The Certificate in Investment Performance Measurement (CIPM) is a professional accreditation in the field of investment performance analysis. It includes investment performance measurement and attribution. It is offered by the CIPM Association, a body associated with the CFA Institute.
Professional accreditation Historically, global investment firms have been subject to a diverse patchwork of laws, regulations, and market customs that dictate how investment performance results can be measured and advertised. For example, the well-known warning that "past investment returns may not be predictive of future investment returns", has long been encouraged in advertisements for managed funds by regulators such as the U.S. Securities and Exchange Commission (SEC).
Recognising that there was likely to be continuous growth in the worldwide patchwork of regulations covering investment return calculations and advertising, the global investment management industry agreed on a set of standards known as the Global Investment Performance Standards (GIPS).
The GIPS standards relate to the following issues:
Candidates for the CIPM qualification must adhere to the same body of professional ethics and professional conductCFA Institute Code of Ethics and Professional Conduct that has been devised for Chartered Financial Analysts by the CFA Institute. To obtain the Certificate, one must sequentially pass two examinations (known respectively as Principles and Expert). The content of each of these examinations includes 13% on ethics and professional standards. A certain level of practical experience is also required before obtaining the certificate.CIPM FAQ After obtaining the Certificate, Certificate-holders are required to engage in continuing education, and to file a Professional Conduct Statement (PCS) annually. Misconduct can render a certificate-holder liable to professional discipline.
Trademarks GIPS, CFA, and CIPM are registered trademarks of the CFA Institute.
Historical pass rates Year Level 1 (formerly “Principles”, Mar/Sep) Level 2 (formerly “Expert”, Mar/Sep) 2026 31%/TBD 44%/TBD 2025 40%/34% 36%/52% 2024 30%/35% 34%/52% 2023 27%/42% 34%/50% 2022 42%/42% 34%/44% 2021 45%/34% 43%/29% 2020 59% (Nov) 59% (Nov) 2019 49%/48% 54%/51% 2018 47%/46% 60%/57% 2017 43%/46% 59%/59% 2016 55%/42% 54%/52% 2015 56%/54% 56%/54% 2014 54%/60% 53%/52% 2013 53%/--% 50%/--% 2012 --%/--% --%/--% 2011 --%/--% --%/--% 2010 --%/--% --%/--% 2009 --%/--% --%/45% 2008 --%/--% --%/41% 2007 --%/49% --%/--%
References
External links CIPM Association web site GIPS Standards web site History of the GIPS Standards What is CIPM?