Exam Feedback May 2017 Part 1 Exam Feedback
- Thread starter Nicole Seaman
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Sorry I don't recall my answer
Iryna Trygub Kainz
New Member
for sure the exam was much more difficult than the preparation course. I used Schweser, went through all practice exams and Mock and did not feel confident on the real exam!! the questions appeared much more tricky than i expected...it is not fair!
I put "U Shaped" for that one, i felt decently good about that question, however it couldve been "flat".
[email protected]
New Member
Hi David/Nicole, first of all I have to admit that without BT it is very difficult to approach the exam. Maybe a long time ago in a galaxy far far away, 1 or 2 notches difference but now completely comparable or better BT mock exams maybe slightly easier. If possible I suggest an increase in the mock exams quantity just to better calibrate time/skills.
The material is obviously the best in my opinion.
About the exam cannot add more. Time constraints are the main problem. And yes the exam wasn't so easy especially for tricky questions and lenght of 10-15 rows for each exercise.
Confirm stress test topic, ES, barbell, poisson, sharpe , forex, put-call parity, binomial tree, UL and so on (also for me 113 was the answer????).
Not sure about the result
The material is obviously the best in my opinion.
About the exam cannot add more. Time constraints are the main problem. And yes the exam wasn't so easy especially for tricky questions and lenght of 10-15 rows for each exercise.
Confirm stress test topic, ES, barbell, poisson, sharpe , forex, put-call parity, binomial tree, UL and so on (also for me 113 was the answer????).
Not sure about the result
flawless21
Member
I thought the exam was very difficult, pretty brutal. Kaplan is extremely easy compared to real exam while GARP is relatively easier. I'd say the exam was on par with BT or even a bit harder. I didn't think they'd expect us to go into such great detail. They definitely found very unique ways to question us on concepts. The GARCH/Sharpe question really threw me off because I had no idea how to calculate the vol variable.
Coming into the exam, I was hoping to get a ton of conceptual questions, but as I finished the exam, I think the conceptual questions killed me. At least with a quant, you have a formula that will help you. With qualitative questions, you really have to think more than 2.4 minutes. It was just frustrating overall, if I committed a mistake on a simple question, then I'd have to redo the lengthy problem, causing an unfortunate time delay. Then I had to think, should I just move on or spend more time on this easy problem.
I never took a practice exam where I had to calculate for one of the variables within UL before solving for UL. Luckily, I remembered the formula p(1-P), but that took me awhile. I was also surprised they didn't really ask any duration/price of bond/convexity/DV01 questions...
I don't have much confidence in passing, but I learned more from studying for the FRM, than my BS and MBA combined
. That's gotta count for something.
Coming into the exam, I was hoping to get a ton of conceptual questions, but as I finished the exam, I think the conceptual questions killed me. At least with a quant, you have a formula that will help you. With qualitative questions, you really have to think more than 2.4 minutes. It was just frustrating overall, if I committed a mistake on a simple question, then I'd have to redo the lengthy problem, causing an unfortunate time delay. Then I had to think, should I just move on or spend more time on this easy problem.
I never took a practice exam where I had to calculate for one of the variables within UL before solving for UL. Luckily, I remembered the formula p(1-P), but that took me awhile. I was also surprised they didn't really ask any duration/price of bond/convexity/DV01 questions...
I don't have much confidence in passing, but I learned more from studying for the FRM, than my BS and MBA combined
. That's gotta count for something.I think w
I think the corrct choice was option A: 7'somthing %
cyrilgedeon
New Member
The exam was brutal, long formatted questions and with a lot of fluff. Some long formatted questions had a lot of information in them and you had to pick what was important. I think the questions were very much close to BT's practice test questions. I used Kaplan Q bank as well, which were nothing close to the exam. Good luck everyone!
Me too, I was puzzled as all the proposed answers were below 70 or so, which is around what I got for one of the two loans. Since the given correlation is positive, there is no way the answer could be bellow this level. I think it's a typo on GARP's side and the correl should've been negative...
This question was at the beginning of the exam too (#8 I think), so not really the best way to get started and build up confidence during the exam :/
GARCH gives us the long time volitity.
amit_bionicturtle
New Member
Hello guys,
What do you think the expected cutoff to go for this level 1 exam??
What do you think the expected cutoff to go for this level 1 exam??
satyapriya2004
New Member
No Doubt. I finished GARP practice paper 2017 in 3 hours, scored 93, the day before the exam. I could attempt around 92 questions in the actual exam. Can you guys tell us how many questions you could attempt in the exam without wild guessing ? This will help us better understand the overall performance.
amit_bionicturtle
New Member
80 only..
Used calculation on the question paper as advised by instructor in the exam hall as there was no calculation sheet provided; though there were blank pages among qn papers but nothing mentioned what to be used for. Did anyone carry out calculation on the question paper?
Last edited:
Estimate of the raw cutoff scores:
This is just my estimate.
These are the parameters. Pass rate for Pt 1=45%, for Pt , 55%.
GARP, in the past, had mentioned in its website (not sure if still valid) , that they take the top 5% and base t h e cutoff mark on that score.
On a 100-qn test, assume 95th percentile is 90 correct questions (realistic).
Let m=mean, s= std dev
Assuming normal dist, (90- m)/s=1.64
Now, in most standard tests, like SAT, GRE, etc, s = m/5.
Example: in SAT, if the mean is 500, 600 is 1 std dev.
Let P = passing score w h ere the pass rates are 45% for Pt 1 and 55% for Pt, we can now solve for P.
I solved this and came up with:
Raw pass score for Pt 1 = 69.5 (out of 100)
Raw pass score for Pt 2 = 52.8 (out of 80)
Just my estimate folks.
Good luck to all.
This is just my estimate.
These are the parameters. Pass rate for Pt 1=45%, for Pt , 55%.
GARP, in the past, had mentioned in its website (not sure if still valid) , that they take the top 5% and base t h e cutoff mark on that score.
On a 100-qn test, assume 95th percentile is 90 correct questions (realistic).
Let m=mean, s= std dev
Assuming normal dist, (90- m)/s=1.64
Now, in most standard tests, like SAT, GRE, etc, s = m/5.
Example: in SAT, if the mean is 500, 600 is 1 std dev.
Let P = passing score w h ere the pass rates are 45% for Pt 1 and 55% for Pt, we can now solve for P.
I solved this and came up with:
Raw pass score for Pt 1 = 69.5 (out of 100)
Raw pass score for Pt 2 = 52.8 (out of 80)
Just my estimate folks.
Good luck to all.
zahra.saied
Member
I had the same problem with UL for the portfolio. I knew my formula inside out, and had done it the very previous night very easily but got 113 in the exam and kept redoing it hoping I can secure that point. It seems there was an error in the question and that left us with less time for other questions.. not fair
On the insurance premium I got a number somehow close to one of the options but not equal. Not sure if I missed something in plugging numbers into my calculator. Ultimately I admit I am more of an excel person than a calculator person oh well...
On the insurance premium I got a number somehow close to one of the options but not equal. Not sure if I missed something in plugging numbers into my calculator. Ultimately I admit I am more of an excel person than a calculator person oh well...
satyapriya2004
New Member
I know zahra, it's frustrating. I did the UL question twice and the second time I literally threw my hands in the air when my answer did not match. I think I got an exact match for the insurance premium question. I hope you had taken note that the question says the insurance pay out occurs at the end of the year and not at the mid of the year as we are used to.
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