CIPM Explained: CFA Institute's Certificate in Investment Performance Measurement

The Certificate in Investment Performance Measurement (CIPM), awarded by CFA Institute, is a more specialised and considerably less well-known credential than its sibling the CFA charter, focused specifically on how investment performance is measured, evaluated and reported rather than on broader portfolio management or valuation.

Two exam levels

CIPM is built from two levels, each assessed by its own exam, offered twice a year in March and September. Each level represents roughly 155 hours of study, and most candidates complete the full certificate within about 18 months, though pace naturally varies depending on individual circumstances and how much study time a candidate can commit alongside work.

A fast-track for CFA candidates

CFA Institute offers a genuinely useful shortcut for candidates who already hold the CFA charter or have completed Level III of the CFA Program: they can skip CIPM Level I entirely and go straight to Level II. This reflects how much technical overlap exists between the CFA curriculum's performance-related content and CIPM's foundational material, letting charterholders avoid duplicating study they have effectively already completed.

What the curriculum covers

CIPM's content is built around the Global Investment Performance Standards (GIPS), the internationally recognised framework for calculating and presenting investment performance. Topics span performance attribution, the GIPS Standards themselves, and risk management as it relates to evaluating investment results, giving CIPM holders genuine technical depth in an area that broader qualifications like the CFA charter or an MBA typically only touch on briefly.

Who CIPM is designed for

The certificate is aimed squarely at investment performance analysts, investment consultants, portfolio managers, risk analysts and managers, compliance officers, financial advisers and planners, and professionals in manager-of-managers roles — essentially anyone whose job depends on correctly measuring, verifying or explaining how an investment strategy has actually performed, rather than making the investment decisions themselves.

Ongoing membership requirements

Earning the CIPM designation requires becoming a regular member of CFA Institute and maintaining at least 15 continuing education credits annually, mirroring the ongoing professional development expectations that come with the CFA charter itself rather than treating CIPM as a one-off exam-based credential.

How CIPM compares to related credentials

CIPM sits in an interesting position relative to other specialised investment credentials: unlike the CMT designation, which focuses on technical, chart-based market analysis, CIPM focuses specifically on measuring and reporting performance after investment decisions have already been made, making the two genuinely complementary rather than competing specialisms within the broader investment management profession, alongside the core ACCA qualification many finance professionals in this space also hold.

Why performance measurement is its own specialism

Investment performance measurement might sound like a narrow technical niche, but it sits at the centre of how asset managers prove their track record to clients, regulators and consultants, and errors or inconsistencies in performance reporting can carry serious reputational and regulatory consequences for a firm. This is part of why CIPM has carved out a genuine specialist niche distinct from the broader CFA curriculum, which touches on performance measurement only briefly compared with CIPM's dedicated, GIPS-based depth.

Asset managers and institutional investors increasingly look for CIPM-qualified staff specifically within performance and reporting teams, treating the designation as a clear signal of GIPS competency during hiring for these specialised roles.

Because GIPS compliance itself is voluntary but increasingly expected by institutional clients and consultants, firms that adopt the standards often specifically recruit or train staff toward CIPM certification to ensure their performance reporting genuinely meets the standard they claim to follow.

Given how specialised the CIPM curriculum is, candidates without a strong performance measurement or reporting background sometimes find Level I more demanding than they initially expect, since it assumes comfort with statistical and quantitative concepts even at the foundational stage.

CFA Institute periodically updates the CIPM curriculum to reflect revisions to the GIPS Standards themselves, so candidates should always confirm they are studying the current curriculum version rather than relying on older materials that may reference a previous edition of the standards.

CFA Institute periodically reviews and updates the CIPM curriculum to reflect changes in performance measurement standards, evolving GIPS requirements, and industry practice, so candidates should always study from the current-year curriculum materials rather than older editions.

Frequently asked questions

Do I need the CFA charter before pursuing CIPM? No, CIPM is a standalone certificate, though CFA charterholders and those who have passed CFA Level III get to skip CIPM Level I as a specific exemption.

How long does CIPM take to complete? Most candidates complete both levels within around 18 months, based on roughly 155 hours of study per level, though this varies by individual pace.

What is GIPS? The Global Investment Performance Standards, the international framework for calculating and presenting investment performance that forms the core of the CIPM curriculum.

CFA Institute's own CIPM program pages are the definitive reference for candidates, since exam dates and curriculum details are reviewed periodically.