Frustrated with my FRM degree

[Robert]

While I'm not familiar with the specific details of GCC bank regulations (I'm in the U.S. and am more familiar with US, European and Brazilian regulatory issues), I fully agree with pgk that there are many opportunities in the risk space that involve database management skills. If you're not already familiar with Microsoft Access, I recommend picking up a book and playing with the program. While most banks and buy-side institutions use more sophisticated database software such as Oracle and Sybase, nearly all of the concepts you would learn from using Access are applicable to those other packages.

Hend, keep your head up and, more importantly, don't give up! You will find something if you are persistent. It might take time - even a long time - but you will find a suitable position if you stay positive and keep trying. If I've learned anything over the last several years, it's that hard work, having a good attitude and fostering personal relationships are key to building a successful career.

 

[Hend Abuenein]

Thanks a million Robert and pgk ,
Communicating with positive and experienced people like you is the best thing about being on a forum.
I have something new to work on now.

 

[nabil1234]

hello
one year ago I completed a study about the demand in the global market for FRM certification, and I has entered many of important websites for recruitment on the internet, and I can confirm that in comparative with other certifications such as PRM,CFA,CMA......the demand for this certification is very good , and also they paid a high salaries, many times they pay for FRM holders more than CFA holders easpecially in USA and Canada.

 

[ArbitUP]

For all intents and purposes I am in the fund of fund business, and I am seeing a growing popularity of the FRM/CAIA. Although to be honest it is pretty rare. The knowledge of these other certifications/charters are growing though which is extremely important in the sense that the people in power need to know the value of these programs compared with others.

Frankly at this point I'd still consider the CAIA/FRM/PRM on the next tier under the CFA program with the CIMA on the next. Most positions in the finance world are going to still be looking for CFA Charterholders. While the FRM/PRM/CAIA should open up some doors it won't break the barriers down as well as the CFA Charter would.

IMHO the key power to the CAIA/FRM/PRM is to use it as a suppliment to the CFA program. That is what makes you stick out in the sea of CFA Charterholders in both in terms of dedication as well as slightly narrowing your focus. It really gives you a leg up.

 

[Hend Abuenein]

Thanks Matthanuf,
I'm still applying everywhere, even if under me.
I meet people who highly regard the FRM as even more challenging and worthy of respect than the CFA certificate, but they are a very few.

good luck on your next conquest

 

[ArbitUP]

Thanks Matthanuf,
I'm still applying everywhere, even if under me.
I meet people who highly regard the FRM as even more challenging and worthy of respect than the CFA certificate, but they are a very few.

good luck on your next conquest

I actually agree the FRM exams were tougher in a vacuum. Typically I'd say if you took the CFA exams first then the FRM you'd side with the CFA tests being harder. If you took the FRM first, then the FRM would be harder. There is quite a bit of overlap, and increasing quantitative skills will help you on any of these tests.

It is just a matter of the CFA program being more well known, and then I'm sure there is a bit of bias in there. A CFA Charterholder is going to naturally assume their program is superior to others, especially newer/less well known competitors.

 

[ebb]

Hend,

Let me offer my 2 cents for these two exams. I completed CFA, FRM, CAIA, PRM, and finishing CIPM. Too many silly letters but get it done while young right?

The scope of CFA is much larger as everyone attests to. The other challenge that people often forget to denote is that CFA is three separate exams. I don't mean it like CFA is 3 levels and FRM is two levels, so therefore CFA > FRM in difficulty.

Each exam requires different strategies and study methods. CFA Level 1 is fairly straight forward when it comes to studying.

CFA Level 2 goes out of its way with its vignettes to "storybook" the clues. You have to practice reading quickly and to not panic! Just reread the last sentence! It almost sounds ridiculous just reading it but I think many candidates who did Level 2 would probably agree. CFA Level 2 goes out of its way to test you on the strength of your understanding of the material. While I'm sure there are going to be Type 1 errors (those who passed who shouldn't have), I would surmise that the vast majority did so because they studied pretty darn hard. The exam is written in such a way that you can easily confuse one fake clue and miss the real clues for your answer.

Then, you have Level 3, which has an "essay/short answer response" part that makes the exam unnecessarily difficult because for myself, I ran into huge time constraints. I never write anything with my hand anymore. Absolutely never. Everything I do is typed so forcing me to write for three hours is an exercise of extreme difficulty. Now, add it together with our usual reliance on spell check / grammar check to make sure what you write is even semi coherent, CFA L3 presents an exam where half of it will be very challenging for many. Now, imagine how it will be for folks who do not have English as their first language. Writing for many is very intimidating. I imagine the vast majority of folks do not write in their day-to-day jobs outside of email correspondences. Writing coherent thoughts in a time pressured environment is very challenging.

FRM's curriculum is tough. 1/2 to 3/4 of the actual textbook is jargon that I can hardly understand. I can do the computations and evaluate the results but to truly understand it is beyond me. However, I was genuinely interested in the material. This is similar to how I felt during the quant sections of the CFA. But imagine almost the entire exam on that topic. While you might be able to get the question correct, I doubt many really understand the relationships between MSR/MSE/etc and how they apply in real life. We just interpret and move on. However, I notice that much of the exam questions can be simplified using framework that David Harper (of Bionic Turtle) approaches them. Just think big picture and a guesstimate will usually get you close for most questions that you might have doubts about. The rest should be simple plug and play.

I didn't find a material difference in studying for P1 and P2 for FRM. I just found P2 to be slightly repetitive of P1 curriculum and significantly less organized. For the most part, it was interesting though. I think this is simply a function of maturity. P2 is less than 3 years old - the first time it was offered was in May 2010.

I like the calibre of the FRM curriculum. Very fascinating reads. I just wish it is more mature. I guess just like CFAI, it takes many years. CFAI's current curriculum is extremely well written.

In terms of what's tougher...I guess I would put CFA L2 > CFA L3 > FRM P1 > FRM P2 > CFA L1. But that is dependent on person. I did FRM after CFA L2 so perhaps that influenced how difficult I found it.

Cheers

 

[Hend Abuenein]

Wow! Thanks ebb

That was very useful indeed. I will quote this in another thread I started under the CFA forum for the benefit of all those doing the comparison.

 

[RiskNoob]

... While I'm sure there are going to be Type 1 errors (those who passed who shouldn't have),...

Great comment regarding FRM/CFA ebb! I think you are referring to Type 2 errors?

RiskNoob

 

[ebb]

Great comment regarding FRM/CFA ebb! I think you are referring to Type 2 errors?

RiskNoob

lolz. We might be both right depending on how we describe the null.

I used the definition of "false positive" for type 1 error. A positive = pass so a false positive would be a person that passed who probably "shouldn't have" due to random guessing.