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What is your measure of value?What is your measure of value? Jed Schneider, CIPM Mnica Gordillo, CFA, CIPM Course of Study Enrollment Justin Taheri, CFA, CIPM Tom Scholz, CFA, CIPM Body of Knowledge Susan Koo, CIPM Ralf Hudert, CIPM Practice Analysis Standard Setting Debi Rossi, CIPM Annie Lo, CFA, CIPM Requirements Take your own measure 3 4 8 10 11 12 16 18 20 24 26 27 30 32 36 37

Now that investment performance measurement has its own professional designation, the answer is simple: the Certificate in Investment Performance Measurement (CIPM). Investment performance professionals around the world are demonstrating their mastery of this specialized field by earning the right to use the CIPM designation. Although the CIPM program is designed with performance analysts in mind, many successful candidates have other responsibilities. They include institutional investors, consultants, portfolio managers, marketing professionals, client and consultant relationship managers, compliance officers, portfolio accountants, and information technology professionals, among otherspeople whose work in the investment industry calls for a solid understanding of performance concepts, analytical techniques, and presentation standards. Established by CFA Institute, the CIPM program is a specialty credentialing program that develops the performance evaluation and presentation expertise of investment professionals who pursue excellence

with a passion. With a razor-sharp focus on this distinct field, the CIPM program makes full use of the organizations four decades of experience in the education and testing of investment professionals at the highest levels of ethics and technical expertise. The CIPM programs online, interactive curriculum is based on a body of knowledge defined by the global practice of the investment performance profession. The curriculum emphasizes investment tools and inputs necessary for performance measurement, attribution and appraisal, and the application of the Global Investment Performance Standards (GIPS). Two levels of examinations establish a candidates competence in performance-related activities and mastery of the skills needed for consistent and precise execution.

As the industry demands a global standard, the CIPM program is the gauge that clients and firms will use to measure investment performance specialists around the world.

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Theres something about the numbers that is always intriguing.JED SCHNEIDER, CIPM With the conviction of a sports fan discussing his favorite team, Jed Schneiders passion for unveiling the hidden patterns in numbers is palpable. I really, really enjoy spending time helping people understand performance, Schneider admits. I actually can talk about it a little bit too much sometimes. Evidence of this passion surrounds him: One entire wall of his office is a well-used whiteboard covered in scrawled formulas and remnants from end-of-quarter discussions and calculations. Theres something about the numbers that is always intriguing. This natural curiosity for finding patterns and order using statistics goes a long way in explaining his position as the executive director of performance reporting for Morgan Stanley. Schneider is a natural fit for the challenge of applying his training to solve the range of complex and potentially problematic performance issues. With performance, not only do you have to handle the day-to-day processing, you need to be very educated in the calculation methodologies and have the ability to communicate to your clients some of the higher-end type of analytics, he says. Having this expertise is critical for someone like Schneider, whose responsibilities include overseeing a staff of 25 analysts tasked with monitoring the performance of over 2 million constantly evolving portfolios managed by over 8,000 individual financial advisers. www.cfainstitute.org/cipm 5 And even though he had nearly a decade of experience in the performance field and a masters degree in statistics, Schneider believes that it wasnt until he earned the CIPM designation that he finally achieved real recognition in the eyes of his colleagues. Before the CIPM program came out, performance analysts and people in the performance industry did not really get any type of recognitionit was just another job, he explains with a look of clear frustration. You are held in very high regard [by] your colleagues, your managers, and the organization itself when they see that you have gone through the training and the studying to actually pass this test, he says. When someone walks in and looks for somebody who is a resident expert in performance, theyll go, Wow, this person has a CIPM.

Jed Schneider, CIPM Executive Director, Performance Reporting New York, NY, United States

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Even the most difficult situations can have solutions.MNICA GORDILLO, CFA, CIPM Amid the frenetic pace of the downtown financial district in Madrid, Mnica Gordillo is the picture of calm. As head of performance for Banco Bilbao Vizcaya Argentaria (BBVA), she likes to solve complex problems and seek answers to client questions. And sometimes, those same problem-solving skills apply to her personal life as she endeavors to strike a balance between work and family: She and husband Manuel have a two-year-old daughter and a newborn son. Analyzing, extracting, and summarizing the relevant information that can help to improve decisions is where I am most helpful to my company and is where I thrive, Gordillo adds. Aside from daily performance analyses and weekly attribution studies, her team also oversees compliance with the GIPS standards. In fact, the performance measurement team interacts with almost everyone in the organization, from marketing and communications through accounting and portfolio management, so interpersonal skills are paramount. Building good relationships while you build your knowledge is key in performance measurement, she says. You can create credibility and trust around figures, returns, analyses, and policies if you can be confident in the numbers that are in the reports. And if the calculations are done in a standard, homogenous way, everybody that gets to have a look at the numbers will be able to understand and compare them with confidence, Gordillo says. 8 Certificate in Investment Performance Measurement The concepts of performance are very simple, but the production of the figures is not simple at all, and thats where the CIPM program can really make a difference, Gordillo adds. The same philosophical elements that fuel her professional life also guide her personal life: trust, teamwork, and compromise. The CIPM program requires a significant amount of study time in order to pass the two exams, and that was a huge challenge for Gordillo with a full-time work load and family. Her strategy involved careful planning to schedule time during lunch and in the evenings after the family was in bed. It requires focused, dedicated time apart from your day that you must schedule to accomplish, and it was quite tough for me, but the study helped me to obtain a quicker solution to some of the problems that I was tackling daily in my job, she says. My greatest strength is the ability to always provide a reasonable answer to a question or problem because even the most difficult situations can have solutions.Mnica Gordillo, CFA, CIPM Head of Performance Madrid, Spain

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Course of StudyThe CIPM program is based on a self-study curriculum. The convenient online courseware allows you to customize your study around busy work schedules and various learning styles. Each level of the program includes learning objectives that give an overview of the material, learning outcome statements that indicate the level of knowledge that should be gained from each lesson, and reading assignments for in-depth study of all topic areas.

EnrollmentEnrolling in the CIPM ProgramThere are no prerequisites to enroll in the CIPM program. And although the CIPM program is developed and managed by CFA Institute, you do not need to be a CFA charterholder to enroll. Candidates enroll several months before the examination windows to gain access to the curriculum and eligibility to sit for an exam. The exams are administered by Pearson VUE at test center locations around the world. Each exam is three hours in length. The Principles exam consists of 100 multiple choice questions, and the Expert exam contains 20 item sets (scenarios followed by four multiple choice questions). Visit www.cfainstitute.org/cipm for information and schedules for upcoming exams.

CIPM Exam Guideline Topic Area WeightsMAJOR TOPIC AREA Ethical and Professional Standards Performance Measurement, Attribution, and Appraisal The Global Investment Performance Standards Total PRINCIPLES EXPERT LEVEL LEVEL 15% 45% 40% 100% 15% 50% 35% 100%

Scheduling an Exam

CIPM Program ScheduleENROLLMENT PERIOD MayJuly NovJan EXAM WINDOW Oct Apr RESULTS Dec June

Each level of the CIPM program has a different learning focus, while maintaining a constant emphasis on professional ethics. The Principles level emphasizes the conceptual foundations of performance measurement, attribution, and appraisal as well as the provisions of the GIPS standards. The Expert level emphasizes performance evaluation and presentation, including application of the appropriate tools and inputs in more complex situations and the GIPS Guidance Statements.

The computer-based CIPM examinations are offered during two exam windows each year, in April and October. Thus, it is possible to finish the exam sequence in a years time. Once the enrollment process is complete, candidates are responsible for scheduling an examination at a time that suits their individual needs.

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What I have known, and what I believe in, is that you cannot stop learning.JUSTIN TAHERI, CFA, CIPM As in chess, the single most important quality for a successful career in performance measurement is patience, says Justin Taheripatience to prepare and execute a strategy that acknowledges weaknesses and takes advantage of opportunities. Having spent his childhood in Iran, Taheri left everyone and everything he knew in the early 1980s to pursue his education and career in Canada. People who immigrate from less fortunate countries to richer countries like Canada have a sense of what they are being offered when they come here, he says. It helps me through the highs and lows to stick around to try to overcome. After supporting himself with odd jobs through undergraduate and graduate school (he holds a masters degree in economics), Taheri entered the financial industry, learning the ropes and working his way up with little help beyond his own work ethic. Taheris dogged patience continues to pay dividends. He now manages portfolio analytics for Bank of Montreals employee pension fund in Toronto. Its a different world than his childhood in Iran, but Taheri still makes time for chess, a game he loved as a boy. Like chess, he says, life is half strategy and half chance. You can have the best strategy and still lose. To make sure he is prepared to seize on opportunities that chance provides in his career, Taheri has made a habit of continuously improving himself and adding to his abilities. 12 Certificate in Investment Performance Measurement www.cfainstitute.org/cipm 13 What I have known, and what I believe in, is that you cannot stop learning. To be the best at what you are doing, you have to keep studying and be on top of the new developments in your field. The CIPM certificate is one designation that is directly related to what I do day-in and day-out, he says. Having this comprehensive knowledge helps me and my employer to be more efficient. Taheri was among the first group of candidates to sit for the CIPM exam and now contributes his expertise by writing exam questions for future CIPM candidates, which he credits with keeping him up to date with important changes in the industry. What a regular candidate may not know is that the curriculum is constantly reviewed and updated, which keeps it relevant and up to date for the new candidates. Beyond its practical utility, the CIPM designation is a powerful way to set yourself apart, he adds. Taheri credits the certificate for being the stamp of approval that helped him secure his current positionone of few performance jobs open in Toronto at the time.Justin Taheri, CFA, CIPM President, GIPS Compliance and Verification Toronto, Canada

You never guess on questions, especially regarding GIPS.TOM SCHOLZ, CFA, CIPM Tom Scholz, manager of performance analytics at Harris Associates, is not your typical performance analyst. With a fascination for exploring what can appear to be chaotic systems, Scholz revels in stretching his imagination to figure out the governing rules of order. Even if it means losing his way from time to time. Its very stimulating to explore a foreign city and never run out of material, of newness. When he travels, Scholz makes a point of using public transit systems in cities hes never visited. He sees it as a test of his deductive logic to learn how all the parts fit together. Once Scholz has applied his logic to understand performance evaluation issues, the challenge is in finding ways to convey the information clearly and accurately. Thats actually the magic of good performance analysts, he says. If you cant bring those complicated topics and deliver them in a way that people can understand them, then all the interactions would be quite frustrating for both sides. But its the ever-increasing premium on speed that most stimulates his resourcefulness. Thats why he chose to take the CIPM exam and why he also now requires his staff to do the same. We need people who are strong in this body of knowledge, he says. Meeting the rapid performance analysis demands of his company required an expert fluency in performance calculation methodologies and the GIPS standards. You never guess on questions, especially regarding GIPS, he adds. People will take action based on what you answer. When you have taken the CIPM exam and you have mastered it, you get to the point where you can say, This is the answer, and you do not need to go back to your office and look it up, he continues. It increases your confidence in knowing the very difficult and obscure aspects of what we do. The ability to withhold judgment to see new possibilities is critical for his work in performance measurement where its his job to present things as they are, not as he would like them to be. We have to be very stoic about performance, he says. Its just the facts.Tom Scholz, CFA, CIPM Manager, Performance Analytics Chicago, IL, United States

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Body of KnowledgeThe CIPM candidate body of knowledge undergoes a continuousand rigorousanalysis to ensure that its both current and reflective of the highest standards of the industry. More than one thousand investment performance professionals around the world help to compile and confirm the knowledge and skills required for competent professional practice. (Read more about practice analysis on page 26.) The result of this effort is the CIPM candidate body of knowledge. These topic areas and individual subtopics form the sequence of study sessions that take each candidate through the Principles and Expert level curriculum. Each exam draws from the full array of topics, although a more sophisticated understanding is expected at the Expert level, which is given in item-set format rather than multiple choice.

CIPM CANDIDATE BODY OF KNOWLEDGE Ethical and Professional StandardsThe Code of Ethics The Standards of Professional Conduct

Performance Measurement, Attribution, and AppraisalRate-of-Return Calculations: Time Weighted Money Weighted Approximation Methods Return Compounding Multicurrency Real Estate Private Equity After Tax Portfolios Containing Futures and Options Prior-Period Adjustments Benchmark Selection: Validity and Quality Style Analysis Capitalization vs. Equal Weighting Liability-Based Benchmarks Strategy Benchmarks

Attribution Analysis: Arithmetic Geometric Multi-Period Smoothing Total-Fund Level Multicurrency Portfolios Containing Futures LongShort and Market-Neutral Strategies Zero-Weight Sectors Security Level Transaction vs. Holding Based Fixed Income Multifactor Models Equity Portfolio Characteristics Ex Post Risk Measures: Alpha and Beta Standard Deviation and Tracking Error Ratios (Treynor, Sharpe, Information, M2) Downside Risk (Shortfall Risk, Expected Shortfall Value, Semideviation, Downside Deviation, Sortino Ratio) Hedge Fund Risk (Calmar and Sterling Ratios and Qualitative Factors) Value at Risk Performance Evaluation: Appraising Value Added Investment Philosophy Manager Continuation Policies Quality Control Charts

The GIPS StandardsFundamentals of Compliance Input Data Calculation Methodology Composites Carve-Outs Disclosures Presentation and Reporting Error Correction Real Estate Private Equity Verification Performance Examinations Advertising Guidelines Guidance Statements

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The CIPM program is the industry standard for performance measurement.SUSAN KOO, CIPM When it comes to problem solving, mediators are like bridges, spanning the shortest distance between different ideas. As the middle child of three siblings, Susan Koo learned how useful it is to step back and help people bridge their differences. Classically, middle children are the mediators, she explains. So, I grew up with that kind of role. Today, Koo puts her skill for finding compromise to good use as a senior application engineer at Advent Software. Developing portfolio accounting and reporting products for thousands of investment management firms, Koo must pay close attention to the needs of her clientsand know how to quickly translate these into the design of new performance analysis software. I have to know what our clients are trying to achieve when theyre using our software, and more importantly, why its so critical for them. But that was not so easy to do at first. With her academic background in chemistry and the bulk of her prior professional experience in the health and medical industries, Koo lacked a big picture understanding of performance. No matter how many times she referenced the GIPS Standards Handbook or talked to clients, she knew she was limited in how fast and how thoroughly she could grasp and meet their needs. To understand how to bridge all their different software demands, she needed an experts fluency in the technical skills and the theoretical underpinnings of performance analysis. And so, Koo decided to earn the CIPM certificate. The CIPM program is the industry standard for performance measurement right now, and we definitely want to make sure were following that, she says. It has helped me make sure that were designing software in the way that our clients need it and the way that the industry sees that it needs to be written. Now that she has earned the CIPM certificate and understands specific calculation and analysis methods, as well as the intent of the industry standards for performance reporting, Koo says she has the confidence to design software more effectively to meet the ever-changing analytical, reporting, and legal requirements of her diverse clientele. But it took more than her software skills and her mediator background to learn how to connect their business needs together in a useful design. I didnt see the big picture until I went through the CIPM curriculum, she explains. Now, I understand enough of both worlds that I can bridge that gap.

Susan Koo, CIPM Manager, Application Engineering San Francisco, CA, United States

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A harmonious team makes not only for a great working environment, but great decisions flow from that harmony.RALF HUDERT, CIPM Ralf Hudert recounts a visit to Etosha National Park in Namibia where he watched at sunset as giraffes, elephants, and black rhinoceros drank from water holes created by the rainy season. He compares the natural order of these wild animals and their environment to the traits of a cohesive team: Each member knows exactly what to do and what role they play in the bigger picture. Ive traveled extensively and work well in multicultural environments. I think I adapt well to new situations because of it, Hudert says. This transfer of skills has been especially beneficial for Hudert as he built his performance measurement team with the DWS Holding & Service GmbH. Knowing that a strong foundation makes all the difference, he convinced his newly formed group to take part in weekend teambuilding exercises. And thats paid off tremendously. One employee in my group was offered 40 percent more salary but decided to stay based on our team dynamics. He was happy the way the team worked together and knew what he had and how rare it was to achieve such a thing. Thats important to me, he adds.Ralf Hudert, CIPM Head of Performance Analytics and Consulting Frankfurt, Germany

I am not a good seller, but I am good at explaining and presenting complex subjects to the team or management, Hudert adds. As the first CIPM certificate holder in Germany, he encourages and promotes education to his team members. One person on the team is on the second part of the CFA exam, and another is pursuing the CIPM program and studying right now. And I hope to have the entire group earn CIPM designations, of course, he adds. The team has a really strong skill set, with the youngest member at 25 and the oldest member at 59. Its a great mix of ages, personalities, and talents, he says. That diversity is just as important in the professional world as it is in the natural order of the animal kingdom. And like the animal kingdom, a diverse yet harmonious team can make all the difference in whether the group merely survives or continues to thrive.

A harmonious team makes not only for a great working environment, but great decisions flow from that harmony, Hudert says. The team focuses on pure performance measurement and performance attribution and ensures GIPS compliance.

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Practice AnalysisThe CIPM exams and supporting curriculum are grounded in the practice of the investment performance profession. CFA Institute conducts research to determine job responsibilities and the knowledge, skills, and abilities that are important to the competent practice of investment performance evaluation and presentation around the world. The CIPM curriculum is developed directly from this research. This analysis is essential to maintaining the relevance and reputation of the CIPM program because it aligns the curriculum and exams with the responsibilities of investment performance practitioners.

Standard SettingStandard Setting for the CIPM ExamsStandard setting is a rigorous, systematic process that is widely employed in professional credentialing programs. CFA Institute uses standard setting as an input into the minimum passing score (MPS) decision-making process for the CFA Program exams. The CIPM program employs the Angoff standardsetting process, considered by test and measurement experts to be a reliable evaluation method for selected response exams. The process involves assembling a panel of practitioners who are familiar with the knowledge, skills, and abilities required of competent practitioners in the field of investment performance evaluation and presentation. The panelists go through an organized assessment process under the direction of professional test and measurement specialists. The MPS is determined after the completed questions have been subjected to thorough psychometric analysis and the standard setters have concluded their evaluation. Candidates who score above the MPS pass; candidates who score below it fail. Historically, pass rates have been 55 percent at the Principles level and 48 percent at the Expert level.

You can learn more about the CIPM curriculum development process, and see the results of the most recent CIPM practice analysis, at www.cfainstitute. org/cipm/curriculum/about.html.

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The CIPM designation raises the position to more of a professional level, and its a way to show that I am committed to the industry.DEBI ROSSI, CIPM Debi Rossis life has been driven by a passion for fairness. Whether or not it is written in black and white as a law, I think you should do the right thing for all people involved. Being raised by a criminal court deputy may have predisposed Rossi to understanding the importance of justice. And working as a bartender while studying psychology in college, Rossi discovered herself thrust into the de facto role of therapist. People tell bartenders as much as they would tell a psychologist....You dont really give insights, you try to help them find their own solutions. She entered the investment industry determined to help people understand their finances and make informed decisions. Yet after getting into a portfolio accounting role, Rossi sometimes found her insistence on fairness at odds with the demands of her work. A portfolio manager asked her to compile a report that cherry-picked his best data and used results that were long outdated and not verifiable. I started laughing at the meeting, and I said, You cant do that, she recalls. Rossi had been learning about performance standards, and she moved to Turner Investment Partners in what was, by then, clearly becoming her direction: performance measurement. 30 Certificate in Investment Performance Measurement Being in charge of the data, the calculations, and the figures that clients are presented with allowed Rossi to uphold the fairness and justice that she so firmly believes in. I think fair and full representation is really important so that everybody is on a somewhat even playing field, she says. I think the GIPS standards help to bring uniformity. Since joining the firm, she has implemented firm-wide GIPS standards compliance and risen to the position of director of performance reporting. Rossi knows her insistence on fairness is a good thing for her firm, providing trust to clients, competitiveness, accurate and measurable data that can be analyzed for trends, and opportunities for improvement. Before she earned the CIPM designation, Rossi had to earn the respect of portfolio managers the hard way, walking them step-by-step through each of her calculations. But now, Rossi can rely on the recognition that the CIPM certificate provides for maintaining that credibility. The CIPM designation raises the position to more of a professional level, and its a way to show that I am committed to the industry.Debi Rossi, CIPM Principal, Senior Performance Specialist Medway, MA, United States

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Just a little curiosity led me to another path.ANNIE LO, CFA, CIPM Annie Los career path has been marked by a series of unpredictable yet rewarding experiences. You cant just sit at your job and say, Okay, this is all I do for 30 years, she says. You must have something to keep yourself motivated and challenged, all the time. Lo has had more practice than most people. She spent her childhood in Hong Kong and then immigrated with her family to the United States at age eleven, setting her on a lifelong course of adaptability and exploration. Since then, she has traveled to over 90 countries on 7 continents and learned to speak five languages. This pattern of learning also helps explain how Lo found her current role as a senior performance analyst for Charles Schwab Investment Management Inc. in San Francisco. If you had asked me three and a half years ago, before I had joined Schwab, I probably would never have thought I would ever become a performance person. Even though Lo was employed elsewhere at the time and her prior career hadnt prepared her for the kinds of calculations needed in performance measurement, the hiring manager immediately recognized that Lo possessed the intellectual curiosity that makes for truly effective performance analysts. With an MBA, a CFA charter, and international finance work on her resume, Lo had thoroughly demonstrated an ability to learn what she would need to do the job well. And because one of Los side projects at her previous job was utilizing the same competitive analytical software that her performance team at Schwab was using, it was the perfect fit, if somewhat unexpected. Just a little curiosity led me to another path, she says. Lo finds that her adventurous side never gets bored in the performance field. And she has also come to see the profession as important for the objectivity it bestows on those who understand its principles. I want to question anything that doesnt look right, she adds. Its precisely this independence that the analytical skills and standards in the CIPM curriculum enable. But Lo also knows that the expert skills she has learned, both on the job and from studying in the CIPM program, have only further prepared her. Having these skills that set her apart is the secret that has enabled Lo to have a career path characterized by serendipity andmore importantlyan openness to explore unexpected opportunities. I will never say, I cant do it, until I have tried it, she says. You never know where that will lead you.

Annie Lo, CFA, CIPM Senior Performance Analyst San Francisco, CA, United States

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RequirementsEarning the CIPM Designation

Take your own measureEvaluating or applying financial, economic, and/or statistical data as part of the investment decision-making process Marketing investment management services and/or preparing and presenting client reports Monitoring an investment firms compliance with applicable laws, regulations, and standards Evaluating or recommending investment managers Supervising, directly or indirectly, persons who practice the activities set forth above Teaching such activities

To receive the CIPM certificate and begin using the CIPM designation, you must: Pass the Principles and Expert exams Become a member of the CIPM Association Meet the work experience requirement Pay annual membership dues

This booklet contains only some of the information about the CIPM program; much more is available on our website. At www.cfainstitute.org/cipm, you can:

MEMBERSHIP: The CIPM Association oversees certification and membership policies and the mandatory Professional Conduct and Continuing Education programs. Membership benefits include networking, event and conference discounts, and a subscription to CFA Magazinea bimonthly professional magazine that contains practitionerrelevant research and nuts and bolts articles. EXPERIENCE: To qualify for membership in the CIPM Association, you must have accrued either: Two years of professional experience in one or more positions substantially entailing performance-related activities. Examples include:

Learn more about the CIPM program, including details on the curriculum, exam dates, and more. Read more profiles of CIPM certificants. Share your own story and pictures with us: join the worldwide community of investment performance practitioners. Were always looking for more stories to tell. View presentations and webcasts. Request an in-person presentation from CIPM staff. See our calendar of upcoming conferences and educational events.

Note: The experience requirement need not be met before you sit for the exams and is waived for CFA charterholders and ASIP associates.

Maintaining the CIPM DesignationTo maintain the CIPM certification, you must:

Or:

Performance analyst Performance measurement software developer Verifier

Be a CIPM Association member in good standing Complete 45 credit hours of continuing education every three years Comply with the CIPM Association Professional Conduct Program

You can also contact us directly at [email protected] Full contact information is listed at www.cfainstitute.org/contactus.

Four years of professional experience in the investment industry that consists, to a majority extent, of:36 Certificate in Investment Performance Measurement

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About CFA InstituteCFA Institute is the global association for investment professionals. It administers the CFA and CIPM curriculum and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 100,000 members, who include the worlds 90,000 CFA charterholders, in 135 countries and territories, as well as 135 affiliated professional societies in 58 countries and territories. More information may be found at www. cfainstitute.org. 2011 CFA Institute

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