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Passed! 2-2-3-2-3. Thank you @David Harper !

Cleared part1, 3422, just iterates the importance of scoring min of 2s in relatively higher weighted topics - 3&4! That was my focus having faltered in my previous attempt, happy that it worked! Thanks David Harper, CFA, FRM, CIPM!

I beg to disagree on your views in Q1 above... The analyst only wanted time to come up with a model.. i.e to research, study and understand the factors that might have to be coded into the model - which in my view was only a fair requirement to do justice to the task in hand!

Notice that a few earlier posts in this thread refer to 'avg. of worst 9 losses' as the solution for the ES question and this to me is incorrect. Please refer to the thread below: @caramel's question with David's response. http://forum.bionicturtle.com/threads/expected-shortfall.6298/

Hi nabil1234, To solve for expected shortfall, you had to calculate the average of the worst 10 historical losses. Worst '10' because the question required us to caculate ES at a 99% confidence level over the historical returns of the last 1000days.

Hi BT, Does GARP use the same set of questions across all test locations? If yes, doesn't it potentially present someone with an unfair advantage??! For eg. test candidate in the west vs one in the east:rolleyes: .

Suzanne Evans - just noticed that the updated FRM calendar might require a small correction. The 7th of the 8 focus reviews is expected to be published on 'Oct' 29 and not Nov 29. Cheers!

Comparative advantage in the context of borrowing/lending markets exists in the form of interest rate differentials across the fixed rate and floating rate markets. This interest rate differential exists due to the difference in default risk premium priced in both these markets (generally...