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>23 March 2025</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level I</span></p> </li> <li class="other-dates-item" data-level="Level-II" data-period="March-2025" data-icon="star"> <p class="other-dates-item-description"> Scheduling Deadline: </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>23 March 2025</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level II</span></p> </li> <li class="other-dates-item" data-level="Level-I" data-period="March-2025" data-icon="star"> <p class="other-dates-item-description"> Exam Window Closes </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>31 March 2025</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level I</span></p> </li> <li class="other-dates-item" data-level="Level-II" data-period="March-2025" data-icon="star"> <p class="other-dates-item-description"> Exam Window Closes </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>31 March 2025</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level II</span></p> </li> <li class="other-dates-item" data-level="Level-I" data-period="March-2025" data-icon="clipboard"> <p class="other-dates-item-description"> Exam Results Available </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>Early May 2025</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level I</span></p> </li> <li class="other-dates-item" data-level="Level-II" data-period="March-2025" data-icon="clipboard"> <p class="other-dates-item-description"> Exam Results Available </p> <p class="other-dates-item-summary"><span class="other-dates-item-summary-date"><i class="cfaicon-calendar"></i>Early May 2025</span><span class="other-dates-item-summary-level"><i class="cfaicon-certificate"></i>Level II</span></p> </li> </ul>  <div class="preview-list"></div> </section> </div>  </div> </section> <section class="grid-container section-nn "> <h2 class="section-title h1">Exams Offered Internationally</h2> <div class="section-content">  <div><p>The CIPM exams are offered at many Prometric test centers around the world. After you register, you can schedule your own exam appointment ̶ through your CFA Institute account ̶ at your preferred test center. To find availability, select the start and end date for your desired exam window.</p></div>  <div> <a href="https://proscheduler.prometric.com/?prg=cipm&path=seatavail" class="button" >Find a Test Center</a> </div> </div> </section> <section class="grid-container "> <h2 class="section-title h1">Program Fees</h2> <div class="section-content">  <div><p><a id="ExamFeesAnchor"></a>When you register for your first CIPM exam, you will be enrolled in the program. The cost of the exam depends on when you register. There are no entrance requirements*, but during the registration process, you must agree to the CFA Institute <a href="/-/media/documents/code/code-ethics-standards/code-of-ethics-standards-professional-conduct.pdf">Code of Ethics and Standards of Professional Conduct</a>.</p> <p>All fees shown are net of any local Value-Added Tax (VAT), Goods and Services Tax (GST), Sales Tax or any similar  tax payable by the candidate in their country of residence. Where CFA Institute is required to collect such taxes at the local statutory rate, this will be added to the fees shown during the payment/checkout process.</p> <p>For information about taxability related to online purchases from CFA Institute, please visit our <a href="https://www.cfainstitute.org/about/governance/policies/tax-policy">Tax Policy</a> page.</p></div>  <div class="tab-group full-width"> <form class="tab-group-tabs-form"> <label class="control-label" for="tab-group-tabs-dropdown">CIPM Exam Cycles</label> <div id="tab-group-tabs-dropdown" class="form-group"> <select class="form-control tab-group-tabs-form-select" aria-describedby="select-list-control-label"> <option value="#8104420d24de472fa1cfdb36e987f42e">March 2025</option> </select> </div> </form> <ul class="tab-group-tabs"> <li class="tab-group-tabs-item-title active"> <a data-toggle="tab" href="#8104420d24de472fa1cfdb36e987f42e">March 2025</a> </li> </ul> <div class="tab-content tab-group-content"> <noscript> <style> .tab-content > .tab-pane { display: block; opacity: 1; } </style> </noscript> <section id="8104420d24de472fa1cfdb36e987f42e" class="tab-pane fade in active"> <div class="fees-container full-width"> <div class="fees-registration"> <div class="fees-header "> <p>Early Registration Fee</p> <span class="fees-currency">USD</span> <span class="fees-cost">575</span> </div> <div class="fees-body"> The early registration period applies from 1 September through 30 November </div> <button disabled class="button fees-button disabled">Unavailable at this Time</button> </div> <div class="fees-registration"> <div class="fees-header "> <p>Standard Registration Fee </p> <span class="fees-currency">USD</span> <span class="fees-cost">775</span> </div> <div class="fees-body"> The standard registration period applies from 1 December through 31 January.  </div> <button disabled class="button fees-button disabled">Unavailable at this Time</button> </div> </div> </section> </div> </div>  <div>*<a href="/en/about/governance/policies/ofac-compliance-policy">Residents of certain countries</a> may be prohibited from participating.</div>  </div> </section> <section class="grid-container "> <h2 class="section-title h1">CIPM Exam Study Support</h2> <div class="section-content"> <div class="branded-cards full-width"> <div class="branded-card"> <picture class="branded-card-image-container"> <img src="/-/media/images/hero/branded-image/CFA_Program_BrandedImage_PrepareExams_1.jpg" alt="CFA Program " /> </picture> <h3 class="branded-card-title h4">Learning Ecosystem</h3> <p class="branded-card-short-description"> Access an online learning program with the complete curriculum, custom lessons, personalized study plans, a mock exam and more. </p> <p class="branded-card-general-link"> <a href="/en/programs/learning-ecosystem" class="int-nav" >Learn More About the LES</a> </p> </div> <div class="branded-card"> <picture class="branded-card-image-container"> <img src="/-/media/images/hero/branded-image/CFA_Program_BrandedImage_PrepareExams_2.jpg" alt="CFA Program " /> </picture> <h3 class="branded-card-title h4">Exam Prep Providers</h3> <p class="branded-card-short-description"> Get extra study support through our expert exam prep providers. </p> <p class="branded-card-general-link"> <a href="/en/programs/cipm/exam/prep-providers" class="int-nav" >Find a Prep Provider</a> </p> </div> <div class="branded-card"> <picture class="branded-card-image-container"> <img src="/-/media/images/hero/branded-image/CFA_Program_BrandedImage_PrepareExams_3.jpg" alt="CFA Program " /> </picture> <h3 class="branded-card-title h4">LinkedIn Group</h3> <p class="branded-card-short-description"> Connect with CIPM candidates and designation holders with the CIPM LinkedIn group. </p> <p class="branded-card-general-link"> <a href="https://www.linkedin.com/groups/134765/" class="int-nav" >Join LinkedIn Community</a> </p> </div> </div> </div> </section> <section class="grid-container section-pb section-right"> <h2 class="section-title h1">Understanding Your Results</h2> <div class="section-content">  <div><p>CIPM exams are graded as either “pass” or “did not pass,” along with detailed performance feedback. Candidates who pass Level II receive their performance management certification. Check out the link below for information on pass rates, how to track your performance, and more details on how we evaluate exams.</p></div>  <p> <a href="/en/programs/cipm/exam/understanding-your-result" class="int-nav" >Understand Exam Grading</a> </p> </div> <div class="section-asset"> <figure class="image-figure"> <picture> <source srcset="/-/media/images/image-item/CFA_Program_Images/CFA_Program_Feature_PrepareExams.jpg" media="(max-width: 991px)" alt="Prepare for Exams"> <img src="/-/media/images/image-item/CFA_Program_Images/CFA_Program_Feature_PrepareExams.jpg" alt="Prepare for Exams"> </picture> </figure> </div> </section> <section class="grid-container section-nn section-right"> <h2 class="section-title h1">Advance Your Career</h2> <div class="section-content">  <div><p>Earn the CIPM designation to deepen your knowledge and increase your professional value. First time registrants must enroll in the CIPM Program. Click on the link below, create an account, and gain access to everything you need to prepare for the CIPM exam.</p></div>  <div> <a href="/en/programs/cipm/register" class="button" >Enroll and Register</a> </div>  <div>The CIPM Program is not yet offered globally. We are working to expand the certificate into additional markets. At this time, for example, we are not able to test candidates on mainland China. We are working with local regulators to obtain approval to test candidates in the region. Once approval is obtained, we will update this notice.  Please review the complete list of <a href="https://proscheduler.prometric.com/scheduling/searchAvailability">test center locations</a> before registering.</div>  </div> <div class="section-asset"> <figure class="image-figure"> <picture> <source srcset="/-/media/images/image-item/CIPM-Program_Footer_510418.jpg" media="(max-width: 991px)" alt="businessman walking on sidewalk"> <img src="/-/media/images/image-item/CIPM-Program_Footer_510418.jpg" alt="businessman walking on sidewalk"> </picture> </figure> </div> </section> </article> </main>   <div class="sharing-card" style="top: 39vh;"> <a href="https://www.facebook.com/sharer/sharer.php?u=https://old.cfainstitute.org/en/programs/cipm/exam&t=Exam Overview" class="fb-link" title="Share on Facebook" target="_blank"> <span class="sr-only">Share on Facebook</span> </a> <a href="http://service.weibo.com/share/share.php?url=https://old.cfainstitute.org/en/programs/cipm/exam&appkey=PUTAPPKEYHERE&title=Exam Overview&language=zh_cn" class="sn-link" title="Share on Weibo" target="_blank"> <span class="sr-only">Share on Weibo</span> </a> <a href="https://twitter.com/intent/tweet?url=https://old.cfainstitute.org/en/programs/cipm/exam&text=Exam Overview" class="t-link" title="Share on Twitter" target="_blank"> <span class="sr-only">Share on Twitter</span> </a> <a href="http://www.linkedin.com/shareArticle?mini=true&url=https://old.cfainstitute.org/en/programs/cipm/exam&title=Exam Overview" class="li-link" title="Share on LinkedIn" target="_blank"> <span class="sr-only">Share on LinkedIn</span> </a> </div>    <footer> <div class="site-footer flex-placeholder"> <ul class="list-inline footer-links"> <li> <a href="https://profile.cfainstitute.org/ContactUs" >Contact Us</a> </li> <li> <a href="/en/ethics-standards/conduct/report-misconduct" title="Report Misconduct" >Report Misconduct</a> </li> <li> <a href="https://www.cfainstitute.org/about/careers" title="Posted Careers" >Careers at CFA Institute</a> </li> <li> <a href="/en/utility/accessibility" >Accessibility</a> </li> <li> <a href="/en/about/governance/policies/privacy-policy" title="Privacy Policy" >Privacy Policy</a> </li> <li> <a href="/en/about/governance/policies/terms-conditions" title="Terms and Conditions" >Terms & Conditions</a> </li> <li> <a href="/en/utility/sitemap" title="Sitemap" >Sitemap</a> </li> <li class="copyright">© 2025 CFA Institute. 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