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Home» CIPM expert (Page 5)

about Roots and Exponents…

Posted by admin - April 11, 2011 - annualization, CIPM, CIPM expert, CIPM Principles, exponents, geometric linking, roots

Sometimes when we are calculating returns, we need to know the meanings of roots and exponents. This may be especially true when we have to enter things on the calculator, like CIPM candidates are required to do on exams. In mathematics, the n-th root of a number x is a number r which, when raised […]

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CIPM Expert Level – Sample Exam Solutions, #5 and #6

Posted by admin - April 4, 2011 - base currency returns, CIPM, CIPM expert, multicurrency performance

One of the students in my CIPM Expert Level Prep Classes asked me to explain the solution to the questions #5 and #6 from the sample exam questions found on the CFA Institute’s CIPM Program page (). The vignette and questions follow below: Longitudinal Asset Management is a US-based portfolio manager investing in international equities. […]

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About Modified IRR… (don’t think too hard)

Posted by admin - April 2, 2011 - CIPM, CIPM expert, CIPM Principles, GIPS, Modified BAI, Modified IRR

Over the last couple of weeks, I have been teaching our prep courses for the CIPM exams. While teaching the Principles Level course, I came across a sentence that caused some confusion: “The Modified IRR method is another estimation approach acceptable prior to 1 January 2011.” This sentence appears in the Study Session II document […]

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“Calculating” the hedge ratio…?

Posted by admin - December 22, 2010 - call options, CIPM, CIPM expert, delta, hedge ratio

When I teach The Spaulding Group’s prep courses for the CIPM exams, I always advise candidates to carefully consider the Learning Outcome Statements in each study session, as these statements describe the subject matter that candidates are required to master. In particular, I tell the candidates to focus on the verbs in each statement (e.g., […]

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Did the Expert Level Just Get *More* Difficult?

Posted by admin - December 20, 2010 - CFA Institute, CIPM, CIPM expert, CIPM Principles, GIPS

Well, I’m not sure if it got harder… but certainly there is quite a bit more content? I am in the process of updating the materials I use to teach The Spaulding Group’s CIPM Prep Classes (Principles and Expert Levels), and in reviewing the 2011 curriculum, I see that some of the content has shifted […]

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Is the S&P 500 actively managed?

Posted by admin - November 30, 2010 - benchmarks, CIPM expert, Investment Performance Guy, Laurence Siegel, Pravin Manglani, Sandy Rattray, Standard and Poor's 500

Earlier this week, my boss, David Spaulding surmised on his blog about the possibility that the mere existence of indexes may be a reason for “above average” performance, as changes in index constituents often results in trading in the newly added stocks, which often causes their prices to rise. The question of whether the Standard […]

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The GRAP attribution linking formula

Posted by admin - September 14, 2010 - arithmetic attribution, attribution analysis, attribution linking, CIPM expert, GRAP linking, smoothing

At the Expert Level, CIPM candidates are required to learn a few of the more commonly used linking methodologies for smoothing the attribution effects that come from arithmetic models. The required methodologies include: Cariño Menchero GRAP Of these methods, the GRAP method is my personal favorite because of it’s simplicity… which may not be apparent […]

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GIPS: “in transition” assets

Posted by admin - August 26, 2010 - CIPM expert, composite asset, firm assets, GIPS

Recently I received a question from one of our verification clients regarding what I call “in transition” assets – basically accounts that are in the process of moving from one category to another with respect to the firm’s GIPS compliant performance presentations. In answering, I thought that this is the type of interpretative question that […]

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Principles & Expert: Repetition, Repetition, Repetition…

Posted by admin - April 25, 2010 - CIPM expert, CIPM Principles, Coach John Wooden, formulas, Kobe Bryant

I suspect that most current CIPM candidates at both the Principles and Expert levels are about to sit for their exams this week – that’s what the statistics tell us. (CFA Institute shortened the test taking window from two months to one month for this very reason, effective this period.) You may very likely be […]

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Expert Level: Reading the Vignettes

Posted by admin - April 23, 2010 - CIPM expert, test taking strategies

The structure of the Expert Level exam is 80 multiple choice questions based on 20 vignettes. Thus, for each vignette there are four questions. Each multiple choice question will have three possible answers. Please consider this suggestion in light of your own specific test taking strategies, I suggest that you take the following approach to […]

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