CIPM Level I study plan

Define the three CIPM Levels' scope and map each of the three exam domains to its topic list, noting that Domain 1 is weighted most heavily and must anchor the schedule

Distinguish time-weighted from money-weighted returns by deriving both on a three-period cash-flow example and stating when each is the correct measure for manager evaluation

Compute simple, cumulative, and annualized (geometric) returns from a monthly return series and explain why arithmetic averaging overstates multi-period performance

Build a one-page formula sheet covering holding-period return, geometric linking, and the cash-flow timing assumptions behind each

Calculate the effects of external cash flows on a portfolio using the original Dietz, modified Dietz, and daily-valuation true time-weighted methods

Identify the conditions under which modified Dietz produces materially biased results and state the industry threshold that triggers revaluation

Derive portfolio return as a weighted average of segment returns and explain the interaction between asset weighting and segment performance

Solve at least ten cash-flow timing problems by hand without reference to notes

Explain the purpose and mechanics of attribution analysis, contrasting Brinson-Fachler and Brinson-Hood-Beebower allocation and selection effects

Compute allocation, selection, and interaction effects for a two-sector, two-period example and reconcile the total to the active return

Distinguish arithmetic from geometric attribution and describe the residual (compounding) problem in arithmetic attribution

Interpret a sector-level attribution table to state whether active return came from allocation or selection decisions

Apply the CIPM ethics and professional standards framework to performance-measurement scenarios, identifying misrepresentation and conflict-of-interest issues

Define the risk measures used alongside return: standard deviation, beta, tracking error, information ratio, Sharpe ratio, and Treynor ratio

Compute Sharpe, Treynor, information ratio, and M-squared for a given return and risk input set and state the decision each supports

Explain the limitations of each risk-adjusted measure, including the effect of non-normal returns and benchmark choice

Distinguish the manager universe, market index, and custom benchmark approaches and state the validity criteria for each

Evaluate a benchmark against the properties of measurability, appropriateness, and representativeness, and identify common benchmark misspecification errors

Describe the steps in a manager selection process, from universe construction through screening, qualitative review, and final selection

Explain survivorship, look-ahead, and style-drift biases in manager universes and how each distorts appraisal conclusions

Apply the manager continuation and termination decision framework, including the role of the investment policy statement and the distinction between skill and luck

Interpret performance persistence evidence and explain why past outperformance is a weak predictor of future results

Explain style analysis and returns-based style analysis, and describe how style drift is detected

Construct a manager scorecard combining quantitative metrics with qualitative factors and state the weighting rationale

Outline the structure of the GIPS standards: the provisions framework, the role of the CFA Institute, and the distinction between requirements and recommendations

Apply the core GIPS requirements for input data, calculation methodology, composite construction, and disclosure to a firm-level scenario

Identify common GIPS compliance errors, including improper composite inclusion, missing disclosures, and misstated fee treatment

Distinguish gross-of-fees from net-of-fees returns and state the required treatment of withholding taxes and trading costs

Complete two full-length timed practice exams under exam conditions and record per-domain accuracy

Review every missed item and classify each error as knowledge gap, calculation slip, or misread question

Re-derive the ten most error-prone formulas from memory and confirm against the week 1 formula sheet

Consolidate a one-page cross-domain summary linking measurement, appraisal, and presentation decisions