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How to tackle IPS questions ??

Lets face it.Solving IPS questions is as indispensable as it was taming FRA in level 1 & 2 !
Could someone pls throw some light on how to approach IPS questions?
Anything which comes between you and success is an excuse
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Comments

  • “Once you decide on your occupation you must immerse yourself in your work. You have to fall in love with your work. Never complain about your job, you must dedicate your life to mastering your skill. That’s the secret of success and the key to being regarded honorably. I’ve never once hated my job, I fell in love with my work and gave my life to it.”—Jiro Ono
    lakshya25
  • Thanks for the link @AjFinance,but I am seeking some guidance particularly related to IPS questions
    Anything which comes between you and success is an excuse
  • Hi @Lakshya25, perhaps it's better to explain what aspect of IPS you find challenging? It's quite a broad question :)
  • Give me 30 min on this, it's gonna be a LONG answer @Lakshya25... :)
  • Blimey! If I were @zee I would award you the 'Epic Post' badge!

    Will def go through this with a fine tooth comb! Thanks!
    Look me in the eyes. It's okay if you're scared, so am I. But we're scared for different reasons. I'm scared of what I won't become, and you're scared of what I could become.
    ZeeDr_Pain28
  • ZeeZee London - UKPosts: 1,529 Jr Partner
    I've awarded it a 'promote', which is a super like! :D
    Homer: He might have all the money in the world, but there’s one thing he can’t buy. Marge: What’s that? Homer: .......A dinosaur The Simpsons
  • Hope you guys find it useful, it's the last stretch to getting a charterholder!
  • Can't thank you enough @Sophie :) .. Actually I had not practiced any questions on IPS apart from the Schweser EOC questions.Was looking for a kinda framework which could give me the confidence to tackle IPS questions and your post precisely did that.Will get back with specific questions when I've practiced enough problems... Thanks a lot once again
    Anything which comes between you and success is an excuse
    Zee
  • @Sophie ^:)^ ^:)^ ^:)^
    “Once you decide on your occupation you must immerse yourself in your work. You have to fall in love with your work. Never complain about your job, you must dedicate your life to mastering your skill. That’s the secret of success and the key to being regarded honorably. I’ve never once hated my job, I fell in love with my work and gave my life to it.”—Jiro Ono
    Zee
  • edited April 2013
    @lakshya25 Which other sources are you using for practicing IPS questions other than Schweser?
    “Once you decide on your occupation you must immerse yourself in your work. You have to fall in love with your work. Never complain about your job, you must dedicate your life to mastering your skill. That’s the secret of success and the key to being regarded honorably. I’ve never once hated my job, I fell in love with my work and gave my life to it.”—Jiro Ono
  • @Sophie The first part that you answered reg. situational profiling,etc can be a standalone question, isn't it?

    Is it possible that they can combine the RRTTLLU part with situational profiling, behavioral finance, psychological profiling in one question? Or does the question/case details usually carry over to the next one?

    I did go through the Schweser video on IPS, where they walk you through one of the previous exam papers. Some of the questions asked you to respond on maybe 2-3 of the constraints within the template provided.
    “Once you decide on your occupation you must immerse yourself in your work. You have to fall in love with your work. Never complain about your job, you must dedicate your life to mastering your skill. That’s the secret of success and the key to being regarded honorably. I’ve never once hated my job, I fell in love with my work and gave my life to it.”—Jiro Ono
  • Yup @Ajfinance, that can be standalone. I was just categorising the typical IPS 'warmup' questions into 3 categories.

    I'm not sure what you meant by combining? It's usually various parts of an IPS question, no rules per se on what order they come in. So I suppose it's possible to combine.

    Yup 2-3 constraints is not abnormal, they will ask on various aspects of the RRTTLLU.
  • You're welcome @Lakshya25! Let us know how things are going. You have a few cool peers around taking Level 3 too like @Ajfinance and @MattJuniper to discuss :)
  • @zee, as Master Badge Collector @mattjuniper said - I need an Epic Post Badge :P
    AjFinance
  • Maybe I should start lobbying for a talkative badge. @Sophie what is the most efficient way to bribe @Zee?
    If words can be lethal weapons, I must provide them with an arsenal.
  • Diya said:

    Maybe I should start lobbying for a talkative badge. @Sophie what is the most efficient way to bribe @Zee?

    Hmm... dude food like burgers may work . Other than that in goes into nerdier stuff like tech gadgets or keeping is forum fun, nice and tidy. I suspect the latter is efficient virtually!

    :))
    AjFinance
  • ZeeZee London - UKPosts: 1,529 Jr Partner
    There is a # Comments badge achievements series @diya!
    Homer: He might have all the money in the world, but there’s one thing he can’t buy. Marge: What’s that? Homer: .......A dinosaur The Simpsons
  • @Zee this badge would be about how fast you acquire the #comments badge :D

    This will be based on the # of posts per day xD

    I think bribing will work better in this case
    If words can be lethal weapons, I must provide them with an arsenal.
  • ZeeZee London - UKPosts: 1,529 Jr Partner
    At this rate I'll need to manage badges as a full time role. [-(
    Homer: He might have all the money in the world, but there’s one thing he can’t buy. Marge: What’s that? Homer: .......A dinosaur The Simpsons
    SarahAjFinance
  • Diya said:

    @Zee this badge would be about how fast you acquire the #comments badge :D

    This will be based on the # of posts per day xD

    I think bribing will work better in this case

    Not sure though, commenting for commenting's sake is not the goal here. Epic, helpful, funny or useful posts are what we wanna encourage :)
  • I officially step down from being a lobbyist. This short stint illustrates that I'm not good at it. Till next time!
    If words can be lethal weapons, I must provide them with an arsenal.
  • Holy mother of god. I'm bookmarking this now as it'll be useful when I'm taking Level 3! Cheers @Sophie
  • ZeeZee London - UKPosts: 1,529 Jr Partner
    image
    Homer: He might have all the money in the world, but there’s one thing he can’t buy. Marge: What’s that? Homer: .......A dinosaur The Simpsons
    AjFinanceSophie
  • @Sophie, I just noticed these posts...absolutely outstanding. Just came on here to ask some IPS questions, and your post answered most of them. Seriously, so helpful, to the point, and accurate. Thank you.

    With that said, I still do have a question. I seem to be struggling on "time horizon." My initial understanding was that the stage of the time horizon changes any time there is a significant change in circumstances. For instance, in question 1 in the CFA 2008 AM exam, I put something to the effect of:

    "They have a long, multi-stage horizon. The first stage spans from now until their children enter college (in about 14 years), the next stage is while their kids are in college, the third stage is when their kids are out of college and no longer dependent on them, and the final stage is retirement."

    However, the answer given by CFA was simply:

    "The Carvalhos have a long-term multi-stage time horizon. In the short term,
    they must pay living expenses and provide a home for their family. They
    may also have to pay tuition for their children. Their second stage is
    retirement, thirty years from now."

    How do I know what is significant enough to constitute a stage of the time horizon, other than retirement?
    Sophie
  • Additional question related to what I posted above: Does retirement consist of one stage or two? Because in one of the readings it discusses the lifecycle stages (can't remember the first stage, but the others are accumulation, maintenance, and distribution), in which the latter two both take place in retirement. Maintenance is the majority of retirement (I think) and distribution is when you actually start distributing your net worth. Wouldn't this be two stages? Or am I reading too much into it?
  • SophieSophie Posts: 1,958 Jr Partner
    @padniaki - you're welcome. I put these on precisely because essay questions were hard and I messed it up in mine. And no one else talks about it! So glad they are useful :)

    I think your answer above is perfect, more detailed than CFA's. You recognised the key stages that the income requirement may change due to changes in circumstances. So that's fine. As long as the key points are noted down, you shouldn't be penalised for being more thorough than them (but that doesn't mean you waste extra time writing everything down to the last detail!).

    On your second question: It depends on the question really, maintenance and distribution could be considered 2 stages. The point of the question is not really how many stages they are but description of those stages. So if you segment them more but covers the same points I dont think you'd be penalised.
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