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Thanks David! My mind was saying that the debt (e.g., bond) is the underlying and its face value is the strike, but I didn't clarify that in my reply. Thanks for helping out! I definitely like the comparative illustration you provided as it clearly demonstrates how the Merton Model is similar...

David, I'm struggling with my focus today, so I've been reading the forum hoping to regain some energy and focus. I mean, these are the dog days of the exam prep process, and it is very difficult to stay focused after working 10+ hours today. That said, I stumbled upon this thread, and am just...

Cool! Thanks for the prize! :) I think I will let the prize accrue for now. Hopefully, I will get lucky again. :) Thanks!

Here's an interesting article for anyone who's interested: http://www.garp.org/risk-news-and-resources/risk-headlines/story.aspx?newsid=72763&utm_source=informz&utm_medium=email&utm_campaign=TEST To me, it really puts the huge importance of risk management in perspective and confirms that I'm...

Hi David, I've been viewing the "Topic Review" videos and realize that they were created during the 2012 exam year. Specifically, I recently view the "Operational Risk" and in it you mentioned your expectation, at the time, was that questions on Model Risk would be tame. It's 2014 now, so I'm...

Cool! I got all three questions correct now! Thanks!

Hi Guys, Regarding 403.2, why is D not the correct answer? The explanation provided seems to imply D should be correct. Can you please clarify? I correctly answered the other 2 questions (403.1 & 403.3). :) Thanks, Charles

Thanks!

David, While reviewing the explanation to one of your questions (from R32.P2.T5.Dowd - see Question #4 on Page #22), I tried to access the link you provide but it doesn't work. Can you provide the learning spreadsheet for this question? Thanks, Charles

No problem! Definitely understand you have limited time. Appreciate any help you can offer. Thanks!

Hi David, I tried to start a conversation with you, but I'm not sure if that feature works for users. Is the conversation feature working? If not, I would be happy to sen you my question as a thread. Let me know. Thanks, Charles

Got it! Thanks a bunch! :)

Thanks for the great response, David! I think I understand now. So, for exam purposes, should I expect/assume GARP to focus on ES and VaR questions using normal distributions? Thanks, Charles

David, Quick question for a little more clarity on this: Dowd's comments on ES migrating toward a true value of 2.063 are made with the assumption of a normal distribution with a mean of zero (0) and standard deviation of one (1), which makes complete sense for a CDF where the VaRs can be...

Thanks for the response, David! Definitely appreciate your perspective on the questions. That said, moving the questions, related to the old AIMs, to the appendix in the updated practice questions sets is consistent with what you did with several chapters in some of the Part 1 Study Notes...

David, I understand that @Steve Jobs would like to have the questions, related to AIMs that have been removed from the 2014 list, to also be removed from the practice sets, which is completely understandable. However, I like that the questions are still there, and prefer that they not be...

Hi PaulHogan, I am now preparing for the Part FRM Exam and would like to know if you have any recommendations/insights that you can pass along based on your recent experience. Can you share anything that might make the difference for other candidates like myself? Thanks for any contributions...

Thanks Pflik! That's exactly what I decided to do. Out of curiosity, I inquired about the 2014 readings and learned that they will only be available as hard copies. No soft copies will be available this year! I do not understand what drove this decision. I need the Readings in soft copy form as...

Thanks @Nicole M for the response. Having read the thread from the link you provided, I'm not sure I got a definitive opinion on either option. But, I did get a strong sense of what I may be up against on the FRM Part 2 Exam. One thing is for sure, the level of difficulty on the FRM Part 1...

Hi David, I just registered for the FRM Part 2 Exam and am ready to get going on my preparation for the exam. I also purchased the BT Part 2 Professional Exam Prep Package as it will be my main source for exam prep. However, I'm on the fence about purchasing the official GARP FRM Part 2 Exam...