30 June 2009
Dear Expert Candidate:
Congratulations on your decision to continue working toward the CIPM credential. As head of the only study and exam program designed specifically for investment performance professionals, I am pleased to welcome you personally to a new phase in your professional development. Please take a moment to read through this message in order to familiarize yourself with the resources available to you.
Schedule Your Exam Appointment
The final date for scheduling and rescheduling an exam appointment with
Pearson VUE is 22 October. (Exams are administered through 30 October.)
However, I strongly encourage you to contact Pearson VUE and schedule your
appointment as soon as possible.
Seats are available on a first-come, first-served basis, so by reserving a seat now, you are more likely to be accommodated at the time and place of your choosing. In addition, making the appointment establishes a deadline for completing your preparation. Committing to sit for the exam on a specific date will help you adhere to your study plan.
The GIPS Standards and the CIPM Exams
In the September–October 2009 exam window, questions related to the
Global Investment Performance Standards (GIPS) will be based upon the
existing GIPS standards as presented in the curriculum you are currently
studying. The release of a GIPS 2010 Exposure Draft does
not affect the content of the 2009 curriculum and exams.
Advancing to the Expert Level
By successfully preparing for the Principles exam, you have already
demonstrated your ability to manage time effectively. However, you may
find that preparing for the Expert exam takes longer. We have developed
study plans that break each study session into subtopics, and we have
structured the online courseware accordingly. The suggested study plans —
presented under the heading "Planning Your Study" in the
Resources section of the courseware — will help you manage your
preparation time.
You may also find the Expert curriculum appreciably harder. In particular, many of the concepts and analytical techniques you will encounter in the area of performance measurement, attribution, and appraisal are more advanced. In order to help you gain confidence in applying new skills, the Expert courseware in the quantitatively oriented Study Sessions II through VII is problem-centered rather than expository. When addressing these topics, I strongly recommend that you study the readings carefully — plan to read them more than once — and use the exercises in the courseware to practice and to test your understanding of the concepts and calculations.
Similarly, correctly applying the GIPS standards in complex situations
requires a deeper understanding of their provisions. Thorough study of
the GIPS Guidance Statements, along with the commentary and examples in
the GIPS Handbook, will enable you to consolidate and extend your
knowledge of the Standards. In the online courseware, Study Sessions VIII
through XIII focus on the GIPS standards; there you will find new content
and interactive exercises in more familiar formats.
Interactive Courseware Features
I cannot overemphasize the importance of studying the readings. The
online courseware alone does not fully equip you to master the CIPM
candidate body of knowledge. However, the online courseware does provide
additional learning tools that can be extremely advantageous, so a smart
study plan will include all the available resources.
For example, in addition to interactive exercises and practice questions
with feedback, there are short videos introducing each study session,
navigational aids, a note-taking feature, print functionality, and
self-evaluation checklists at the close of each study session
A Word About Test Prep Courses
Keep in mind that prep materials can be helpful supplements to the CIPM
program curriculum but should never be used as a replacement. Learn more
about the
CIPM Trainer Guidelines program and the four participating
organizations (two based in the U.S., one in the Netherlands, and one in
Spain) if you are interested in using a third-party prep provider.
Sample Exam
Your enrollment in the CIPM program includes access to an online sample
exam through 30 October 2009 at no additional charge. The sample exam is
accessible through the online courseware.
The online sample exam consists of questions that previously appeared on actual CIPM exams. Taking the sample exam will familiarize you with the format of the Expert exam, and reviewing the feedback may help you identify topics or concepts that merit further study.
Please bear in mind that the CIPM exams do not include questions on every concept in the curriculum. Concepts that are tested on the sample exam may not appear on the actual exam, and concepts that appear on the actual exam may not be among those tested on the sample exam.
Remember that the Learning Outcome Statements are the best guide to the knowledge you may be asked to demonstrate when you sit for the actual exam.
Certain Formulas Are Provided
Please be aware that you need not memorize all the formulas used in the
Expert curriculum. Certain formulas will be accessible on the computer
screen during the exam if they are required to answer specific questions.
See the formula
policy for more details.
Exam Administration Policies
- Identification: You must provide two forms of identification that meet certain requirements.
- Calculator use: Review the calculator policy to ensure your calculator will be allowed into the test center.
- Security: A digital fingerprint, photograph, and signature may be taken when you check in for the exam.
- Exam length: You will have 180 minutes to take the exam. We schedule 210 minutes at the test center to provide you with up to half an hour to read and sign the candidate pledge. The three-hour exam clock starts when you open the actual exam.
- Breaks: There are no scheduled breaks during the exam. You can take an unscheduled break, but the 180-minute clock will continue to run for the duration of the break.
- Scrap paper: No scrap paper is allowed. You will receive a dry-erase tablet and a writing instrument for use during the exam. You can have only one tablet at a time. If you run out of space, another tablet will be provided.
Conferences and Speaking Engagements
The CIPM program actively participates in speaking engagements and
industry conferences throughout the world. We encourage you to 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.
Your Candidacy in the CIPM Program
The CIPM designation is a mark of accomplishment, and earning the right
to use it requires serious, disciplined effort. At the same time, I hope
that you will find the experience of studying the curriculum and
preparing for the Expert exam inherently rewarding. If you haven't
already started, I encourage you to begin as soon as possible. Then, keep
moving ahead, and you may find that you have a little extra time to
review before exam day.
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