New to FRM - Basic Questions

[RHZ]

Hi All - I'm getting started with Part 1 FRM studies, registered for Nov 2012. Recently I appeared for CFA Level 2 test. With that back ground, I would appreciate if y'all can answer some questions for this newbie -

• Any BT associates - I'm deciding between Tier 3 and Tier 2 package for Part1. I believe spreadsheet is the only difference but what exactly spreadsheets do? I haven't found a sample for it, or did I miss it?
• I have ordered FRM core materials, I see there FRM handbook 700-800 pages and I'm also planning to buy BT notes. Wondering how you manage between these 3? What exactly FRM handbook is useful for? For example for CFA handbook helps for ethics etc.
• I was comfortable using CFAI books, of course time consuming but would you recommend FRM core material, BT videos and practice exams? or would that be little stretch and use BT notes + selectively use core notes?
• How do you manage - not having end-of-chapter answers to questions for core materials? I see threads where ppl mentioned about it not being readily available but do you still think its worth solving EOC questions and using/finding solution for different sources if its available?

Also, pleased to see active FRM community on BT; appreciate David's and others efforts. Looking forward for your company.

-RZ

 

[Suzanne Evans]

Hi All - I'm getting started with Part 1 FRM studies, registered for Nov 2012. Recently I appeared for CFA Level 2 test. With that back ground, I would appreciate if y'all can answer some questions for this newbie -

• Any BT associates - I'm deciding between Tier 3 and Tier 2 package for Part1. I believe spreadsheet is the only difference but what exactly spreadsheets do? I haven't found a sample for it, or did I miss it?
• I have ordered FRM core materials, I see there FRM handbook 700-800 pages and I'm also planning to buy BT notes. Wondering how you manage between these 3? What exactly FRM handbook is useful for? For example for CFA handbook helps for ethics etc.
• I was comfortable using CFAI books, of course time consuming but would you recommend FRM core material, BT videos and practice exams? or would that be little stretch and use BT notes + selectively use core notes?
• How do you manage - not having end-of-chapter answers to questions for core materials? I see threads where ppl mentioned about it not being readily available but do you still think its worth solving EOC questions and using/finding solution for different sources if its available?

Also, pleased to see active FRM community on BT; appreciate David's and others efforts. Looking forward for your company.


-RZ

• Any BT associates - I'm deciding between Tier 3 and Tier 2 package for Part1. I believe spreadsheet is the only difference but what exactly spreadsheets do? I haven't found a sample for it, or did I miss it? We are working on adding samples for the spreadsheets. I've attached a screenshot sample of an xls here.
• I have ordered FRM core materials, I see there FRM handbook 700-800 pages and I'm also planning to buy BT notes. Wondering how you manage between these 3? What exactly FRM handbook is useful for? For example for CFA handbook helps for ethics etc. See this FAQ: http://www.bionicturtle.com/faqs/category/frm-product#do-i-need-the-handbook-and-readings
• I was comfortable using CFAI books, of course time consuming but would you recommend FRM core material, BT videos and practice exams? or would that be little stretch and use BT notes + selectively use core notes? It is honestly dependent on the customer. Some utilize all of the BT products, whereas some only utilize a few. I would highly recommend the videos and the practice questions. The notes are very similar to the videos except with no audio. Some customers utilize only the BT contents as well. See here: http://www.bionicturtle.com/faqs/ca...nt_to_just_take_the_course_from_bionic_turtle
• How do you manage - not having end-of-chapter answers to questions for core materials? I see threads where ppl mentioned about it not being readily available but do you still think its worth solving EOC questions and using/finding solution for different sources if its available? I can understand how it would be difficult to spend the time to answer questions without knowing if your answer was correct or not. That decision will be completely up to you and how confident you feel. On the other hand, we have thousands of practice questions readily available for study purposes in which we've been told are more difficult than the exam. If you can spend time reviewing the practice exams as well as answering our questions, that will help immensely.

Should you have any additional questions or concerns, please do not hesitate to ask.

Thanks,
Suzanne

 

[RHZ]

Thanks Suzanne for all those inputs. Hopefully that should help me settle with study materials and get going.

Cheers
-RZ

 

[Suzanne Evans]

Thanks Suzanne for all those inputs. Hopefully that should help me settle with study materials and get going.

Cheers
-RZ

RZ,

You are welcome. Should you need anything else, please let us know.

Good luck!

Thanks,
Suzanne

 

[ArbitUP]

I'm a CFA Charterholder, and there is a good amount of overlap. If you feel you've done well on the CFA examinations then you can get by without using the FRM core readings. I used David's notes as a way of dipping my toe into the water so to speak, then I watched all the videos, and then I tried to do some questions along the way.

Everyone is different. The CFA exams are a mile wide and not as deep. This is deeper. So if you truly 'know' the deep part of the CFA then the extension with the FRM isn't so bad. I think the with the CFA exams they hold your hand a bit more (lead you in the right direction) either through reduced steps or more information than what you need. But the less you relied on that the easier the FRM will be.

I'd rank them this way if you are going in without the benefit of previous knowledge (IE the overlap): TIE FRM P1, CFA L2 and then CFA L3, and CFA L1.

If you do the CFA program first then I'd say it is: CFA L2, CFA L3, FRM P1, CFA L1

 

[ArbitUP]

Oh and I bought the spreadsheets, but didn't really use them that much in terms of study material enough to justify the cost. They are helpful if you want to essentially see the steps in a calculation. Even with all my years I still can abrely understand greeks in a mathematical formula, but with the spreedsheets you can get that epiphany moment where you are like "Oh I only have to multiply that to that, and then add them all together?".

Where the spreadsheets are worth their weight in gold is the fact that you actually have them and can refer back to them at some point. Knowing the logic and perhaps the way to do something by hand is nice, but that isn't particular in a real world setting. However, having a real world model that you can refer back to? Very nice.

 

[Aleksander Hansen]

I would say don't bother with Jorion's Handbook. It's superfluous if you have the Core FRM reading and the material from Bionic Turtle. Besides, the test bank that comes with it is very outdated and the questions are unrealistically easy.

Moreover, Jorion does not cover any of the topics in enough depth needed for you to pass the exam - unless you are already familiar with the material and just want to brush up on some key points. That is, it does not cover a lot of material you will be expected to know, and with all the core readings and the BT readings, having the handbook on top will be more of an information overload than help.

1. Watch the videos to get a sense of the material and topics being covered
2. Read the corresponding Core readings where more depth is required, but one can skip [if goal is simply passing exam and not learning everything] certain sections that dwell excessively on details
3. Read the notes and make sure you understand everything - including how the solutions in the examples are derived [you can alternatively do this before doing the core reading and just refer to them as necessary, although you run the risk of missing some points that are not critical but may nevertheless show up on the exam]
4. Exercises, Exercises and more Exercises. Being able to conceptually understand something, and actually knowing how and why to do it are two entirely different things. Put differently, owning a piano doesn't make you an accomplished pianist.

 

[ArbitUP]

Questions are key for sure (here and for the CFA exams). They are by far the #1 most important thing. I'd say you should spend 75%+ of your time working out problems.