Examination reference
Proctored buyout cases at each level. Level 1: $1,350, 4 hours. Level 2: $1,500, same sitting calendar as level 1 (june and december windows). Windows: June and December (first week of each).
Fee schedule and sitting policy published; conduct schedule per window. Issued by International Board of Private Equity Standards (IBPES).
Outcomes
The sitting tests direct deal execution: judgment on a buyout mandate, not recall of definitions alone.
Level 1
Ready to contribute on buyout diligence, model sponsor returns, and draft IC-ready analysis under supervision.
4-hour proctored sitting · June and December (first week of each)
Level 2
Ready to lead workstreams on direct deals: advanced case, deeper financing and portfolio logic, partner-level narrative.
4-hour proctored sitting · Same sitting calendar as Level 1 (June and December windows)
Sitting format
Materials release at sitting start. You work as on a live transaction until time is called.
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).
Published calendar
Level 1 and Level 2 share the same sitting weeks and registration deadlines each year.
Level 1 and Level 2. Sitting weeks and registration deadlines below are board-published. Registration for the December sitting opens 1 July.
| Sitting window | Registration opens | Registration closes |
|---|---|---|
| First week of June | 1 January | 30 April |
| First week of December | 1 July | 31 October |
Registration opens 1 January for the June sitting (closes 30 April) and 1 July for the December sitting (closes 31 October). Applies to Level 1 and Level 2. All programme fees are in USD and are Norland-approved.
Fees
Most candidates begin at Level 1. CFA and CAIA holders may qualify for direct Level 2 entry under published rules.
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. Same sitting calendar as Level 1 (June and December windows).
Level 1 flow
The Level 1 sitting follows a single proctored case against the published CBOK. Preparation is independent study.
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: Same sitting calendar as Level 1 (June and December windows). 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 opens 1 January for the June sitting (closes 30 April) and 1 July for the December sitting (closes 31 October). Applies to Level 1 and Level 2. Registrations are processed only between the published open and close dates for each sitting window.
All fees in USD. Paid per milestone when due. Full schedules below.
Published schedule
Standard entry and CFA / CAIA fast-track pathways. Fees are per published milestone when due.
Pricing for standard analysts and associates entering the ecosystem without a legacy charter.
Each line is charged when that milestone is due. Retakes, annual charterholder dues, and sitting-specific charges are additional.
Pricing for verified CFA or CAIA charterholders granted exemption from Level I and moving directly to Level II structuring and defense exams.
Each line is charged when that milestone is due. Retakes, annual charterholder dues, and sitting-specific charges are additional.
Examination FAQ
Answers for candidates comparing credentials and preparing to register.
More comparisons and examination policy: full FAQ · credential comparisons
Full conduct schedule published in the candidate guide before each sitting.
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.
