Exam guide
CIPM Level II, mapped.
Level II is the applied, case-based exam of the CIPM Program. Here is the whole map — the six chapters, how much of the exam each one carries, and how they build on one another — plus a practical order to study them in. It also shows where this site's decks fit.
The whole exam
Six chapters, their weight, and their type.
Every question on the exam comes from one of these six chapters. The weight is how much of the exam each chapter is worth; the type tells you what kind of studying it rewards. The last column shows which decks are available on this site.
| Chapter | Exam weight | Type | On this site |
|---|---|---|---|
| Performance Measurement | ≈5–10% | Calculation-heavy | Available now |
| Performance Attribution | ≈15–20% | Calculation-heavy | Available now |
| Performance Appraisal | ≈15–20% | Calculation-heavy | Coming soon |
| Manager Selection | ≈30% | Concept & judgment | Planned |
| Ethical and Professional Standards | ≈15% | Concept & judgment | Planned |
| GIPS® Standards | ≈10–15% | Rules & memorization | Planned |
Weights per the official CIPM curriculum — cfainstitute.org/programs/cipm/curriculum. Ranges reflect the published exam-weight bands.
Where this site fits
CIPM Level I
Foundations. Standalone multiple-choice questions.
CIPM Level II
Applied analysis. Case-based questions with data to work through.
Why this order
We build the calculation chapters first.
The decks follow the official curriculum order, and there's a reason it runs that way. Performance Measurement teaches the base formulas — how to compute a time-weighted return, for instance — that Attribution and Appraisal then build on. Learn measurement first and the later, harder chapters cost you far less effort.
It's also where a study deck earns its keep. The calculation chapters are where a worked solution, a formula read line by line, and a diagram do the most work — so those are the chapters we wrote first. The concept-and-rules chapters come next.
How to prepare
A simple three-step loop.
1Learn with this deck
Work through the questions here to learn each chapter — every one carries its own explanation, so you can study without a separate textbook.
2Test under mock conditions
Once a chapter clicks, sit timed sets to build speed and stamina for the case format.
3Confirm with official practice
Round out with CFA Institute's own practice material to check your reading against the source.
A few things worth knowing
- Do the calculation chapters early — Measurement, then Attribution and Appraisal — while you have the most energy, since they take the most practice.
- Don't save Ethics for the night before. At Level II it's applied judgment inside a case, not memorization — study it thinly and often, from the start.
- The GIPS standards are rule-based and hold up well to a concentrated push, so a focused stretch close to the exam pays off there.
- Manager Selection carries the most weight, so give it real time even though it reads as concept-led rather than calculation-led.
New to these cards? The study guide shows how to get the most from each question.
The credential
Why CIPM?
The Certificate in Investment Performance Measurement (CIPM), administered by CFA Institute, is the specialist credential for investment performance analysis — measurement, attribution, appraisal, manager selection, and the GIPS® standards. It is the recognized qualification for performance analysts, consultants, and asset-owner due-diligence teams.
Level II is the applied exam: realistic cases that ask you to run attribution arithmetic, judge manager skill, and apply the standards to messy, real-world situations. The calculations are where prepared and unprepared candidates separate.
Practice inventory for CIPM is scarce compared with the CFA Program. That is the gap this site exists to fill: original, exam-format question volume with explanations deep enough to study from.
Start with the chapter that's live.
Performance Measurement is available now — the first case is free.