I am half way through this GIPS reading and it is truly the worst experience of my life within this program so far. Its pure torture. I cannot imagine they expect us to know all these dates and how things are handled before and after each one. I needed to vent so bad because again, THIS SUCKS. Someone please tell me they through most of this garbage in as a joke. Seriously, this reading I could spend 300 hours on in itself to master.
I don’t worry about GIPS too much if you do the practice exam questions on GIPS they hit the same points repeatedly and are quite high level. I use study guides for GIPS and one even says don’t bother reading them from curriculum. There hasn’t been a morning question on GIPS for like 10 years at least. Happy new year man, this time next year hopefully we’ll be free. Also im a resitter, first time I ‘read’ the books nothing made much sense, this year im doing 10x more past papers
Thanks for the advice I appreciate it. After seeing multiple dates and many caveats to many things I quickly realized GIPS is a skill set entirely separate from the CFA designation, well they tie-in to each other, but you know what I mean. I basically blacked out after the first 30 pages ha ha. I just finished the reading and cannot tell you more than 5 things I remember reading! I have quite a few FINRA licenses including the 24 which is absolutely NOTHING compared to CFA designation but my biggest pet-peeve about FINRA is that their rules frequently say things like "You must ALWAYS do this every time."Then the next rule would say something like “you don’t have to follow the rule previously mentioned if you do this”. Dont tell me something is always done unless you mean it please. I saw this same trend in GIPS where they would say something like “you must report returns gross of fees”. Then they say “but if you decide to report net of fees…” If you can decide to report net of fees then do not tell me in the first sentence you must report gross! I take trigger words like MUST, ALWAYS, NEVER very literally.
I agree with you that GIPS is not fun!!! At first, I thought Fixed Income and Option suck until recently. Almost fell asleep several times when I am reading the GIPS this week. Was planning to move on to the second round of reading notes but stuck with GIPS for a week already. Like student_99 said, after I did some questions, it starts to make sense on some parts. Still not clear on many parts, but I feel like I am getting there. There is a certificate related to GIPS called: Certificate in Investment Performance Measurement (CIPM). So, definitely, this is not a fun/easy section to learn but I think as long as we understand the basics, we should be good.
At least this is the last section of the material which means there is no more new material to us:)
Happy new year and good luck to us all studying!
I decided to just brush over, read, but quite honestly in one ear and out the other the finer details. IDK why I even wasted 5 hours reading it when I didn’t retain anything. Probably should just have gone right to questions. Happy new year!!
If there will be only vignettes, there is a chance.
Same boat over here… I am at wrap fees… and am so confused between the advisor, sub advisor sponsor…
protip: only memorize the required sections