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Start your studies with the Experts CIPM EXPERT EXAM FLASH CARDS PRESENTED BY THE SPAULDING GROUP TM

CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

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Page 1: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

Start your studies with the Experts

CIPMEXPERT EXAM FLASH CARDSPRESENTED BY THE SPAULDING GROUP

TM

Page 2: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

Copyright 2014 by The Spaulding Group, Inc.

All rights reserved.

These materials or any part thereof may not be reproduced or duplicated in any form orby any means without the written permission of the publisher.

Published by:The Spaulding Group, Inc.33 Clyde Road, Suite 103

Somerset, NJ 08873732-873-5700; 732-873-3997(fax)

www.spauldinggrp.com

PRINTED IN THE  UNITED STATES OF AMERICAUS$125 each

The publisher and author have used their best efforts to prepare these materials. However, they make no representation or warranties with respect to the exactness or completeness of the subject matter.

The CIPM Association and CFA Institute do not endorse, promote, review, orwarrant the accuracy of the products or services offered by The SpauldingGroup, Inc. or verify or endorse the pass rates claimed by The Spaulding

Group, Inc. CIPMTM, Certificate in Global Investment Performance Standards®

and CIPM Association are trademarks owned by the CFA Institute.

Page 3: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

©2015, The Spaulding Group, Inc.

Problem #I-1: Professional Ethics

Name the requirements a member must meet tomaintain his/her status as a CIPM Association

member, once accepted.

Page 4: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

©2015, The Spaulding Group, Inc.

Solution for # I-1: Professional Ethics

• Remit annually to the CIPM Association acompleted Professional Conduct statement

• Satisfy the requirements of the CIPMProfessional Development Program

• Pay applicable CIPM Association membershipdues

Source: Standard VII - Standards of Professional Conduct (p. 5)

Page 5: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

©2015, The Spaulding Group, Inc.

Problem #I-2: Professional Ethics

Identify the improper usages of the CIPM Marks in the followinglist:• Jane Smith, C.I.P.M• John Jones, CIPM• Jane Smith, CIPM• Expert Level candidate in the CIPM Program• CIPM, 2006, London Society of Investment Professionals• CIPM (Passed Finalist)• I have passed both CIPM examinations and may be eligible

for the CIPM certificate upon completion of the required workexperience

• He is one of two CIPM in the company.

Page 6: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

©2015, The Spaulding Group, Inc.

Solution for # I-2: Professional Ethics

Incorrect usages in strikethrough:• Jane Smith, C.I.P.M• John Jones, CIPM• Jane Smith, CIPM• Expert Level candidate in the CIPM Program• CIPM, 2006, London Society of Investment Professionals• CIPM (Passed Finalist)• I have passed both CIPM examinations and may be eligible

for the CIPM certificate upon completion of the required workexperience

• He is one of two CIPM in the company.

Source: Standard VII - Standards of Professional Conduct (pp. 6-7)

Page 7: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

©2015, The Spaulding Group, Inc.

Problem #I-3: Professional Ethics

True or False:

Standard VII of the CIPM Association Standards ofProfessional Conduct forbids covered persons fromexpressing opinions regarding the CFA Institute, the

CIPM Association or the CIPM Program.

Page 8: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

©2015, The Spaulding Group, Inc.

Solution for # I-3: Professional Ethics

False: The standard does not cover expressing opinionsregarding CFA Institute, the CIPM Association or the

CIPM Program. Members and candidates may expresstheir disagreement with CFAI and the CIPM Association

on policies or advocacy positions.

Source: Standard VII - Standards of Professional Conduct (pp. 1,2,4)

Page 9: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

©2015, The Spaulding Group, Inc.

Problem #I-4: Professional Ethics

Describe the general stance of the Standard covering “misconduct,” with respect

to civil disobedience.

Page 10: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

©2015, The Spaulding Group, Inc.

Solution for # I-4: Professional Ethics

This standard is generally not meant to coverlegal transgressions resulting from acts of civildisobedience in support of personal beliefs, as

such conduct does not reflect poorly on the member/candidate’s professional

reputation, integrity or competence.

Source: Standards of Practice Handbook (p. 35)

Page 11: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

©2015, The Spaulding Group, Inc.

Problem #I-5: Professional Ethics

Describe the Mosaic Theory, in the context of theStandard covering the use of material

non-public information.

Page 12: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

©2015, The Spaulding Group, Inc.

Solution for # I-5: Professional Ethics

Mosaic Theory: Analysts may use significant conclusions derived from the analysis of• Public information• Nonmaterial nonpublic information

Under the Mosaic Theory, analysts are free to act onthis collection (mosaic) of information without

risking violation

Source: Standards of Practice Handbook (p. 39)

Page 13: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

©2015, The Spaulding Group, Inc.

Problem #I-6: Professional Ethics

Describe the differences between how the GIPSStandards and the Standards of Professional

Conduct apply to covered persons.

Page 14: CIPM TM - The Spaulding Groupspauldinggrp.com/wp-content/uploads/2014/05/EXPERT... · • John Jones, CIPM • Jane Smith, CIPM • Expert Level candidate in the CIPM Program •

©2015, The Spaulding Group, Inc.

Solution for # I-6: Professional Ethics

• GIPS applies to the firm and compliance isvoluntary

• The Standards of Professional Conduct applyto individual covered persons and are mandatory

• Covered persons can work for non-GIPS-compliant firms, but should encourage thosefirms to become compliant

Source: The Spaulding Group