View source for Certificate in Investment Performance Measurement

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{{primary sources|date=March 2018}}
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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 [[Regulatory agency|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 regulation covering investment return calculations and advertising, the global investment management industry has agreed on a set of standards known as the [[Global Investment Performance Standards|Global Investment Performance Standards (GIPS)]].
 
The GIPS standards relate to the following issues:

{{Blockquote|Because GIPS is a professional body of knowledge, it became clear that there should be a proper accreditation for professionals in this field.  This led the CFA Institute to form the CIPM Association.}}

Candidates for the CIPM qualification must adhere to the same body of professional ethics and professional conduct<ref name="ethics">[http://www.cfainstitute.org/centre/codes/ethics/index.html CFA Institute Code of Ethics and Professional Conduct] {{webarchive |url=https://web.archive.org/web/20081015170526/http://www.cfainstitute.org/centre/codes/ethics/index.html |date=October 15, 2008 }}</ref> 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.<ref name="experience">[http://www.cfainstitute.org/cipm/faq.html CIPM FAQ] {{webarchive |url=https://web.archive.org/web/20080807164819/http://www.cfainstitute.org/cipm/faq.html |date=August 7, 2008 }}</ref>  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==
{| " border="1" rowspan="1" | class="wikitable"

! Year
! Level 1 (formerly “Principles”, Mar/Sep)
! Level 2 (formerly “Expert”, Mar/Sep)
|-
| 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==
{{reflist}}

==External links==
*[http://www.cfainstitute.org/cipm CIPM Association web site]
*[http://www.gipsstandards.org/ GIPS Standards web site]
*[http://www.cfapubs.org/doi/pdf/10.2469/cfm.v18.n5.4822 History of the GIPS Standards]
*[https://web.archive.org/web/20080827174212/http://www.compoundinghappens.com/opinion/WhatIsCIPM.htm What is CIPM?]

{{DEFAULTSORT:Certificate In Investment Performance Measurement}}
[[Category:Investment management]]
[[Category:Professional certification in finance]]