Study time for the exam underestimated by GARP

tj Berkov

New Member
Hi David,
Im really grateful for your wonderful website. I have been checking it for a couple of months now, and I've learning plenty,
I will sit for the FRM 2008, although Garp tells that 250-400 hours average might be enough for the exam, I think its a huge underestimation IF YOU HAVE NO BACKGROUND. At first I did not think that it would be a problem, but it really is, so if your work is related with risk management, I believe you are extremely lucky in this exam..
There are 83 core readings (I go with shweser) just even reading them once takes like 200 hours. If you read it twice it takes like 350-400 hours. And there are hundreds of concept that you should digest, think and solve problems on.
You first read Quant Sec. then move to market and credit risk, when you go back to check quant section again after 3 months, you angrily see that you forgot them...
If a guy with no math and risk background says that he can do it with just 400 hours, he must be either genious or really lucky (bec. in lots of questions you end up with two choices, 50% chance), or I'm missing something...
I have already did more than 700 hours... still don't feel that I'm in good shape after the practice exams.
I don't know...I guess these guys doing the test in 400 hours with no backgrounds are smarter than I'm...
Anyway again thanks for your nice website...

Tj
 

David Harper CFA FRM

David Harper CFA FRM
Subscriber
Tj -

Thank you very much for taking the time to post this feedback on the exam (and for liking this site!); I believe your perspective is important and shared by many. But too often, the realization is a bit too late for the current exam year.

Thank you especially for highlight a key a priori question: what background to you bring to the exam? Some are fortunate to already have some quantitative background, and such foundation (I totally agree with you) makes a huge difference on the time they must spend. Others do not have this foundation, and will require more time.

I get many questions asking, How much time do i need to prepare?. Therefore, because I agree with you in this respect, there is no single answer to this question. Each individual must look at the Study Guide/AIMs. By spending 10 - 20 minutes looking at the study guide, you should immediately be able to have a vague sense (e.g., "i know some of this", "I don't know any of this"). Those with sufficient background will need less time (less than even 200 hours), those without--i.e., those who are not immediately comfortable with the AIMs--will need more time. Over 200, maybe over 300, maybe over 400.

Please note, this year I started an Early Bird sessions on January 7th. For the 2009 FRM, I will conduct an Early Bird again (although, I plan for improvements. We will have even more action-oriented practice questions). The Early Bird will be specifically to provide the quantitative setup. Please keep us in mind for an early start to 2009 - I really believe this is the best way to pass and, just as importantly, to learn with enjoyment rather than high stress.

Stay tuned...

Thanks, David
 
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