Course 2022 Part 1 New and Updated Published Materials

[Nicole Seaman]

This thread is to give our members a quick reference to the new and updated Part 1 materials that we publish throughout the 2022 exam year. We will include the date that the materials were updated or published so you know that you are using the most up-to-date materials. To follow this thread, click on "Watch" in the upper right corner of the page.

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-2022.24092/.

Foundations of Risk Management

FRM-1 Chapter 1 Building Blocks of Risk Management

• New instructional video published 01/19/2022

FRM-2 How Do Firms Manage Financial Risk?

• New instructional video published 04/07/2022

FRM-3 The Governance of Risk Management

• New instructional video published 04/11/22

FRM-4 Chapter 4 Credit Risk Transfer Mechanisms

• Updated study notes 02/25/22 to v3-3 (fixed Figure 4.4)
• New instructional video published 04/12/2022

FRM-5 Chapter 5. Modern Portfolio Theory (MPT) and the Capital Asset Pricing Model (CAPM)

• New instructional video published 06/08/2022

Quantitative Analysis

QA-1 Chapter 1 Probabilities

• PQ Set updated to v3-6 on 03/04/22
  
  • Fixed errors in questions 61.2 and 61.5

QA-2 Chapter 2 Random Variables

• Study notes updated to v3-6 on 03/02/22 (errors corrected)
  
  • Page 7 - Error fixed in CDF paragraph at the bottom
  • Page 10 - CDF formula fixed
  • Page 14 - Spreadsheet updated
  • Page 15 - Formula error fixed under 2nd learning objective

QA-3 Chapter 3. Common Univariate Random Variables

• Study notes updated to v3-5 on 03/02/22 (errors corrected)
  
  • Page 7 - Formula 4.11 fixed
  • Page 8 - Formula error fixed under "Location-scale invariance"
  • Page 16 - Error fixed in 2nd paragraph (kurtosis changed to excess kurtosis)
• PQ Set updated to v3-3 on 03/04/22
  
  • Errors fixed in solutions to questions 20.5.1 and 20.5.3
  • Fixed solution to 60.6.2

QA-5 Chapter 5. Sample Moments

• Study Notes updated to v3-7 on 03/02/22 (errors corrected)
  
  • Page 23 - sample variance changed to sample covariance in 2nd paragraph

QA-6 Chapter 6. Hypothesis Testing

• Study Notes updated to v3-6 on 03/02/22 (errors corrected)
  
  • Page 27 - wording error fixed in 1st paragraph

QA-7 Chapter 7. Linear Regression

• Study Notes updated to v3-8 on 03/02/22 (errors corrected)
  
  • Page 4 - Wording error fixed "In a univariate linear regression, the dependent (aka, explained) variable (Y) is a function of the independent (aka, explanatory) variable (X)"

QA-9 Chapter 9 Regression Diagnostics

• Updated study notes to v3-5 on 01/24/2022 (added key points intro summary)

QA-10 Chapter 10. Stationary Time Series

• Updated study notes to v3-2 on 02/22/2022 (added key points intro summary)
• Updated PQ set to v3-3 on 03/04/22 (fixed errors in question 20.21.1)

QA-12 Chapter 12. Measuring Return, Volatility, and Correlation

• Updated study notes to v3-7 on 02/22/2022 (added key points intro summary)
• Updated PQ set to v3-1 on 03/04/22 to fix error in 21.4.3

QA-13 Chapter 13. Simulation and Bootstrapping

• Updated study notes to v3-4 on 02/22/2022 (added key points intro summary)

Financial Markets & Products

FMP-1 Chapter 1. Banks

• Study Notes updated 03/09/22 to v3-1 (errors fixed)
  
  • Page 6: Morgan Stanley changed to JP Morgan Chase
• Practice Question Set updated 03/09/22 to v3-1
  
  • Errors fixed in question 701.1 (just the question, not the solution)

FMP-2 Chapter 2 Insurance Companies and Pension Plans

• Practice Question Set updated 03/22/22 to v3-1
  
  • Question 21.3.2 - question edited and typo fixed in solution

FMP-3 Chapter 3. Fund Management

• Practice Question Set updated 03/09/22 to v3-1
  
  • Image in solution to 21.7.1 fixed (page 8)

FMP-4 Chapter 4. Introduction to Derivatives

• Study Notes updated to v5 01/21/22 (New LO added/revised Table 1.4)
• Study Notes updated to v5-1 on 03/09/22 (XLS snippet on page 10 fixed)
• Practice Question Set updated to v3-2 on 03/09/22
  
  • Question 21.9.1 choice D edited in question and added to the solution

FMP-5 Chapter 5 Exchanges

• Study Notes updated to v3-2 on 03/09/22 to remove old learning objective
• Practice Question set updated to v3-1 on 03/09/22
  
  • Fixed typo in solution to 21.10.2
• Study notes updated to v5 on 03/14/22 to add new learning objective

FMP-8 Chapter 8 Using Futures for Hedging

• Updated practice question set to v3 01/21/2022 (new PQs added)
• Practice Question Set updated to v3-1 on 03/09/22
  
  • Question 21.14.2 - typo fixed in question and added to the solution
• Practice Question Set updated to v3-2 on 03/22/22
  
  • Question 21.13.2 - Third sentence in question changed

FMP-9 Chapter 9. Foreign Exchange Markets

• Practice question set updated to v3 on 03/09/22
  
  • Added PQs 21.15 through 21.17
• Practice question set updated to v3-1 on 03/22/22
  
  • Question 503.2 fixed (one-year forward exchange rate added to question)

FMP-10 Chapter 10 Pricing Financial Forwards and Futures

• Study Notes updated to v5 01/24/22 (New LO added/added note on pg.6)
• Study Notes updated to v5-1 on 03/09/22 (errors fixed)
  
  • Page 10: Typo fixed in first paragraph
  • Page 14: Image replaced and typo fixed in last paragraph before bullets
• Practice Question set updated to v3 on 03/09/22
  
  • Added new PQs 22.18 and 22.19
• Practice Question set updated to v3-1 on 03/16/22
  
  • Error fixed in 22.18.2.

FMP-11 Commodity Forwards and Futures

• Study Notes updated to v5-1 on 03/09/22
  
  • Old LO Removed
  • Typo fixed in last paragraph on page 7
• Practice Question Set updated to v3 on 03/10/22
  
  • New PQs added (22.20 & 22.21)
  • Error fixed in option "b" of question 186.4
  • Question 186.5 added (missing in previous document)
• Practice QUestion set updated to v3-1 on 03/23/22
  • New PQs added (22.22)

FMP-12 Chapter 12. Options Markets

• Study Notes updated to v5 01/25/22 (added info for moneyness/added info on pg.8)
• Practice Question Set updated to v1-2 on 03/10/22
  
  • Question 724.3: In the solution, typo fixed in the sentence beginning, "In regard to true (A).....

FMP-14 Chapter 14 Trading Strategies

• Practice Question Set updated to v1-1 on 03/22/22
  
  • Question 185.1.D fixed

FMP-15 Chapter 15. Exotic Options

• Practice Question Set updated to v1-1 on 03/11/22
  
  • Typo fixed in option "A" in question 730.2
  • Typo fixed in solution in question 731.2
  • Typo fixed in solution in question 413.2

FMP-18 Chapter 18 Mortgages and Mortgage-Backed Securities

• Practice question set updated to v1-4 on 03/14/22
  
  • Question 103.1 reworded
  • Question 103.2 reworded, along with answer options
  • Question 49.3 typo fixed in answer option "d"
  • Question 51.1 Added additional explanation to solution

FMP-19 Chapter 19 Interest Rate Futures

• Practice Question Set updated to v1-2 on 03/14/22
  
  • Typo fixed in answer to 720.1

Valuation and Risk Models

VRM-2 Chapter 2 Calculating and Applying VaR

• PQ Set updated to v1-2 on 03/22/22
  • Question 805.3 edited
  • Question 329.1 edited to fix typo

VRM-3 Chapter 3 Measuring and Monitoring Volatility

• Study Notes updated to v3-2
  
  • Typo fixed on page 17 (GARCH changed to EWMA)

VRM-6 Chapter 6 Credit Risk and Capital Modeling

• Study Notes updated to v5-1 on 03/24/22
  
  • Page 12 - Bookmark error fixed
  • Page 13 - Bookmark error fixed and typo in formula
  • Page 15 - typo in formula fixed
  • Page 16 - Typo in formula fixed
  • Page 22 - Typo fixed

VRM-7 Chapter 7 Operational Risk

• Study Notes updated to v3-1 on 03/24/22
  
  • Minor formula typo fixed on page 13

VRM-9 Chapter 9 Pricing Conventions, Discounting, and Arbitrage

• Study Notes updated to v3-2 on 03/24/22
  
  • Tables fixed on pages 7 and 8

VRM-11 Chapter 11 Bond Yields and Return Calculations

• Study Notes updated to v3-1 on 03/24/22
  
  • Page 12 - Typo fixed in table
  • Page 16 - typos fixed
  • Page 20 - typos fixed

VRM-12 Chapter 12 Applying Duration, Convexity, and DV01

• Study Notes updated to v3-1 on 03/24/22
  
  • Page 3 - Typo fixed
  • Page 24 - Typo fixed in formula

VRM-14 Chapter 14 Binomial Trees

• Study Notes updated to v3-1 on 03/24/22
  
  • Page 5 - Typo fixed
  • Page 11 - Typo fixed in formula

VRM-15 Chapter 15 The Black-Scholes-Merton Model

• Study Notes updated to v5-1 on 03/24/22
  
  • Page 12- Typo fixed
  • Page 19- Typo fixed

VRM-16 Chapter 16 Option Sensitivity Measures: The “Greeks”

• PQ Set updated to v1-2 on 03/23/22
  
  • Answer options for Question 821.1 fixed
  • Typo fixed in last sentence of solution

 

[Nicole Seaman]

Financial Markets & Products

FMP-4 Chapter 4. Introduction to Derivatives

• Study Notes updated to v5 01/21/22

FMP-8 Chapter 8 Using Futures for Hedging

• Updated practice question set to v3 01/21/2022 (new PQs added)

 

[Nicole Seaman]

Quantitative Analysis

QA-9 Chapter 9 Regression Diagnostics

• Updated study notes published 01/24/2022 (only added key points intro summary)

Financial Markets & Products

FMP-10 Chapter 10 Pricing Financial Forwards and Futures

• Study Notes updated to v5 01/24/22

 

[Nicole Seaman]

Quantitative Analysis

QA-10 Chapter 10. Stationary Time Series

• Updated study notes to v3-2 on 02/22/2022 (added key points intro summary)

QA-12 Chapter 12. Measuring Return, Volatility, and Correlation

• Updated study notes to v3-7 on 02/22/2022 (added key points intro summary)

QA-13 Chapter 13. Simulation and Bootstrapping

• Updated study notes to v3-4 on 02/22/2022 (added key points intro summary)

 

[Nicole Seaman]

Foundations of Risk Management

FRM-4 Chapter 4 Credit Risk Transfer Mechanisms

• Updated study notes 02/25/22 to v3-3 (fixed Figure 4.4)

 

[Nicole Seaman]

Quantitative Analysis

QA-2 Chapter 2 Random Variables

• Study notes updated to v3-6 on 03/02/22 (errors corrected)
  
  • Page 7 - Error fixed in CDF paragraph at the bottom
  • Page 10 - CDF formula fixed
  • Page 14 - Spreadsheet updated
  • Page 15 - Formula error fixed under 2nd learning objective

QA-3 Chapter 3. Common Univariate Random Variables

• Study notes updated to v3-5 on 03/02/22 (errors corrected)
  
  • Page 7 - Formula 4.11 fixed
  • Page 8 - Formula error fixed under "Location-scale invariance"
  • Page 16 - Error fixed in 2nd paragraph (kurtosis changed to excess kurtosis)

QA-5 Chapter 5. Sample Moments

• Study Notes updated to v3-7 on 03/02/22 (errors corrected)
  
  • Page 23 - sample variance changed to sample covariance in 2nd paragraph

QA-6 Chapter 6. Hypothesis Testing

• Study Notes updated to v3-6 on 03/02/22 (errors corrected)
  
  • Page 27 - wording error fixed in 1st paragraph

QA-7 Chapter 7. Linear Regression

• Study Notes updated to v3-8 on 03/02/22 (errors corrected)
  
  • Page 4 - Wording error fixed "In a univariate linear regression, the dependent (aka, explained) variable (Y) is a function of the independent (aka, explanatory) variable (X)"

 

[Nicole Seaman]

Quantitative Analysis

QA-1 Chapter 1 Probabilities

• PQ Set updated to v3-6 on 03/04/22
  • Fixed errors in questions 61.2 and 61.5

QA-3 Chapter 3. Common Univariate Random Variables

• PQ Set updated to v3-3 on 03/04/22
  
  • Errors fixed in solutions to questions 20.5.1 and 20.5.3
  • Fixed solution to 60.6.2

QA-10 Chapter 10. Stationary Time Series

• Updated PQ set to v3-3 on 03/04/22 (fixed errors in question 20.21.1)

QA-12 Chapter 12. Measuring Return, Volatility, and Correlation

• Updated PQ set to v3-1 on 03/04/22 to fix error in 21.4.3

 

[Nicole Seaman]

Financial Markets & Products

FMP-1 Chapter 1. Banks

• Study Notes updated 03/09/22 to v3-1 (errors fixed)
  
  • Page 6: Morgan Stanley changed to JP Morgan Chase
• Practice Question Set updated 03/09/22 to v3-1
  
  • Errors fixed in question 701.1 (just the question, not the solution)

FMP-3 Chapter 3. Fund Management

• Practice Question Set updated 03/09/22 to v3-1
  
  • Image in solution to 21.7.1 fixed (page 8)

FMP-4 Chapter 4. Introduction to Derivatives

• Study Notes updated to v5-1 on 03/09/22 (XLS snippet on page 10 fixed)
• Practice Question Set updated to v3-2 on 03/09/22
  • Question 21.9.1 choice D edited in question and added to the solution

FMP-5 Chapter 5 Exchanges

• Study Notes updated to v3-2 on 03/09/22 to remove old learning objective
• Practice Question set updated to v3-1 on 03/09/22
  • Fixed typo in solution to 21.10.2

FMP-8 Chapter 8 Using Futures for Hedging

• Practice Question Set updated to v3-1 on 03/09/22
  
  • Question 21.14.2 - typo fixed in question and added to the solution

FMP-9 Chapter 9. Foreign Exchange Markets

• Practice question set updated to v3 on 03/09/22
  • Added PQs 21.15 through 21.17

FMP-10 Chapter 10 Pricing Financial Forwards and Futures

• Study Notes updated to v5-1 on 03/09/22 (errors fixed)
  
  • Page 10: Typo fixed in first paragraph
  • Page 14: Image replaced and typo fixed in last paragraph before bullets
• Practice Question set updated to v3 on 03/09/22
  
  • Added new PQs 22.18 and 22.19

FMP-11 Commodity Forwards and Futures

• Study Notes updated to v5-1 on 03/09/22
  
  • Old LO Removed
  • Typo fixed in last paragraph on page 7

 

[Nicole Seaman]

Financial Markets & Products

FMP-11 Commodity Forwards and Futures

• Practice Question Set updated to v3 on 03/10/22
  
  • New PQs added (22.20 & 22.21)
  • Error fixed in option "b" of question 186.4
  • Question 186.5 added (missing in previous document)

FMP-12 Chapter 12. Options Markets

• Practice Question Set updated to v1-2 on 03/10/22
  
  • Question 724.3: In the solution, typo fixed in the sentence beginning, "In regard to true (A).....

 

[Nicole Seaman]

Financial Markets & Products

FMP-15 Chapter 15. Exotic Options

• Practice Question Set updated to v1-1 on 03/11/22
  • Typo fixed in option "A" in question 730.2
  • Typo fixed in solution in question 731.2
  • Typo fixed in solution in question 413.2

 

[Nicole Seaman]

Financial Markets & Products

FMP-18 Chapter 18 Mortgages and Mortgage-Backed Securities

• Practice question set updated to v1-4 on 03/14/22
  • Question 103.1 reworded
  • Question 103.2 reworded, along with answer options
  • Question 49.3 typo fixed in answer option "d"
  • Question 51.1 Added additional explanation to solution

 

[Nicole Seaman]

Financial Markets & Products

FMP-5 Chapter 5 Exchanges

• Study notes updated to v5 on 03/14/22 to add new learning objective

FMP-19 Chapter 19 Interest Rate Futures

• Practice Question Set updated to v1-2 on 03/14/22
  • Typo fixed in answer to 720.1

 

[Nicole Seaman]

Financial Markets & Products

FMP-10 Chapter 10 Pricing Financial Forwards and Futures

• Practice Question set updated to v3-1 on 03/16/22
  
  • Error fixed in 22.18.2

 

[Nicole Seaman]

Financial Markets & Products

FMP-2 Chapter 2 Insurance Companies and Pension Plans

• Practice Question Set updated 03/22/22 to v3-1
  
  • Question 21.3.2 - question edited and typo fixed in solution

FMP-8 Chapter 8 Using Futures for Hedging

• Practice Question Set updated to v3-2 on 03/22/22
  • Question 21.13.2 - Third sentence in question changed

FMP-9 Chapter 9. Foreign Exchange Markets

• Practice question set updated to v3-1 on 03/22/22
  
  • Question 503.2 fixed (one-year forward exchange rate added to question)

FMP-14 Chapter 14 Trading Strategies

• Practice Question Set updated to v1-1 on 03/22/22
  
  • Question 185.1.D fixed

 

[Nicole Seaman]

Financial Markets & Products

FMP-11 Commodity Forwards and Futures

• Practice Question set updated to v3-1 on 03/23/22
  
  • New PQs added (22.22)

Valuation and Risk Models

VRM-2 Chapter 2 Calculating and Applying VaR

• PQ Set updated to v1-2 on 03/22/22
  
  • Question 805.3 edited
  • Question 329.1 edited to fix typo

VRM-16 Chapter 16 Option Sensitivity Measures: The “Greeks”

• PQ Set updated to v1-2 on 03/23/22
  
  • Answer options for Question 821.1 fixed
  • Typo fixed in last sentence of solution

 

[Nicole Seaman]

Valuation and Risk Models

VRM-3 Chapter 3 Measuring and Monitoring Volatility

• Study Notes updated to v3-2 on 03/24/22
  
  • Typo fixed on page 17 (GARCH changed to EWMA)

VRM-6 Chapter 6 Credit Risk and Capital Modeling

• Study Notes updated to v5-1 on 03/24/22
  
  • Page 12 - Bookmark error fixed
  • Page 13 - Bookmark error fixed and typo in formula
  • Page 15 - typo in formula fixed
  • Page 16 - Typo in formula fixed
  • Page 22 - Typo fixed

VRM-7 Chapter 7 Operational Risk

• Study Notes updated to v3-1 on 03/24/22
  
  • Minor formula typo fixed on page 13

VRM-9 Chapter 9 Pricing Conventions, Discounting, and Arbitrage

• Study Notes updated to v3-2 on 03/24/22
  
  • Tables fixed on pages 7 and 8

VRM-11 Chapter 11 Bond Yields and Return Calculations

• Study Notes updated to v3-1 on 03/24/22
  
  • Page 12 - Typo fixed in table
  • Page 16 - typos fixed
  • Page 20 - typos fixed

VRM-12 Chapter 12 Applying Duration, Convexity, and DV01

• Study Notes updated to v3-1 on 03/24/22
  
  • Page 3 - Typo fixed
  • Page 24 - Typo fixed in formula

VRM-14 Chapter 14 Binomial Trees

• Study Notes updated to v3-1 on 03/24/22
  
  • Page 5 - Typo fixed
  • Page 11 - Typo fixed in formula

VRM-15 Chapter 15 The Black-Scholes-Merton Model

• Study Notes updated to v5-1 on 03/24/22
  
  • Page 12- Typo fixed
  • Page 19- Typo fixed

 

[Nicole Seaman]

Foundations of Risk Management

FRM-2 How Do Firms Manage Financial Risk?

• New instructional video published 04/07/2022

FRM-3 The Governance of Risk Management

• New instructional video published 04/11/22

 

[Nicole Seaman]

Foundations of Risk Management

FRM-4 How Do Firms Manage Financial Risk?

• New instructional video published 04/12/2022

 

[Nicole Seaman]

Foundations of Risk Management

FRM-5 Chapter 5. Modern Portfolio Theory (MPT) and the Capital Asset Pricing Model (CAPM)

• New instructional video published 06/08/2022