Anyone have any tips for GIPS?
I don’t know how we are supposed to remember every minute detail in this thing.
plain impossible! It’s daunting to go through this chapter… !
blunt. force. memorization
Blunt force trauma is more like it.
I haven’t done this yet, but if anyone has, pleas let me know the answer –
go through past morning exams published by CFA, check if any questions differentiate between “on or after Jan 1 2006” and " before Jan 1, 2006" etc. If not, assume that CFAI will only ask about current GIPS and forget the “before Jan 1 2011 (or whatever the fuck that date was)3-year” and remember only " currently, 1-year but not if client says so but at least once 3-years". But don’t froget modified Dietz and all those outdated methods because hey, that’s so fucking important since calculators are such a precious resource.
Bitter, table for one!
Not surprisingly, this pain comes up every year. see this for tips http://www.analystforum.com/forums/cfa-forums/cfa-level-iii-forum/91309287
and breaking it down into sections can help http://www.neemonyx.com/neem/display/key%3DaghuZWVtb255eHIoCxIJbmVlbV9uZWVtIhluZWVtLTIwMTAxMTA1MDIyMDU1NTQ3NTYzDA/
though I can’t verify that this is completely up to date, someone studying for the exam this year might want to update and share.
Maybe I’m making a big mistake, but I don’t plan to spend a lot of time on it. I plan to watch the videos and maybe read through the material once, but that’s about it. It seems like GIPS takes up a lot of the brain’s hard drive, and you’re using a lot of time and energy to chase relatively few points.
greenman, totally agree, these questions are pretty easy points to get though if you happen to have memorized. there was a poem sometime back, here:
http://www.analystforum.com/forums/cfa-forums/cfa-level-iii-forum/91139760
I can’t take credit for this since someone anonymously contributed this in the Schweser online class… it’s supposed to be a way to help memorize the 26 required GIPS disclosures, so I thought I’d repost it here in case anyone finds it helpful!
The 26 GIPS required disclosures:
Some of these rhymes are a stretch, but here goes…
A is for Apple, FIRM from the tree B is for Bundle and the types of fees
C is for Composites, don’t hide the list D is for Dollar or currency expressed
E for Expenses, traders’ fees are gross F is for Flowers bundled for the host
G is for GIPS local laws can attack H is the Hand that withholds the tax
I, redef-EYE-ning, disclose a firm date J is for jumping around with the rates
K, calculation, composite, I’m stuck L is a lever, derivatives suck
M is Millennium the compliance age N is for Name so disclose any change
O is objectives, strategy, style & description P presentations and the fees that fit them
Q is the request that you can make R retro-rocket no un-baking the cake
S is for star, and did one resign? T is for turkey at the end of ’09 [carve-outs]
U is for under or the sub-advisor V is for value on the last day or higher
W is for water, minimum level yet? X is a pattern, two threads make a NET.
Y is a funnel, how many bundles went in? Z is for zebra stripes like dispersion