thought I posted this earlier....is this the question that stated lambda ^ T = 1/2 given T = 23? Wouldn't we simply solve for Lambda as follow?
Lambda = (1/2)^(1/23) = 0.97031
Lambda = (1/2)^(1/23) = 0.97031
Exam Feedback FRM Part 1 (May 2014) Exam Feedback
- Thread starter David Harper CFA FRM
- Start date
I am having trouble posting to this thread....
I solved for Lambda = (1/2)^(1/23) = 0.970 since were given T = 23.
I solved for Lambda = (1/2)^(1/23) = 0.970 since were given T = 23.
I agree with this and answered to a similar effect....but I don't remember the actual language....
Not sure I agree with this entirely....the trustee is engaged on behalf of the bond holders, not the issuer. This fact led me to NOT select the fiduciary option.
plulutes
New Member
I think that you are probably right about the fiduciary response. I probably read too much into it, but not remembering fully the question, I'm usually reluctant to choose the most obvious answer and looked for any excuse (such as a trustee provides services to both issuer and bondholder) to choose something else. Haha, just FRM messin' with my noggin. I don't trust those exam prep people to be straightforward.
Hilarious @plulutes. If it helps ease the pain, I expect you to pass.....whereas, I don't feel the same for myself.
We'll see..
We'll see..
plulutes
New Member
I have absolutely no feel for how I did, particularly when it's graded against your peers. But I will say that after the Nov. test I felt MISERABLE about how I did, fully expecting 3's and 4's, but I got really close to passing. Go figure. So, I'd keep your chin up. We are all in the dark. I do feel a sense of comraderie with all the candidates as we all know how delicate the line between passing and failing truly is (especially those that took it before know this).
Brian, did I read it somewhere that you are/were an actuary or accountant?
I began my career as an Actuarial Analyst at Towers Perrin (now Towers Watson) and now I work in Finance at a super-regional bank in North Carolina. I have passed a couple actuarial exams.
Having passed the SOA exams, I really expected the FRM exam to be a cake walk ... I was wrong.
By the way, I also sat for this exam in November 2013 (without preparing much) and I felt so much better after leaving my first attempt than I did a few weeks back....I suppose it was ignorant bliss. The November exam seemed reasonable...the May exam did not!
Having passed the SOA exams, I really expected the FRM exam to be a cake walk ... I was wrong.
By the way, I also sat for this exam in November 2013 (without preparing much) and I felt so much better after leaving my first attempt than I did a few weeks back....I suppose it was ignorant bliss. The November exam seemed reasonable...the May exam did not!
plulutes
New Member
I have high respect for the actuary profession as I have a close friend who works as one. Do you see the FRM material as being the challenge or the exam to be the real challenge, or both. Are the SOA exams straight forward (comparatively speaking) like I think the CFA exams are? Meaning, well established material that you know will be tested. Seems as if the FRM exam adds a component of IQ test! (seriously); e.g. how well can you, with the material youve studied, change direction and think about the topic from a different point of view. Know what I mean?
I too have a great deal of respect for actuaries....it must take real determination to work in such a boring field!
Kidding...
It is difficult to say which exams are more difficult...as I am sure many have said before me, the actuarial exams are specialized exams testing specific topics, so they can dive very deep into a rather narrow arena whereas the FRM (and CFA I might add) have extremely wide and huge in terms of content but at the expense of depth.
I suppose someone could get through the CFA and/or FRM with a baseline understanding but this would be less likely with the actuarial exams, in my opinion.
Brian
Kidding...
It is difficult to say which exams are more difficult...as I am sure many have said before me, the actuarial exams are specialized exams testing specific topics, so they can dive very deep into a rather narrow arena whereas the FRM (and CFA I might add) have extremely wide and huge in terms of content but at the expense of depth.
I suppose someone could get through the CFA and/or FRM with a baseline understanding but this would be less likely with the actuarial exams, in my opinion.
Brian
plulutes
New Member
Very good. Thanks for your opinion.
absolutely not....
To @David Harper CFA FRM CIPM (and anyone else that wants to jump in) - I've been studying primarily with BT but took a Kaplan practice test over the weekend. Their test threw in a lot of tricks so I made a number of silly mistakes. Do you feel that GARP had a lot of "tricks" in their exams or did you feel the questions were hard but very straightforward? (or a mix of both). Finally - any suggestions for someone in his final week of studying?! Thanks so much!
@m123mikmik
Years ago I was critical of GARP w.r.t tricks, but in recent years, I sincerely believe they have responded to much of the salient feedback and, today (based on at least four exams over the last two years and the copious, detailed feedback given on the forums), I believe the FRM is not an exam that traffics in tricks. My evidence is simply that our best prepared customers overwhelmingly have given somewhat consistent feedback; put another way, in the last two years, our well-prepared customers not only seem to always pass but, more tellingly, they almost never complain about tricks (and have shifted to surprisingly affirmative about the exam). I take at least two courses myself per month (e.g., Coursera) and personally I find the most relevant feedback comes from the top 20% or so of the learner base. When they are complaining, something's wrong, but that's not happening with the FRM recently as far as I can tell. (the least prepared may gripe either way, is why their feedback isn't as relevant).
That said, it depends too on what you mean by "mistakes." My favorite things about the FRM is that it doesn't lend itself to (rote) memorization. Sometimes a truly conceptual question is perceived as a trick.
Suggestion for final week: same as it always was, just take practice questions. Q&A just seems to be the best "engagement technology." (I personally write flash cards, myself, for my courses because writing them is non-passive). Also, in the last week, I probably would not get too bogged down (e.g., drilling deep) in any one topic. Reasons:
Years ago I was critical of GARP w.r.t tricks, but in recent years, I sincerely believe they have responded to much of the salient feedback and, today (based on at least four exams over the last two years and the copious, detailed feedback given on the forums), I believe the FRM is not an exam that traffics in tricks. My evidence is simply that our best prepared customers overwhelmingly have given somewhat consistent feedback; put another way, in the last two years, our well-prepared customers not only seem to always pass but, more tellingly, they almost never complain about tricks (and have shifted to surprisingly affirmative about the exam). I take at least two courses myself per month (e.g., Coursera) and personally I find the most relevant feedback comes from the top 20% or so of the learner base. When they are complaining, something's wrong, but that's not happening with the FRM recently as far as I can tell. (the least prepared may gripe either way, is why their feedback isn't as relevant).
That said, it depends too on what you mean by "mistakes." My favorite things about the FRM is that it doesn't lend itself to (rote) memorization. Sometimes a truly conceptual question is perceived as a trick.
Suggestion for final week: same as it always was, just take practice questions. Q&A just seems to be the best "engagement technology." (I personally write flash cards, myself, for my courses because writing them is non-passive). Also, in the last week, I probably would not get too bogged down (e.g., drilling deep) in any one topic. Reasons:
- First, due to the breadth of the syllabus, any one topic is never large enough to make a big splash on the exam.
- Second, on most topics, the more basic concept tends to be more testable. For example, personally I do want to master forward rates, i think it's very important. But for the exam, the most likely question will be a basic forward rate application, not an intermediate/advanced.
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@David Harper CFA FRM CIPM - Thank you!! That is extremely helpful and has helped calmed my nerves (at least a little). I continue to go through practice questions and exams all the while feeling that I'm prepared and know the material but, honestly, sometimes you worry 
. Guess I'll find out how "ready" I am soon enough... haha.
. Guess I'll find out how "ready" I am soon enough... haha.
Thanks @m123mikmik I've love to hear *any* examples of perceived tricks, I am always curious to know?
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