GIPS part of Ethics?

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Hank Moody

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In terms of score weighting, is GIPS combined in with the 10% allocated to ethics?
I was expecting to see a line item for it, but it’s not there.
Essay
1 Portfolio Management - Individual 15 - * -
2 Portfolio Management - Individual 23 - - *
3 Portfolio Management - Institutional 26 - - *
4 Economics 23 - - *
5 Portfolio Management - Asset Allocation 20 * - -
6 Fixed Income Investments 19 - * -
7 Equity Investments 22 - - *
8 Portfolio Management - Risk Management 16 - - *
9 Portfolio Management – Performance Eval. 16 - * -

Item Set Q# Topic Max Pts <=50% 51%-70% >70%
- Alternative Investments 18 * - -
- Economics 18 - - *
- Equity Investments 18 - - *
- Ethical & Professional Standards 36 - - *
- Fixed Income Investments 36 - - *
- Portfolio Management - Execution 18 - * -
- Portfolio Management - Individual 18 - - *
- Portfolio Management - Risk Management 18 - - *
 
I believe GIPS would be given it’s own heading, as it is only combined with ethics in level 1. Could be that it just isn’t tested on the exam you’re citing- check a few more and it should have it broken out individually.
 
It was not tested in 2011, and the standards had upgraded to the new 2010 standards last year.
It has usually been limited to 5% (one Item set - in the past).
but you never know. if they did decide to test it as an essay question, it will be “fun time”.
 
I looked back to 2008. Nothing for the past 4 years, at least under that name.
 
AFAIK - it has never been tested in the AM Section, and since that is the only paper we have access to, nothing would be present in the AM.
I am just saying - a). it could switch around pretty quickly and if it came on the AM section- it would be a killer.
You would need to go back to the old site and look at the exam results for the previous years there, to look at what the % was.
 
I’ve compiled the score matrices from 2008-2011 and it’s not showing up as a distinct name.
Assuming it was tested (I cannot imagine CFAI skipping a whole SS for four years), how was it reflected in the matrix? I’m just about done reading the curriculum and I’d like to get a rough sense how certain topics have been tested and weighed over the past several years.
 
cpk123 wrote:It was not tested in 2011, and the standards had upgraded to the new 2010 standards last year.
It has usually been limited to 5% (one Item set - in the past).
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I took a live prep course for the Level III June 2011 exam, and the instructor told us that GIPS is key L3 topic and is “always” tested.
However, it seems that the only thing that you can be really assured of with the CFA exams, is that any instructor that tries to predict what definitely will or won’t be tested will end up looking silly.
 
Ya…I remember while watching videos of SCH in whic they mentioned that in Institutional Investors IPSs – Pension plan, LIs are likely testable material however Banks & Non LI are mostly used for compare and contrasting purposes…..But when L3 AM 2011 will be posted on website you would realized that Banks IPSs formulation was there in AM section - last year exam…I think that’s why everybody say that every year there would be some surprising element in exams…
 
Here’s my prediction for June 2012: A lot of L3 retakers from 2011 won’t bother to study GIPS or Asset Managers’ Code, and will get their asses handed to them on exam day.
 
The answer was - no it is not part of ethics, never has been at level III.
It has been tested as Global Investment P. Standards whenever it has been.
And as far as is known - it has been on the PM section.
 
Agree with CPK- it was usually tested on it’s own in an item set, at least in the practice exams I did last year.
I wouldn’t be surprised if CFA has people taking the third party courses just to see what will ‘definitely’ be on or not on the exam. They seem a little vindictive that way, haha.
 
When was the last year it was tested? I looked back at test results to 2008 and couldn’t find it.
 
there does not seem to be anyway to find out. Even the old website of AnalystForum only has results from 2007 onwards. And from then on, there is no mention of GIPS in the result sheets.
 
I agree with Wendy’s last comment. Given how much importance is being placed on GIPS (and AMC) within the industry, I’d be massively surprised if this wasn’t tested this year (and not within the ethics and professional standards section.)
 
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