Professional accreditation

Historically, global investment firms have been subject to a diverse patchwork of

international 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 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 (GIPS).

The GIPS standards relate to the following issues:

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[1] 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.[2] 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�) Level 2 (formerly �Expert�)
2018 47%/49% 60%/54%
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
CFA Institute Code of Ethics and Professional Conduct Archived October 15, 2008,
at the Wayback Machine
CIPM FAQ Archived August 7, 2008, at the Wayback Machine