I just wanted to share some good news. Because @mh2452 asked us here if we can share GARP's old practice exams, we asked GARP if they would articulate an updated policy (a few years ago, we did publish them to the forum, but GARP asked us to remove them, so naturally we took them down and stopped updating the forum with them).
The good news is that GARP's updated policy does allow for us to share them. Yay! @Nicole Manley will soon be adding them to our Resources section at https://forum.bionicturtle.com/resources/categories/frm-practice-garp.16/
However, please read GARP's carefully worded caveat to us which I have copied below ("we would urge caution in using older practice exams as part of a candidate’s exam preparation"). We already fully agreed with this view, for what it's worth. We understand why candidates want to see older practice exams, but I have always urged caution. As a general rule, in my view the older the exam, the less relevant it will be for your preparation. GARP's own expertise has evolved. There are many examples of old applications or concepts that are outdated, or more likely, more nuanced or sophisticated. Here is just one example: several years ago, if a question included a 10-year coupon-bearing bond, you could assume its duration was approximately seven years (and you likely didn't need to worry about which flavor of duration). Today's FRM would never make such imprecise assumption, realizing that we have at least two key duration types (Macaulay and modified, not to mention effective), and duration is variant to yield, coupon rate, etc. I like my own example
because it's relevant to the times: what is the impact of extremely low/zero yields on duration? There are many examples like this, they render older questions obsolete to the most recent syllabus. Nevertheless, we understand the interest in prior practice exams.
Here is the core text of GARP's reply to us, when we asked them, Can we share old practice exams?
The good news is that GARP's updated policy does allow for us to share them. Yay! @Nicole Manley will soon be adding them to our Resources section at https://forum.bionicturtle.com/resources/categories/frm-practice-garp.16/
However, please read GARP's carefully worded caveat to us which I have copied below ("we would urge caution in using older practice exams as part of a candidate’s exam preparation"). We already fully agreed with this view, for what it's worth. We understand why candidates want to see older practice exams, but I have always urged caution. As a general rule, in my view the older the exam, the less relevant it will be for your preparation. GARP's own expertise has evolved. There are many examples of old applications or concepts that are outdated, or more likely, more nuanced or sophisticated. Here is just one example: several years ago, if a question included a 10-year coupon-bearing bond, you could assume its duration was approximately seven years (and you likely didn't need to worry about which flavor of duration). Today's FRM would never make such imprecise assumption, realizing that we have at least two key duration types (Macaulay and modified, not to mention effective), and duration is variant to yield, coupon rate, etc. I like my own example
because it's relevant to the times: what is the impact of extremely low/zero yields on duration? There are many examples like this, they render older questions obsolete to the most recent syllabus. Nevertheless, we understand the interest in prior practice exams.Here is the core text of GARP's reply to us, when we asked them, Can we share old practice exams?
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