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The CPM Handbook Your guide to earning the IREM Certified Property Manager designation,from enrolling to graduating
Manageanywhereas a CPMThe CPM is the premier certification in realestate management world-wide. Owners,investors, and employers know that ifyou hold the Certified Property Managerdesignation, you have the knowledgeto maximize the value of any property.Knowledge that transcends asset class.Knowledge to manage, anywhere.This handbook is for anyone interested inearning the CPM designation. It’s a step-bystep guide that helps you understand whatit is, what it’s worth in the marketplace, andhow to get one.The CPM Handbook2
What’s inside?Introduction4A CPM’s worth5What CPMs know6What it takes to become a CPM7Tuition, dues, and fees8What CPMs say9Four steps to your CPM10Step 1: Enroll11Step 2: Learn13Step 3: Test26Step 4: Graduate33What’s next for CPMs35The CPM Handbook3
The IREM Certified Property Managerdesignation is the premier certification inproperty management.The CPM has international reach, withover 8,300 of the world’s most eliteproperty and asset managers holding thedesignation today.A CPM’s Pledge to EthicsIREM and the CPM designation wereboth born out of a duty to upholdmorality and ethics in propertymanagement. Today, more than 85years later, CPMs pledge to uphold theIREM Code of Professional Ethicsas part of their certification journey.Learn more about IREM ethics atirem.org/about-irem/ethics.The CPM Handbook4
A CPM’s worthTalk to graduates and you’ll find that earning the CPMmeans something different to every one of them. But hereare a few of the things we hear most often:A CPM’s worthThe average base salary of a property manager in the U.S. is 48,340. For CPMs, the average is 118,383 1,2.A spot at the topOver half of CPMs hold senior-level management positions 3.A bigger networkCPMs are automatically connected to thousands more eliteproperty and asset managers through IREM. They share businessreferrals, employment opportunities, and advice.Membership in IREMYour annual IREM membership and all the benefits that comewith it are included when you enroll.Improved confidenceChallenging certification courses, a high-stakes examinationprocess, and tight collaboration with experts is the differencebetween a CPM and the average property manager.1. IREM Profile and Compensation Study — CPM Edition 2019.2. U.S. Department of Labor, Bureau of Labor Statistics3. IREM Profile and Compensation Study — CPM edition, 2019: a self-reported 53% ofCPMs hold Officer/Director/VP, Regional/District Manager, Owner/Partner, President/CEO/COO positions.The CPM Handbook5
What CPMs knowCPMs are said to have “knowledge thattranscends asset class”. The propertymanagement profession, and owners andinvestors, all trust CPMs for a higher levelof expertise because of the sheer breadthof what they learn during their certificationcoursework, rigorous examinations, andtheir years on the job. To become a master lease negotiator:different types of leases, commonconcessions, and handling of brokercommissionsLeading a team How to determine and set the roles youneed on your teamHere are just a few of the skills you’ll learnto master: How to hire and when to terminate —from interviewing to contracts to one-ononesEthicsMaintenance and operations An exclusive IREM ethical decision-makingframework called the “Five QuestionMethod.” How to create a proactive maintenanceprogram, complete with maintenancepolicy, budgets, and a capital improvementplan How to resolve ethics violations inproperty managementAsset analysis How to perform an initial or midstreamanalysis to determine the property’sfinancial return Making the best recommendation to theowner/investor based on that analysisAccounting Cash, accrual, and modified accountingapproaches How to read and generate the top financialreports owners demand Budget forecasting and monitoringMarketing and leasing Marketing and leasing planning thatmaximizes rentable space and optimizestenant mix Best practices for conducting a propertyinspection and creating maintenanceprocedural manualsProperty financing Where and how to get a loan forpurchasing, renovating, or coveringmaintenance/replacement How to compare different types of loanpackages and perform loan calculationsand analysisProperty valuation and cash flow How to use the top three most commonvaluation methods in propertymanagement, and derive cap rates andinvestment value How to run scenario-based cash flowprojections (e.g., in event of capitalimprovements, reduced operatingexpenses, increased net income, etc.)The CPM Handbook6
What it takes tobecome a CPMYou’ll spend an average of 18-24 monthspreparing for the most respectedcertification in real estate management.It’s a real commitment, but you’ll graduatewith an incredible new skillset, new careerpotential, and a new toolbox of real estatemanagement frameworks you can apply onthe job starting tomorrow.Still up to the challenge? Carefully reviewthe program highlights below before youenroll.CPM program highlights: Complete 8 CPM certification coursescovering core competencies for managingproperty and maximizing its value —available in the classroom and online Pass the CPM Capstone, a two-part finalassessment including a ManagementPlan Skills Assessment and the CPMCertification Exam After one year minimum as a CPMcandidate and 36 months of qualifying realestate management experience (see page39), you’ll be eligible for graduation Grow your network by attending at leasttwo of your IREM chapter’s events Graduate after completing your CPMcandidate file (includes paying anyoutstanding dues, and proof of realestate license if required for your currentposition)For Canadian applicantsThe CPM is offered in Canada throughthe Real Estate Institute of Canada. Visitreic.ca/cpm to learn more and enroll.For other internationalapplicantsOutside the U.S. or Canada, but stillwant to earn the CPM? IREM is proud tooffer CPM classroom courses in Brazil,Bulgaria, Japan, Poland, Russia, Korea,and Ukraine through internationalpartnerships. Or, learn and test onlinethrough IREM’s self-paced onlinecourses. Visitirem.org/about-irem/internationalto learn more.The CPM Handbook7
6Cover courses withan IREM FoundationScholarshipThe IREM Foundation supports yourpursuit of certifications by providingscholarships — covering partial tuitionfor up to three certification courses. Visitthe scholarships section of irem.org tolearn more.The CPM Handbook8
What CPMs sayWhat CPMs sayShanna Pope, CPM Austin, TXTumelo Ramushu, CPM Johannesburg, S. AfricaLaura Dobslaw, CPM Draper, UTHaving my CPM has given me more confidence overall.Since obtaining my CPM, I’ve been able to participate inconversations with brokers and owners on a different level.I finally understood the types of loans and the true meaningbehind the “value” of the property. I was able to propose acapital improvement to an owner and build out a calculationfor how it would improve overall value. My Asset Managersaid, ‘Maybe I should get my CPM.’ That alone was worthevery weekend study session, intense review, and test.Being a CPM has given me a competitive advantage becauseit sets me apart from many professionals within the industry.It has given me more confidence in discussing many issuesrelated to real estate. It has also given me recognition withmy peers and fellow members by allowing me to assert moreauthority because of the certification that backs up my name.The CPM designation has helped increase my salary,however, its value goes beyond that. The designation provesmy commitment to education and to always be at the topof my field. It provides me with tools to think like an AssetManager so I’m better suited to serve my clients and theirdesires. It has opened up opportunities to have discussionswith clients about their end goals and ensure we’re on trackto achieve them.The CPM Handbook9
What CPMs sayThe program: Foursteps to your CPM Complete these four steps and you’ll be ready tomanage anywhere.1) EnrollComplete your short enrollmentform online to get started today— TIME: 10 MINUTES2) LearnComplete the 8 CPM certificationcourses that provide corecompetency knowledge— TIME: 12-18 MONTHS3) TestDemonstrate your knowledgewith the CPM Capstone, atwo-part final assessment thatincludes a Management PlanSkills Assessment and CPMCertification Exam— TIME: 1 MONTH4) GraduateComplete your CPM candidate fileby satisfying specific graduationrequirements, then receive officialapproval as a CPM— TIME: 1-2 MONTHSDid you know?The myIREM members-only dashboardwill be your one-stop destination tomanage your certification, reviewtranscripts, and pay dues. Once youenroll, you will be able to access yourcustomized CPM Progress Report withreal-time updates on all your CPMrequirements. Log in atirem.org/myirem.The CPM Handbook10
Step 1: EnrollComplete your shortenrollment form online afterreviewing program highlightsand ensuring you qualify to getstarted today.The CPMHandbookThe CPMHandbook1111
Step 1: EnrollStep 1: EnrollEnrolling onlineYour first step to becoming a CPM is easy— just complete the short online form andpay a one-time, non-refundable enrollmentfee. Once you’ve enrolled, you’ll become aCPM candidate and will be on your way toearning the most respected certification inreal estate management. Enroll online for the CPM at irem.org Pay one-time non-refundable enrollmentfee of 425 which includes our IREMmembership and dues for the remainder ofthe yearCheck your experienceIn order to graduate and become a CPM,you must have 36 months of qualifyingreal estate management experience. It’snot too early to determine where youstand with regard to this experiencerequirement – see page 39 to find out ifyour experience qualifies.The CPM Handbook12
Step 2: LearnComplete the 8 CPM certificationcourses that provide core competencyknowledge.The CPMHandbookThe CPMHandbook1313
Step 2: LearnStep 2: LearnAs a CPM candidate, you’ll acquireknowledge that transcends asset class.You’ll tap into 85 years of exclusiveknowledge, collected from the best propertymanagers – like how to analyze a property’soperational and fiscal performance, raiseproperty and portfolio value, manage ateam, and attract and retain residents andtenants. On average,it takes most CPM candidates 12–18months to finish this step.Certification courses are available inthree formats: classroom, live online, andself-paced online – whichever suits yourlearning style. Once you take an IREMcertification course, your credit doesn’texpire.Get on trackLook for these classroom course tracksthat combine CPM certification coursesto simplify registration and scheduling:MMBTRK: The Managing Maintenanceand Budgeting Track combining FIN402and MNT402MULTRK: The Managing Peopleand Marketing/Multifamily Trackcombining MKL405 and HRS402OFFTRK: The Managing People andMarketing/Office Track combiningMKL406 and HRS402ASMTRK: The Asset Management Trackcombining ASM603, ASM604, andASM605Note: These courses are also offered individually inour live online and self-paced online formats.For more about what and how you’ll learnas a CPM candidate, read on. Or visitirem.org/certcourses for full coursedescriptions and learning objectives.The CPM Handbook14
CPM certification coursesThe 8 CPM courses cover core competenciesfor managing property and maximizingitsvalue. They prepare managers for the dayto-day, and the one-of-a-kind, from solvingthe latest tenant crisis to analyzing marketconditions.This sequencing of courses is highlyrecommended. However, Ethics for theReal Estate Manager (ETH800) is offered inclassroom and live online formats and canbe taken at any point in the process. Findupcoming courses at irem.org/certcourses.1. Ethics for the real estate manager(ETH800 – classroom and live online only)2. Budgeting, cash flow, and reporting forinvestment real estate (FIN402)3. Marketing and leasing strategies for retail,multifamily, or office buildings respectively(MKL404, MKL405, or MKL406)4. Leading a winning property managementteam (HRS402)Did you know?Fast Track options are available forCPM candidates meeting certainqualifications. Learn more about CPMFast Track on page 42.5. Managing maintenance operations andproperty risk (MNT402)6. Financing and loan analysis for investmentreal estate (ASM603)7. Performance and valuation of investmentreal estate (ASM604)8. Asset analysis of investment real estate(ASM605)The CPM Handbook15
ETH800Ethics for theReal Estate ManagerFormat: Classroom (in-person) and live onlineLength: 6.5 hoursExam: Taken online within 30 days of completing the courseDual credit: Meets program requirements for CPM, ARM, ACoM, and AMOCourse tuition: Members: 185, Non-members: 230OverviewIREM was founded in 1933 to set professionalstandards in real estate management.That’s why this course draws on the longand esteemed IREM tradition of guidingtop property managers in ethical and moralconduct. You’ll look back on this course witha sense of IREM pride and honor.Tips to prepareReview the IREM Code of ProfessionalEthics — it’s a big part of the course andfoundational to the ethical guidance you’ll getin the classroom.What you’ll learn1. How to incorporate honesty, compassion, andloyalty into everyday property management andtenant relationships2. An exclusive IREM framework for ethicaldecisionmaking in property management calledthe “Five Question Method”3. How to spot and avoid client/property managerconflicts of interestand moral conduct. You’ll look back on thiscourse with a sense of IREM pride and honor.The CPM Handbook16
FIN402Budgeting, Cash Flow, andReporting for Investment Real EstateFormat: Classroom (in-person); live online, or self-paced onlineLength: 2 days (classroom) 4-6 hours (online)Exam: Classroom and live online - taken online within 30 days of completing course;Self-paced online - taken online within the year you have to complete the courseDual credit: Meets program requirements for CPM, ARM, and ACoMCourse tuition*: Members: 599, Non-members: 745OverviewWhen it comes to real estate managementfinance, your job is to build value for owners and investors. And CPMs know how todo this better than the rest; FIN402 is oneof the reasons why. This is the course thatteaches CPMs to master the balance sheet,cash flow, and net operating income (NOI).It covers many of the same core accountingconcepts that CPAs are required to learn.Do you know how to spot trends in cashflow? Or how to use a chart of accounts toorganize a general ledger?Make sure you bring a standard calculator!What you’ll learn1. The top property management accounting termsand concepts2. Cash, accrual and modified accountingapproaches3. Financial reports owners demand, how to readthem, and how to generate your own4. Budget forecasting and monitoring5. Other advanced topics like budget varianceanalysis, using capitalization rates to determineproperty values and calculating operatingexpense pass-through amountsThe CPM Handbook17
MKL 404, 405, 406Marketing and Leasing Strategies(in Retail, Multifamily or Office Buildings)Format: Classroom (in-person), live online, or self-paced onlineLength: 2 days (classroom) 4-6 hours (online)Exam: Classroom and live online - taken online within 30 days of completing course;Self-paced online - taken online within the year you have to complete the courseDual credit: Meets program requirements for CPM, ARM, and ACoM(ARM credit for MKL405 only)Course tuition*: Members: 599, Non-members: 745OverviewGreat property managers are able to thinklike strategic marketers on behalf of theirowners and investors, so CPM candidatesare required to complete one of threeavailable courses on successful Marketingand Leasing Strategies. Choose based onyour current professional experience, orwhere your careeris headed: Retail (MKL404), Multifamily(MKL405), or Office Buildings (MKL406).Regardless of which course you choose thefundamental curriculum is the same, buteach also includes more specialized contentbased on asset class.What you’ll learn1. Marketing and leasing planning that maximizesrentable space and optimizes tenant mix2. How to conduct a market and competitiveanalysis3. What property positioning is, and why it’s crucialto your marketing plan4. Best practices for setting profitable rental rates5. How to run a top leasing office6. To become a master lease negotiator: differenttypes of leases, common concessions, andhandling of broker commissions7. How to leverage social media in leasing andretentionThe CPM Handbook18
Step 2: LearnHere are some of the other topics that makeeach course a little different:MKL404 for Retail1. The advantages and disadvantages of differenttypes of shopping centers2. How to categorize retailers as anchors,chains,franchises, or independents3. How to determine store feasibility via measuresof profit margin, markdowns, and turnover4. Designing tenant/shopping center mix andlocation to optimize success of the centerMKL405 for Multifamily1. How to deliver customer service that maximizesresident retention2. How to calculate the impact of loss to lease oneffective gross income3. The role of economics in marketing and leasing inmultifamily4. Creating a leasing office with staff organization,communication, and incentives that attract newresidentsMKL406 for Office Buildings1. The difference between gross and net leases2. How occupancy effects the market value of aproperty3. Calculating the impact of absorption on aproperty’s submarket4. Designing the space plan to optimize officebuilding leasing5. The basic characteristics of office buildings likebuilding classifications, lease types, and themethod of space measurementThe CPM Handbook19
HRS402Leading a Winning PropertyManagement TeamFormat: Classroom (in-person), live online, or self-paced onlineLength: 2 days (classroom) 4-6 hours (online)Exam: Classroom and live online - taken online within 30 days of completing course;Self-paced online - taken online within the year you have to complete the courseDual credit: Meets program requirements for CPM, ARM, and ACoMCourse tuition*: Members: 599, Non-members: 745OverviewThis course is a staple for CPM candidatesbecause it grooms them to become strongteam leaders. One more reason it’s sopopular? It walks CPM candidates througha day-in-the-life of a property manager,training them to recruit, manage, andmeasure a high-performing staff.What you’ll learn1. How to determine and set the roles you need onyour team2. What a strong recruiting plan looks like3. The popular trends in property management stafftraining, and how to incorporate them4. A leader report card of your natural strengths,weaknesses, and emotional intelligence5. How to hire and when to terminate — frominterviewing to contracts to one-on-onesDid you know?Building and managing an exceptionalproperty management team was rankedas a top property manager skill by morethan 800 real estate professionals in theIREM Job Analysis.The CPM Handbook 20
MNT402Managing MaintenanceOperations and Property RiskFormat: Classroom (in-person), live online, or self-paced onlineLength: 2 days (classroom) 4-6 hours (online)Exam: Classroom and live online - taken online within 30 days of completing course;Self-paced online - taken online within the year you have to complete the courseDual credit: Meets program requirements for CPM, ARM, and ACoMCourse tuition*: Members: 599, Non-members: 745OverviewCPMs aren’t just property strategy andfinance experts — they’re also masters ofeveryday building operations. This coursewill walk you step-by-step through theprocess of creating a maintenance programand procedures, conducting routineinspections, and hiring-out maintenancework to contractors.What you’ll learn1. How to create a proactive maintenanceprogram,complete with maintenance policy,budgets, and a capital improvement plan2. Best practices for conducting a propertyinspection and creating maintenance proceduralmanuals3. When to use on-site maintenance staff versus acontractor, and how to issue contractor RFPs,manage bids, and supervise the work4. The types of insurance coverage you’ll need foryour building(s)5. What goes into emergency, disaster, and businesscontinuity plansThe CPM Handbook21
ASM603Financing and Loan Analysisfor Investment Real EstateFormat: Classroom (in-person), live online, or self-paced onlineLength: 2 days (classroom) 4-6 hours (online)Exam: Classroom and live online - taken online within 30 days of completing course;Self-paced online - taken online within the year you have to complete the courseDual credit: Meets program requirements for CPM, ARM, and ACoMCourse tuition*: Members: 599, Non-members: 745OverviewCPMs are known for strong negotiationskills across many facets of propertymanagement — and financing is oneof the biggest. This course will help youcompare different loan packages, and useloan calculations to determine the bestdeal. Put more simply — it will make you areally valuable partner to an owner/investoras you advise them on one of the biggestdecisions in all of property management:getting a loan.Be sure to take FIN402 before registeringfor this course — it’s not required, butyou’ll be glad you did.What you’ll learn1. Where and how to get a loan for purchasing,renovating, or covering maintenance/replacement at your property2. How to compare different types of loan packages,and public versus private lenders3. How to perform loan calculations and analysisusing the proprietary IREM Financial AnalysisSpreadsheet4. More loan calculations like effective interest rate,principal, lender ratios, your leverage position,and a break-even analysisThe CPM Handbook 22
ASM604Performance and Valuationof Investment Real EstateFormat: Classroom (in-person), live online, or self-paced onlineLength: 1 day (classroom) 3-5 hours (online)Exam: Classroom and live online - taken online within 30 days of completing course;Self-paced online - taken online within the year you have to complete the courseDual credit: CPM onlyCourse tuition*: Members: 599, Non-members: 745OverviewThis unique course offers a case-study basedapproach to cash flow analysis and scenarioplanning on fictitious properties.Tips to prepareYou’ll need a laptop computer and financialcalculator (HP10bII, HP10bII , or equivalent)for this course. Your course registrationprovides free access to the IREM FinancialAnalysis Spreadsheet, so be sure to downloadand explore it ahead of time.What you’ll learn1. A start-to-finish walkthrough of cash flowanalysis2. How to run scenario-based cash flow projections(e.g., in event of capital improvements, reducedoperating expenses, increased net income, etc.)3. Real-world property case studies that let youexercise these new skillsMake sure you take FIN402 and ASM603before registering for this course — it’s notrequired, but you’ll be glad you did.The CPM Handbook 23
ASM605Asset Analysis ofInvestment Real EstateFormat: Classroom (in-person), live online, or self-paced onlineLength: 1 day (classroom) 3-5 hours (online)Exam: Classroom and live online - taken online within 30 days of completing course;Self-paced online - taken online within the year you have to complete the courseDual credit: CPM onlyCourse tuition*: Members: 330, Non-members: 410OverviewCPMs are said to have “knowledge thattranscends asset class” — and this courseis one of the reasons. You’ll learn how toset long-term valuation goals, and takemeasurable steps to achieve them. Thisasset manager mindset is what drawsinvestors to a CPM.Tips to prepareYou’ll need a laptop computer and financialcalculator (HP10bII, HP10bII , or equivalent)for this course. Your course registrationprovides free access to the IREM FinancialAnalysis Spreadsheet, so be sure todownload and explore it ahead of time.What you’ll learn1. How to compare property income streams usingcompounding and discounting2. Defining and calculating cash-on-cash return,value enhancement, NPV, and IRR3. How to use the top three most common valuationmethods in property management, and derive caprates and investment value4. How to get accurate market and investmentvalues when property income is not stable, usingdiscounted cash flow analysis5. How tax laws impact cash flow of investmentpropertiesAnd be sure to take FIN402, ASM603, andASM604 before registering for this course— it’s not required, but you’ll be glad youdid.The CPM Handbook 24
Step 1: EnrollStep 2: Learn(Beyond the classroom)Learn your craftThe CPM designation is all about real-worldskill, not theory. So CPM candidates musthave 36 months of qualifying real estatemanagement experience by the time ofgraduation.Read the CPM Experience Form on page39 to learn more about this requirement.Additionally, you need to have been a CPMcandidate for at least 12 months prior toCPM graduation.Here’s what IREM members are sayingabout their chapter:One of the most important resourcesIREM provides is the opportunityto network with other exceptionalentrepreneurs and business people in thesame industry who are also trying to learnand advance their careers.Learn from your networkSeasoned CPMs have years of experiencein solving real estate management’s mostdynamic challenges. Building relationshipswith these experts will strengthen yourknowledge, so CPM candidates must attendat least two IREM chapter events in the 12months before graduation.Kim Morgan, CPM Atlanta, GAWith IREM’s 80 U.S. and 16 internationalchapters, there’s almost always somethinggoing on close to home. Like a paneldiscussion on the technologiestransforming building operations. Or around table about becoming an IREMCertified Sustainable Property (CSP). Ora tour of the city’s hottest new Class Abuilding followed by a networking happyhour.Before moving to Step 3:Visit irem.org/about-irem/chapters to findout what’s going on with your closest IREMchapter. Complete the 8 CPM certification coursesWhen you enroll, you will automatically beassigned to a chapter based on youraddress.The CPM Handbook 25
Step 3: TestDemonstrate your knowledgewith the CPM Capstone.The CPMHandbook 2626The CPMHandbook
Step 3: TestYou’ve completed the 8 rigorous CPMcertification courses – now what? In thisstep, you’ll prove you have the knowledgethat sets a CPM apart.CPM CapstoneTo earn the CPM, you must pass theCPM Capstone, a two-part final assessment.The CPM Capstone includes1. Part 1 – Management Plan Skills Assessment(MPSA): A two-day classroom or live onlineintensive. CPM candidates first review conceptslearned throughout their IREM education. Then,they take a case study-based practical applicationassessment testing their ability to conductreal-world analyses and make recommendationsacross property types.2. Part 2 – CPM Certification Exam: 150-questionsmultiple-choice exam that tests your knowledgeof property and asset management conceptsbased on the IREM curriculum and/or your ownprofessional experience.The CPM Handbook 27
CPM Capstone The CPM Capstone is 2 days of prep in the classroomor live online and is followed by two live online exams– the Management Plan Skills Assessment and theCPM Certification Exam.Format: Classroom (in-person) or live onlineLength: Two 8.5-hour days of instruction;two 1/2 days of testingLocation: Available live online or in select statesTuition: Members: 1,665, Non-members: 2,060CPM CAPSTONE PART 1 — MPSAXMManagement PlanSkills AssessmentThe first part of the CPM Capstone twopart assessment is the Management PlanSkills Assessment (MPSA). The MPSAbegins with a two-day instructor led prepcourse, taken in a classroom or live online.Regardless of the setting in which the prepcourse was completed, candidates take arigorous test in an online proctored setting,designed to assess your ability to conductseveral real-world analyses and makerecommendations aligned with ownershipgoals using a variety of scenarios andproperty types (office, conventionalapartments, retail, and more).Tips to prepareWhen you register for the MPSA, you’llreceive access to a wealth of resources,including the MPSA Prep Tutorial. Take thetime to review it.You’ll also receive access to the MPSAPractice Spreadsheet. Download it so youcan practice – it’s the same one you’ll useduring the MPSA.The exam is open book — a hard copyor a PDF of IREM course materials maybe referenced during the exam. Wealso recommend reviewing technologyrequirements in advance.What course of action is the right one, andwhy? Only a CPM-caliber property managerknows best. Are you ready?The CPM Handbook 28
Step 3: TestCPM CAPSTONE PART 2 — CPMEXMCPM CertificationExam The second part of the CPM Capstone isthe CPM Certification Exam. Over fourhours in an online proctored setting, you’llcomplete a 150-question, open-book,multiple choice exam covering marketingand leasing, maintenance and operations,legal and risk management, and financeand asset management. The CPM exammust be taken within 30 days followingcompletion of the MPSA Prep.Tips to prepareDid you know?Most CPM candidates take theCPM Capstone, but a ManagementPlan Independent (MPLIND) optionis available, along with a live onlineproctored CPM Certification Exam(CPMEXM). Visit irem.org/certcourses tolearn more.When you register, you’ll receive access toa wealth of resources, including the CPMExam Prep Tutorial. This tutorial reviewsall major concepts and includes sampletest questions to help you gauge yourreadiness.Concepts to know for the CPMCertification ExamRefresh yourself on these before you sit forthe CPM Certification Exam1. The IREM Financial Analysis Spreadsheet2. Before-tax cash flow analysis: pro formastatement, calculating market value (IRV), goingin/going-out cap rates3. The four financial tests (cash-on-cash, valueenhancement, NPV, and IRR4. Comparison Grid AnalysisThe CPM Handbook 29
CPM Capstone timelineLesson 1: As-is Property Analysis1. Physical and managerial descrip
The IREM Certified Property Manager designation is the premier certification in property management. The CPM has international reach, with over 8,300 of the world’s most elite property and asset m
