Skip to main content
Inaugural Level I sitting: June 2027 window. Registration dates published with the CBOK in Q1 2027.Join waitlistSign inLaunch calendar
IBPESStandards Board

Examination reference

Level 1 and Level 2 examination

Proctored buyout cases at each level. Level 1: $1,350, 4 hours. Level 2: $1,500, level ii specification published q3 2027. Windows: June 2027 inaugural window (Level I).

$1,350
Level 1 fee
$1,500
Level 2 fee
4 hrs
Case length
Candidate preparing for a proctored professional examination
Examination referenceEXM-REF-2026Launch schedule June 2027

Indicative fees confirmed with the CBOK in Q1 2027; inaugural sitting June 2027 window. Issued by International Board of Private Equity Standards (IBPES).

Outcomes

What each level certifies

The sitting tests direct deal execution: judgment on a buyout mandate, not recall of definitions alone.

Level 1

Level 1 CBOK

Ready to contribute on buyout diligence, model sponsor returns, and draft IC-ready analysis under supervision.

  • Core buyout CBOK across twelve competency domains
  • Virtual data room case released at sitting start
  • Structured workbook and selected-response items where precision matters
  • Written investment judgment against the Level 1 standard

4-hour proctored sitting · June 2027 inaugural window (Level I)

Level 2

Level 2 CBOK

Ready to lead workstreams on direct deals: advanced case, deeper financing and portfolio logic, partner-level narrative.

  • Level 2 CBOK: advanced buyout mechanics and portfolio context
  • Long-form case with expanded data room materials
  • Complex modelling tasks and integrative knowledge checks
  • Extended written recommendation at the Level 2 bar

4-hour proctored sitting · Level II specification published Q3 2027

Sitting format

One window, four work modes

Materials release at sitting start. You work as on a live transaction until time is called.

  1. Virtual data room

    Transaction materials released when the sitting opens. You work as on a live mandate.

  2. Structured workbook

    Excel-style tasks for returns, debt capacity, and sensitivity where the CBOK requires it.

  3. Knowledge checks

    Selected-response items testing precision on mechanics, not isolated trivia.

  4. 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).

Launch schedule

Examination launch calendar

Board-published milestones from Level I CBOK publication through the inaugural sitting and Level II specification.

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.

  1. Level I Common Body of Knowledge published

    Q1 2027

  2. Mock sitting with a volunteer cohort; standard-setting review

    Q1 to Q2 2027

  3. Inaugural Level I proctored sitting

    June 2027 window

  4. 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.

Fees

Examination at a glance

Most candidates begin at Level 1. CFA and CAIA holders may qualify for direct Level 2 entry under published rules. Fees below are indicative until confirmed with the CBOK in Q1 2027.

Level 1

Level 1 CBOK

Standard entry. No formal prerequisite. Proctored 4-hour virtual data room buyout case against the Level 1 CBOK.

Fee (indicative)
$1,350
Windows
June 2027 inaugural window (Level I)
Study
With CBOK (Q1 2027)
Format
VDR case
Join waitlistCBOK weightings →

Level 2

Advanced buyout case

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.

Fee (indicative)
$1,500
Study
With Level II spec (Q3 2027)
Prerequisite
Level 1 pass or CFA / CAIA fast track
Level 2 CBOK →Fast track rules →

Level 1 flow

From registration to results

The Level 1 sitting follows a single proctored case against the published CBOK. Preparation is independent study.

  1. Register

    Published window, identity check, conduct agreement

  2. Data room

    Transaction materials released at sitting start

  3. Case exam

    4 hours, single sitting, written judgment

  4. Results

    Board review per schedule. Pass rates when cohort permits

Duration
4 hours
Format
VDR-based case
Fee
$1,350
Windows
June 2027 inaugural window (Level I)

Level 2: Level II specification published Q3 2027. CFA® / CAIA® fast track: programme pathways.

Level 2 follows the same governance and conduct rules with an advanced case specification. See Level 2 CBOK weightings.

Registration

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. Registrations are processed only between the published open and close dates for each sitting window.

Join waitlistSign in

Fees at a glance (indicative)

Level I examination
$1,350
Level II examination
$1,500
Program enrollment
$450
Exam retake penalty
$800 per retake
Annual charterholder dues
$400 / year

All fees in USD. Indicative fee schedule; confirmed with the Level I CBOK in Q1 2027. Paid per milestone when due. Full schedules below.

Indicative schedule

IBPES fee schedules

Standard entry and CFA / CAIA fast-track pathways. Indicative amounts, confirmed with the Level I CBOK in Q1 2027. Fees are due per milestone only when registration opens.

Standard pathway (indicative)

Indicative pricing for analysts and associates entering without a legacy charter. Confirmed with the CBOK in Q1 2027.

One-Time Program Enrollment
$450
Level I Examination
$1,350
Level II Examination
$1,500
Exam Retake Penalty
$800
Per retake sitting, in addition to the applicable examination fee where published.

Indicative fee schedule. Amounts are confirmed with the Level I CBOK in Q1 2027. Payment is due only when registration opens for a published sitting. Each line is charged when that milestone is due. Retakes, annual charterholder dues, and sitting-specific charges are additional.

CFA / CAIA fast-track (indicative)

Indicative pricing for verified CFA or CAIA charterholders granted exemption from Level I. Confirmed with the CBOK in Q1 2027.

One-Time Program Enrollment
$450
Level I Exemption/Waiver Fee
$0
The incentive for verified CFA or CAIA charterholders.
Level II Examination
$1,500

Indicative fee schedule. Amounts are confirmed with the Level I CBOK in Q1 2027. Payment is due only when registration opens for a published sitting. Each line is charged when that milestone is due. Retakes, annual charterholder dues, and sitting-specific charges are additional.

Examination FAQ

Questions about the sitting

Answers for candidates comparing credentials and preparing to register.

More comparisons and examination policy: full FAQ · credential comparisons

Conduct during the sitting

  • Proctored environment with identity verification
  • No unauthorised materials, collaboration, or external assistance
  • Calculators and software only as specified per sitting instructions
  • Breaches may result in disqualification and conduct committee referral

Full conduct schedule published in the candidate guide before each sitting.

Re-sits and pass rates

Failed candidates may re-sit in a subsequent window: 6 months between attempts; maximum 3 attempts within any 24-month period.

Pass rates published after the first full charterholder cohort (minimum n=100). Threshold: minimum cohort of 100 charterholders.

Charter ethics and conduct →