THE CIPM DESIGNATION
The CIPM program offers the global finance industrys only designation dedicated to both the highest ethical standards and the practical skills/knowledge required to effectively evaluate and communicate investment performance.
The CIPM program is designed to meet the needs of investment professionals whose responsibilities include performance evaluation. Program study materials offer thorough practical training in performance measurement, presentation, attribution, appraisal, and investment manager selection.
www.cfainstitute.org
COMPETENCY-BASED CURRICULUM
Performance Evaluation (70%)
Performance Measurement Select, calculate, and interpret the appropriate return/risk measures. Communicate the return/risk measures. Performance Attribution Select an appropriate performance/risk attribution methodology. Select valid benchmarks for use in a performance attribution analysis. Prepare and critique a performance/risk attribution analysis for an equity or fixed-income manager. Communicate the results of the performance/risk attribution analysis. Performance Appraisal Select an appropriate performance appraisal methodology to evaluate investment management skill. Prepare and critique a performance appraisal analysis. Recommend the continuance or dismissal of an investment manager based on assessment of investment skill. Manager Selection Formulate manager selection criteria for a fund or investment strategy. Identify and critique the use of various style analysis methodologies. Recommend the hiring of an investment manager(s) based on selection criteria.
WHO CAN BENEFIT?
Investment performance analysts Portfolio managers Risk managers Client and consultant relationship managers Portfolio accountants Plan sponsors Manager of managers Financial advisors/planners Compliance officers
FEATURES
Ethical and Professional Standards (30%)
Investment Performance and Reporting Standards Explain the purposes of the GIPS Standards in a manner which facilitates the understanding of their relevance to the investment presentation process. Prepare performance reports based on the GIPS standards in a manner that fulfills the claim of compliance with the Standards Prepare investment performance reports in a manner that fulfills the need for evaluating investment performance. Ethics Determine the professional standards of practice that apply to workplace activities and decisions with the purpose of ensuring that the investment professional and his/her firm act in the best interests of clients. Recommend an ethical course of action when ethical issues arise in the investment performance workplace.
The program consists of two exams. Principles Levelemphasizes the conceptual fundamentals of performance measurement, attribution, appraisal, manager selection, ethical and professional standards. Experts Levelemphasizes performance evaluation and presentation, including practical application of the appropriate tools and inputs in real world situations and the treatment of the GIPS standards. The program is an accessible selfstudy program requiring approximately 100 hours of study for each level. Professor and regulator scholarships are available.
ENROLLMENT PERIOD 1 May31 July 1 Nov31 Jan ENROLLMENT FEES Principles and Expert Levels Returning Candidates
2013 exam.
EXAM WINDOW 1 Oct-31 Oct 2012 1 Apr-30 Apr 2013* US$975 US$500
*The above competency weightings will be available for the April
www.cfainstitute.org
