Exam Feedback October 2020 Part 2 Exam Feedback

[chintanmatalia]

I actually went with VWJETTY.. I would think like he/she was saying, it depends on the phrasing of the question? I can't remember if they were asking for the actual versus priced with BSM or priced with BSM versus actual. Could be part of the question's trickiness to frame it in a reverse way. I recall putting it as higher because I thought they were asking about the actual relative to BSM price.

I applied logic as explained above. But honestly, looking back I could have answered what you have. Don't remember clearly.

 

[VWJETTY]

I actually went with VWJETTY.. I would think like he/she was saying, it depends on the phrasing of the question? I can't remember if they were asking for the actual versus priced with BSM or priced with BSM versus actual. Could be part of the question's trickiness to frame it in a reverse way. I recall putting it as higher because I thought they were asking about the actual relative to BSM price.

Exactly it'll come down to exactly how they asked for it. Can't quite remember right now (or ever for that matter). Either way, chinanmatalia, it's all good because it's over. I feel like the more I contemplate about this the more I freak myself out. Lost a lot of sleep these last few nights over these questions and reading this forum haha.

 

[chintanmatalia]

Exactly it'll come down to exactly how they asked for it. Can't quite remember right now (or ever for that matter). Either way, chinanmatalia, it's all good because it's over. I feel like the more I contemplate about this the more I freak myself out. Lost a lot of sleep these last few nights over these questions and reading this forum haha.

Same here man, I am a university student, thinking about all this I performed very bad in one of the midterms. Hopefully results are positive! Best of Luck!

 

[seevvlee]

Exactly it'll come down to exactly how they asked for it. Can't quite remember right now (or ever for that matter). Either way, chinanmatalia, it's all good because it's over. I feel like the more I contemplate about this the more I freak myself out. Lost a lot of sleep these last few nights over these questions and reading this forum haha.

Same for me! I'm really not sure if I'm gonna make it. Hopefully we ALL do!

 

[mcrisk7]

I actually went with VWJETTY.. I would think like he/she was saying, it depends on the phrasing of the question? I can't remember if they were asking for the actual versus priced with BSM or priced with BSM versus actual. Could be part of the question's trickiness to frame it in a reverse way. I recall putting it as higher because I thought they were asking about the actual relative to BSM price.

I can remember the question to be like "if an ITM/OTM currency option is priced with BSM by using the implied volatility of an ATM option, then.."

Since the IV of an ATM currency option is smaller than that of ITM/OTM currency options (volatility smile), their price will get underestimated.

 

[Fjrodriguez]

Hi all,
I remember a question about CFP, something about “comprehensive”. I took the option d) resolution and recovery plan. Did anyone choose this option as well? Ty

 

[chintanmatalia]

Hi all,
I remember a question about CFP, something about “comprehensive”. I took the option d) resolution and recovery plan. Did anyone choose this option as well? Ty

I chose that option but not very sure about it

 

[VWJETTY]

Was one of the other options like....inform/update key stakeholders? This is one (of many) where I kind of narrowed it down to two and option D was the other option. If we're talking about the same question then I chose B, which was to inform stakeholders. Again, not sure if it's right.

 

[chintanmatalia]

Was one of the other options like....inform/update key stakeholders? This is one (of many) where I kind of narrowed it down to two and option D was the other option. If we're talking about the same question then I chose B, which was to inform stakeholders. Again, not sure if it's right.

Even I was confused between these 2 options B and D. I went for D. Let's see!

 

[szeng]

@Nicole Seaman - any views on this please?

I think they do not count the no-show candidates.

I know GARP granted thousands of last min deferrals for free, even within 30 mins before the exam. So that is why the participation rate is so low. Only 12 ppl showed up at my exam site.

Also, GARP did not asking proofs for the deferral, no doctor notes, nothing, they did not even asking for a reason. Basically, if you ask for a deferral they would approve it, at no cost. Thus, a lot of ppl who were not well-prepared just called Member Services and deferred the exam to May 2021. I think it is super unfair to us if they are still maintaining the 50-60% passing rate. I wrote an email to GARP asking about the deferral policies but did not get any responses.

 

[SheOlya]

I think they do not count the no-show candidates.

I know GARP granted thousands of last min deferrals for free, even within 30 mins before the exam. So that is why the participation rate is so low. Only 12 ppl showed up at my exam site.

Also, GARP did not asking proofs for the deferral, no doctor notes, nothing, they did not even asking for a reason. Basically, if you ask for a deferral they would approve it, at no cost. Thus, a lot of ppl who were not well-prepared just called Member Services and deferred the exam to May 2021. I think it is super unfair to us if they are still maintaining the 50-60% passing rate. I wrote an email to GARP asking about the deferral policies but did not get any responses.

Wow, I did not know that. That's sounds very unfair! I wanted to defer originally, but I am pregnant and my baby is due in May, so I decided to go for the test, otherwise, I would have to postpone till next year December. Now I understand why for the 55 registered tables there were only 8 occupied. I would say they should then reconsider their distribution for this exam and may be look into historical passing scores. I think if I would see 50% passing I will probably feel very angry.

 

[VWJETTY]

Probably in my estimation is all the people who actually studied and were prepared and desperate to pass came to the exam. And all the people who didn't or were slackers deferred. So by that logic, I think the pass rate technically SHOULD be higher since it's a pool of more qualified candidates willing to risk life & limb to take an exam because they are confident in their abilities.

This would also default to a lower pass rate come the next exam (whether November or May) since it will accumulate the lesser prepared candidates.

Either way, there's no free lunch, as we have seen from administered exam experience. Did anyone get any update when the results will be released exactly?

 

[seevvlee]

Probably in my estimation is all the people who actually studied and were prepared and desperate to pass came to the exam. And all the people who didn't or were slackers deferred. So by that logic, I think the pass rate technically SHOULD be higher since it's a pool of more qualified candidates willing to risk life & limb to take an exam because they are confident in their abilities.

This would also default to a lower pass rate come the next exam (whether November or May) since it will accumulate the lesser prepared candidates.

Either way, there's no free lunch, as we have seen from administered exam experience. Did anyone get any update when the results will be released exactly?

It was in one of the emails. Said no later than 29 Nov.

 

[czet]

I think they do not count the no-show candidates.

I know GARP granted thousands of last min deferrals for free, even within 30 mins before the exam. So that is why the participation rate is so low. Only 12 ppl showed up at my exam site.

Also, GARP did not asking proofs for the deferral, no doctor notes, nothing, they did not even asking for a reason. Basically, if you ask for a deferral they would approve it, at no cost. Thus, a lot of ppl who were not well-prepared just called Member Services and deferred the exam to May 2021. I think it is super unfair to us if they are still maintaining the 50-60% passing rate. I wrote an email to GARP asking about the deferral policies but did not get any responses.

How do you know that THOUSANDS deferred for free? No offense but this seems a bit exaggerated to be honest..

 

[VWJETTY]

No offense but this seems a bit exaggerated to be honest..

It is but I mean we all exaggerate especially in trying times like these so it's to be expected.

 

[szeng]

How do you know that THOUSANDS deferred for free? No offense but this seems a bit exaggerated to be honest..

Hey, I know it sounds crazy. Here are some facts: I have a online study group, there are 500 ppl in the group chat. One person called GARP and got it deferred successfully with no cost and then she announced it in the group chat as well as some online forums and local social medias. Then at least 100 out of that 500 ppl group got deferred. There are also large numbers (hundreds) of candidates got deferred and shared their experiences on the social media. Basically, as long as you asked for deferral they will approved it with no cost, they did not ask for any reason or proofs.
My exam site has 50ish seats, only 12 showed up and I asked the proctor, is all the other candidates got their exams deferred? She said yes. From what I know, a lot of the exam sites are half empty or even worse. I mean it is an estimated number but I think the actual deferral number should be even more. i.e. Shanghai exam site have hundreds of seats, only half of the candidates were shown. You could make your own gauge here.

 

[shuairan82]

Probably in my estimation is all the people who actually studied and were prepared and desperate to pass came to the exam. And all the people who didn't or were slackers deferred. So by that logic, I think the pass rate technically SHOULD be higher since it's a pool of more qualified candidates willing to risk life & limb to take an exam because they are confident in their abilities.

You might be right. Some people might have deferred for medical reasons, like if they are in a risk group. But it was a great opportunity for people who messed up their planning.
Generally it is speculated that GARP takes a certain quantile of the best results and put a factor on it to determine the points to pass.
Difficult to say what the impact of the deferrals is, maybe im a strong group, results are closer together than in a mixed group, where some people just show up because it was too late to defer and they have nothing to loose anyway.
I did not pass in November last year and started studying right after the results were published. Got deferred als most of you to November and as I waited almost a year, I was really keen to take the exam.
I did put a lot of effort in the preparation and I hope that they consider the special situation for the grading.
Otherwise I feel as you do, it would be kind of unfair.

 

[SahjeetMenon]

Curious to know how others found the operational risk part of the exam? Could go either way for me, not too confident

 

[Fjrodriguez]

Hi all again,
I remember a question about EC, level of confidence and rating... I answered something like: Increase level of confidence -> increase UL -> Increase Economic capital -> higher rating. Did anyone chose the same option? Ty

 

[VWJETTY]

Hi all again,
I remember a question about EC, level of confidence and rating... I answered something like: Increase level of confidence -> increase UL -> Increase Economic capital -> higher rating. Did anyone chose the same option? Ty

Yeah that's what I said too. I have no idea if that's right though but logically it made sense against the other options.