diff --git a/ipykernel/zmqshell.py b/ipykernel/zmqshell.py
index 9e9ded064..bd3f8ef41 100644
--- a/ipykernel/zmqshell.py
+++ b/ipykernel/zmqshell.py
@@ -21,6 +21,7 @@
 import typing
 import warnings
 from pathlib import Path
+from subprocess import CalledProcessError
 
 from IPython.core import page
 from IPython.core.autocall import ZMQExitAutocall
@@ -783,9 +784,14 @@ def system_piped(self, cmd):
             with AvoidUNCPath() as path:
                 if path is not None:
                     cmd = f"pushd {path} &&{cmd}"
-                self.user_ns["_exit_code"] = system(cmd)
+                exit_code = system(cmd)
+                self.user_ns["_exit_code"] = exit_code
         else:
-            self.user_ns["_exit_code"] = system(self.var_expand(cmd, depth=1))
+            exit_code = system(self.var_expand(cmd, depth=1))
+            self.user_ns["_exit_code"] = exit_code
+
+        if getattr(self, "system_raise_on_error", False) and exit_code != 0:
+            raise CalledProcessError(exit_code, cmd)
 
     # Ensure new system_piped implementation is used
     system = system_piped