LOS contradicts QBank

Hey all, question for those using Question Bank regarding the following LOS: CFA Institute Area 3-6, 8, 16-18: Portfolio Management Session 18: Global Investment Performance Standards Reading 49: Global Investment Performance Standards LOS e: SUMMARIZE AND JUSTIFY the requirements of the GIPS standards with respect to return calculation methodologies, including the treatment of large external cash flows, cash and cash equivalents, and fees and expenses. The LOS doesn’t use any of the key words which would indicate that you would need to be able to actually do the calculations. I.e. specifically use the modified deitz or original deitz. But the questions for this section do actually ask for the calculations. What’s the deal? Any opinions? Thanks.

CFAI EOC questions require you to use the modified deitz method, Volume 6, Page 314, #7. Since EOC questions are fair game for test material, I would recommend knowing how to calculate them.

Thats the consensus then? Don’t be too literal about the LOS; EOCs are the litmus test?

Considering it says this in the front of every CFAI book (and they are the ones who write the test): “All questions and problems in the reading as well as their solutions (which are provided in an appendix at the end of each volume) are required material.” As for the specifics of the LOS http://www.cfainstitute.org/cfaprog/courseofstudy/commandwords.html Summarize: To tell in or reduce to a summary. Justify: To PROVE or SHOW to be valid, sound, or conforming to fact or reason; to furnish grounds or evidence for. It’s not like it’s hard. Just remember it along with everything else.

Coo. thanks. I know its not tough stuff. Last year I went too in depth in areas where it wasn’t ultimately required and lost valuable time I could have spent to more testable areas, so I’m trying to be more ‘efficient’ this time. If its not testable I dont want to know it. This is good though - appreciate it.

No problem. Yea, I agree we can all get caught in details that bring us down. If you have not done so yet, I would highly recommend doing the EOC questions. They are much better than Qbank. Good Luck!