CIPM Expert Bulletin

 

13 February 2009

 

Dear Expert Candidate:

 

I trust that you are finding the CIPM curriculum valuable and that your exam preparation is proceeding satisfactorily.  

 

This is the second candidate bulletin for the March–April 2009 exam window; if you did not receive the e-mail dated 10 December 2008, it is archived in the CIPM section of the CFA Institute website. Please take the time to read it for important information and, I hope, useful advice. Pay particular attention to the exam policies — most importantly, those pertaining to identification and calculators.

 

Schedule Your Exam Appointment Now!

The final date for scheduling and rescheduling an exam appointment with Pearson VUE is 22 April. (Exams are administered through 30 April.) However, if you have not already done so, I strongly encourage you to contact Pearson VUE and schedule your appointment as soon as possible. Pearson VUE administers exams for many organizations, and seats are available on a first-come, first-served basis. By reserving a seat now, you are more likely to be accommodated at the time and place of your choosing.

 

Guideline Topic Area Weights

In May 2008 we conducted a practice analysis, where more than 1,500 performance professionals completed an online survey about their work and the knowledge they need to discharge their responsibilities competently. A summary (PDF) of the results is available on the website.

 

This feedback from the profession and input from the CIPM Association Advisory Council contributed to the decision to adjust the guideline topic area weights for the 2009 exams. The guideline allocations at the Expert level now stand at professional ethics — 15 percent; performance evaluation — 50 percent; and the GIPS standards — 35 percent.  The guideline weights are a generally valid indicator of the emphasis given to each topic area in the exam.

 

Expert Curriculum Changes

While striving not to increase the burden of exam preparation, the CIPM program continuously seeks to improve its educational quality and its pertinence to investment performance professionals. Accordingly, if you were enrolled at the Expert level in a prior period, you will now find some upgrades in the 2009 curriculum. We are especially pleased to provide a new reading on the subject of performance appraisal, written expressly for the CIPM program by John P. Meier, CFA.

 

GIPS 2010 Is Open for Comment

CFA Institute wants to hear from you about the recently released draft of the revised Global Investment Performance Standards (GIPS). The GIPS Executive Committee strives to keep the standards relevant and current, and relies on your feedback and comments. You can find the draft at the GIPS website, and your responses are encouraged through 30 June 2009. The proposed changes take effect 1 January 2011. In the meantime, please be assured that the CIPM exams are based upon the current version of the GIPS standards as presented in the curriculum.

 

Preparing for the Exam

CIPM is a self-directed, self-study program. In combination, the readings, interactive courseware, and sample exams are designed to help you master the body of knowledge and prepare for the exams. Because we cannot offer individual guidance, however, you may also find it useful to study with other candidates at your firm. From my personal experience in the CFA Program, meeting weekly with another candidate in my hometown kept me on track and, because we took turns presenting study sessions to one another, helped ensure that we both understood the content. Some prep course providers participate in the CIPM Trainer Guidelines Program; please consider them if you think you might additionally benefit from instructor-led classes. Please bear in mind, however, that there is no substitute for diligent study, on your own, in a quiet place where you can concentrate on the concepts and analytical techniques presented in the curriculum.

 

Investment Performance Measurement E-Newsletter

This week CFA Institute and the CIPM program released the inaugural issue of a quarterly e-newsletter in the field of investment performance evaluation and presentation. The first issue has been archived, and you are welcome to sign up at no charge for future issues.

 

Performance Measurement Conferences

In addition to becoming more knowledgeable about the practice of investment performance measurement, you are working toward a professional credential that will testify to your expertise. The better known the CIPM designation becomes, the greater its value to you as a prospective certificant. To help get the word out, we participate as speakers and exhibitors in many industry conferences throughout the world. I encourage you visit our events calendar to learn more about these conferences. In some cases, you may be eligible for discounted registration fees as a CIPM candidate.

 

Earning the Right to Use the CIPM Designation

In addition to becoming more knowledgeable about the practice of investment performance measurement, you are well on your way toward earning a professional credential that will testify to your expertise. Given all the demands on your time, you may occasionally feel a little discouraged as you work through the Expert curriculum. I urge you to pause once in a while, celebrate your progress, and recommit yourself to the goal of becoming a CIPM certificant.

 

Finally, be sure to take advantage of the candidate resources section of the CIPM website. It contains useful information on what to expect when you schedule, prepare for, and take the CIPM exam.

 

And, as always, please do not hesitate to contact us if you have any questions.

 

Best wishes,
Philip Lawton, CFA, CIPM
Head, CIPM Program