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The CIPM Program Philip Lawton, Ph.D., CFA, CIPM
September 2007
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The CIPM Program
Certificate in Investment Performance Measurement
Specialized, Practice-Based Study and Examination Program
Independent of the CFA® Program
CIPM Program Objectives
Meet Industry-Wide Need for Highly Qualified, Ethically Grounded Performance Practitioners
Professionalize the Field of Performance Evaluation and Presentation
– Affirm Status as an Expert Domain
– Improve Standards of Practice
– Recognize Individual Achievement
Foster Proficiency in Applying the GIPS® Standards
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CIPM Enrollments
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Candidates’ Reasons for EnrollingMarch–April 2007 Survey
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Demographic ProfileMarch–April 2007 Enrollments
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Demographic ProfileMarch–April 2007 Enrollments
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CIPM Program Requirements
To Earn the CIPM Designation
Agree to Abide by the Code and Standards
Pass the Principles and Expert Examinations
Meet the Professional Experience Requirement
– Two Years in a Performance-Related Position or
– Four Years in the Investment Industry
– Waived for CFA Charterholders
Become a Member of The CIPM Association
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CIPM Program Requirements
To Retain the CIPM Designation
Remain a Member in Good Standing
Comply with the Professional Conduct Program
Meet the Mandatory Continuing Professional Education Requirements
– 45 Hours Over Three Years or
– Pass the Expert Exam Again
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Downloadable PDFs
Learning Outcome Statements
Assigned Readings
List of Formulas Used
Online Courseware
In-Context Hyperlinks to Glossary Terms
Pop-Ups with Supplementary Content
Interactive Exercises
Case Studies
Practice Questions with Feedback
Demo: http://company.vcampus.com/cfa/cipm_demo/
Distance Education
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CIPM Courseware
Comp A
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The CIPM Body of Knowledge
Major Topic Areas
Professional Ethics
Performance Measurement, Attribution, and Appraisal
Global Investment Performance Standards (GIPS®)
Professional Ethics
The CIPM Association Code of Ethics
The CIPM Association Standards of Professional Conduct
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The CIPM Body of Knowledge
Performance Measurement, Attribution, and Appraisal
Rate of Return Calculations
– Time-Weighted
– Money-Weighted
– Approximation Methods
– After-Tax Returns
– Portfolios Containing Futures and Options
– Prior Period Adjustments
Benchmark Selection
– Validity and Quality
– Style Analysis
– Capitalization- vs. Equal-Weighting
– Liability-Based and Strategy Benchmarks
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The CIPM Body of Knowledge
Performance Measurement, Attribution, and Appraisal
Attribution Analysis
– Arithmetic and Geometric Methods
– Multicurrency Attribution
– Portfolios Containing Futures
– Long-Short and Market Neutral Strategies
– Fixed-Income Attribution
– Multifactor Models
Ex Post Risk Measures
– Alpha and Beta
– Ratios (Treynor, Sharpe, Information, M2)
– Measures of Downside Risk
– Hedge Fund Risk (Calmar and Sterling Ratios)
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The CIPM Body of Knowledge
Performance Measurement, Attribution, and Appraisal
Portfolio Performance Evaluation
– Appraising Value Added
– Manager Continuation Policies
Analysis and Evaluation of Total Fund Performance
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The CIPM Body of Knowledge
Global Investment Performance Standards (GIPS®)
Fundamentals of Compliance
Input Data
Calculation Methodology
Composites
Disclosures
Presentation and Reporting
Real Estate
Private Equity
Verification
Advertising Guidelines
Wrap Fee/SMA Accounts
Guidance Statements
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The CIPM Examination Sequence
Principles
– Code of Ethics and Standards of Professional Conduct
– Fundamentals of Performance Measurement, Attribution, and Appraisal
– Provisions of the GIPS Standards
Expert
– Code and Standards
– Advanced Performance Concepts and Analytical Techniques
– The GIPS Standards and Guidance Statements
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Guideline Topic Area Weights
Topic AreaPrinciples
Examination
Expert
Examination
Professional Ethics
13% 12%
Performance Measurement,
Attribution, and Appraisal
45% 44%
The GIPS Standards
42% 44%
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The CIPM Examinations
Two Examination Periods per Year
– March–April
– September–October
Three-Hour, Computer-Based Exams
– Administered by Pearson VUE
– 400 Local Test Centers in 80 Countries
The Principles Examination
– 100 Multiple Choice Questions
The Expert Examination
– 20 Item Sets
– 4 Questions per Item Set
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Examination Pass Rates
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January 2007 CIPM Certificate Holders
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July 2007 CIPM Certificate Holders
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Program Fees and Membership Dues
CIPM Program Fees
U.S. $975 Fee per Level Includes:
– Enrollment
– Curriculum Access
– Courseware
– Readings
– One Examination Seating in the Associated Window
The Fee to Re-Enroll at the Same Level is U.S. $500.
Fees are Non-refundable, Non-deferrable, and Non-transferable.
CIPM Association Membership Dues
U.S. $200 per Year
CFA Institute Members: U.S. $75 per Year
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2007 CIPM Program Schedule
Enrollment Perioda Examination Windowb
1 May 2007—31 July
2007
4 September 2007—31
October 2007
1 November 2007–31
January 2008
3 March 2008–30 April
2008
aThe enrollment period operates on U.S. Eastern Time.
bYour exam window is determined by your enrollment date. You must schedule your exam for the window associated with your enrollment period.
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The CIPM Program
For Further Information
Web: www.cfainstitute.org/cipm
E-mail: [email protected]
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The CIPM Certificate