Forty-Five Percent of CIPM Candidates Pass Expert Exam

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CFA Institute today announced that 45 percent of the Expert level candidates in the (CIPM) program passed the exam.

The CIPM program provides diverse readings and rigorous self-study sessions to gain a solid foundation in performance measurement.

CFA Institute today announced that 45 percent of the Expert level candidates in the Certificate in Investment Performance Measurement (CIPM) program passed the exam and will be entitled to use the CIPM designation upon satisfying an experience requirement.

A total of 196 candidates in 22 countries sat for the three-hour, computer-based Expert exam, which was administered during September–October 2009.

Philip Lawton, CFA, CIPM, head of the CIPM program, said, “At a time when institutional investors are re-examining their due diligence procedures, the CIPM program offers performance professionals the knowledge and skills required to assess and explain investment results.” Daniel Gasch, CIPM, chief financial officer at the Research Corporation for Science Advancement, a non-profit organization based in Tucson, Ariz., said, “The CIPM designation has helped me monitor the performance of my managers and made me much more comfortable in all my manager interactions.”

The CIPM program is designed to test candidates’ mastery of a specialized curriculum in the areas of ethics, performance evaluation, and application of the Global Investment Performance Standards. Certification recognizes a practitioner’s proficiency in applying analytical techniques and preparing GIPS-compliant presentations, which guide investment firms in fairly representing and fully disclosing performance results. The CIPM self-study program trains performance analysts, client relationship managers, investment consultants, GIPS verifiers, compliance officers, regulators, and software developers, among others, to meet industry needs for technically qualified, ethically grounded investment performance professionals.

“While studying for the exams, I began to engage intellectually with the profession in a way I really hadn’t before,” said Andrew Peterson, CIPM, senior performance analyst at BNY Mellon in Everett, Mass. “Preparing for the CIPM examinations was the principal reason I first began to take performance measurement seriously as a long-term career, and began to really think about some of the unique challenges the field presents.”

In addition, 56 percent of the candidates enrolled in the Principles level of the CIPM program passed the exam they took in the September–October window. A total of 321 candidates in 33 countries sat for the three-hour, computer-based Principles exam.

Candidates who pass the Principles exam are eligible to enroll in the Expert level of the program. Both exams cover professional ethics; investment performance measurement, attribution, and appraisal; and the GIPS standards.

Carlos Rangel, CFA, CIPM, assistant portfolio manager at Managed Asset Portfolios in Rochester, Michigan, said, “The CIPM program provides diverse readings and rigorous self-study sessions to gain a solid foundation in performance measurement.” He added, “It allowed me to provide performance reporting and attribution skills to my employer as those skills became critical for the growth plans of the company.”

Enrollment for both levels in the April 2010 examination window remains open through January 31, 2010.

The CIPM curriculum is offered online and examinations are administered during two periods each year at test centers worldwide.

Find information about the CIPM program, including certification requirements. Questions may be directed to cipm (at) cfainstitute (dot) org.

CFA Institute
CFA Institute is the global association for investment professionals. It administers the CFA and CIPM curriculum and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has nearly 100,000 members, who include the world’s 84,000 CFA charterholders, in 133 countries and territories, as well as 136 affiliated professional societies in 57 countries and territories. More information may be found at


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Kathy Valentine
CFA Institute
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