questions about practice

[ajsa]

Hi David,

I will spent the rest of the time on practice and need your advice:

1. Could you talk about the exam strategy/tips and time management based on your and others' experiences?

2. i heard the morning session is more difficult than the PM session. Any comments?

3. GARP added a lot of new AIMs in 2009. However the 2009 practice exam is based on the 2007 real exam. Can 2009 practice exam properly requesent the coverage of 2009 real exam? Did they modify/tailor/enhance the 2007 real exam to meet the updated AIM requirements?

4. Given that GARP added a lot of new AIMs in 2009, what's your advice about using previous years' practice exams published by GARP? we have practice exams from 2006-2009 and we have more in handbook. But I am just afraid they all have same problem as I mentioned in point 3.. Please let me know if you think otherwise..

Many thanks.

 

[David Harper CFA FRM]

Hi asja,

*** The following are merely my opinions; I make no factual claims ****

1. Maybe we should publish something on this, but I frankly I never know how I can add much value to the conventional wisdom. You already personify my #1 "tip:" start regular preparation early . For me, personally, it's important to ensure you physically know how to get to the exam site in the morning (e.g., maybe "rehearse" the drive or bus route prior) as nothing rattles like feeling you are late (something tells me you already know that!). Beyond that:

* Bring lunch food and hydration for the break
* Because (i) there are no deducts for incorrect answer and (ii) every answer equally weighted, the biggest tactical mistake you can make is getting bogged down on a single question. Be prepared to "take a pass" on seemingly difficult questions, if time is short, and come back to them at the end. Before handing it in, guess on all outstanding, unanswered questions.

2. I doubt that. My understanding, based on GARP's briefings with us, is that the questions are randomized. I see no reason to see this as a design feature of the exam

3. "Can 2009 practice exam properly requesent the coverage of 2009 real exam?"
In my opinion, it does not. The Full sample is disproportionately biased toward seasoned readings (e.g., Hull). It's no secret that, like last year, I am unimpressed by the samples, especially when you consider the several errors and definitional inconsistencies.
What will GARP do? I don't really know. All I can do I raise this issues and argue (to them) the importance of the principles I have wanted, namely: accuracy, definitional consistency (e.g., alpha defined consistently, SaR, LVaR, tracking error), alignment with the assignments (i.e., test only what is assiged) and representativeness (i.e., minimizing "tracking error" to the assignements. Try to draw a good sample from the assignments). Last year, they did a somewhat "top down" approach: soliciting questions from FRM holders. I have argued to them, at length (and probably ad naseum, in their eyes), that questions should surface "bottom up" from the assignments or that vetting against the assignments must be very robust. I am very uncertain about the 2009 coverage; I have no idea to what extent Topic 9 (e.g.) will manifest in the exam (I can barely recall *any* T9 sample questions)...

4. I agree. A common email we get is a complaint to the effect "I bought materials from provider XYZ and the questions don't seem relevent to 2009." Our stock reply includes "The L2 is brand new. Nobody, including GARP and us, has a fully correlated and seasoned set of questions against the fresh L2." As soon as i finish publishing the T8 & T9 movies, my priority is to focus on our question bank ... but, in my opinion, the realistic truth is that (even as I am underwhelmed by GARP's own samples) I don't think anyone could have developed a robust fully correlated set of questions against the brand new L2, given the "evil twins" of unprecedented content breadth and truncated year.

Hope that helps, David

 

[ajsa]

Hi David,

Thanks for your insights!

1. is FRM exam organized into sections based on topics? like the first 10 questions will be Fundation of Risk?

3. Since 2009 practice exam is "a sample of 2007 real exam". Does it mean the 2007 real exam itself contains errors and definitional inconsistencies? Do you have an errata? also you said Full I and Level I Sample have a lot of duplicate questions. but meanwhile the total # of 2009 practice questions is still 140. Does it mean the 2009 practice exam is only a subset of 2007 real exam?

BTW, IMHO the formula sheet would also be very useful to us (after you are done with the movie)..

Thanks!

 

[David Harper CFA FRM]

Hi asja,

1. No, my understanding is that it will *not* be partitioned by topic; rather, exam will be a single "randomized cluster" of questions. I don't think even the AM/PM separation is a meaningful content distinction.

2. Re: "Does it mean the 2007 real exam itself contains errors and definitional inconsistencies?" I can't offer an opinion for legal reasons; I make no public assertions in this regard. (I am careful to only assert on these matters where i am 100% certain or where i am obviously expressing an opinion). Do you have an errata? My uploaded is not only annotated, you will notice it is vetted for corrections.
Re: Does it mean the 2009 practice exam is only a subset of 2007 real exam?
I don't know...frankly, this line of inquiry will not be productive for me (on a public forum)

BTW, IMHO the formula sheet would also be very useful to us (after you are done with the movie)..
Yes, i do understand, working as fast was we can...

Thanks, David

 

[ajsa]

Understand.. Thanks David!