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Curriculum Updates

  

As of 1 November 2009, the following enhancements have been incorporated into the 2010 curriculum.

 

Principles Level

 

After-Tax Return Performance

  • Removed stand-alone study session
  • The introductory portion of the after-tax reading and associated learning outcome statements (LOS) were added to existing Study Session II
  • The remaining calculation portion of the after-tax reading related specifically to the mathematics of after-tax returns, tax loss harvesting calculations, and the implementation of anticipated tax rates are no longer a CIPM required reading and have been marked as "Optional" in the curriculum. In addition, the three LOS's associated with after-tax calculation methodology were removed from the curriculum
    • Note: The CIPM exam is based only on the required segments. You should rely on the required segments and reading-specific LOS in preparing for the exam. Optional segments are included only when they might assist in the understanding of the required segments by seeing the required material in its full context. Unless the material is specifically marked as optional, assume it is required.

 

Ethics in Practice: CIPM

  • Updated previous edition to the Ethics in Practice reading. Reading was enhanced to specifically address investment performance measurement matters

 

Principles practice questions, exercises, and sample exams have been updated to reflect the 1 November 2009 examination change from four possible answers choices to three. 

 

2010 Principles syllabus (PDF)

 

Experts Level

  • Added new Value at Risk (VaR) topic reading into the Risk Analysis Study Session
  • Removed Wrap Fee/Separately Managed Account (SMA) topic and entire Study Session from curriculum

 

2010 Experts syllabus (PDF)

 

 

GIPS standards (Expert and Principles Levels)

The curriculum identifies certain recommendations under GIPS standards that convert to requirements on 1 January 2010. The candidate should be careful to now consider these as requirements according to GIPS provision I.F.14 b-e starting with the 2010 examinations.

 

GIPS Requirements effective 1 January 2010

  • Carve-outs
  • Valuing large external cash flows
  • Valuing as of calendar month-end or last business day of the month
  • Asset weight composites returns at least monthly