How much you need to know about GIPS

CFA Level III
#1

I heard more details were tested about GIPS in LVL III. In the CFAI book, there aren’t much mentioned tho. How much more we need to know about GIPS? Where to get a GIPS handbook? Thanks much

#2

Yes. GIPS will be tested in level 3. either in the morning or afternoon or in both. What you should do? Read GIPS in schweser. Dont bother with the CFAI reading on GIPS. Memorize everything in Schweser and you should be fine…

#3

Thanks! This helps.

#4

GIPS = worst part of studying for L3

#5

AllLevelsPass Wrote: ------------------------------------------------------- >Dont bother with the CFAI reading on GIPS. Memorize everything in > Schweser and you should be fine… can other L3 people give their opinion on this? is this the consensus?

#6

I studied Schweser only for GIPS and I was fine. There are lots of little rules and long lists of things that need to be included in GIPS compliant presentations, and rules specific to private equity and real estate. I found that Schweser did a good job outlining all the rules and presenting them in list format, as opposed to rambling paragraphs.

#7

The main thing is memorizing the 26 requirements for performance presentations. Schweser is good for it.

#8

I started GIPS in the last 15 days and I just read the Schweser secret sauce, did CFAI end of chapter and Schweser end of chapter problems. Passed level III I wont recommend this approach as I could only attempt 5 out of 6 question during the exam.

#9

No matter what, there will be a GIPS question on the exam, either in the morning or the afternoon session. Read each LOS and learn accordingly to your level of comfort. Yes, Schweserr give you the 26 disclosure items but the fact is the exam questions are just a little bit tougher than listing non-compliance disclosure items.

#10

i think schweser is fine on GIPS, except i think the small number of account stuff is slightly wrong (5 or 6 account threshold wording). having said that, schweser has tons and tons of rules as it basically uses the CFAI rules. so there’s 100’s of rules. it’s basically asinine the way it’s taught, but whatever. as far as what you need to know. i’d say all Q’s i’ve seen have been fairly straight-forward. very little nittiness… on the other hand, most people pass/fail by a tiny margin as per 40/60/80 so you need every mark. you will really hate GIPS when you get to real estate/private equity/advertising… it’s like, “what is the purpose of ‘rote learning’ this?”

#11

GIPS coverage is a lot but if you look at past practice exams, they seems to concentrate the questions on certain areas only