marketmaker
New Member
Passed too - how do I go about claiming the FRM designation? I have >2 yrs of relevant work experience.....
Exam Feedback FRM Part 2 (May 2015) Exam Feedback
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JDGutzmann
Member
Hello everyone, congratulations to all that passed and best of luck for those who have to try again!
I passed with 2-1-1-1-1 and I am feeling quite relieved and glad that the anticipation is over ;-)
Thanks to David, Nicole and everyone in the forum for all the help in preparation!
Johannes
I passed with 2-1-1-1-1 and I am feeling quite relieved and glad that the anticipation is over ;-)
Thanks to David, Nicole and everyone in the forum for all the help in preparation!
Johannes
Passed! 23121. Thanks BT!
marketmaker
New Member
Facing the same problem as you - I infact submitted it, then looked back to realise dates are wrong. Tried correcting it 3-4 times, with no success.
Well done mate. That's not easy. Congrats.
That must have been borderline, considering you got 2's for 75% of the exam. Good luck next time.
[email protected]
Member
Thank you Salonica. Congratulation on your pass too! Hard work paid off for us.
I failed. Ugh (2,3,3,4,3). Looking towards November...
This is in the GARP program manual on their website:
Work Experience Requirements
Once you have passed both parts of the FRM Exam, in order to become a Certified FRM, you must then demonstrate a minimum of two years of risk-related full time professional experience in the area of financial risk management or another related field including, but not limited to: trading, portfolio management, academia, industry research, economics, auditing, risk consulting, and/or risk technology.
Once you receive an email notification from GARP that you passed the FRM Exam, you will also be instructed as to how to provide your CV/Resume to demonstrate your professional experience as well as a brief statement describing how you manage financial risk in your day-to-day work. Your professional experience must encompass two years of full-time work experience. Experience completed for school will not be considered, including internships, part-time jobs, or student teaching.
You have five years from the date you passed the FRM Exam Part II to have your work experience verified, which you can complete online by submitting your professional
experience.
[email protected]
Member
Based on this information, can we say that employment as a Research/Teaching Assistant during Ph.D does not qualify?
[email protected]
Member
Yes, emails are out.
Hi @marketmaker, what i did to get the correct dates was just to choose 1 day earlier from my actual dates and when i saved it, tho the date jumps, it is reflecting it accurately.
Hope it works for you as well
I took 3 attemps in FRM II, last year I got the similar goals(2-3-4-4-3) as yours , this year I added Bionic Turtle materials(at first time purchased ) to make-up the 4 huge volumes +current issues with thousands of pages , of course, I got the passing of FRM II (1-3-2-3-2) due to luck enough.
Through my experience, I know you are passing of Nov. FRM II if not give up. No one knows what’s FRM II questions exactly. Per question not shown on FRMII twice
Only we can do the one way is that understand/ is familiar with 4 huge volumes + Blonic Turtle materials. after all, GARP test us how deep of FRM II we know
Following is my schedule
1. Per day I test daily questions of Blonic Turtle to increase my ability of guessing much tricky qualitative questions prior to work, after all, FRMII questions is not difficult, but too tricky.
2. Must study 4 huge volumes per page twice before test, whereby much simple qualitative questions you can get,
3. After studying one chapter of FRM II, I test the same chapter’s BT question set which is very useful
4. I can’t full-time study FRM II, so key chapters such as back test, stress test, correlations, related VARs methos…I study all BT’s questions set + spreadsheet+ study notes, otherwise FRM II handbook +BT’s questions set
Noted: MOCK exam not required to exercise if you have no time
5. It’s the most thing, prior to the day before FRM exam day, you must sleep 10 hours with a very clear brain to answer. Don’t think anything, just eat and sleep in bed.
Following is core reading my thoughts in past 3 attemps
--- long or complex formula not required to bear in your mind such as Merton / BS… caused by NOT testing in past 3 attempts of FRM II. Only 5%~10% of questions was quantitative, major falling with PD, BASEL, VARs.
FRM handbook+ BT’s questions set + spreadsheet+ study notes.
--- Back test(test twice) / Stress Test covered
--- BASEL III (in particular, on Liquidity (test third)
--- correlation related to all , such as options (test twice), CDS, option( test twice at least), (bilateral ) collateral . Writing down notes for correlations are a must.
--- CVA/ BCVA (third)
--- hedge fund such as due diligence, style ( third)
--- illiquid assets (once)
--- Repos (twice at least), OIS, LIBOR
--- VAR, SVAR, CVAR
Following is that I recalled the huge volumes of FRM II had been test.
Mark Risk
VaR and other risk measures
• Parametric and non-parametric methods of estimation
• VaR mapping
• Backtesting VaR
• Expected shortfall (ES) and other coherent risk measures
• Extreme value theory (EVT)
• Modeling dependence: correlations and copulas
• Term structure models of interest rates
• Discount rate selection
• Volatility: smiles and term structures
--- Chapter #1 QQ plots (test once)
--- chapter #2 non-parametric approach
on age-weighted HS, volatility-weighted HS, correlation-weighted HS (once), FHS(once)
--- Chapter #3 POT, GE V, Conditional EVT, multivariate EVT (once)
--- chapter #4 back testing VAR (twice), BT’s noted must study
--- chapter #5 VAR mapping (once)
--- chapter #6 square-root of time scaling
+ time varying volatility in VAR, FHS, EWMA (combined test twice)
Endogenous or exogenous liquidity (once)
SRM (once)
Unified v.s. compartmentalized risk measurement (once)
Top-down approach (once)
ES, GPD
--- chapter #7 some correlation basics (once)
--- chapter #8 empirical properties of correlation
--- chapter #9 statistical correlation models
on person correlation formula, sparman, kendall formula
--- chapter #14 CIR (twice)
--- chapter #16 OIS (once)
--- Chapter #20 volatility smiles (chart once)
Credit Risk
• Credit analysis
• Default risk: Quantitative methodologies
• Expected and unexpected loss
• Credit VaR
• Counterparty risk
• Credit derivatives
• Structured finance and securitization
--- chapter #2 the credit analyst (once)
--- chapter #3 default risk : quantitative methodologies (twice)
--- chapter #5 credit and counterparty risk (once)
--- chapter #6 Spread risk and default intensity models
on quantitate questions
--- chapter #10 netting, compression and termination features
on mitigating counterparty risk (once)
--- chapter #11 Collateral
on CSA (twice)
--- chapter #12 credit exposure
on expected future value/ expected exposure (once), EEPE, related charts
Credit exposure and collateral (once), repo and overcollateralisation
--- chapter #13 default probability , credit spread and credit derivatives (third)
On Quantitate questions
--- chapter #14 CVA
on all CVA’s charts, threshold CSAs and independent amounts (once-way CSA, two-way CSA) (twice)
--- chapter #15 wrong way risk
BCVA+ CSA (twice)
--- chapter #18 securitization
on credit enhancement/ support (once)
--- chapter #19 cash collateralized debit obligations
on following one is balance sheet CDO, arbitrage CDO, cash flow CDO, structure CDO
--- chapter #20 understanding the securitization of subprime mortgage credit
on ABS / corporate bond (once), subprime MBS (once)
Operations
--- boards, CEO, senior mangers’ responsibilities (twice at least, not simple)
--- ERM (once)
--- RAF/ RAROC
--- EC and capital allocation
--- stress test
--- chapter #18 & 19 BASEL (third)
--- chapter #2 ERM (once)
--- chapter #5 capital modeling
SA+BA (twice)--- 3 years gross income
--- chapter #6 operational risk supervisory guidelines for AMA
on severity/ frequency (twice), ES, GPD for severity of losses
--- chapter #8 structured credit risk
r(1+r)^n / (1+r)^n -1 (once)
--- chapter#10 liquidity and leverage (twice)
on funding liquidity risk, transaction liquidity risk, market liquidity
System risk and plumbing
--- chapter #11 repurchase agreements and financing (twice)
--- chapter #12 observation on developments in RAF (once) and IT infrastructure (once)
--- chapter #13 capital allocation and performance measurement (twice)
--- chapter #14 range of practices and issue sin EC
EC must study, table of comparision of risk aggregation methodologies (once)
--- chapter #16 stress test (once)
Risk and investment management
‧ Risk budgeting
‧ Hedge fund
--- chapter #1 portfolio construction
on QP (once)
--- chapter #2 portfolio risk :analytical methods (once)
--- chapter approaches to risk metrics and hedging single-variable regression – based heding
on formula (once) at page #182-183
--- chapter #3 VAR and risk budgeting in investment management
On risk budget/ hedge fund, SAR(once), page #42 pension funds (once)
Sponsor risk (once), risk budgeting (once)
--- chapter #4 risk monitoring and performance measurement
On risk budget
--- chapter #5 portfolio performance evaluation
on market timing (once), bogey (twice)
--- chapter #6 illiquid assets (once)
---Chapter #7 hedge funds (third, not be simple)
--- chapter #8 performing due diligenc eon specific managers and funds
on hedge funds due diligence (once, simple)
--- chapter #12 portfolio risk : analytical methods
Page #27 best hedge – quantitate question (once)
Next year, give me a message here. Good luck to you
Hi Aenny, I posted on edmondclchou, next year give me a message here, Ｇood luck to you, cheer up
Many thanks to Mary's sharing. I will cheer up and never give up
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