2020 Part 1 New and Updated Published Materials

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Nicole Seaman

Director of CFA & FRM Operations
Staff member
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This thread is to give our members a quick reference to the new and updated Part 1 materials that we publish throughout the 2020 exam period. We include the date that the materials were updated or published so you know that you are using the most up-to-date materials.

Please make sure to read our publishing process thread here regarding if and when specific materials will be published: https://forum.bionicturtle.com/threads/please-read-publishing-process-for-2020.22937/. Thank you :)

Foundations of Risk Management

FRM 1 - Chapter 1. The Building Blocks of Risk Management
  • New study notes published 02/04/20
  • Updated Practice Question set with new PQs published 02/06/20
    • P1.T1.20.1. Building block of risk management: risk typology
    • P1.T1.20.2. Primitive risk factors and tail risk
    • P1.T1.20.3. Risk management building blocks
FRM 2 -Chapter 2. How Do Firms Manage Financial Risk?
  • New study notes published 02/04/20
  • Updated Practice Question set with new PQs published 02/06/20
    • P1.T1.20.4. Risk appetite and hedging
FRM 3 -Chapter 3. The Governance of Risk Management
  • New study notes published 02/04/20
  • Updated practice question set published 02/13/20 (questions added)
    • P1.T1.20.5. Risk management governance: regulatory responses and best practices
    • P1.T1.20.6. Risk management governance: limits, functional units, and audit
FRM 4 -Chapter 4. Credit Risk Transfer Mechanisms
  • New study notes published 02/04/20
  • New practice question set published 02/28/20
FRM 5 -Chapter 5. Modern Portfolio Theory (MPT) and the Capital Asset Pricing Model (CAPM)
  • New study notes published 02/04/20
  • Updated practice question set published 03/04/20
    • P1.T1.20.8. Modern portfolio theory (MPT)
    • P1.T1.20.9. Performance measures
  • Updated study notes to fix typo only - updated 09/08/20 to v3.3
FRM 6 - Chapter 6.Multifactor Models of Risk-Adjusted Asset Returns
  • Updated practice question set published 03/19/20
    • P1.T1.20.10. Multifactor models of risk-adjusted asset returns (added to current PQ set)
  • New Study Notes published 04/02/20
FRM 7 -Chapter 7. Risk Data Aggregation and Reporting Principles
  • New study notes published 02/04/20
  • Updated practice question set published 03/19/20
    • P1.T1.20.11. Risk Data Aggregation and Reporting Principles (added to current PQ set)
FRM 8 -Chapter 8. Enterprise Risk Management and Future Trends
  • New study notes published 02/04/20
  • Updated Practice Question set published 04/01/20
    • P1.T1.20.12 Enterprise Risk Management (ERM): benefits, reasons and risk culture (added to current PQ set)
    • P1.T1.20.13 Enterprise Risk Management: scenario analysis and behavioral concepts (added to current PQ set)
FRM 9 -Chapter 9. Learning From Financial Disasters
  • New study notes published 02/04/20
  • Updated practice question set published 04/22/20
FRM 10 -Chapter 10. Anatomy of the Great Financial Crisis of 2007-2009
  • New study notes published 02/04/20
  • Updated practice question set published 04/29/20
FRM 11 - Chapter 11. GARP Code of Conduct
  • New Practice Question Set published 05/06/20
Foundations Topic Review
  • Interactive quiz published 03/02/20
  • New Focus Review Videos published 07/31/20
    • Video 1 of 2
    • Video 2 of 2
Quantitative Analysis

QA 1 - Chapter 1: Fundamentals of Probability
  • New study notes published 02/04/20
  • Updated PQ set published 05/21/20
  • Updated PQ set published 05/22/20
    • Typo in 20.2.1 question fixed
    • Explanation added to 20.2.1 answer
  • Updated PQ set to v3.2 on 06/08/20 to add previous Gujarati PQs (59-61 & 65)
  • Updated PQ set to v3.3 on 06/15/20 to add improved table on page 10 (Q20.2.1)
QA 2 - Chapter 2: Random Variables
  • New study notes published 02/04/20
  • Practice Question set updated to v1.3 on 04/27/20 to fix error in the answer to question 711.3 on page 9
  • Practice Question set updated to v3 to include new PQs
  • Practice Question updated to v3.1 to fix error on page 8 - question 20.3.3
QA 3 - Chapter 3: Common Univariate Random Variables
  • New study notes published 02/04/20
  • Updated PQ set to v1.3 to add previous Stock and Gujarati PQs (06/09/20)
  • Updated PQ set to v3 to add NEW practice questions (20.5-20.7)
QA 4 - Chapter 4: Multivariate Random Variables
  • New study notes published 02/04/20
  • Updated PQ set to v1.3 to remove irrelevant PQs (06/09/20)
  • Updated PQ set to v3 to add new PQs (20.8, 20.9, 20.10)
  • UpdatedPQ Set 09/02/20 to v3.1 (errors fixed only)
    • Page 16 - Image replaced in 20.10.1
    • Page 16 - Answer to 20.10.3 fixed per forum
    • Page 31 - Answer to 304.2 fixed per forum
QA 5 - Chapter 5: Sample Moments
  • New study notes published 02/04/20
  • Updated PQ set to v1.3 to add previous Stock PQs (06/09/20)
  • Updated PQ set to v3 to add new PQs (08/10/20)
QA 6 - Chapter 6: Hypothesis Testing
  • New study notes published 02/04/20
  • Updated PQ set to v1.3 to add previous Stock and Gujarati PQs (06/09/20)
  • Updated PQ set with new practice questions (08/20/20)
QA 7 - Chapter 7: Linear Regression
  • New study notes published 02/04/20
  • Updated practice question set published 09/10/20
QA 8 - Chapter 8: Regression with Multiple Explanatory Variables
  • New study notes published 02/04/20
  • Updated study notes published 09/11/20 (new PQs added - 20.18)
QA 9 - Chapter 9: Regression Diagnostics
  • New study notes published 02/04/20
  • Updated practice question set published 09/30/20 (v3)
  • Updated practice question set 10/15/20 - fixed 20.19.1 per forum post
QA 10 - Chapter 10: Stationary Time Series
  • New study notes published 02/04/20
  • Updated practice question set 11/13/20 as v3
QA 11 - Chapter 11: Nonstationary Time Series
  • New study notes published 02/04/20
QA 12 - Chapter 12: Measuring Return, Volatility, and Correlation
  • New study notes published 02/04/20
QA 13 - Chapter 13: Simulation and Bootstrapping
  • New study notes published 02/04/20
Quant Topic Review
  • Interactive quiz published 03/02/20
  • Focus Review Video 1 of 3 published 08/25/20
  • Focus Review Video 2 of 3 published 08/25/20
  • s Focus Review Video 3 of 3 published 08/25/20
  • Global Topic Review PQ Set - fixed typo only - Updated 09/08/20 to v7.4
Financial Markets & Products

FMP-1: Chapter 1. Banks
  • New study notes published 03/23/20
FMP-2: Chapter 2. Insurance Companies and Pension Plans
  • New study notes published 03/23/20
FMP-3: Chapter 3. Fund Management
  • New study notes published 03/25/20
FMP-5: Chapter 5. Exchanges and OTC Markets
  • New study notes published 04/02/20
FMP-6: Central Clearing
  • New study notes published 06/22/20
FMP-18: Chapter 18. Mortgages and Mortgage-Backed Securities
  • New Study Notes published 05/18/20
Financial Markets Topic Review
  • Interactive quiz published 03/02/20
  • Focus Review Video 1 of 3 published 09/30/20
  • Focus Review Video 2 of 3 published 09/30/20
  • Focus Review Video 3 of 3 published 09/30/20

Valuation & Risk Models

VRM 1 - Chapter 1. Measures of Financial Risk
  • New study notes published 02/07/20
VRM 2 - Chapter 2. Calculating and Applying VaR
  • Updated study notes published 02/07/20
VRM-3: Chapter 3. Measuring and Monitoring Volatility
  • Updated study notes published 03/23/20 (updated to v3)
VRM-4: Chapter 4. External and Internal Ratings
  • New study notes published 06/08/20
VRM-5: Chapter 5. Country Risk
  • New study notes published 06/18/20
VRM-6: Chapter 6.Credit Risk and Capital Modeling
  • New study notes published 06/19/20
VRM-8: Stress Testing
  • New study notes published 07/09/20
VRM-9: Chapter 9. Pricing Conventions, Discounting, and Arbitrage
  • New study notes published 03/24/20
VRM-10: Chapter 10. Interest Rates
  • New study notes published 03/27/20
VRM-11: Bond Yields and Return Calculations
  • New study notes published 04/13/20
VRM-12: Applying Duration, Convexity, and DV01
  • New study notes published 04/23/20
VRM-13: Modeling and Hedging Non-Parallel Term Structure Shifts
  • New study notes published 04/30/20
VRM-14: Chapter 14. Binomial Trees
  • New study notes published 04/23/20
Valuation Topic Review
  • Interactive quiz published 03/02/20
Part 1 Review
  • Part 1 Mock Exam published 07/17/20
  • Interactive version of Mock Exam published 10/01/20
  • Focus Review Video 1 of 3 published 10/12/20
  • Focus Review Video 2 of 3 published 10/12/20
  • Focus Review Video 3 of 3 published 10/12/20
  • Part 1 Mock exam updated to v5.2 10/21/20 to change question 97, as it was duplicate
  • Part 1 Mock exam 2 published 11/11/20
  • Part 1 Mock exam 2 updated to v5.1 to fix error in question 8 (answer options were incorrect)
 
Last edited:

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
Practice Question Sets Updated 02/06/20

Foundations of Risk Management
  • FRM 1 - Chapter 1. The Building Blocks of Risk Management - Added new PQs:
    • P1.T1.20.1. Building block of risk management: risk typology
    • P1.T1.20.2. Primitive risk factors and tail risk
    • P1.T1.20.3. Risk management building blocks
  • FRM 2 -Chapter 2. How Do Firms Manage Financial Risk? - Added new PQs:
    • P1.T1.20.4. Risk appetite and hedging
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
New and Updated Study Notes Published 02/07/20

Valuation & Risk Models

VRM 1 - Chapter 1. Measures of Financial Risk
  • New study notes published 02/07/20
VRM 2 - Chapter 2. Calculating and Applying VaR
  • Updated study notes published 02/07/20
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
Updated Practice Question Set Published 02/13/20

Foundations of Risk Management

FRM 3 -Chapter 3. The Governance of Risk Management
  • Updated practice question set published (questions added)
    • P1.T1.20.5. Risk management governance: regulatory responses and best practices
    • P1.T1.20.6. Risk management governance: limits, functional units, and audit
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
New Practice Question Set Published 02/28/20

Foundations of Risk Management
  • FRM 4 -Chapter 4. Credit Risk Transfer Mechanisms
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
All interactive quizzes for Part 1 have been published in their associated Topic Review section for Advanced and Professional members.
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
Practice Question Sets Updated 03/04/20

Foundations of Risk Management
  • FRM 5 -Chapter 5. Modern Portfolio Theory (MPT) and the Capital Asset Pricing Model (CAPM)
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
Practice Question Sets Updated 03/19/20

Foundations of Risk Management

FRM 6 - Chapter 6.Multifactor Models of Risk-Adjusted Asset Returns
  • P1.T1.20.10. Multifactor models of risk-adjusted asset returns (added to current PQ set)
FRM 7 -Chapter 7. Risk Data Aggregation and Reporting Principles
  • P1.T1.20.11. Risk Data Aggregation and Reporting Principles (added to current PQ set)
 
Last edited:

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
New and Updated Study Notes Published 03/23/20

Financial Markets & Products
  • FMP-1: Chapter 1. Banks
  • FMP-2: Chapter 2. Insurance Companies and Pension Plans
Valuation & Risk Models
  • VRM-3: Chapter 3. Measuring and Monitoring Volatility (updated)
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
New Study Notes Published 03/24/20

Valuation & Risk Models
  • VRM-9: Chapter 9. Pricing Conventions, Discounting, and Arbitrage
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
New Study Notes Published 03/25/20

Financial Markets & Products
  • FMP-3: Chapter 3. Fund Management
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
New Study Notes Published 03/27/20

Valuation & Risk Models
  • VRM-10: Chapter 10. Interest Rates
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
Updated Practice Question Set published 04/01/20

Foundations of Risk Management
  • FRM 8 -Chapter 8. Enterprise Risk Management and Future Trends
    • P1.T1.20.12 Enterprise Risk Management (ERM): benefits, reasons and risk culture (added to current PQ set)
    • P1.T1.20.13 Enterprise Risk Management: scenario analysis and behavioral concepts (added to current PQ set)
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
New Study Notes Published 04/02/20

Foundations of Risk Management
  • FRM 6 - Chapter 6.Multifactor Models of Risk-Adjusted Asset Returns.
Financial Markets & Products
  • FMP-5: Chapter 5. Exchanges and OTC Markets
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
New Study Notes published 04/13/20

Valuation & Risk Models
  • VRM-11: Bond Yields and Return Calculations
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
Updated Practice Question Set published 04/22/20 (added to current PQ set)

Foundations of Risk Management
  • FRM-9: Chapter 9. Financial Disasters
    • P1.T1.20.14. Lehman, Continental Illinois, Northern Rock, and Metallgesellschaft
    • P1.T1.20.15. Niederhoffer, Long Term Capital Management, London Whale, Barings, Bankers Trust, Orange County, and Sachsen Landesbank
    • P1.T1.20.16 Volkswagen, Enron, and the SWIFT case
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
New Study Notes Published 04/23/20

Valuation & Risk Models
  • VRM-12: Applying Duration, Convexity, and DV01
  • VRM-14: Chapter 14. Binomial Trees
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
Practice Question Set Updated 04/27/20 (error fixed only)

Quantitative Analysis
  • Chapter 2 - Practice Question set updated to v1.3 to fix error in the answer to question 711.3 on page 9
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
Practice Question Set Updated 04/29/20 (new PQs added)

Foundations of Risk Management
  • FRM 10 -Chapter 10. Anatomy of the Great Financial Crisis of 2007-2009
    • P1.T1.20.17. Anatomy of the Great Financial Crisis (GFC) of 2007-2009 (PQs added)
 

Nicole Seaman

Director of CFA & FRM Operations
Staff member
Subscriber
New Study Notes Published 04/30/20

Valuation & Risk Models
  • VRM-13: Modeling and Hedging Non-Parallel Term Structure Shifts
 
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