2009 Financial Risk Manager (FRM)
World's best risk education. Period.
- Video tutorials
- Study notes
- Quality practice questions
- Actionable learning spreadsheets, and
- Forum Support
Your Instructor
David Harper, CFA, FRM, CIPM
- Track record helping candidates pass
- Deep experience in all risk disciplines
- Pioneer in web-based instruction
- Built all spreadsheets (detail oriented)
- Chartered Financial Analyst (CFA)
- Financial Risk Manager (FRM)
- Performance Measurement (CIPM)
Video Tutorials
The best videos in the business!
We were an early pioneer in web instruction. Each year, we improve our unique brand of visual communication to bring you better, more efficient learning.
Practice Questions
Hand-crafted for boot camp
Anybody can copy you a dumpster of stale, lame questions.
But the quality of your practice determines your result. We pride ourselves on writing the best questions ... to get you in fighting shape for the exam.
Learning Spreadsheets
Because doing is learning
- Inventory of Learning Spreadsheets
- Almost all of exam’s difficult concepts
- Candidates often use in their work
- MS Excel or online EditGrid
We get the best results
Because to us, it's customer (candidate) service
We earn the highest marks for customer satisfaction. But don’t take our word for it: Our forum contains 100% unsolicited, unfiltered feedback.
We don’t have any competitors who are this transparent. Why is that?
Latest Blog
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Tracking error, the information ratio, and the Sortino ratio [foundation] 09 Feb 2010
AIM: Compute and interpret tracking error, the information ratio, and the Sortino ratio. Each of these metrics (i.e., tracking error [TE], the information ratio [IR] and … read more
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Treynor measure, Sharpe measure, and Jensen’s alpha [foundation] 09 Feb 2010
AIM: Calculate, compare, and evaluate the Treynor measure, the Sharpe measure, and Jensen's alpha. The Treynor measure: excess return divided by portfolio beta (b): (EQUATION GOES … read more
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Treasury bond DV01, L1 [practice, valuation] 08 Feb 2010
I added questions to give practice on key testable bond concepts; the relationship between bond price, duration and DV01 (see question 5.7) comes in handy - … read more
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Price & quantity of risk [foundation] 08 Feb 2010
AIM: Define and calculate the price of risk and the quantity of risk (beta). Beta is also called the quantity of risk. The equity risk premium … read more
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Market efficiency [foundation] 08 Feb 2010
AIM: Define market efficiency, identify the three forms of market efficiency, and discuss the link between efficiency and the CAPM. The three forms of market efficiency … read more
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Week in risk (2/5/2010) 05 Feb 2010
In the forum: Jensen’s alpha versus CAPM Typical practice question on arbitrage with spreadsheet calculations here My 7-min video on How to calculate simple historical volatility. … read more
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Commodity lease rate [practice, products] 05 Feb 2010
4. If the lease rate of commodity A is less than the risk-free rate, what is the market structure of commodity A? [source: FRM 2010 practice … read more
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Capital asset pricing model (CAPM) [foundation] 05 Feb 2010
AIM: Describe the Capital Asset Pricing Model (CAPM), list its underlying assumptions, and explain its implications, contributions and limitations. Security Market Line (SML) The security market … read more
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Covariance/correlation of returns [foundation] 05 Feb 2010
AIM: Describe how the covariance/correlation of returns between securities affects the returns distribution of a portfolio of securities. The variance of the two-asset portfolio is given … read more
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How can higher NPV project be undesirable? [practice] 04 Feb 2010
Sample Question L1.3. A corporation is faced with the decision to choose between the two following projects: Project Investment Perpetual Annual Cash Flow Cash Flow at … read more
Latest Training Video
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2009 9.b Current Issues (UBS, Stress, Lo) - sample 04 Nov 2009
Shareholder Report on UBS’s Write‐Downs; Why Banks Failed the Stress Test; Andrew Lo's Testimony on Hedge Funds read more
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2009 9.a.ii Current Issues (NR, Securitization) - sample 30 Oct 2009
Observations on Recent Market Turbulence (March 2008); Northern Rock: Executive Summary; John Martin's Primer on the Role of Securitization in the Credit Market Crisis of 2007. … read more
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2009 9.a.i Current Issues (Gorton, Rajan) - sample 29 Oct 2009
1. Gary Gorton: Information, Liquidity, and the (Ongoing) Panic of 2007; and 2. Raghuram Rajan: Has Financial Development Made The World Riskier read more
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2009 8.d Investment (Budgeting) - sample 21 Oct 2009
Litterman' s Risk Monitoring and Performance Measurement (Chapter 17) and Leslie Rahl's Risk Budgeting (Chapter 6) read more
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2009 8.c Investment (Hedge Funds) - sample 20 Oct 2009
Jorion's Portfolio Risk: Analytical Methods (Chapter 7) and VaR and Risk Budgeting in Investment Management (Chapter 17) read more
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2009 8.b Investment Risk (Jorion VaR) - sample 18 Oct 2009
Jorion's Portfolio Risk: Analytical Methods (Chapter 7) and VaR and Risk Budgeting in Investment Management (Chapter 17) read more
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2009 8.a.ii Investment Risk (Jaeger) - sample 17 Oct 2009
Grinold's Portfolio Construction (Chapter 14) and Performance Analysis (Chapter 17). Lars Jaeger's Funds of Hedge Funds (Chapter 6) and Hedge Fund Style Drifts (Chapter 27) … read more
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2009 8.a.i Investment Risk (Grinold) - sample 17 Oct 2009
Grinold's Portfolio Construction (Chapter 14) and Performance Analysis (Chapter 17). Lars Jaeger's Funds of Hedge Funds (Chapter 6) and Hedge Fund Style Drifts (Chapter 27) … read more
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2009 7.e. OpRisk (Basel II, cont) - sample 05 Oct 2009
1. Basel's Principles for Sound Liquidity Risk Management and Supervision; 2. Guidelines for Computing Capital for Incremental Risk in the Trading Book; 3. Revisions to the … read more
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2009 7.d OpRisk (Basel II) - sample 02 Oct 2009
Basel II: Revised Framework; and Explanatory Note on the Basel II IRB Risk Weight Functions read more
Forum Q&A
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Eurodollar and Fed Funds Futures 08 Feb 2010
Basel II & the assumption of a zero mean 08 Feb 2010
Gujarati Chapter 3 07 Feb 2010
Entry requirements and qualifications 07 Feb 2010
2010 Basel readings 07 Feb 2010
Testimonials
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tutorial presented in clean, clear, simple english language. Pace of speaking is NOT rushed. Mastery of the subjec matter is excellent. Respondant to BT FRM Course survey sent 1/14/2010
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You do a fantastic job of explaining complicated instruments like CDS, CDOs etc. I never completely understood how BISTROs worked until I saw your partially funded synthetic CDO video. You are … Jayanthi Sankaran, PhD
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Thank you so much David!!! without your excellent , easy-to-grasp , screencast . I would have given up the whole exam !! Highly recommended for anybody who has problem in digesting … Respondant to BT FRM Course survey sent 1/14/2010
Featured Links
Featured Spreadsheets
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Please see this page for more details.
- The best explanation available in the www this should be 1:1 in Wikipedia like this. 06 Feb 2010
- Maybe also of interest an interview with professor Reinhart on EconTalk: Carmen Reinhart of the University of Maryland talks with EconTalk host Russ Roberts about the … 06 Feb 2010
- Nice Video, I have a doubt on how to scale the VaR over one year time horizon. Say I have monthly returns of a portfolio. In … 05 Feb 2010
- Can anyone help me solve this question…. As of February 5, 2002, two Treasury bonds were priced as follows: Coupon Maturity TED …08 Feb 2010
- Hallo, I would like to ask whether Basel II assumes a zero mean for calculating a 10-day VaR. In other words, suppose I know the standard …08 Feb 2010
- Hi David, I have found the greek questions are quite interesting and challenging.. 1. Which of the following statements about option time value is true? a. …08 Feb 2010