FRM full exam or L1

[prasadhegde1]

Hi David

I am a confused whether I should go for FRM full exam or L1

so far I have completed
Foundations of Risk mgmt
Quantitative analysis
Financial Mkts and products
25% of Valuation and risk models (will be completed this week)

Roughly I have completed most of the L1 curriculum

I have used core readings of Gujarati,Hull and tuckman related ch of Jorion for above mentioned topics, ,I am also reading bionic turtle notes and watching BT videos for the above topics . intend to follow the same materials for the rest of the topics .

Considering there are 80 odd days remaining I am bit scared when i see the rest of the areas to cover I can devote 2 hrs on weekdays and 10 hrs on weekend and I will be taking off for 15 days before the exam .

One more reason for my pushing for full exam is I will have CFA L1 in june 2010 , if I go L1 route for FRM then I will have to juggle L2 and CFA L1 in may and june respectively .practically after preparing for FRM CFA L1 becomes quite easy but I need atleast 40 days to study non over lapping areas like FSA , Corp Fin ,economics and ethics .

I can understand it completely depends on ones background , experience etc but I can say so far I am able to grasp 70-80% of what I have read plan to do atleast 1 revision and keep last month for practice

 

[David Harper CFA FRM]

Hi Prasad,

The key reason that it's difficult to advise is, there is no precedent for the new Full exam in one sitting (and, so far, GARP hasn't given us additional prospective clarity). Unlike, say, the CFA Levels, we don't have a history upon which to make assertions...

I have two thoughts based on what you said:
1. I think you are probably further along the average candidate, frankly!
2. This is relevant because the Nov 2009 Full exam, we can say with high confidence (but not certainty), will be mostly a function of "grading on a curve." Trying to ascertain your status by looking at your "absolute" progress vis a vis the AIMs (e.g., do you know all of the AIMs) may not be the best predictor of exam success simply because a tiny % of candidates will be able to have full comprehension of all AIMs. (given the double whammy of an expanded cirriculum and a truncated year). I am certain that many who do pass will enter and exit the exam with doubts (because this is a typical FRM experience, so it can only be more so)...

...so i personally think you look to be in pretty good shape for the *full*...but sorry i can't be more specific. Thanks, David

 

[prasadhegde1]

Thank you very much for a genuine answer , indeed it it very true that passing this exam is a function of "grading on a curve"