2010 Study Guide and Handbook

[hsuffyan]

Hi guys, decided to go with the L1 for May 2010 (was planning to do CFA L1, but I would like to achieve the FRM hopefully in one year before tackling a 3 year course like the CFA).

I just downloaded the 2010 study guide and I found it slightly confusing. I completely understand that you cannot pass the FRM by using the handbook alone, but I was hoping that the handbook would have some correlation to the study guide. All the topics (L1 & L2) have no direct references to the handbook chapters. Luckily I have a lot of the recommended reading books from my BSc days, but it still would have been nice to have the study guide and handbook tally up, and it cost £62!!

 

[David Harper CFA FRM]

hsuffyan

I think it correlates (has some correlation) but, as you suggest, there is hardly a 1:1 correspondence. Handbook is (IMO) a helpful supplement but clearly insufficient by itself. The reason is largely because the 5th edition Handbook was essentially unchanged from the 4th edition (last year, i did not recommend its purchase for those already owning the 4th because the update, again just in my analysis, was < 10% fresh update and 90% duplicative from 4th edition). Thanks, David

 

[hsuffyan]

hsuffyan

I think it correlates (has some correlation) but, as you suggest, there is hardly a 1:1 correspondence. Handbook is (IMO) a helpful supplement but clearly insufficient by itself. The reason is largely because the 5th edition Handbook was essentially unchanged from the 4th edition (last year, i did not recommend its purchase for those already owning the 4th because the update, again just in my analysis, was < 10% and 90% duplicative). Thanks, David​

Hi David,

thank you for your help. Would you recommend the best way to tackle the FRM is do all the recommended reading in the Study Guide or is there another resource/approach that you would recommend?

*edit*

I had a thorough look through the BT site, and found that this is probably the resource I am looking for. I had 3 questions that I wanted to ask before I signed up the L1 pack.

1) Will you be revisiting the material available or can I begin preparing for L1 by starting the 2009 material on BT?
2) The study materials come in the following formats? Study notes, tutorials, webinars, practise exams, and spreadsheets?
3) The best way to begin preparations is to read the study notes, watch corresponding tutorials and once comfortable with the subject matter embed learning objectives through the practise exams?

Many thanks!

 

[David Harper CFA FRM]

Hi hsuffyan,

I have consistently recommended that any plan include a review of the assigned (source) readings; GARP's "new" approach (see feedback thread) only reinforced this advice (specifically: the exam is not like many other exams, there is "tracking error" vis a vis AIMs).

However (IMO), the PRIMARY FACTOR for any candidate is simply: what are your skills before you start? There is wide dispersion. At one end, some candidates have almost no quantitative skills; these people definitely need redundant study plans. At the other end, some practice quant for a living; candidates who "arrive" with quantitative aptitude can take a must shorter path. My advice for first step: look at the AIMs document.

Regarding your questions:

1. I will definitely be revising the materials, as I always do … but at the same time, the extant 2009 material is highly relevant and useful
2. I am currently working on the plan for 2010 … will post ASAP.
3. Candidly, individuals have used various methods and sequences (e.g,. I've had customers pass by almost entirely focusing on learning XLS, others do the sequence you advise) … two years ago, I did prepare a sequence w/ calendar etc … but the truth, I found, is: the vast majority did not follow it and applied their own style.

Thanks, David

 

[hsuffyan]

Hi hsuffyan,

I have consistently recommended that any plan include a review of the assigned (source) readings; GARP's "new" approach (see feedback thread) only reinforced this advice (specifically: the exam is not like many other exams, there is "tracking error" vis a vis AIMs).

However (IMO), the PRIMARY FACTOR for any candidate is simply: what are your skills before you start? There is wide dispersion. At one end, some candidates have almost no quantitative skills; these people definitely need redundant study plans. At the other end, some practice quant for a living; candidates who "arrive" with quantitative aptitude can take a must shorter path. My advice for first step: look at the AIMs document.

Regarding your questions:

1. I will definitely be revising the materials, as I always do … but at the same time, the extant 2009 material is highly relevant and useful
2. I am currently working on the plan for 2010 … will post ASAP.
3. Candidly, individuals have used various methods and sequences (e.g,. I've had customers pass by almost entirely focusing on learning XLS, others do the sequence you advise) … two years ago, I did prepare a sequence w/ calendar etc … but the truth, I found, is: the vast majority did not follow it and applied their own style.

Thanks, David​

Thanks for your help and time David. I signed up to L1 today and have downloaded the 2009 notes and look forward to the 2010 series. Personally I feel my quant knowledge is about average. So that would be my biggest focus. Product wise I am fairly competent (did the IMC in Feb through CFA UK) and currently work in Risk Management across Market, Liquidity and Credit risks. Its interesting to see how Liquidity Risk in particular is slowly being brought into the FRM syllabus. I am currently a member of a working group that is focused on adopting and implementing the liquidity rules and controls in the UK so its nice to see it getting included in the FRM and awareness being generated.

 

[ariensandeep]

Hello David,

I am new to this world, but has been reading some of the articles in forum and I guess this is the material I am looking for FRM exam.
I am planning to take up FRM Level 1 in May 2010. But I see that the material is still 2009. So if I buy level 1 material now, when there is an addition to it later based on the GARP 2010, will I be eligible for that material also? or Should I wait till bionic 2010 material is out?
Thanks

 

[David Harper CFA FRM]

HI sandeep -

The material is necessarily 2009 (the new AIMs have not been released yet by GARP) ... we'll be updating the site with the 2010 plan soon.
If you buy now, of course, absolutely you have access to the 2010 material when it's published ... so it's really up to you. Thanks! David