I was wondering how in depth I need to know GIPS. I understand all of the standards and codes well, but should I put the same amount of effort into GIPS?
i suggest at least reading about different components of GIPS, that it applies to firms (look at definition of a firm), that there is no partial compliance and GIPS audit statements. GIPS points on the exam are typically very easy if you know the basics.
in CFAi book1 of 2008/Jun, most of content of GIPS are “optional segment”, just several pages unmarked. I think it is a small part in 08/Jun exam. anyone sitting in Schweser or Stalla class, may check with instructors about that.
So would you think that it requires the same amount of memorization as the standards, just with less material?