CFA CFA Level 3 How do you tackle GIPS?

How do you tackle GIPS?

  • Author
    Posts
    • Avatar of vincenttvincentt
      Participant
        • CFA Level 3
        Up
        0
        ::

        There seem to be so many standards in GIPS, some are very similar and the only difference is just must vs should and with all the date differences (e.g. prior to Jan 08, Jan 2010, Beginning of Jan 2011, etc) and requirements (e.g. if more than 6 portfolios in the composite then; prior to Jan 12 once every 3 yrs, after Jan 12 once every year unless agreed by client then once every 3 yrs, etc).

        Are we required to memorise them all? Any tips?

      • Up
        5
        ::

        @vincentt‌ – what I did when I took Level 3 was to make notes on them during revision, and just cram them in my brain only in the last week of studying. I got quite paranoid getting all the GIPs questions wrong.

        If I recall correctly, I managed to summarise GIPS on 1 A4 sheet, and just ignored that paper until the last week to revise it again as it’s pure memory work (not logical).

      • Avatar of RaviVoodaRaviVooda
        Participant
          • CFA Level 3
          Up
          4
          ::

          @vincentt‌ , my opinion is keep it to last, remember as much as possible. I would not like to miss out questions on ethics and GIPS as they are scoring and requires very little logic atleast for GIPS. However I did bad in ethics in L2 got in 50-70 range.

          Coming to questions, I do not think CFAI would give more emphasis on testing logics like prior to x, beginning of x but prior to y kind of questions, as they stress more of logic and intention in my opinion.

        • Up
          4
          ::

          @vincentt if they actually applied all those LOS, it would make a mockery of the entire CFA process; “nevermind all that vaguely relevant, incredibly difficult stuff you just learnt, here’s a test of some private agenda we’re trying to ram down your throats”. Just look at 35m…

        • Avatar of BetankrichBetankrich
          Participant
            • Undecided
            Up
            3
            ::

            Make short bullet points as most of the questions are actually on law content. Brezee through bullet points of few pages and answer.

          • Avatar of vincenttvincentt
            Participant
              • CFA Level 3
              Up
              2
              ::

              @sophie how detail do you have to know the content of GIPS? Would it be fair to say we just have to know the latest requirements and recommendations? Because I feel if candidate is expected to know all the rules for all the standards including the prior to x, beginning of x but prior to y, etc is a little ridiculous which could be easily referenced in real life. @Jwa

            • Up
              2
              ::

              Kinda agree with @jwa and @RaviVooda‌ here. It’s one of those things that I’d leave last to cram but wouldn’t want to ignore. It is difficult to say what we should know as being “reasonable” – so I’d say go on a best effort basis. If I had to choose, yes I’d say knowing the latest requirements and recommendations is a fair assessment.

              That said, I don’t know if the LOS has changed since my time. What does the GIPS LOS say @vincentt‌ ? That may help provide some direction.

            • Avatar of vincenttvincentt
              Participant
                • CFA Level 3
                Up
                2
                ::

                @RaviVooda @sophie @Jwa ya this is my last reading now before I hit the EOC questions.

                This is the GIPS LOS
                http://www.cfainstitute.org/CFA%20Program%20Study%20Session/2014_L3_SS18.pdf

              • Up
                1
                ::

                @vincentt I didn’t bother, TBH. But I wouldn’t advise that approach. The appending of GIPs onto LIII is possibly the thing I hate most about CFA.

            Viewing 8 reply threads
            • You must be logged in to reply to this topic.