COVID-19 - Update from GARP Regarding May 2020 Exam

[Nicole Seaman]

We have just received an email from GARP stating that they are postponing the May 2020 exam. They do not have a date yet, as they are currently working with the exam sites and vendors for an exam date. To be clear, this does not mean that they are canceling it so it very well may only be postponed until June, July, etc. GARP has stated that they will be posting updates on their website's FAQ page (I do not see anything there yet, but will update here with a link once they do post).

We understand that this is a very stressful time for all candidates. We will not be changing our daily routine and will be continuing to prepare and update materials in the study planner. We will also continue to support our members with their content questions in the forum. We highly recommend that our members do not discontinue their studies since, at this time, it sounds like there will still be an exam before November. As I stated before in the forum, the time that you spend studying now is not a waste of time. The FRM concepts are not meant to be memorized just for the exam. They will be necessary out in the real world, so taking the extra time that you are being given to study will be very helpful.

If your subscription is expiring soon (see updated note below) in the next month, please email me directly at [email protected]. In general, we have no plans to defer/refund subscriptions, but as usual, we will respond to individual situations. I am asking you to please not ask about your subscription here in the forum, as we need to look at each individual account since people purchase at different times during the year. As always, I respond to every email that is received each day. We appreciate your patience during this time and please know that we are here to support all of our members.

Updated to note: Unless your subscription is expiring very soon (i.e. the next couple of weeks) it is probably best for you to wait to contact us about your subscription until GARP provides the new date of the exam. There is no need to do anything with your subscription if it is not expiring in the VERY near future.

Here is GARP's announcement and FAQ regarding exam postponement: https://www.garp.org/#!/post/exam-postponement

 

[Detective]

CFA also postponed June exam, saying earliest they anticipate is December 2020.

 

[gigi]

Thank you for the update Nicole. Let's wait and see their official communication - haven't received anything so far -

 

[ivan.jarmanovic]

https://www.garp.org/media/a1Z1W000005C0HWUA0

bit sad but guess will start prepping for Part 2 as well.. ;-(

 

[nc27]

Sad news but health is more important .

 

[Sjegathe]

Does that mean November exams won't be held? or will it take place as usual?

 

[Nicole Seaman]

Does that mean November exams won't be held? or will it take place as usual?

@Sjegathe

They have not stated that the November exams will be affected at this time. They have only postponed the May exam and they are in the process of figuring out a new exam date.

 

[Eustice_Langham]

We have just received an email from GARP stating that they are postponing the May 2020 exam. They do not have a date yet, as they are currently working with the exam sites and vendors for an exam date. To be clear, this does not mean that they are canceling it so it very well may only be postponed until June, July, etc. GARP has stated that they will be posting updates on their website's FAQ page (I do not see anything there yet, but will update here with a link once they do post).

We understand that this is a very stressful time for all candidates. We will not be changing our daily routine and will be continuing to prepare and update materials in the study planner. We will also continue to support our members with their content questions in the forum. We highly recommend that our members do not discontinue their studies since, at this time, it sounds like there will still be an exam before November. As I stated before in the forum, the time that you spend studying now is not a waste of time. The FRM concepts are not meant to be memorized just for the exam. They will be necessary out in the real world, so taking the extra time that you are being given to study will be very helpful.

If your subscription is expiring soon (see updated note below) in the next month, please email me directly at [email protected]. In general, we have no plans to defer/refund subscriptions, but as usual, we will respond to individual situations. I am asking you to please not ask about your subscription here in the forum, as we need to look at each individual account since people purchase at different times during the year. As always, I respond to every email that is received each day. We appreciate your patience during this time and please know that we are here to support all of our members.

Updated to note: Unless your subscription is expiring very soon (i.e. the next couple of weeks) it is probably best for you to wait to contact us about your subscription until GARP provides the new date of the exam. There is no need to do anything with your subscription if it is not expiring in the VERY near future.

Official emails have been received that the May exam is being postponed to a later date, as I discussed in an earlier thread. Extremely frustrating by GARP, more so when those in HK had the November exams deferred until May 2020, for reasons that didn't make much sense at the time. So if GARP holds itself as being the gold standard for managing risks it has failed miserably. Rant Over.

 

[Eustice_Langham]

@Sjegathe

They have not stated that the November exams will be affected at this time. They have only postponed the May exam and they are in the process of figuring out a new exam date.

Realistically, if the May exam is deferred until say June/July, then those attempting Part 1 will not have sufficient time to prepared for Part 2.

 

[czet]

Realistically, if the May exam is deferred until say June/July, then those attempting Part 1 will not have sufficient time to prepared for Part 2.

Well then those people simply take part 2 in the May exam 2021. I do not see the problem! ? There will definitely be people who take either part 1 in Nov, or who have passed part 1 in the past and now do part 2 in Nov 2020. You do not have to do those in a row..

 

[Eustice_Langham]

Well then those people simply take part 2 in the May exam 2021. I do not see the problem! ? There will definitely be people who take either part 1 in Nov, or who have passed part 1 in the past and now do part 2 in Nov 2020. You do not have to do those in a row..

That was my point, ie that assume you pass Part 1 then the closest realistic date for Part 2 will be May 2021

 

[wthhooo]

Official emails have been received that the May exam is being postponed to a later date, as I discussed in an earlier thread. Extremely frustrating by GARP, more so when those in HK had the November exams deferred until May 2020, for reasons that didn't make much sense at the time. So if GARP holds itself as being the gold standard for managing risks it has failed miserably. Rant Over.

Can't agreed more. I'm from Hong Kong and had my level 2 exam deferred once already.
I still remember how frustrated i was when GARP claimed that the exam would be held as scheduled then announced the deferral just a day right before the exam. How silly a risk management profession has no contingency plans at all.......
Not to mention i had also taken a few weeks' unpaid leave to get myself ready for the exam, i could have spent it on others...

 

[anton.mahkats]

I wonder how GARP can even plan at the moment until when to postpone in this very fluid and rapidly evolving situation. For example, if the exam is postponed until June, what makes GARP comfortable that this date won't need to be postponed again? In my very humble opinion the best approach would be the same as the CFA Institute has taken and it's not clear why GARP is not doing the same. Well, apart from the fact that they would take a bigger financial hit.

 

[amit.m.sharma]

If the exams were electronic and a testing center could be booked for small groups of people...

 

[Nicole Seaman]

We understand everyone's frustration and we will make sure to keep our members informed of any information that is received from GARP. I posted this thread to help members (not to cause more stress) so they do not have to look elsewhere for updates. Everyone is stressed and everyone's lives are changing right now. It is completely out of our control. We ask that you please just have patience and try not to stress others out by posting about how horrible the situation is. We all already know that. It isn't going to help anyone if people keep posting negative comments in our forum about the situation.

Everyone is dealing with the same situation (actually some people are dealing with the deaths of their loved ones from this virus so some people's situations are far worse than having to defer their exam). Trust me, I understand. We are currently quarantined in our homes here in New York where I live. David and I are trying our best to keep things "normal" here at BT, while still dealing with the chaos in our personal lives surrounding this pandemic. Please, let's just get through it the best that we can and TRY to keep a positive, open mind about the entire situation. Thank you.

 

[Evangelia_Mintzai2]

Thank you so much Nicole for the information and the kind words. It is for everyone a difficult time and most of the people I know are locked down at home or even in a country away from their beloved ones. But in these difficult times, let's cherish the opportunity to learn more, to study the FRM concepts in depth and become wiser after the corona crisis. In this fast paced life we rarely have time for our development. Now it's the opportunity to grow, no matter the hard circumstances.

 

[Eustice_Langham]

This now begs another question, namely how are people responding to this, are people suspending their study and will resume when a date is made by GARP and secondly and realistically what amount of warning will GARP provide ie 2 months I suspect would be the bare minimum as it was 2 months until the exam when the postponement was actually announced. What does everyone else think?

 

[lucalaboranti]

This now begs another question, namely how are people responding to this, are people suspending their study and will resume when a date is made by GARP and secondly and realistically what amount of warning will GARP provide ie 2 months I suspect would be the bare minimum as it was 2 months until the exam when the postponement was actually announced. What does everyone else think?

Interesting question. I think GARP's deferral of the exams could be a great opportunity to dive deeper into some of the most relevant topics of the program. For example, I'm planning to spend more time on Hull, Tuckman and Fabozzi (I'm a part 1 candidate). In addition, I'm probably gonna play with David's spreadsheets, which, to be honest, I would not have done under normal circumstances.

 

[Eustice_Langham]

Interesting question. I think GARP's deferral of the exams could be a great opportunity to dive deeper into some of the most relevant topics of the program. For example, I'm planning to spend more time on Hull, Tuckman and Fabozzi (I'm a part 1 candidate). In addition, I'm probably gonna play with David's spreadsheets, which, to be honest, I would not have done under normal circumstances.

Agree in that this time should be used to ensure in depth understanding of some of the more difficult topics, the only issue for me is that I need to "time" my run to the exam...with that date unknown it can be hard to do now.

 

[Bluefox21]

So typical - have a rescheduled wedding abroad November 20th. Really hope they do reschedule but my gut feeling is they'll just move it to November