Exam Feedback November 2020 Part 1 Exam Feedback


New Member
The exam was okay except that there was a digress from the expected. Off the top of my head, I could recall questions from the following topics:

1. ERM
2. Calculations on CAPM (given just the risk premium)
3. Difference between APT and CAPM
4. Ranking using treynor
5. Sharpe ratio
6. GARP code of conduct
8. Risk appetite
9. Fama-french model
10. Lehman Brothers
11. Rating agencies ( I think I saw something on this)
12. Two probability questions (1 on Bayes rule and the other on conditional probability with replacement)
13. Distributions (binomial, poisson, student's T)
14. Hypothesis testing
15. Cook distance
16. Non-stationary time series (random walk, unit roots)
17. Jarque-Bera test
18. Confidence interval
19. Define benefit pension plan
20. Originate to distribute model
21. Variation, maintenance and initial margin
22. Optimal number of contract
23. Forward rates
24. Bond duration
25. Lots of questions on foreign exchange markets
26. Interest rate parity
27. Mortgages and MBS
28. Cheapest to deliver
29. Option trading strategies (butterfly option)
30. Put call parity
31. BSM with dividend
32 Exotic options
33. Calculations on VaR and ES
34. Subadditivity
35. VaRr of a portfolio
36. Updated correlation/covariance
37. Hazard rate
38. Calculation of bond price using bootstrapping
39. Law of one price
40. Bond spread
41. Carry roll down assumptions
42. Wrong way risk
43. American styled binomial option pricing
44. Greeks

The exam mirrored the GARP' s practice questions infact a question was repeated from it. The BT team did well in preparing her users (their questions were quite challenging and sometimes discouraging because I felt like my effort was been downplayed each time I attempted the question pack; it was all part of the preparation).

The exam required in depth study of the learning objectives and proper knowledge of the concepts. It was 50% qualitative and 50% quantative.

I really can't say how well I did. Hoping for the best in January.

I hope this helps.
I just have to say, you have an amazing memory. You have come to the right field. I wish my coworkers had a memory like yours.


Active Member
I passed. Yay. Good-Excellent-Excellent-Excellent. Thanks David and Nicole for their professionalism and great materials.
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New Member
Passed (1,2,1,1). Spent countless number of hours on BT and read through the entire curriculum twice, guessed that paid off in the end! Onto part II now! Congratulations to all that passed today and even for those that did not pass. That wasn't an easy test for sure but surely a great learning experience.


New Member
I didn't pass this time around. My quantiles are 2,3,2,3. Will focus on the 2 areas I got Fair and try it a second time. Thanks for the support BT

Nicole Seaman

Director of FRM Operations
Staff member
Congratulations to those who passed. I am very sorry to our members who did not pass, but don't give up! We are here to continue supporting you through your studies! :)


New Member
Hi All,
Thank you for your feedback, just want to check if there were any questions on the Euler theorem and determination of loan contribution to a portfolio in the exam ?
The formula is quite time consuming , hence wanted to check if time should really be spent on such a question.


Nicole Seaman

Director of FRM Operations
Staff member
Pass Rates: I will cross-post this on the other feedback threads, but I contacted GARP regarding the pass rates, and they said pass rates for the October and November exams will be released around February 1st. I don't have any other information than this but wanted to let everyone know so you aren't continuing to look for the pass rates before they are actually released.