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Long time I went to visit the forum! I wanted to update one of my old post about contango/backwardation/expected future spot price/roll yield. To be honest, during a lot of time I was very confused by the theory and the possible representations (see graphics below) that a student could find on...

Certified today :) thanks BT ! 2 years of study well spent!

PASSED THE EXAM (1,1,3,3,1,2) , BIG THANK TO YOU @David Harper CFA FRM AND @Nicole Seaman ...

If part 2 results are released on mid-end February, it will just show what a joke this GARP organization is ....

On 10th there was a sofr question

Not sure about that, We will see the results

The bond price given in the first tree was obtain using real world probability and discounting it with the 6 months spot rate... So I think that to compute the option price we needed neutral probabilities in order to respect the non arbitrage condition

The thing here was to compute neutral probability first and then calculate the option price... I do not remember the answer

Yes exactly what I did (at random between A and B) ! for me this question will be discarded...

You must get ir ratio = risk budget ratio, I took the option that gave closest ratio but they were not exactly equal... That was disturbing

Yes for raroc I was not sure which one between C and D because both criteria of decision gave a reject it was confusing... and also for the hurdle rate you surely are right I have not practiced this concept enough :/ Now I just hope I can pass this exam :')

Reject yes as greater than excess market return, hurdle I answered 8, for loans cvar no idea

Yes same exam! The ones on raroc and cny loans left me clueless and a bit angry as I have worked on that a lot

Yes, I thought that too for part 1 but not as many people as we think prep with BT so we might be skewed in our judgment

For part 1 I thought the cutoff to be low 60 but then it comes to be low 50.. So who knows, I personally think that low 50 will be the cutoff for part 2

Yes it seems that we had the same exam @kawal_frm!

Overall I think GARP did a good job to cover a lot of LOs for my exam (30% quant / 70% qualitative)... as many have said before, for a lot of qualitative questions 2 answers seemed ok, so that was a bit frustrating. The CBT format is alright but no score was shown at the end of the exam. So now...

same here i did well on BT mock and very well on garp mock, but knowing garp, I am not sure what to expect on exam day... I think at this point in time, we just have to relax until exam day, the difficult part (the preparation process) is behind us.... cheers

Yes, it seems like a direct application of the merton model, but I think that we should not refer to "market volatility", in fact in P2.T6.403 403.2 it is stated that "higher firm asset volatility" implies higher equity value and lower (senior/junior) debt value.. And also, by logic of the...

I think that Nicole creates a new exam thread the following business day of the last exam day (i.e. monday)