Detailed comparison of Readings+AIMS 2011 vs 2012

[trabala38]

Hello David,

Since GARP will release the details of readings + AIMS for 2012 FRM exams on 1st, Dec 2011, I wanted to know if you plan to make a detailed comparaison of the content of both exams (2011 vs 2012) ?

I think it is very useful for the following reasons:

1) You can gain time by using previous year resources and start studying as early as possible (i.e. BT videos which are released progressively through the Feb-12 till May-12 ==> in that case, you can already use the previous years video if the content is still the same);

2) If a candidate has failed a level in 2011 and take again the same exam in 2012 => he can re-use the original readings and focus only the incremental changes (and eventually purchase only the new readings);

3) For (daily) questions: sometimes, the AIMS have changed and a candidate can quickly identify if the question can still be asked again in the 2012 exam (it happened that I found old questions, using very very specific formula which were not an AIM anymore).

I would love to have such a comparison in a clear Excel file... David, do you think you could provide that for paid customers ?

Thanks !

trabala38

 

[David Harper CFA FRM]

Hi trabala38,

Each year we do conduct an AIM-by-AIM analysis; here is last year's @ http://db.tt/ov0Z9ajZ

So, yes, I would be happy to share the analysis with paid members (figure a few days after GARP publishes the new AIMs). Thanks, David

 

[trabala38]

Hello David,

Very handy ! Exactly what I was looking the comparison of readings ! Just a question, you stated taht you do "AIM-by-AIM", but your Excel file is more "reading by reading" analysis, did you inadvertedly swaps the two different words ?

Also, when reading that (http://www.bionicturtle.com/how-to/...f-2011-financial-risk-manager-frm-curriculum/), it was extremely helpful, hope to see the same thing for FRM 2012 !

Thanks ! Looking forward for FRM 2012 now !!!

trabala38

 

[David Harper CFA FRM]

Hi trabala,

I linked the wrong file, sorry (we also a reading-versus-reading). Here are the AIM vs. AIM:

• L1 http://db.tt/Iv3lbNQh
• L2 http://db.tt/oUoajRo6

Re: the blog entry: thank you for liking that. Yes, I just added it as a To-Do on our project manager (I enjoy that exercise, it helps me too!). thanks! David

 

[trabala38]

Hello everyone,

GARP has released its 2012 Study Guide. Part I is almost exactly the same. The only changes are:

- Stulz Chapter 2: "Investors and Risk Management" has been removed;
- Gray, Merton, Bodie: "Contingent Claims Approach to Measuring and Managing Sovereign Credit" has been removed;
- Readings for Hull => switch the 8th edition, but all the chapters remain identical;
- Saunders, Cornet => switch to the 7th edition but the chapter is also the same ("Foreign Exchange Risk").

I can't believe it is exactly the same as last year minus 2 chapters ! Has GARP reached its cruise speed and it satisfied by the program content for Level 1 ?

IMHO, I think they made the right move to suppress the "Contingent Claim" reading which did not really fit amongst other readings in the Valuation and Risk Models section. I think it is more a Level 2 reading related to Credit Risk (Sovereign Credit Risk).

Also, getting rid of one of the Stulz chapter is also good because I think there were extremely lengthily and descriptive, with only a few "key concept" to memorize...

And you, what do you think ? Other members, please give your feedback !

Thanks,

trabala38

 

[Hend Abuenein]

Thanks Trabala for the info,

I sat for L1 10 days ago.
And since I'm a positive thinker, I don't want to think about what changes to L1 we should expect. That's behind us now.
I want to think about L2 now. I'm waiting for David's breakdown of 2012 L2 AIMs.

But hey, thanks for the info, it will be good to know for returning and new L1 candidates.

Wishing you and all the others the best.

 

[David Harper CFA FRM]

Thanks Trabala,

FYI, I just posted my notes on Part 1 (L1) here http://forum.bionicturtle.com/threads/first-impressions-2012-frm-part-1-l1-reading-list.5012/

I agree with everything you wrote, although maybe not "'[have they reached] cruise speed and [are] satisfied by the program content for Level 1 ?" because:

• I would prefer they focus on quality, coherence and some measure of predictability at L1. GARP has admitted the exam methodology has room for improvement and, eg., constantly switching out econometrics texts (three books in last few years) often confuses ("is it SSR or RSS?") more than it helps. L1 is tools and I think the historical churn at L1 has been too high, compared to exam methodology. (That said, I am disappointed L1 has left sovereign risk to one wanting chapter)
• In regard to the AIMs, I am delighted GARP is reacting to improvements to improve the quality (you haven't seen the AIMs, and they will appear highly similar, but it looks to me GARP applied some attention to detail; e.g., there will be fewer AIMs).

But just my opinion, my weakness is that I'm too close to it, hope you are doing well, thanks!

 

[manh_an87]

Hi David,

I had a look at the 2012 Study Guide and AIMS, from what I noticed then they removed the Jorion FRM handbook 6th edition from the reading list.. Please can you correct me if i'm wrong. Thanks

An

 

[David Harper CFA FRM]

Hi An,

To my knowledge, the AIMs (formal reading list) has never included the handbook, thanks, David

 

[manh_an87]

Thanks David, it seems clearer now,

I think I misunderstood the 2011 AIMS & Study Guide as they did mention the Jorion Handbook while the 2012 version doesn't.
Is it true that the Handbook should be viewed as supplement text only (not compulsory)?

 

[David Harper CFA FRM]

Hi An,

I am working in the 2012 Study Guide/AIMs right now and I don't see any mention of the handbook in either document (sorry, maybe i just missed it)?

 

[manh_an87]

Yep, the 2012 Study Guide/AIMs do not mention the Handbook.

But the 2011 Study Guide/aims did mention it in their second paragraph of the Reading section ( on 2nd page of both) But they didn't say it is the core reading. They state the Handbook cover most topic and is to help preparation and is not a textbook.

Mb I understand what they meant now. Used to think the handbook is in core reading list.

 

[David Harper CFA FRM]

Oh, okay ... well generally that statement remains true, the handbook is help. In my opinion, it is more help to P1 than P2 because P1 topics are more stable. Thanks, David

 

[manh_an87]

thanks David! Much appreciated!