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Magnetic tunnel junctions (MTJs) composed of ferromagnetic layers with perpendicular magnetic anisotropy (PMA) are of great interest for achieving high-density nonvolatile memory and logic chips owing to its scalability potential together with high thermal stability. Recent progress has demonstrated a capacity for high-speed performance and low power consumption through current-induced magnetization switching. In this paper, we present a compact model of the CoFeB/MgO PMA MTJ, a system exhibiting the best tunnel magnetoresistance ratio and switching performance. It integrates the physical models of static, dynamic, and stochastic behaviors; many experimental parameters are directly included to improve the agreement of simulation with experimental measurements. Mixed simulation based on the 65-nm technology node of a magnetic flip-flop validates its relevance and efficiency for MTJ/CMOS memory and logic chip design. [ABSTRACT FROM AUTHOR]