Consequences of Largely Skipping GIPS

CFA Level III
#1

I read the CFAI GIPS section about 2 months ago. If history holds, they will be asking 1 item set on this.

In mocks/practice, it seems that I can use common sense on 2 of the questions and largely guess on the other 4, yielding a 3/6 or even a 4/6. Since it is CFAI, there are usually 2 questions per item set where you will struggle, even if you know the material very well.

Given all of this, I do not plan on putting much more time into GIPS for what will be a 1 or 2 question bump in the end - if I am lucky.

The majority of the curriculum topics have decent crossover between topics and the AM and PM sections, so they cannot be ignored. But I fail to see the reward of knowing GIPS cold.

#2

I agree with this. It’s just not worth the time to memorize GIPS. I only practice it when it comes up in mocks. If I have time I might do 100 questions or so on GIPS from the qbank to hopfully pick up a mark or two.

#3

GIPS qbank is maddening. The questions are either very easy or a total crapshoot.

#4

Much like I expect the actual exam to be!

#5

An old Arabian legend talks about a voodoo doll named GIPS. It was lost hundreds of years ago. Some say that a sailor onboard Santa Maria had it within his belongings. The sailor disappeared off the shores of San Salvador. Some travelers reported seeing the GIPS doll in Tahiti in the 1790’s; and in Salem Massachusetts in the 1870’s. The legend says that all of those who attempted to unlock the mystery of the doll, suffered great pain. The GIPS doll comes to hunt its victims in the first Saturday (the 6th day of the week) of June (the 6th month of the year)

#6

Max points for this if the history of GIPS shows up in the AM.

#7

LOL, dude your posts are similar to the creative writing genius from the L2 board last year, I’d Buy Willa Cather a Beer. 50% chance that’s you? Funny stuff regardless. Love it.

#8

I think I sat next to the GIPS doll in L1. Hopefully the proctor who spent the entire 6hrs standing over me and muttering tried to ‘unclock its mysteries’ after the exam.

Kind of agree with you sk, there are just too many possible questions and unless you’re good at rote memorisation trying to remember them all isn’t a particularly efficient use of study time. There are a few things that always seem to be tested, so know these and guess the rest.

#9

Is anyone familiar with the legend from 2014 regarding The Tale of the Missing GIPS? Only those who were there and still roam the AF halls can tell this tale…

I will be studying GIPS - lightening doesn’t strike twice, or so the legend goes.

#10

I wish you all the best for the exam. Hopefully, you are very well prepared in other sections and can afford to miss 1-2 questions.

People who fail in band 10 probably know the importance of 1-2 questions.