Does anybody have any insight on how to study GIPS? I saw that Finquiz has a “cheat sheet” that would probably be helpful. Here are some of my thoughts:
I know that everyone says not to “skim” GIPS. But how much of it will really be on the test? Maybe 2% of the exam? If that’s the case, maybe I should just “skim” it? It seems like a lot of studying for a relatively small portion of the exam. (If you’re like me, there’s a max that your brain can hold, and it seems like you don’t want to waste precious hard drive space on GIPS.)
Right now, I plan on skipping GIPS, and just covering it a couple weeks before the exam. Of course I’ll use my Schweser material and the EOC questions, but I don’t plan on spending a lot of time on it other than that.
GIPS is one study session, so weight your study time accordingly. I recommend you do it toward the end of your studies because a lot of it is memorization. Plan to cover Asset Manager Code around the same time – both are equally boring.
Good idea to make a couple page summary of key components / key dates / key updates of GIPS asap and read through it once per week (might take 15 minutes max).
There is no logic to GIPS so unless you’ve got a photographic memory, GIPS is hard to memorize… Spend a bit of time on it now, make some concise notes and then spend 15min per week cementing it into your head for the next 7 months and GIPS will be easy marks for you on exam day!