GIPS - to be or not to be.............that is the question into, material, question, difficult

wilslm

So, after studying GIPS for the past few days I am torn as to whether I want to see it on the exam.
The material isn’t difficult and is pretty cut and dry, just BS memorization with a few formulas.
it took me a while to learn not to despise Ms. GIPS, and once I embraced her, she was very forgiving.
I am rooting for an item set from Ms. GIPS….perhaps a 5/6 or 6/6 will put me over Band 10 and into the promised land.
Good luck to all…………….

thecfawannabe

Are you fucking serious?

Zestt

Will be disappointed if not tested again this year…the time spent on GIPS is only for the exam. ^_^

koba

iteracom wrote:
lostcfa wrote:
^ would be even more disappointed in CFA if they tested dates.
The exam is supposed to prove that you have enough brain cells to be taught a finance job (or at least thats how I see anyone who passed it). Ability to remember a date, or any value in fact has 0 correlation with how well you do at wok. When you are doing GIPS compliant reports you can open the GIPS and check what you need.
Most people I know with high IQ actually have a below average memory ability. Most likely has to do with the fact that the managed to graduate school by performing well on analytics and BSing their way on other stuff, then they do quant majors in university that do not require memory.
Smart people however tend to have very good short term memory which would allow them store the many parts of a complex problem in order to solve it quickly.
^ Clearly from someone who didn’t memorize any dates  lol
Probably didn’t memorize the dates and I’m with him/her. I am not wasting time trying to memorize all of the dates. Let’s say I have 80% recall on the dates and MAYBE two questions are on dates, which I think would be a lot. As lostcfa says, this is supposed to be a test of applying knowledge, not memorizing regulations (i.e. a chunk of series 3 or 7).
I could spend four hours in the next few days pounding the GIPS dates, or 60 minutes reviewing the required GIPS template / disclosures and doing a few GIPS item sets, and three hours tightening up IPS. The former gets me 6 more points max IF GIPS shows up, IF they go after the minutiae of old dates, and IF I can actually recall all of the dates. The latter gets me to 3 or 4 out of 6 on GIPS if it shows up, while hopefully pushing me from 75% to 85% on IPS questions, which I know will represent 10-20% of my score.

SFoyil

Last year GIPS was not even part of the exam. If they test it this year, i doubt dates will be relevant in more than one question..

skycfa

^ would be even more disappointed in CFA if they tested dates.
The exam is supposed to prove that you have enough brain cells to be taught a finance job (or at least thats how I see anyone who passed it). Ability to remember a date, or any value in fact has 0 correlation with how well you do at wok. When you are doing GIPS compliant reports you can open the GIPS and check what you need.
Most people I know with high IQ actually have a below average memory ability. Most likely has to do with the fact that the managed to graduate school by performing well on analytics and BSing their way on other stuff, then they do quant majors in university that do not require memory.
Smart people however tend to have very good short term memory which would allow them store the many parts of a complex problem in order to solve it quickly.

therecruit

agreed…hopefully something reasonable happens!

Nishant1

I actually hope they test dates, I know at least a few people totally punting on them, and only memorizing what needs to be on the basic presentation.