CIPM Syllabus and Exam Pattern 2020 – CFA Admission for Level I and II

CIPM Syllabus and Exam Pattern: Candidates who have registered for the CIPM program, should go through the syllabus and exam pattern of CIPM of CFA Institute. CIPM Program is mainly developed to gain advanced, globally relevant and Practice-based investment performance and risk evaluation skills. The CIPM will give a Deep knowledge about the Investment performance for the client and the firm’s success.


CIPM Entrance Exam 2020

To complete the CIPM, the candidate should successfully complete Level I and Level II. It is not an easy exam to clear. Level I and Level II exam are Computer-based and offered in English. It has been conducted subsequently in March and September.

Level I

Principle Exam
Level II

Expert Exam


CIPM Exam Pattern 2020

Candidates who have successfully completed the Level III CFA exam can bypass the Level l CIPM exam and register directly for the Level II CIPM exam.

CIPM Syllabus and Exam PatternLevel I – Principle

    1. Hours of Study: 135 Hours
    2. No. of Question: 100 Questions
    3. Type of Question: Multiple-choice questions
    4. Duration of Exam: 3 hours

Level II – Expert

    1. Hours of Study: 125 Hours
    2. No. of Question: 80 Questions
    3. Type of Question: Multiple-choice questions
    4. Duration of Exam: 3 hours
    5. Major Topics: 5 Areas
    6. Item Set: 20 Scenarios

The multiple-choice questions asked in the CIPM exam consists of 3 choices, like Option A, Option B, and Option C, the candidate need to choose the correct option from the 3. All questions are equally weighted and there is no penalty for an incorrect answer.

CIPM Syllabus / Curriculum Weight 

The Syllabus comprises to develop the candidate’s skills in effective investment performance and risk evaluation, manager selection, and investment reports grounded in accountability.


CIPM Level I (formerly Principle Level) – emphasizes the conceptual foundations of Ethical and Processional Standards, Overview and Return Measurement, Return Attribution and Benchmark Analysis, Risk Measurement, Risk Attribution, and Security Characteristics, Performance Appraisal, and Investment Performance Presentation as well as the GIPS standards. This level is weighted more heavily on performance measurement and attribution.

CIPM Level II (formerly Expert Level) – emphasizes Ethical and Processional Standards, Performance Measurement, Performance Attribution, Performance Appraisal, Manager Selection, and Investment Performance Presentation including the application of the appropriate tools and inputs in more complex investment decision-making situations.

CIPM Domain Weights by Levels

The curriculum of CIPM is based on the advanced knowledge of Investment and the competencies needed to succeed in the current financial climate. Some topics are combined for testing purposes.




Ethics and Professionalism



Performance Measurement






Performance Attribution



Performance Appraisal



Manager Selection






CIPM Program Study Support

The Learning Ecosystem has an online learning program with a collection of all the resources to prepare for CIPM exams. The objective for a study session and specific reading indicates the level of knowledge the candidates are gained from each lesson. The Learning system helps in

    • Unique Study Material
    • Full Curriculum
    • Highlights
    • Games
    • Flash Cards
    • Practice Questions
    • Mock Exams

Learning Ecosystem makes learning fun and rewarding. According to the registration, the information such as Level I and Level will be displayed in the learning system. The print version is also available in the candidate resources.

To know more details candidate can visit the CFA-CIPM official website –