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I passed with 1322. Thank you to David and the Bionic Turtle team for the guidance.

I felt that the exam was fair. More qualitative than quantitative. The calculation questions were not too difficult and the theory questions really try to test your internalization of the material. The questions are rather short, not longer than three sentences. I managed to finish in time but I...

Kindly explain what is meant by delta-normal model understates the probability of high option values and understates the probability of low option values. Thank you.

I got 7.3 years for effective duration and 81.02 years for effective convexity.

Thank you, I've been able to solve it. I applied shocks of plus and minus 1%. I wasn't sure how to get started, but these helped a lot.

Which is nearest to, respectively, the effective duration and effective convexity of a 15- year bond that pays a 9.0% semi-annual compound and yields 12.0% per annum with semiannual compounding?

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