CIPM Level 1 Curriculum Changes 2026
- Kateryna Myrko
- Nov 13
- 6 min read
The CFA Institute has released the 2026 curriculum for the Certificate in Investment Performance Measurement (CIPM) Level 1, offering candidates a welcome surprise: the CIPM 2026 Curriculum Changes at Level 1 are minimal, with only one new learning outcome added across the entire syllabus. This remarkable stability means that existing study materials remain almost entirely relevant, allowing candidates to focus on mastering core performance measurement principles rather than chasing extensive updates. However, understanding the specific addition—particularly around GIPS composite construction—and knowing how to optimize your study approach given this stability is essential for efficient preparation and exam success.
Topic Area | 2025 Topic Title | 2026 Topic Title | Content Changes | Study Impact |
Ethics | Ethical and Professional Standards | Ethical and Professional Standards | No changes to learning outcomes | Low - Use existing materials |
Performance Evaluation & Returns | Performance Evaluation Measurement, Attribution, and Appraisal | Overview and Return Measurement | Title renamed only; all learning outcomes identical | Low - Title change only |
Return Attribution | Return Attribution and Benchmark Analysis | Return Attribution and Benchmark Analysis | All learning outcomes match line-by-line | None - Completely unchanged |
Risk Measurement | Risk Measurement, Risk Attribution, and Security Characteristics | Risk Measurement, Risk Attribution, and Security Characteristics | All learning outcomes match line-by-line | None - Completely unchanged |
Performance Appraisal | Performance Appraisal | Performance Appraisal | All learning outcomes match line-by-line | None - Completely unchanged |
GIPS Standards | Investment Performance Presentation | Investment Performance Presentation | One new learning outcome on composite construction rules | Medium - New content added |
Understanding the Scope of CIPM Level 1 Curriculum Changes 2026
The CIPM 2026 Curriculum Changes at Level 1 are characterized primarily by continuity rather than transformation. The CFA Institute has maintained the fundamental structure and content that has effectively prepared investment performance professionals for years. This stability reflects that core performance measurement principles—mathematical foundations, statistical concepts, and ethical standards—remain constant even as financial markets evolve. For candidates, this creates an advantageous situation where the vast majority of preparation time can focus on mastering existing content rather than adapting to new frameworks.
Only one substantive learning outcome has been added to the entire curriculum, appearing within the GIPS standards section. Beyond this targeted addition, every other learning outcome across ethics, return calculations, attribution methodologies, risk measurement, and performance appraisal remains identical to 2025. This means candidates can confidently utilize study guides, practice questions, video lectures, and other resources from the previous year without concern about outdated material.
Ethics: Complete Stability for Professional Standards
The ethical component of the CIPM 2026 Curriculum Changes shows zero modifications, continuing to emphasize the CFA Institute's Code of Ethics and Standards of Professional Conduct. Candidates will study identical learning outcomes covering professional responsibilities, integrity of capital markets, duties to clients, duties to employers, investment analysis and recommendations, conflicts of interest, and responsibilities as a CFA Institute member or CIPM candidate. The unchanged nature of ethics content allows candidates to leverage any previous preparation in professional ethics without hesitation.
For study purposes, approach ethics by understanding how these standards apply specifically to investment performance measurement contexts. Exam questions typically present realistic scenarios involving data integrity pressures, client relationship challenges, or conflicts between accuracy and commercial interests. Practice identifying which standards apply to given situations and determining the most appropriate course of action when standards conflict or circumstances create ambiguity. The unchanged curriculum means any case studies or practice scenarios from recent years remain fully applicable.
Performance Evaluation: Title Change Without Content Impact
One cosmetic adjustment in the CIPM 2026 Curriculum Changes involves renaming the core foundational section from "Performance Evaluation Measurement, Attribution, and Appraisal" to "Overview and Return Measurement." This title better reflects the introductory scope of this section, which provides foundational knowledge for subsequent advanced topics. However, the actual learning outcomes covering introduction to performance evaluation, rate-of-return measurement methodologies, and data integrity principles remain completely unchanged.
Candidates will study identical content on holding period returns, money-weighted versus time-weighted return calculations, linked returns and compounding, annualization of returns, treatment of external cash flows, unit value pricing methods, approximations to time-weighted rates of return, ensuring calculation consistency across portfolios, computing composite returns, establishing data quality standards, implementing governance frameworks for performance data, identifying and correcting data errors, handling corporate actions in performance calculations, managing foreign exchange impacts, and processing performance restatements. Study this material exactly as you would have for 2025, simply noting the updated section title.
The Critical New Addition: GIPS Composite Construction Rules
The only genuine new content in the CIPM 2026 Curriculum Changes appears within the
Investment Performance Presentation section covering Global Investment Performance Standards. A new learning outcome explicitly requires candidates to explain GIPS requirements for composite construction, focusing on three operational dimensions: the rules governing how portfolios may be switched between composites, the timing requirements for including new portfolios in composites, and the timing requirements for excluding terminated portfolios from composites.
This addition addresses a practical implementation gap that existed in the 2025 curriculum. While previous candidates learned about composite purpose, composite return calculations, asset-weighting methods, and required elements of GIPS Composite Reports, the specific operational rules governing portfolio movement into and out of composites were not explicitly tested. The 2026 curriculum ensures candidates understand these critical details that directly affect composite integrity and GIPS compliance in practice.
For CIPM Level 1 preparation, this new learning outcome requires focused study time beyond simply reviewing 2025 materials. You must understand the GIPS provisions that govern when and how firms can switch portfolios between composites, which typically occurs when a portfolio's investment mandate changes to align with a different composite's strategy. Learn the timing rules requiring prompt inclusion of newly discretionary portfolios that meet a composite's criteria, ensuring the composite fairly represents the firm's performance in that strategy. Study the requirements for handling terminated portfolios, including whether and how long their performance must remain in composite calculations after relationship termination.
This operational knowledge integrates with existing learning outcomes about composite definitions, purposes, and calculations. Exam questions might present scenarios where portfolio circumstances change and ask you to determine the appropriate composite treatment under GIPS standards. Practice applying these rules to realistic situations involving strategy changes, account closures, and transitions between discretionary and non-discretionary status.
Attribution, Risk, and Appraisal: Total Content Stability
The remaining major sections of the CIPM 2026 Curriculum Changes show absolute continuity with 2025. Return Attribution and Benchmark Analysis maintains identical learning outcomes covering Brinson attribution models for equity portfolios, fixed-income attribution methodologies, factor-based attribution approaches, understanding returns-based versus holdings-based versus transactions-based attribution, benchmark classification frameworks, index construction methodologies, peer universe applications and limitations, style index construction, specialized benchmarks for hedge funds and liability-driven strategies, and identifying benchmark misspecification problems.
Risk Measurement, Risk Attribution, and Security Characteristics continues with unchanged comprehensive coverage including risk classification systems, statistical dispersion measures, beta calculations and interpretations, downside risk metrics, maximum drawdown analysis, Value at Risk methodologies and assumptions, stress testing and scenario analysis applications, comparing parametric versus historical versus Monte Carlo approaches to VaR, understanding equity security risk characteristics, analyzing bond risk characteristics, performing risk attribution analysis, evaluating equity portfolio characteristics including means and weighted means, distinguishing macro versus fundamental versus share-related characteristics, determining portfolio style, and comparing factor-based versus fundamental risk models.
Performance Appraisal maintains all learning outcomes covering Sharpe ratio calculations and interpretations, M-squared measure applications, Treynor ratio for systematic risk adjustment, Jensen's alpha for benchmark-relative performance, information ratio for tracking error adjustment, appraisal ratio concepts, Sortino ratio for downside risk focus, Calmar ratio incorporating maximum drawdown, the fundamental law of active management, applying multifactor models in performance evaluation, and distinguishing genuine skill from luck in risk-adjusted performance measurement.
Conclusion
The CIPM 2026 Curriculum Changes for Level 1 demonstrate remarkable continuity, with only a single new learning outcome added to an otherwise unchanged comprehensive syllabus. This stability, reflecting the enduring nature of investment performance measurement foundations, allows candidates to prepare confidently using existing high-quality materials while incorporating one targeted update on GIPS composite construction. The CFA Institute's CIPM credential continues providing rigorous professional standards for investment performance specialists, and the 2026 curriculum maintains the comprehensive coverage that has effectively prepared practitioners for this specialized field. Candidates who master the extensive existing content and incorporate the focused GIPS update will be thoroughly prepared for CIPM Level 1 success.
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