Global Investment Performance Standards (GIPS) Course

Did you know that the Global Investment Performance Standards (GIPS) are a set of globally adopted voluntary guidelines that aim to show a fairer side of investment performance information developed by the Investment Management industry, that GIPS compliance helps investment managers demonstrate their commitment to transparency, increasing trust and fostering better confidence among investors and business partners, and that professionals who develop deep expertise in GIPS compliance, verification, error correction, and alternative investment product compliance position their organizations to compete more effectively for institutional mandates in global investment markets where GIPS compliance is increasingly expected as a baseline standard?

Course Overview

The Global Investment Performance Standards (GIPS) Course by Rcademy is designed to equip investors and potential investors who want to make effective performance-based decisions, investment managers who want to demonstrate compliance with global performance standards, compliance professionals responsible for maintaining GIPS compliance, and performance measurement specialists with comprehensive mastery of GIPS compliance frameworks, error correction procedures, alternative investment product compliance with GIPS, portability of performance records, the verification process and its marketing advantages, the use of input data consistently to calculate performance, how GIPS compliance can increase investment and business performance, and the skills, experience, knowledge, and confidence to work on important roles in international business opportunities related to GIPS-compliant investment management.

Without specialized GIPS expertise, investment managers may calculate and present performance in ways that are misleading, fail to maintain the input data consistency that makes performance calculations reliable, miss the marketing advantages that GIPS verification provides in competing for institutional mandates, or overlook the specific GIPS requirements applicable to alternative investment products. This comprehensive course provides the deep GIPS knowledge needed to build and maintain a compliant investment performance reporting framework. Those who want to develop the financial regulation and compliance framework alongside GIPS expertise will find important synergies in financial regulation and compliance training, while those focused on investment analysis and portfolio management will benefit from the FMVA certification.

The CFA Institute, the organization responsible for administering GIPS globally, has confirmed through its research and guidance publications that GIPS compliance provides investment managers with significant marketing and business development advantages, with institutional investors worldwide increasingly using GIPS compliance as a screening criterion when selecting investment managers for mandates. CFA Institute research on GIPS adoption has also confirmed that GIPS-compliant firms generally demonstrate stronger internal performance measurement governance and more transparent investor communication than non-compliant peers.

Research on investment performance measurement published through the Global Association of Risk Professionals has confirmed that accurate, consistent, and fairly presented investment performance information is a critical determinant of investor trust and capital allocation decisions, with investment managers who demonstrate rigorous performance measurement standards consistently attracting greater institutional investor confidence than those whose performance presentation practices are less transparent. This research validates the organizational value of investing in GIPS expertise through this Rcademy certification.

Master investment performance standards. Enroll now in the Rcademy Global Investment Performance Standards (GIPS) Course to develop the compliance expertise, verification knowledge, and performance measurement skills that position your organization as a trusted, transparent, and globally competitive investment manager.

Who Should Attend?

The Global Investment Performance Standards (GIPS) Training Course by Rcademy is ideal for:

• Investors and potential investors who want to gain knowledge to make more effective decisions using GIPS-compliant performance information
• Investment managers who want to demonstrate their commitment to global performance standards and compete for institutional mandates
• Compliance professionals responsible for establishing, maintaining, and updating their organization’s GIPS compliance program
• Performance measurement specialists who calculate, review, and report investment performance for GIPS-compliant firms
• Portfolio managers who want to understand how GIPS requirements affect performance presentation and composite construction
• Marketing and investor relations professionals who use GIPS compliance as a competitive differentiator
• Any financial professional seeking the skills, experience, and knowledge to work in roles related to GIPS compliance in international business contexts

What Are the Training Goals?

The objectives of the Global Investment Performance Standards (GIPS) Training Course by Rcademy are to enable participants to:

• Understand advanced GIPS concepts such as error correction, alternative investment products compliance, and portability of performance records.
• Understand how the verification process is carried out and what it takes for a firm to be verified.
• Understand the importance of GIPS verification in providing marketing advantages, better procedures and policies, and boosting investor confidence.
• Discover how to use input data consistently to calculate investment performance in accordance with GIPS requirements.
• Understand how GIPS compliance can increase investment performance reporting quality and improve business development outcomes.
• Gain the relevant skills, experience, knowledge, and confidence to work on important roles in international business opportunities related to GIPS.
• Discover how to handle important organizational positions that relate to GIPS compliance and verification.

How Will This Training Course Be Presented?

This Rcademy training course will utilise highly skilled professionals experienced in teaching and their area of expertise, involving practical learning and the theoretical world of GIPS compliance. It will be an engaging course with many practical exercises, assignments, group discussions, and case studies drawn from real GIPS compliance scenarios. The course is periodically updated and checked for GIPS standards changes to ensure participants receive current and accurate training.

The training framework includes:

• Expert instruction by GIPS compliance practitioners and performance measurement specialists
• GIPS composite construction workshops building compliant composites from realistic portfolio scenarios
• Performance calculation exercises ensuring accurate, consistent application of GIPS calculation methodologies
• Error correction case studies analyzing common GIPS errors and their proper remediation
• Alternative investment GIPS compliance workshops addressing the specific requirements for private equity, real estate, and hedge funds
• Verification process simulation exercises building understanding of what verifiers examine and how to prepare

Rcademy designed this course and engages the Do-Review-Learn-Apply Model to aid the learning process. The training course is available in classroom, live online, and customized in-house formats.

Course Syllabus

Module 1: Introduction to GIPS

• What are GIPS? History, purpose, and the role of the CFA Institute in administering the standards globally
• Why GIPS matters: the investment performance measurement problems GIPS was designed to solve
• The GIPS framework: the standards structure, key concepts, and the scope of GIPS compliance
• GIPS 2020: the most recent version of the standards and the key changes from previous editions
• The GIPS claim of compliance: what it means and what it requires from investment firms
• GIPS adoption globally: which firms comply, which investors require it, and the market for GIPS-compliant managers
• Fair representation and full disclosure principles
• Asset owner section and pooled fund reporting

Module 2: GIPS Composite Construction and Portfolio Inclusion

• What is a composite? The GIPS definition and the composite construction principles
• Composite construction requirements: which portfolios must be included and how composite definitions are maintained
• Discretionary vs. non-discretionary portfolios: how to determine which portfolios should be included in composites
• Significant cash flow policies: managing the treatment of large cash flows in GIPS-compliant composites
• Carve-outs: when carve-outs are permitted under GIPS 2020 and how to manage them correctly
• New composites and terminated composites: the GIPS requirements for opening and closing composites
• External cash flow timing thresholds
• Composite description disclosure requirements

Module 3: Performance Calculation and Input Data Consistency

• GIPS calculation methodologies: time-weighted return (TWR) and money-weighted return (MWR) and when each is required
• Using input data consistently to calculate performance: valuation frequency, accrual accounting, and trade date accounting
• Portfolio valuation for GIPS: fair value requirements, valuation sources, and valuation frequency standards
• Fees and the GIPS performance presentation: gross-of-fees vs. net-of-fees returns and their disclosure requirements
• Benchmarks in GIPS presentations: selection, disclosure, and the requirements for benchmark performance reporting
• GIPS statistics: standard deviation, three-year annualized, and other required and recommended statistics
• Model fees and bundled fees disclosure
• Dispersion measures and internal dispersion reporting

Module 4: Advanced GIPS Concepts

• Error correction under GIPS: what constitutes a material error, how to correct errors, and disclosure requirements
• Portability of investment performance: when and how prior firm or affiliation performance records can be carried over
• GIPS compliance for alternative investment products including private equity, real estate, and infrastructure
• Real estate GIPS requirements: open-end vs. closed-end funds, SI-IRR calculation, and vintage year composites
• Private equity GIPS: vintage year composites, SI-IRR calculation, and alternative investment fund disclosure requirements
• Wrap and separately managed account (SMA) GIPS requirements: specific standards for model and SMA portfolios
• Public cash flow weighting for MWR calculation
• Private market alternative valuation guidelines

Module 5: GIPS Verification

• What is GIPS verification? The scope, purpose, and process of GIPS verification
• The verification process: what verifiers examine, how firms are assessed, and what documentation is required
• Marketing advantages of GIPS verification: how verification enhances investor confidence and business development outcomes
• Performance examination: the additional verifier assessment of specific composite presentations
• Preparing for verification: internal readiness review, documentation organization, and working effectively with verifiers
• GIPS verification for alternative investments: the specific verification requirements for private equity and real estate composites
• Verification scope limitations and coverage periods
• Performance examination sample selection criteria

Module 6: GIPS Reporting and Disclosure Requirements

• GIPS composite reports: the required and recommended disclosure elements for each composite presentation
• GIPS pooled fund reports: the reporting requirements for GIPS-compliant pooled fund performance presentations
• Advertising guidelines: how firms can reference GIPS compliance in marketing materials
• GIPS record-keeping: what records firms must maintain to support GIPS compliance and verification
• Maintaining GIPS compliance over time: annual review processes and responding to standards updates
• GIPS compliance governance: building and maintaining the internal processes that support ongoing GIPS compliance
• GIPS Report presentation format requirements
• Composite and pooled fund report updates

Training Impact

The impact of Global Investment Performance Standards training is visible in how investment firms develop more transparent, more consistent, and more investor-credible performance reporting, and in how the marketing advantage of GIPS compliance and verification contributes to stronger institutional investor relationships and business development outcomes.

CFA Institute – Global Investment Performance Standards

Background: The CFA Institute administers the Global Investment Performance Standards globally and publishes extensive guidance, research, and educational resources on GIPS compliance, verification, and the institutional investment management community’s adoption of the standards. CFA Institute research has confirmed that GIPS compliance provides investment managers with significant competitive advantages in institutional mandate competitions, with major pension funds, sovereign wealth funds, and endowments increasingly requiring GIPS compliance as a minimum standard for investment manager selection. CFA Institute research has also confirmed that GIPS compliance is associated with better internal performance measurement governance and more transparent investor communication practices.

Relevance: The CFA Institute’s research and guidance on GIPS adoption directly validates the business case for the GIPS compliance expertise this Rcademy course develops. By confirming that GIPS compliance provides marketing advantages, investor confidence benefits, and competitive advantages in institutional mandate competitions, CFA Institute research makes the case that GIPS expertise is both individually valuable for career advancement and organizationally valuable for business development. Participants who complete this course will have the GIPS knowledge needed to establish, maintain, and leverage GIPS compliance for their organizations.

GARP – Investment Performance Standards and Risk Management

Background: The Global Association of Risk Professionals has published research confirming the relationship between investment performance measurement quality, investor trust, and capital allocation outcomes in institutional investment markets. GARP research on investment management practices confirms that investors who receive accurate, consistently calculated, and fairly presented investment performance information make better capital allocation decisions and develop stronger trust relationships with the investment managers they select. GARP’s research on performance measurement standards validates the institutional importance of GIPS-compliant performance reporting as a foundation for responsible investment management practice.

Relevance: GARP’s research on investment performance measurement validates the institutional rationale for the GIPS compliance expertise this course develops. By confirming that accurate, consistent performance reporting is a critical determinant of investor trust, GARP research makes the case that GIPS compliance is not merely a regulatory or marketing exercise but a genuine contribution to the quality of the investment relationship between managers and their clients. Participants who complete this course will understand GIPS compliance as the performance measurement governance framework that protects both investors and investment managers in the institutional investment relationship.

IMF Working Papers – Investment Management and Performance Reporting

Background: The International Monetary Fund has published research on investment management standards, institutional investor practices, and the role of transparent performance reporting in supporting well-functioning capital markets. IMF research on investment management governance has confirmed that transparent, standardized performance reporting reduces information asymmetry between investment managers and institutional investors, improves capital allocation efficiency, and strengthens investor protection. The IMF’s work on institutional investment management standards provides the macroeconomic context for why GIPS adoption matters beyond individual firm competitive advantage.

Relevance: The IMF’s research on investment management standards and capital market efficiency validates the broader significance of the GIPS compliance expertise this course develops. By confirming that transparent, standardized performance reporting improves capital market efficiency and investor protection, IMF research makes the case that GIPS compliance is a contribution to broader financial system quality as well as a competitive advantage for individual firms. Participants who complete this certification will understand GIPS compliance within this broader context of investment management governance and capital market development.

Be inspired by how CFA Institute research on GIPS adoption advantages, GARP research on investment performance measurement quality, and IMF research on investment management governance all confirm that GIPS compliance expertise is among the most strategically valuable specializations in institutional investment management. Join the Rcademy Global Investment Performance Standards (GIPS) Course to develop the comprehensive GIPS knowledge that positions you and your organization for success in global institutional investment markets.