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Today's Daily Questions

David writes totally fresh, totally original practice questions every week: a fresh set of three questions on Mon and Wed = 6 new practice questions per week. A few hungry customers like to follow along, so we post them here.

Paid members please note: you do not need to collect practice questions one at a time! After a chapter (or section of related chapters) is finished, Nicole collects them into a single PDF file and uploads to the Study Planner. Most paid members will want to go straight to the study planner (unless you want to discuss/etc in the forum). Thank you!
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David's Notebook

Here is where I post the Week in Risk (subsequently blogged and emailed to opt-in members). Also, I may share high-priority tips or alerts (e.g., discovered error in textbook).
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703
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FAQ's

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Partner Products

Our affiliate partner products are available as additional resources to help advance your education in various areas of risk.
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YouTube Videos
Bionic Turtle YouTube videos covering the concepts in the FRM exam

Financial Calculator Tutorials

Video tutorials on using your financial calculator
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17
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17

P1.T1 Foundations of Risk

BT YouTube videos covering the concepts in Foundations of Risk Management
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12
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22
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12
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22

P1.T2 Quantitative Analysis

BT YouTube videos covering the concepts in Quantitative Analysis
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31
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39
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31
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39

P1.T3 Financial Markets & Products

BT YouTube videos covering the concepts in Financial Markets & Products
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44
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66
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44
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66

P1.T3 FM&P: Exotic options

BT YouTube videos covering Exotic Options in Financial Markets & Products
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5
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5
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5
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5

P1.T4. Valuation & Risk Models

BT YouTube videos covering the concepts in Valuation & Risk Models
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44
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77
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44
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77

P2.T5. Market Risk Measurement & Management

BT YouTube videos covering the concepts in Market Risk Measurement & Management
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9
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17
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17

R Programming (Data Science)

BT YouTube Videos Introducing R Programming
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Chartered Financial Analyst® (CFA)

David Harper discusses the concepts covered on the CFA exam.
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11
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Investment

Million Dollar Portfolio
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9
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Financial Risk Manager (FRM). Free resource
These forums are available and free to the PUBLIC. Please note the generally follow the organization of GARP's syllabus. "P2.T6" = Part 2, Topic 6 and "(25%)" = 25% weight in the Part 2 exam.

About FRM

About the FRM or bionicturtle.com FRM prep service
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Part 1 FRM Study Groups

Create a new study group or look for existing study groups for Part 1 of the FRM exam
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Part 2 FRM Study Groups

Create a new study group or look for existing study groups for Part 2 of the FRM exam
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641
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17
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641

Risk (general)

General risk topics that don't fit neatly into the nine FRM topics
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71
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246
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71
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246

P1.T1. Foundations of Risk (20%)

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327
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1,466
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327
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1,466

P1.T2. Quantitative Methods (20%)

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757
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3,012
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757
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3,012

Fixed Income (P1.T4 or P2.T5)

Tuckman L1 (Chapters 1,2,3 & 5) and L2 (Chapter 6, 7, 9, 21). Fabozzi's Handbook of MBS Chapters 1 & 31.
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97
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97
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406

P2.T5. Market Risk (25%)

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720
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3,182
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720
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3,182

P2.T6. Credit Risk (25%)

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618
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2,543
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2,543

P2.T7. Basel II & Regulatory

Classified under Operational Risk & Integrated Risk but a big topic
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388
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388

P2.T7. Operational Risk & ERM (25%)

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263
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906
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263
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906

P2.T8. Liquidity and Treasury Risk (15%)

This new topic was added to the FRM curriculum in 2020
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9
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18
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9
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18

P2.T9. Investment Management (15%)

This was previously Topic 8 prior to 2020. This is the reason that some of the threads within this forum will be labeled T8 instead of T9.
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855
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P2.T10. Current Issues (10%)

This was previously Topic 9 prior to 2020. This is why some of the threads in this forum will be labeled T9 instead of T10.
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47
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194
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194

FRM Practice Questions (PQs; for PAID customers)
These forums (below) are for PAID BT CUSTOMERS ONLY. Each fresh, original practice question is posted here first and becomes a future reference for (i) follow-up questions, (ii) related comments, or (iii) proposed corrections if you have a disagreement or perceive a potential error or typo

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426

GARP Part 2 (P2) Practice Exam Questions

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665
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111
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665

P1.T1. Foundations of Risk

Practice questions for Foundations: Intro, CAPM, APT, Stulz, and Case Studies
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136
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1,207
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136
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1,207

P1.T2. Quantitative Analysis

Practice questions for Quantitative Analysis: Econometrics, MCS, Volatility, Probability Distributions and VaR (Intro)
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317
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3,199
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317
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3,199

P1.T3. Financial Market & Products

Practice questions for financial markets & products: Hull (options, futures & derivatives), commodities, FX, and corporate bonds
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153
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3,022
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153
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3,022

P1.T4. Valuation & Risk Models

Practice questions for valuation and risk models: value at risk (VaR), binomial, BSM, Greeks, Tuckman's bonds, bond sensitivities, stress testing, credit ratings, expected/unexpected loss, OpRisk intro
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137
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2,502
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137
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2,502

P2.T5. Market Risk

Practice questions for Market Risk Measurement & Management
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321
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2,856
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321
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2,856

P2.T6. Credit Risk

Practice questions for credit risk
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281
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2,204
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281
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2,204

P2.T7. Operational Risk

Practice questions for operational risk and Basel II (Basel III)
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232
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1,124
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232
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1,124

P2.T8. Liquidity and Treasury Risk

Practice questions for liquidity and treasury risk. Note: This is a new topic that was added to the curriculum in 2020.
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18
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62
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18
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62

P2.T9. Investment Management

Practice questions for investment management and risk management. Note: This was previously Topic 8 prior to 2020. This is the reason that many of the threads within this forum will be listed under T8 instead of T9.
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154
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883
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154
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883

P2.T10. Current Issues

Practice questions for current issues. Note: This was previously Topic 9 prior to 2020. This is why many of the threads in this forum will be labeled T9 instead of T10.
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65
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119
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65
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119

BT Part 1

Part 1 practice questions
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25
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156
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25
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156

BT Part 2

Part 2 practice questions
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21
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182
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21
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182

Miscellaneous Practice Questions

Prior Exam or Not Classified
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3
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FRM Archive
Older forums are located (eventually transferred) to the location below. These forums are often LESS RELEVANT to current FRM candidates. However, due to the relative continuity of the FRM's underlying structure--despite its continuous churn--they continue to offer some relevance.

[P1 & P2]Text: Options, Futures & Derivatives, 7th

Assigned in 2010: Estimating volatility & correlation (Ch 21); Chapters 1 - 7, 9 and 10; Binomial (Ch 11), BSM (Ch 13), Greeks (Ch 17), Credit risk (Ch 22), Credit derivatives (Ch 23), Volatility smile (Ch 18), and Exotic options (Ch 24)
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Latest profile posts

Soraya wrote on David Harper CFA FRM's profile.
hey David,
I have just found a response to my question ,the spot rates in thee mapping exemple are just an assumption.
Soraya wrote on David Harper CFA FRM's profile.
Hey David,

Could you please help me to understand how did you extract the spot rates in the exemple of
the Summarize how to map a fixed income portfolio into positions of standard instruments.
Instructional Video: Jorion, Chapter 11: VaR Mapping

Sincerely,
Soraya
CVA under Basel III

1.what is different between Regulatory CVA and CVA under accounting and pricing?
I found some literatures that define CVA under accounting as, capital that cover expected losses due to CVA volatility while some say, is the cost of credit risk? which is which?
2. The CVA under Basel III, is being replaced by FRTB-CVA or being complemented?
annaleevance2000 wrote on David Harper CFA FRM's profile.
Hello David,
I would like to thank you for this platform:) I am 19 years old, and in my 2nd year in college. I took financial accounting and corporate finance, and am a math major (I have done calc 3). Is it common for students like me to take the FRM? Cause I love this stuff (I spend upwards of 8 hours daily working through the material) but I'm so, so overwhelmed.... I plan to take the Oct/Nov exams. Any advice?
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