Skipping GIPS completely

Tempting!!! I’m gonna watch the vids….about 5hrs in total.
Anyone got an tips so we can get a few marks in this…there is so so much reading and only a smal reward.
 
ok…so i started watching the vids and nearly died of boredom so gave up. gonna focus on ethics now, then start taking tests.
When I get to GIPS in the mocks parts i am going to guess, then list all the questions to try and get an understanding of the 10/15 most testable questions..then i’ll revise those. That should get me 3/4 out of 6 on the test day…. Good or bad plan?
 
pokhim wrote:
ok…so i started watching the vids and nearly died of boredom so gave up. gonna focus on ethics now, then start taking tests.
When I get to GIPS in the mocks parts i am going to guess, then list all the questions to try and get an understanding of the 10/15 most testable questions..then i’ll revise those. That should get me 3/4 out of 6 on the test day…. Good or bad plan?
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Haha, you gave it 16 minutes at most, and that’s assuming you raced to start the video IMMEDIATELY after your first post!
I started the reading a while back and fell asleep during it. Instead of finishing it, I did Schweser and CFAI EOCs and checked back in the text to clarify incorrect answers. I’ve also been drilling some Schweser QBank questions on GIPS and plan to revisit the CFAI EOCs here once or twice before my studying is through.
 
I read it this week, not skimming but certainly faster than I’ve read any other section of the entire cfa syllabus. spent probably 15 hours doing the reading and the questions.
Hopefully those 15 hours and some question practice before exam day will get me through. I still feel like i should have spent the time studying other stuff though..
The bit that gets me is that everyone tells you you need to nail the afternoon paper. How can you do that if there’s 1 item set in there that you have no idea about and are just flat out guessing.
 
I wouldn’t skip it completely. It’s very testable because CFAI know people hate reading it. Watch some videos or read someone’s notes. You need all the points you can get.
 
GIPS is my derivatives section from L2. By that, I mean the “is all this bandwidth possibly worth getting a couple more questions right?” section. I read it in Schweser and will hopefully squeeze through their CFA EOC’s and that’ll probably be it for me. I know people who passed who had a FAR larger disregard for the section.
 
I think studying the core points should get you 4/6 questions correct on that section. To really ace that section, you’ll likely need to know all the details and nuances of GIPS. It is indeed diminishing returns to learn everything for GIPS.
 
The main section of GIPS is very manageable. It is only when you get private equity and real estate that it gets messy.
 
good old GIPSy……funny how i describe it when i don’t have to take the exam ^ _ ^
pray hard it does not appear in the AM session LOL
I did minimal reading for that topic……if anyone wants to know…….but then again one will need all the points he/she can get…….fight on!!!!!
 
I think GIPS was the only topic I read just once. There’s a lot of material with only a handful of points up for grabs. There was a lot of it that I thought was common sense. Overall I’m happy with my decision to spend more time on other areas. I don’t think it hurt me on exam day.
 
paul1977 wrote:
The main section of GIPS is very manageable. It is only when you get private equity and real estate that it gets messy.
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I was feeling like GIPS wasn’t so bad until I got to the real estate and private equity bit and then I lost interest.
 
mk17 wrote:
I wouldn’t skip it completely. It’s very testable because CFAI know people hate reading it. Watch some videos or read someone’s notes. You need all the points you can get.
Click to expand...
The problem is you can’t make a half-aXX attempt at GIPS simply because there’s a million details they can test you on. It’s a big judgment call on if you have enough time to cut if out totally.
If a person has time, I say they go for it, and grab as many points as you can
 
I believe it was FinQuiz who had a free GIPS PDF that was around 25 pages of flow charts that made it so much more manageable to attack GIPS without wasting too much time. Still mind numbing, but way better than slogging through the books. I’d google that if you can find it.
 
If anyone has any GIPS related questions, feel free to ask me. Career revolves around them so Ishould be able to point you in the right direction.
 
One of my strategies is to not worry at all about anything that used to be required (i.e. in 2005, blah, blah). I’m gambling they won’t ask any questions on previous requirements.
Anybody got a cheat sheet prepared as to what they see are the main highlights and non-logical nuances of GIPS?
I’ve managed to get through half the videos. Awesome way to get to sleep. Makes your eyelids feel like they are made of lead.
 
i love how in one of the GIPS videos David Heatherington starts it off wear sunglasses. baller
 
I’ve watched the videos for it and will do the EOCs and as many mock questions on it as I can..
Basically everything short of actually reading the chapter in the CFAI texts.
 
itera wrote:
mk17 wrote:
I wouldn’t skip it completely. It’s very testable because CFAI know people hate reading it. Watch some videos or read someone’s notes. You need all the points you can get.
Click to expand...
The problem is you can’t make a half-aXX attempt at GIPS simply because there’s a million details they can test you on. It’s a big judgment call on if you have enough time to cut if out totally.
If a person has time, I say they go for it, and grab as many points as you can
Click to expand...
When I was prepping, half assing was watching a video and going over the text once. Thats probably not the same definition for everyone. It worked on game day but I was mentally prepared for a points grab.
 
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