Exam Feedback May 2018 Part 2 Exam Feedback

[Keshav]

Hi @Keshav - I am sorry to hear that you did not make it this time. What areas are you struggling with?

I found that my biggest issue with both the FRM and CFA programs is being able to recall the sheer volume of material.

You may find the below useful as a strategy (which is what I employed in order to pass part 2).

*Concentrate on doing BT's questions and asking the people on the forum with regards to anything that may not be clear. (I did this all the time). Furthermore, I would make notes of the questions that I found the most difficult. Even though you may know an answer, working through the logic step-by-step is still useful.
*Create your own sheet of formulas for each of the 4 main topics and construct notes around them. This may include the assumptions behind some of the formulas, or model classification such as the model types for the interest rate trees. It may take some time but I found it useful for revising the key points.
*Apologies if it sounds obvious but unless, it’s a new topic I wouldn't bother reading the syllabus again. Having said that don't do what I did and not take the current issues section seriously. I sat the exam in November 2017 questions were not always obvious to me. As a result I got a “3”
*On a lighter note, if you are like me and you are fond of beer, then cut it down to a minimum. I had to do this in the final few weeks leading up to the exam as it was turning my memory into jelly. Seriously I was struggling to remember an awful lot of basic stuff.

Best regards,

Stephen

thanks for the detailed suggestion, Stephen. I relied more on Schweser for part 1, but have used Schweser + BT for part 2. I do make notes and I also record explanations of various concepts, answers to trick questions, key formulae in my mobile, and hear these recordings to and from work. this time, I was very confident I would clear, but alas...
thanks again. owe you a beer for this suggestion

 

[ag0511]

Hi,I am managing a FRM part 2 Nov 2018 study group.Would appreciate,if any previous or current successful candidate of FRM part 2 exam or any certified FRM agrees to join our whatsapp study group to share their study tips related to different topics or can provide general guidance as per their convenience.The discussion is strictly confined to FRM studies.It can also offer some opportunity for them to network with some future FRM's.Those people willing can share their nos to me in a private conversation.Thanks in advance.

 

[adutta017]

Hi,I am managing a FRM part 2 Nov 2018 study group.Would appreciate,if any previous or current successful candidate of FRM part 2 exam or any certified FRM agrees to join our whatsapp study group to share their study tips related to different topics or can provide general guidance as per their convenience.The discussion is strictly confined to FRM studies.It can also offer some opportunity for them to network with some future FRM's.Those people willing can share their nos to me in a private conversation.Thanks in advance.

I am appearing for FRM Part 2 in November 2018 and am actively looking to join a whatsapp group. Is this a whatsapp study group by any chance? If it is, may I request you to kindly add me in the group please?

 

[M1985]

Which is better for FRM level 2...Schweser or Bionic Turtle

 

[HangOnLittleTomato]

Background: degrees in economics and statistics, 5+ years in derivatives/risk mgmt

Study time: <2 months, 3-4 hours/day

Study method: read GARP books, do book examples and past GARP mocks. Do daily BT questions.

Pass score: 11111 (frankly unexpected, i expected to just about make the cut)

Thoughts: just reading the books cover to cover was not the most efficient approach, though the book questions helped. I didn't struggle with concepts so YMMV. Ops risk and Basel material was extremely boring. (I don't see the point of testing whether one has memorized the correct multipliers for capital ratios etc) i enjoyed the current events papers. What helped the most was reviewing carefully all the questions i couldn't answer at first, and understand/memorize as necessary. I also wrote up the equations and key concepts on a piece of paper. Going over that on the day of made a difference. I haven't done many BT questions. Overall impression is that they are often harder and in-depth, sometimes unnecessarily so. They helped, though I found the GARP questions much more relevant to the actual exam.

 

[[email protected]]

The Garp questions were annoying because: 1. There was nothing on current issues. I almost forgot to revise this! 2. Errors in the answers (vvv annoying!), 3. Past papers were largely copies of previous years. It would have been fairer to have had more different questions to get experience on. Very disappointing. However highly relevant. It made BT questions all the more important, although you could easily fall into rabbit holes. I remember wasting lots of time on cheapest to deliver bonds, which never came up to the depth offered by BT in the exam. But BT does make this clear so a choice to those of us that are stubborn and or just want to understand it!

 

[willyong]

One aspect that hasn't been discussed so much is time management, and knowing when to cut your losses. Your studies almost never go according to plan, because life. I passed 1,1,1,1,1 but even up to 4 weeks before the exam I thought I wasn't going to make it because there was just so much material to cover.

Pacing yourself is an art - I kept to my schedule for a few weeks, then things started to slip.. and slip. I'd furiously try and catch up and fail - the problem was that I was trying to do too much (make summaries, read and remember, do questions etc.) but I wasn't necessarily understanding what I was reading because I was just doing. After credit risk, I decided that I would just stop and start from the back. I worked my way backwards through each chapter as it was more engaging and less daunting to complete the current readings which were an easier and more fun read. Of course, there's a sequence the material is laid out but the surprising effectiveness of this technique is that it enables you to raise questions on materials you may not quite understand and then connect immediately when the more fundamental material is presented.

I used Schweser for the readings then BT for the questions, mocks and some readings to shore up areas I didn't understand under Schweser. BT notes are compressions of the original readings but are still summaries. Schweser presents some original material that BT doesn't, especially on the academic literature. Having access to both will help a lot but the amount of reading can be overwhelming.

Know your strengths and weaknesses. Having working experience (which I do) helps immensely, so if you're experienced in risk management, you can rely on parts of your job training to push you along (or even challenge the readings!) On the other hand, I have had no practical experience in certain topics so it was a struggle to make the concepts real and tangible. Those are the areas you need to focus on learning and also where the BT forum really shines - if you have a question, it's likely someone else would have asked that question before too. And if not, @David Harper CFA FRM will come to the rescue!

 

[rj2890]

Hi Guys,

Any Idea how long does it take to get our work experience verified from GARP and what are the next steps to do after submitting the work experience.
It would be great if anyone would throw some light over it.

Thanks and Regards!

 

[Karim_B]

Hi Guys,

Any Idea how long does it take to get our work experience verified from GARP and what are the next steps to do after submitting the work experience.
It would be great if anyone would throw some light over it.

Thanks and Regards!

Hi @rj2890
I think on average it takes 2 weeks to 1 month for the work experience to be verified. I don't think there's anything else to do other than wait for the reply from GARP after you've submitted the work experience.

Once certified you need to opt in to the Certified FRM Directory if you want others to be able to find you, and it's a good idea to keep up with the CPD requirements. Excerpt from my results letter:

"Continuing Professional Development (CPD) Requirements
Shortly after receiving your FRM Certificate, we will send details about participation in GARP’s CPD Program. The CPD Program is voluntary for Certified FRMs. Participation demonstrates your desire to stay up-to-date with industry trends as well as your continued commitment to developing your risk management skills."

Best
Karim

 

[rj2890]

Hi @rj2890
I think on average it takes 2 weeks to 1 month for the work experience to be verified. I don't think there's anything else to do other than wait for the reply from GARP after you've submitted the work experience.

Once certified you need to opt in to the Certified FRM Directory if you want others to be able to find you, and it's a good idea to keep up with the CPD requirements. Excerpt from my results letter:

"Continuing Professional Development (CPD) Requirements
Shortly after receiving your FRM Certificate, we will send details about participation in GARP’s CPD Program. The CPD Program is voluntary for Certified FRMs. Participation demonstrates your desire to stay up-to-date with industry trends as well as your continued commitment to developing your risk management skills."

Best
Karim

Thanks Karim!

 

[SODJAN]

Anyone got their 2 year work experience approved?

 

[mssnal]

mine not approved yet

 

[curo]

Still waiting...

 

[nikic]

Will they call my managers? By year’s end I will have one year experience in asset management and one year in life insurance, both in risk management roles. Will it be ok to accept experience from two jobs?

 

[jamietay]

I'm still waiting as well. It's been more than 2 weeks. I submitted mine on the day of results.

I wonder whether they will contact my supervisor

 

[m5mturbo]

Nothing for me also (submitted Jul 3rd). As I understand the supervisors will not necessarily be contacted.

 

[SODJAN]

Still nothing on work experience? Been 3 weeks since results came out. Any intel?

 

[m5mturbo]

Nothing yet.

 

[Suraj Ravi]

I just got my approval mail from GARP. Submitted the day results were out. Officially certified now.

 

[jamietay]

I just got my approval mail from GARP. Submitted the day results were out. Officially certified now.

Me too! I’ve received email from GARP. I’m officially a certified FRM.