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I have found this book by Simon Benninga to be outstanding for learning financial modelling: https://mitpress.mit.edu/books/financial-modeling-0 https://www.amazon.co.uk/dp/0262026287/?tag=bt077d-20 I don't think it really matters which edition you get, but perhaps the later editions may be...

No this is not the correct way to interpret the "pass rate". What you have described would be the "passing score", i.e. the score needed to actually pass the test. The "pass rate" is the % of people who passed the exam, out of the total number of people who sat for it. So if 100 people sat for...

Well done my friend! A big congratulations :)

Maybe they grade on a curve so you are in one way competing against fellow exam takers, however they may also have a score in mind that when surpassed, it results in a pass irrespective of how others have done on that specific exam. So in Nov 2015, the population of exam takers may have been...

Seems like everyone passed....well done everyone!! I also passed 1,1,1,1. Can't take part 2 until November though as have CFA level 3 in June to get through first.

Thanks - I will just keep an eye on my inbox tomorrow then and it'll arrive when it arrives I guess :D

With the results due out tomorrow, does anyone know what time we can expect GARP to send the email?

@brian.field i chuckled to myself too when I saw his username....I've used S666 across multiple forums for years, and now it seems I've found an "upside down" me :)

2 weeks indeed! So how is everyone feeling now they've had a bit of time to relax since the exam? Still as feeling optimistic/pessimistic as you felt straight afterwards? I've been away sunning myself on a beach for the last few weeks so havn't thought too much about it, to be honest...but I'd...

Hey my friend, please don't take my ramblings as any kind of negative confirmation on your performance! I havn't received my score yet so it is more than possible that I may be wrong on a few things....have hope, and keep your fingers crossed! I'll keep my fingers crossed for you also! :D

Yeah I thought this too...I remember it being best IR subject to minimum Sharpe Ratio of 0.35....and my answer was the second fund...

I may be wrong but I believe the question you are taking about was the replication of the 3% 1 year treasury bond using positions in a 5% 6 month maturity bond and a 4% 1 year maturity bond (all semi annual coupons). The answer to that was short 0.005% of the 6 month 5% coupon and long 99.5% of...

I agree with this....the questions said "using the delta normal method, what is the VaR of a portfolio which has been constructed to be both delta and gamma neutral". The delta normal method is an approximation in itself , calculated using either duration and convexity (for bonds) or delta and...

Hey @vistag ...you're probably right actually - I think my post verged on giving away too much detailed info and hence I have deleted it. I had seen many posts on here discussing specific questions from previous exams and therefore was under the impression that it was fine to discuss questions...

For what it's worth I chose the Students T instead of Gaussian copula for Heavy tail dependence too. Also used the F = S*exp(r - rf) and found the correct answer for the forward exchange rate question.

I can confirm that I chose a delta normal VaR of zero also for that answer as the options portfolio was both delta and gamma neutral.

I'm sorry but I really have to disagree with the above, I found the exam to be much easier than I was expecting and a definite notch or two below Bionic Turtle's practice questions. I felt that the answers to most of the qualitative questions were blindingly obvious (bar about 2-3 of them) and...

So I just sat the part 1 exam this morning and found it to be an immensely passable exam…even relatively easy dare I say. After reading comments on here and Analyst Forum message boards, I was expecting an absolute beast of an exam….and to come out feeling horrendous. Quite the opposite….I...

I thought with the run up to the real exam on Saturday I would post my mock scores for comparison - I know there must be some out there like me that try to compare their performance to other to gauge how well prepared they are... Mock A: 16/25=64% Mock B: 19/25=76% Mock C: 23/25 = 92% Mock D...

Perhaps the square root rule of scaling VaR only works for relative VaR and not absolute?...I'd be interested in the answer too...