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This makes sense, thanks @David Harper CFA FRM Sorry for confusion @Sixcarbs ; it seems it was the -2.73% that was questionable.

Lambda formula should work, I tried it out myself. Also, I see what you're saying but ultimately it doesn't matter here. There are two given points: (-2.4%,0.0494) and (-2.3%,0.0571), which is sufficient on their own to determine what return corresponds to 0.05 cumulative weight using linear...

I think they are just adding midpoint for illustrative purposes rather than any deeper underlying reason. I found source material and you're right they butchered the linear interpolation in the second case. I think confusion in your formula (initial post) was they were telling you a step by...

Thanks for the clarification. It seems goal is to find 95% VaR. I'd say it's ambiguous since there is no hybrid cum. weight that is 5%. I wouldn't be able to fault anyone that just took the closest return in a conservative fashion. Interpolation makes sense to me, but maybe linear is too...

I didn’t quite follow your interpolation logic. I don’t think you can assume what you’re doing will hold true generally. Also, sorry I don’t have Allen text in front of me on phone, but that formula doesn’t look right. In Dowd at least chapter 4 (note: this is part 2 reading, in part 1 they...

Why is time less? 60 days is a lot of time. That’s also 80% of part 2 material mentioned.

From my 20 minutes of perusing the text, I do not think there is enough information provided in the book to numerically back out the modified alpha values in table 14.1. Although interesting, I personally think modified alphas coming up in a capacity where you have to back into them on the exam...

I think you are overthinking it. The context here is evaluating a risk measure, and not which portfolio should be invested in. rho(.) here is the risk measure being evaluated, it could be VaR or really any risk measure. The intuition is if you have a portfolio (or risky asset) Y that has...

If it’s 2 periods, with t=6 months to maturity, then each period will be 6/2=3 months long. If it was 6 periods then each period would be 1 month. Does this help? If you want to think in terms of “t” as time to maturity, perhaps you can write formula as: u=exp(sigma*sqrt(t/n)) Where n=number...

In addition to the binary pass or fail, you also get a box chart type breakdown both overall and each individual category. Here’s how it looks:

There is no "correct" way. It's a function of several variables: How do you learn best (audio, visual, etc)? How familiar are you what the material, what's your background? How much time do you have to commit up until the exam? What is your main goal at the end of the day (e.g. just pass the...

No. You can find the primary sources online if desired, but BT notes are sufficient for most provided you do the practice questions as well.

I see. In that case, you're right you do have time. Good luck.

I took L1 this May and there was not a single problem I could recall that required the need to take a derivative or integral (assuming you had a working calculator). Is basic knowledge of calculus helpful in general and does it provide a deeper understanding of some of the concepts? It sure...

You don’t need to use any calculus on this exam. Your time is better invested going over the quant book GARP assigns (e.g. Miller). Focus on probability concepts and calculations (e.g. Bayes’ Rule).

That’s the link to your GARP dashboard to see if you passed. As far as I know they have not yet released a name of all passed candidates publicly. Why do you need that information?

Congrats everyone who passed, and those who did not pass, I hope you come back swinging hard next time. I passed and would also like to thank BT for excellent infrastructure and repository of practice questions. Without it, navigating through preparation felt like a maze at times. I just...

What about Inspect Element? Click on red X on top right, and expand object at bottom and look for result__c. This is on the “My Programs” page. It’s possible your results are not uploaded yet.

Date & Time of your Windows machine.

Disclaimer: Just a conjecture and have not even taken FRM 2. If you do following transformations, the results make sense, right? 1 -> 4 2 -> 3 3 -> 2 4 -> 1