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To GIPS or not to GIPS, that is the question. Or else send tips for gips.

I've done a decent job at finishing up my studying, only GIPS and a second run of Ethics left. But GIPS, omg, I thought Ethics was bad. It seems that all you do is memorize the shit out of every rule, and even then it's not enough because some rules are compulsory and some are just recommended? Which seems quite important since I've seen many questions that ask 'is person X in breach of GIPS' which means if it's just a recommended rule they're allowed to ignore it!

I just wanted to check with the people here whether is GIPS skippable? I know we're not supposed to bla bla bla, but honestly given the amount of work I'll have to put in and the weighting given, it doesn't seem worth it to me at least at L1. How is GIPS at L2 and L3, does it become more important?

If it is NOT skippable, lord jesus does anyone have any tips. Send tips. please...
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  • fp92fp92 UKPosts: 43 Associate
    I too am in GIPS sh*t  :disappointed: I've chosen to skip GIPS for now, risky move I know, and sorry not much help here.

    Trying to cover as much ground as I can as the practice papers are scaring me... I figured I'd probably get 1-2 questions on GIPS which I can sacrifice or have some sort of educated guess, vs. mastering those calculation based questions and getting them right. 
  • Didn't know GIPS is a popular skipping topic! I think I'll leave GIPS until the absolute last minute and give it a good read 1-2 days before the actual exam. Might get lucky for those 1-2 questions!
  • Ethics and GIPS are CFA-exclusive, so apart from the exam and CFA-related compliance you're unlikely to encounter these in real life. CFAI places a lot of importance on Ethics so that's unskippable, but you might get away with tossing GIPS in the trash.

    I think you'll be OK for L1 but the danger is running into a full vignette about GIPS in L2 or L3. I personally wouldn't skip it, at least 'light touch' review and hope for the best.
    This is CFA!!!
  • I went through it once (and learned nothing) for L1. It turned out fine for me, I'm kind of rolling the dice again this year and only reading it once again.
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