CBP Program
The board-governed buyout charter. Two examination levels, one published standard, proctored deal execution.
Join the waitlist for the inaugural Level I sitting. Level II direct entry for CFA or CAIA holders follows published rules.
PRG-CBP-2026Effective May 2026
Subject to board amendment before general registration opens.
Level I examination $1,350
$450 program enrollment. $1,800 indicative to register and sit Level I once windows open. Level II $1,500 when you advance. Fees are indicative until confirmed with the CBOK in Q1 2027.
Inaugural Level I sitting: June 2027 window. Registration dates published with the Level I CBOK in Q1 2027. Launch calendar · Fee schedule
Programme
The Chartered Buyout Professional® programme is the board's credential pathway. It is built for practitioners who need a verifiable buyout standard and deal-ready outcomes on direct mandates.
Candidates prepare through independent study against the published CBOK. Assessment is governed by the board separately from any instruction provider.
Level 1 is assessed through a proctored virtual data room case (4 hours): structured workbook, knowledge checks, and written investment judgment. Experience, conduct, and charter application requirements apply after a pass. Level 2: Level II specification published Q3 2027.
Registration opens for published windows only. Membership is optional but recommended for examination policy notices.
Register
Enrol in a published window. Identity verification and conduct agreement before your sitting.
CBOK study materials
Independent reading against the published Level 1 and Level 2 body of knowledge. Full readings issued to registered candidates.
VDR assessment
Proctored virtual data room case at sitting start. 4-hour single window: structured workbook, knowledge checks, and written judgment.
Results
Board review and notification per the published results calendar.
Choose your pathway
Most candidates begin at Level 1. CFA and CAIA holders may qualify for direct Level 2 entry.
The Chartered Buyout Professional® is earned through two examination levels. Most candidates enter at Level 1. Holders of CFA or CAIA may qualify for direct Level 2 enrolment when they meet published experience rules.
Standard entry
For practitioners building a buyout credential from first principles. No CFA or CAIA waiver applies.
Level I examination fee
$1,350
$450 program enrollment · $1,500 Level II when you advance · dues once designated
CFA® or CAIA® fast track
Direct Level 2 enrolment is available to practitioners who already hold CFA or CAIA and meet board-verified experience criteria. Level 1 sitting is waived for this pathway only.
Level II examination fee
$1,500
$450 enrollment · Level I waiver $0 · pay each fee when due
Verify designation before enrolment. Eligibility rules
Strict criteria
Registration, Level 2 direct entry, and charter approval each have published rules.
Strict eligibility applies at registration, for Level 2 direct entry (Active CFA® or CAIA® designation in good standing, plus published experience rules), and for charter approval (36 months in transaction advisory, investment banking, or private equity (within 8 years of application).).
Two-level CBOK
Published volume weightings for Level 1 and Level 2. Download the brochure for the full reading list and sample CBOK material.
Level 1 and Level 2 each publish volume weightings before each sitting. Full reading lists and sample CBOK material are issued through the programme brochure and to registered sitters, not on this page.
Level 1
5 vol. · 18 readings · study With CBOK (Q1 2027)
Level 2
4 vol. · 15 readings · study With Level II spec (Q3 2027) · Level II specification published Q3 2027
Level II specification published Q3 2027
Volume weightings only. Full reading list and sample CBOK material are in the programme brochure below.
CBP Level 1
Enter your details once, then download immediately. The pack covers the Level 1 body of knowledge: 5 volumes, 18 readings, and examination weightings. The brochure describes the published standard and examination weightings only.
Assessment
Level 1 and Level 2 are each a single-sitting proctored buyout case against the published CBOK.
Indicative Level 1 fee $1,350 per sitting (Indicative fee schedule; confirmed with the Level I CBOK in Q1 2027). 4-hour proctored VDR case. Windows: June 2027 inaugural window (Level I). Level 2: Level II specification published Q3 2027.
Board-published milestones through the inaugural Level I sitting and Level II specification. Recurring June and December examination windows will be confirmed after the inaugural cycle.
Level I Common Body of Knowledge published
Q1 2027
Mock sitting with a volunteer cohort; standard-setting review
Q1 to Q2 2027
Inaugural Level I proctored sitting
June 2027 window
Level II specification published
Q3 2027
Registration for the inaugural Level I sitting opens before the June 2027 window. Exact dates will be published with the Level I CBOK in Q1 2027. All programme fees are in USD and are indicative until confirmed with the CBOK in Q1 2027. See fee schedules below.
Level 1
Standard entry. No formal prerequisite. Proctored 4-hour virtual data room buyout case against the Level 1 CBOK.
Level 2
After Level 1 pass, or direct entry for active CFA® / CAIA® holders who meet experience rules. 4-hour proctored case against the Level 2 CBOK. Level II specification published Q3 2027.
Level 1 sitting flow
Register
Published window, identity check, conduct agreement
Data room
Transaction materials released at sitting start
Case exam
4 hours, single sitting, written judgment
Results
Board review per schedule. Pass rates when cohort permits
Level 2: Level II specification published Q3 2027. CFA® / CAIA® fast track: programme pathways.
Designation
CBP is earned after examination, experience, and board approval.
Pass plus experience plus program enrollment ($450 one-time). Annual dues $400 / year once designated. CBP use is subject to published marks policy.
Step 1
Pass examination
Level 1, or Level 2 for direct-entry candidates per policy.
Step 2
Experience
36 months in transaction advisory, investment banking, or private equity (within 8 years of application).
Step 3
Program enrollment and dues
$450 one-time. $400 / year once designated.
Step 4
Ongoing conduct
20 hours per year once designated
The charter certifies what you can execute on a buyout mandate, not hours in a classroom.
The examination mirrors how sponsors work a control transaction: materials in the room, model discipline, and a defensible recommendation.
Commercial drivers, management quality, and value-creation levers under a control buyout, not public-markets framing alone.
Process letters, diligence streams, financing structure, and closing conditions as they appear in a live data room.
Entry multiple, debt capacity, exit paths, and LP-style reporting discipline tied to a single case company.
Written recommendation, risk flags, and defensible assumptions when information is incomplete, as on a real IC paper.
Each window is a single 4-hour proctored sitting. Detailed instrument weightings are in the candidate guide before your window.
Virtual data room
Transaction materials released when the sitting opens. You work as on a live mandate.
Structured workbook
Excel-style tasks for returns, debt capacity, and sensitivity where the CBOK requires it.
Knowledge checks
Selected-response items testing precision on mechanics, not isolated trivia.
Written judgment
Memo-style answers: recommendation, risks, and assumptions under time pressure.
Total sitting length: 4 hours, proctored, single window. Level 2 uses the same governance with an advanced case specification (4 hours).
Both levels are proctored buyout cases against the published CBOK. Level 2 raises the bar on complexity, integration, and partner-level narrative.
Level 1
Ready to contribute on buyout diligence, model sponsor returns, and draft IC-ready analysis under supervision.
4-hour proctored sitting · June 2027 inaugural window (Level I)
Level 2
Ready to lead workstreams on direct deals: advanced case, deeper financing and portfolio logic, partner-level narrative.
4-hour proctored sitting · Level II specification published Q3 2027
From analyst through VP in investment banking, consulting, and private equity. The standard is built for practitioners who need an edge on promotion and mandate screens.
Analyst to Associate
Context: Investment banking, transaction advisory, early PE
Why sit: Shows syllabus depth and sitting rigour before promotion screens.
Senior Associate to VP
Context: PE, corporate development, consulting into deals
Why sit: Signals deal-ready judgment to partners and hiring committees.
Career transition
Context: Pre-MBA, lateral into buyout
Why sit: A board-governed charter of record where generic finance credentials stop short.
| Level | Context | Why sit |
|---|---|---|
| Analyst to Associate | Investment banking, transaction advisory, early PE | Shows syllabus depth and sitting rigour before promotion screens. |
| Senior Associate to VP | PE, corporate development, consulting into deals | Signals deal-ready judgment to partners and hiring committees. |
| Career transition | Pre-MBA, lateral into buyout | A board-governed charter of record where generic finance credentials stop short. |
For candidates
The CBP pathway is for practitioners who need a board-governed buyout standard on record, not another generic finance certificate.
Analysts through VP on live processes who must show transaction depth beyond generalist credentials.
Professionals on diligence, IC papers, and direct deals who want a published bar aligned to sponsor judgment.
Advisers and pre-MBA candidates moving into buyout who need examination rigour employers can review line by line.
Employers compare the published CBOK, proctored sitting format, and charter rules. IBPES does not publish placement or salary statistics.
Candidates
Fees, pathways, preparation, and designation rules.
