Course Study Plan Guide

[Nicole Seaman]

From mssnal in the May 2018 exam feedback thread: https://forum.bionicturtle.com/threads/may-2018-part-2-exam-feedback.13919/page-21#post-61319

I started preping for FRM part 1 in August 2017. Totally relied on Schweser. At the time i had not heard of BT. Although the preparation was haphazard and had no defined strategy to tackle the exam. In my opinion i performed poorly in the exam as i marked straight Cs for 12-15 questions. I attempted around 35 correctly IMO . Results 1121. I did well in the hindsight.

Started preparing for part 2 in Feb 2018, this time with a defined strategy. Did on the exam well. Used Schweser and went through three years of candidate feedback in the last 18 days and worked on weaker areas (by this time i had heard about BT). Results 11121

My method, if it works for you....Go through every book in 12-15 days without trying to understand dense/harder parts just to get a sense of what is covered in the LOs. Give a second read. this time give full attention to every concept and do relevant exercises. Reserve the exam month for practice and strengthening harder concepts...Get help from google and youtube if needed. Going through last three years of candidate feedback from BT forums was very helpful (emphasis on very)

If i have a chance to do it all over again and have sufficient time i would use only BT as its coverage is far better than any prep material available. Plus forums are helpful and you prepare as part of a broader potential FRM community. It also provides dedicated help.

I had to manage all this with a full-time job and family commitments.

 

[Nicole Seaman]

From @Karim_B in response to a member who did not pass in May 2018: https://forum.bionicturtle.com/threads/may-2018-part-2-exam-feedback.13919/page-21#post-61323

Some things to consider:

1) For the topic where you scored a 2 (Risk Mgmt & Investment Mgmt?), what was different about it for you compared to the other topics?
Maybe you found it more interesting, more relevant; whatever the difference was see if you could possibly apply it to the other areas, or maybe change your perspective on the other topics to incorporate it.

2) "We become what we think about" - Earl Nightingale
I found this quote and the video linked below by Tom Bilyeu very helpful, especially as I passed through particularly tough readings.

So instead of talking about "the Nov 2018 attempt" picture yourself passing and remember why you signed up for the FRM and what you're planning to achieve when you get certified. This will hopefully get you fired up and ready to do what it takes to pass this time

3) Try to find linkages between topics and formulae
GARP love to mess with us on exam day by giving us pieces of information which aren't sufficient to directly get the answer, but combined with other tangentially related information can be used to back out the answer. For example the formulae for Beta and Correlation use almost the same inputs, so you might need to use the result of one of them to back out the value of the other.

As others have mentioned in the posts above, making a formula sheet and/or mind map of key topics and how they're related can help give you a big picture overview.

4) Understand the why behind formulae to remember them more easily
I find it much easier to remember a formula when I understand the intuition behind it. I realize this isn't always possible for those with complex derivations, but where possible it helps a lot.

5) Time management on exam day
I like to do the easy questions first, then come back to the hard ones so you can bank as many points as you can on the 1st pass. It also helps you build confidence since you start with easier questions, and by the time you get back to those you skipped, later questions may have prompted your memory to better tackle those tough questions you skipped.

It can get tricky if you end up mis-marking the answer sheet, so you have to be careful. I just fill in my letter of the day for the questions I skip, then make corrections on the 2nd pass to avoid the mis-marking issue, but it can be a pain (and it does involve going back through the test to the questions you guessed which takes some time).

6) Often GARP questions are filled with useless fluff or irrelevant info to misdirect you.
Try reading the last part of the question first - often it just asks you to identify correct/incorrect options below which are independent of the previous info. If you did need info from the earlier paragraphs, having the question in mind can help you select the relevant info (which is often camouflaged amongst other irrelevant details) & find the answer more easily. See if these tips work for you when doing practice questions.

 

[gprisby]

Dear all

I have registered for FRM 1 exam in November.I have started my preparation but I am finding it quite challenging due to my hectic schedule at work 100% and my family life with 2 kids.I work in the financial industry.I would like to know if I can take a chance by concentrating solely on the Bionic Turtle notes+ question sets and watching the videos which I find very good. I do have the GARP books but I find it time consuming and a bit dry from time to time.

Looking forward to a good plan

Thanks a lot

Jean
Geneva,Switzerland

I work full time in the finance industry (past 3 years in Treasury/Derivatives/Counterparty Risk)and have a wife, baby, and *gasp* side job. I started out reading the GARP books, but was able to get work to pay for my BT access. Currently, I go through the videos first, then the notes, then the practice problems. Then I skim the readings and try to focus on anything that wasn't clear in what I had already read in BT. Not sure if that's the most effective approach (haven't taken the test)... But I feel its more targeted since David/team know what the test takers focus on more than me.

 

[jean.kavalakat]

Thanks Gprisby,sounds like a plan.

 

[Karim_B]

From @Karim_B in response to a member who did not pass in May 2018: https://forum.bionicturtle.com/threads/may-2018-part-2-exam-feedback.13919/page-21#post-61323

Some things to consider:

1) For the topic where you scored a 2 (Risk Mgmt & Investment Mgmt?), what was different about it for you compared to the other topics?
Maybe you found it more interesting, more relevant; whatever the difference was see if you could possibly apply it to the other areas, or maybe change your perspective on the other topics to incorporate it.

2) "We become what we think about" - Earl Nightingale
I found this quote and the video linked below by Tom Bilyeu very helpful, especially as I passed through particularly tough readings.

So instead of talking about "the Nov 2018 attempt" picture yourself passing and remember why you signed up for the FRM and what you're planning to achieve when you get certified. This will hopefully get you fired up and ready to do what it takes to pass this time

3) Try to find linkages between topics and formulae
GARP love to mess with us on exam day by giving us pieces of information which aren't sufficient to directly get the answer, but combined with other tangentially related information can be used to back out the answer. For example the formulae for Beta and Correlation use almost the same inputs, so you might need to use the result of one of them to back out the value of the other.

As others have mentioned in the posts above, making a formula sheet and/or mind map of key topics and how they're related can help give you a big picture overview.

4) Understand the why behind formulae to remember them more easily
I find it much easier to remember a formula when I understand the intuition behind it. I realize this isn't always possible for those with complex derivations, but where possible it helps a lot.

5) Time management on exam day
I like to do the easy questions first, then come back to the hard ones so you can bank as many points as you can on the 1st pass. It also helps you build confidence since you start with easier questions, and by the time you get back to those you skipped, later questions may have prompted your memory to better tackle those tough questions you skipped.

It can get tricky if you end up mis-marking the answer sheet, so you have to be careful. I just fill in my letter of the day for the questions I skip, then make corrections on the 2nd pass to avoid the mis-marking issue, but it can be a pain (and it does involve going back through the test to the questions you guessed which takes some time).

6) Often GARP questions are filled with useless fluff or irrelevant info to misdirect you.
Try reading the last part of the question first - often it just asks you to identify correct/incorrect options below which are independent of the previous info. If you did need info from the earlier paragraphs, having the question in mind can help you select the relevant info (which is often camouflaged amongst other irrelevant details) & find the answer more easily. See if these tips work for you when doing practice questions.

Hi everyone
A few more study & exam tips in addition to my post above:

1) If you don't get a concept 100% on the 1st pass, that's OK. Don't dwell on one thing for too long since you'll end up having to rush through later readings to stay on schedule. There's a lot of material to cover, and there may be repetition of some parts of topics across authors. So you might understand more about the concept in the next section, during the prep provider's end of topic review, and finally you'll need to come back to it and review anyway after you 1st pass through the materials.

2) Doing lots of practice questions at the end is key to refresh your memory and solidify your understanding. Don't get discouraged if you score poorly on a practice exam. Review your answers & learn from the mistakes. GARP like to throw questions at us from unexpected angles, so once you get used to thinking about the concepts in different ways it's less of a shock when they throw the next curve ball.

3) GARP mock exams include lots of repeated questions - e.g. the 2018 practice exam is very similar to the 2017 practice exam. Not much variation from year to year. Lots of typos, so beware.

Happy studying
Karim

 

[AJ]

Hey all:

I read over this thread but couldn't find anything regarding the amount of chapters studied per day.

I am taking both FRM parts on Nov 2018, and was wondering if doing 3 chapters a day is doable?

I have free time from now up to the exam date, and was aiming to put in about 8hrs/day. In your opinion, what would be the best approach to get it done efficiently? and if 3 chapters a day a good idea?

I feel this way would allow me to study the material twice. Here is my plan (reading GARP core-> BT videos -> BT notes -> BT questions for each), after all its done, then again (BT notes -> BT questions for each) and referring to videos or core readings if necessary. At last this will leave me with 20-30 days before the exam to do mock exams and review for each exam?

Just figured I share to see if someone had a better way to go about it, any ideas/comments/thoughts are welcome!

 

[Karim_B]

Hey all:

I read over this thread but couldn't find anything regarding the amount of chapters studied per day.

I am taking both FRM parts on Nov 2018, and was wondering if doing 3 chapters a day is doable?

I have free time from now up to the exam date, and was aiming to put in about 8hrs/day. In your opinion, what would be the best approach to get it done efficiently? and if 3 chapters a day a good idea?

I feel this way would allow me to study the material twice. Here is my plan (reading GARP core-> BT videos -> BT notes -> BT questions for each), after all its done, then again (BT notes -> BT questions for each) and referring to videos or core readings if necessary. At last this will leave me with 20-30 days before the exam to do mock exams and review for each exam?

Just figured I share to see if someone had a better way to go about it, any ideas/comments/thoughts are welcome!

Hi @AJ
Doing 3 chapters a day with all of: "reading GARP core-> BT videos -> BT notes -> BT questions for each" sounds like a lot to me, but I know I'm slower than average at getting through the material.

Personally I started doing BT videos -> BT notes -> BT questions but wasn't diligent enough early on and had to switch to BT notes -> BT questions and skip the videos about half way through my studies for Part II.

In hindsight I would possibly try reversing the Videos & Notes since the notes are more detailed and give you the fuller picture so BT notes -> BT videos ->BT questions would get you the detail with the notes first, then review the key points with the video before attempting the questions.

Also be careful with the BT forum as you go through the materials. It's both a fantastic treasure trove of information, and a dangerous time warp when you follow interesting posts and end up going deep down the rabbit hole for far longer than you'd planned

I realize I don't go into enough detail on your original question of how much to cover per day, but I think it's hard to say since we all have different rates at which we get through the materials. However definitely leave plenty of time for practice questions and practice exams at the end (at least 3 weeks).

Best
Karim

 

[AJ]

Hi @AJ
Doing 3 chapters a day with all of: "reading GARP core-> BT videos -> BT notes -> BT questions for each" sounds like a lot to me, but I know I'm slower than average at getting through the material.

Personally I started doing BT videos -> BT notes -> BT questions but wasn't diligent enough early on and had to switch to BT notes -> BT questions and skip the videos about half way through my studies for Part II.

In hindsight I would possibly try reversing the Videos & Notes since the notes are more detailed and give you the fuller picture so BT notes -> BT videos ->BT questions would get you the detail with the notes first, then review the key points with the video before attempting the questions.

Also be careful with the BT forum as you go through the materials. It's both a fantastic treasure trove of information, and a dangerous time warp when you follow interesting posts and end up going deep down the rabbit hole for far longer than you'd planned

I realize I don't go into enough detail on your original question of how much to cover per day, but I think it's hard to say since we all have different rates at which we get through the materials. However definitely leave plenty of time for practice questions and practice exams at the end (at least 3 weeks).

Best
Karim

@Karim_B

Thank you

 

[vaisman]

Q 300.1.

Can someone please explain what exactly is this? What is anti derivative and how it was derived in the first place?
Not just this, I find so many questions appearing out of no where and without any reference to any study materials ! There are so many sections in the notes where it feels there are no heads or tails and the topic is being discussed. I am frankly speaking a bit disappointed with the QA section of the Bionic Turtle.

 

[David Harper CFA FRM]

Hi @vaisman Our questions do engage in the learning objectives more thoroughly (aka, deeply) than many others, it's true. But these questions are sourced in GARP's assigned Miller and the associated learning objectives which are repeated at the top (AIMs: Describe the concept of probability. Describe and distinguish between continuous and discrete random variables. Define and distinguish between the probability density function, the cumulative distribution function and the inverse cumulative distribution function, and calculate probabilities based on each of these functions.). Miller's use of calculus has always been a bit "controversial," but that was GARP's decision to include assignments that explicitly include calculus. Our questions do go deep, it's a strength that has an associated cost (often: we can't link every little detail back as easily as we could if the coverage were more superficial).

Our material does not (yet) include an introduction to calculus. You can see that, early, in this thread I pointed to some recommendations (see https://forum.bionicturtle.com/threads/p1-t2-300-probability-functions-miller.6728/#post-23640). You do want to learn the core basics of differentiation/integration, but the basic-basic calculus is just a few rules, and the power rule itself gets you surprisingly far. Eventually, we do want to add "ramp-up calculus" to the material, but we just don't have that yet. In the meantime, I would suggest that you view our questions, to some degree, as a means to learn the material. I hope that helps a little, thanks,

 

[vaisman]

Hi @vaisman Our questions do engage in the learning objectives more thoroughly (aka, deeply) than many others, it's true. But these questions are sourced in GARP's assigned Miller and the associated learning objectives which are repeated at the top (AIMs: Describe the concept of probability. Describe and distinguish between continuous and discrete random variables. Define and distinguish between the probability density function, the cumulative distribution function and the inverse cumulative distribution function, and calculate probabilities based on each of these functions.). Miller's use of calculus has always been a bit "controversial," but that was GARP's decision to include assignments that explicitly include calculus. Our questions do go deep, it's a strength that has an associated cost (often: we can't link every little detail back as easily as we could if the coverage were more superficial).

Our material does not (yet) include an introduction to calculus. You can see that, early, in this thread I pointed to some recommendations (see https://forum.bionicturtle.com/threads/p1-t2-300-probability-functions-miller.6728/#post-23640). You do want to learn the core basics of differentiation/integration, but the basic-basic calculus is just a few rules, and the power rule itself gets you surprisingly far. Eventually, we do want to add "ramp-up calculus" to the material, but we just don't have that yet. In the meantime, I would suggest that you view our questions, to some degree, as a means to learn the material. I hope that helps a little, thanks,

Hi David. I understand your point. However, as someone with knowledge of only basic mathematics/statistics, what would your suggestion be in wading through the QA section ? Will just practice and repeated practice be useful or you suggest that this section be given more importance and be done fundamentally bottom-up?
To digress a bit, I have completed Topic 1 (Fundamentals of Risk Management) fully and have 3 more sections to go before completing this by September-end /October first week. Your inputs will be highly appreciated !

 

[David Harper CFA FRM]

@vaisman (@Nicole Seaman can you help please? I am trying to record a video) can we please move this last post to a new thread in the About (where there is ongoing discussion about "study plans"), I will reply over there hopefully later today ...

 

[Nicole Seaman]

Hi David. I understand your point. However, as someone with knowledge of only basic mathematics/statistics, what would your suggestion be in wading through the QA section ? Will just practice and repeated practice be useful or you suggest that this section be given more importance and be done fundamentally bottom-up?
To digress a bit, I have completed Topic 1 (Fundamentals of Risk Management) fully and have 3 more sections to go before completing this by September-end /October first week. Your inputs will be highly appreciated !

@vaisman (@Nicole Seaman can you help please? I am trying to record a video) can we please move this last post to a new thread in the About (where there is ongoing discussion about "study plans"), I will reply over there hopefully later today ...

@vaisman

I've moved your posts to this thread, which has 5 pages of helpful information from our members regarding their study plans and how they used the Bionic Turtle materials. Everyone studies differently due to their education and background, but there are some very good study tips within this thread. We also have a thread in the forum here, which gives advice on refreshing your math skills: https://forum.bionicturtle.com/posts/31928.

I hope this is helpful!

Nicole

 

[Nejc]

In the second semester of my masters I will have financial econometrics, corporate finance (portfolio theory and CAPM, bond, stock and options valuation, cost of capital, capital budgeting, capital structure), risk management (Volatility modeling, correlation modeling, VAR with stocks, bonds and derivatives, CVaR, simulation based methods and some back and stress testing), credit risk management (LGD, Merton, CDS, CDO), and few banking courses (supervision, regulation, ICAAP, ILAAP, etc). At the end of this (first) semester (December) I will also have statistics exam (ANOVA, hypothesis testing, confidence interval, contingency analysis, linear regression). As you can see when I will take FRM part 1 I will have also other exams but I count on some synergy among them, and there is still 6 months and a half to go.

So I want to start early. Had econometrics, statistical analysis, derivatives and similar courses on my bachelor although I forgot a lot, but I guess I have some foundation to work from. I have Essentials of investments (Bodie) with end of chapter problems on deck, also Derivatives markets (McDonald) and some other textbooks.

Since I start with exam which covers a substantial part of Quantitative analysis I feel I should start with it first (and ASAP). I should get it covered by the second week of December (this would also provide some solid ground for Financial econometrics in second semester). After that I will have a bit more time since the period between both semesters doesn't have classes (January). Consequently I feel that Valuation and risk models should be my second step and should be finished by the end of January. This way I would also be already prepared a bit for both my risk management classes. Through the first part of my semester I would then move onto Financial markets and products as there would still be some time left for time management. I would then leave the best for last, Foundations or risk management which would kind of integrate into my coursers and previous GARP material. I also have 1 year of working experience as a risk officer in a savings bank (more familiar with certain mindsets and regulation) so I feel I could learn it more quickly during higher workload and approaching exams).

Proposed timetable:
- Quantitative analysis: 01.11.2018 - 15.12.2018 (also Statistics exam)
- Valuation and risk models: 16.12.2018 - 31.01.201
- Financial markets and products: 01.02.2019 - 15.03.2019 (also Financial Econometrics and Banking Regulation exams)
- Foundations of risk management: 16.03.2019 - 30.4.2019
- Final revision: 01.05.2019 - 20.05.2019
- FRM part 1 examination: 20.05.2019 (also Risk Management, Credit Risk Management, Banking Supervision and Corporate Finance exams all between 16th and 25th of May)

@David Harper CFA FRM what do you make out of this plan? I would really appreciate your feedback! Sorry for the long post.

 

[jaivipin]

At the time of giving test exam, I feel exam is too lengthy and I start loosing track/momentum and going more on boring side. Even I can do better but I start going more on assumption mode and start guessing without hitting/reading the question fully.

Since exam is of full 4 hours and not easy one, any suggestions how do we keep ourselves fully charged/energetic and desire to hit each and every question with full confidence??

What do you guys suggest??

Thanks

 

[Mah87]

hello

i started preparing for 2019 may FRM L1 couple days ago , i started with Book 2 .
there are some topics in the chapter but not exist in learning objectives for the same chapter.
for example in garp book 2 CH 2 .. page 14 Example 2.3 (calculating mean , median , and mode for a continuous random variables ) but i see nothing like that in the learning objectives for the same chapter..

should i cover any topic not exist in the learning objectives ?

kind regards

 

[David Harper CFA FRM]

Hi @Mah87 It depends on your objective. If your goal is only to pass the exam as efficiently as possible, you can generally navigate according to (i.e., follow the guidance implied by) the Learning Objectives. At the same time, in many cases, especially in Quantitative Methods (because it underlies much of the subsequent math that appears in later readings), seeking comprehension of the entire reading is helpful in the long-run. In regard to the chapter you have referenced, the LOs are (emphasis mine):

• Interpret and apply the mean, standard deviation, and variance of a random variable. [dh note: notice how this implicitly applies to either discrete/continuous]
• Calculate the mean, standard deviation, and variance of a discrete random variable.
• Interpret and calculate the expected value of a discrete random variable.
• Calculate and interpret the covariance and correlation between two random variables.
• Calculate the mean and variance of sums of variables.
• Describe the four central moments of a statistical variable or distribution: mean, variance, skewness, and kurtosis.
• Interpret the skewness and kurtosis of a statistical distribution, and interpret the concepts of coskewness and cokurtosis.
• Describe and interpret the best linear unbiased estimator.

Here you can see the "Calculate" refers to the mean/variance of a discrete random variable, while "Interpret" applies to the mean/variance of either discrete/continuous. These LOs are the product of years of evolution: this verb choice distinction is telling you that on the exam you are likely to be asked to calculate mu/sigma for a discrete but that you are unlikely to be asked to calculate mu/sigma for a continuous variable. At the same time, you are asked to "interpret" the moments of a continuous variable. In many cases, performing the calculation leads to superior comprehension, while skipping the math can lead to awkward "interpretations." Here is an example of the difficulty of interpreting kurtosis with any calculation exposure. This is why I think your book's illustrations of the continuous variable moments are productive uses of your time. Financial risk is quantitative, there is no way around it! But, at the same time, it depends to a degree on your goals. There is a difference between a "ruthless" strategy to pass the exam, and a strategy to master the material (in my opinion). I hope that's helpful!

 

[Mah87]

hi Mr david..
thank you for your reply .. it was very helpful..

 

[mikeyen]

Hello - just subscribed and am trying to get started. I'm trying to figure out what's an appropriate pace for the study planner - I've signed up for the exam in May, which means I have less than four months or so to get through the material, with some time at the end for practice etc. Given there are four topics I was thinking of targeting one month per topic, but I would like to get a sense of the relative difficulty of each section (i.e. plan to spend more time on topic x, and less time on topic y, etc), just so I can better pace myself. Would someone be able to shed some light?

Thanks.

Mike

EDIT: by the way, this is for Part I of the exam.

 

[lucasrferro]

I am in the same situation !