Passed Lvl2 !!! I echo everyone's comment - I could not have reached the depth of understanding and covered the breadth of the material without David and Nicole's help. Thank you to BT and all the participant in the forum that helped made this program as meaningful as it did for me.
I know for the May 2021 exam, we will be tested on the new FRM r
At the risk of being overly cautious, I wanted to confirm that the 2021 curriculum changes does NOT apply to the January 16 exam. I can call GARP to confirm but I feel the exam should have already been...
I don't know what GARP would do to respond to the COVID restrictions, if any. If I recall, the November exam went on as planned, while Montreal was in the red zone.
I recommend you call GARP and ask for reschedule to May to see if they can accommodate.
I have a practice question (non-BT) related to the use of Merton's debt valuation model.
An investor has a large position of bonds issued by XYZ Limited. He has hedged these bonds with equity using Merton’s debt valuation model. Suppose the value takes an unprecedented tumble, but the...
If drift is not included, it indicates relative VaR, not absolute VaR. I don't think Jorion necessarily indicated all the VaR he is referring to are necessarily relative VaR (i.e., without drift).
Try this thread for further explanation on absolute vs. relative VaR...
I called GARP Member Services. This is a previously unknown issue to them, and they have now started a ticket on it based on my call. I would stick to reviewing BT's questions for now as it is unlikely the issue will get resolved over the holidays.
@mattheweidinger: have you tried calling GARP? I feel like their response rate is much better over the phone than over email. I can try to call them tomorrow morning EST and see what can be done about the question bank.
It would be useful to hear from those who wrote the Nov 21 exam in Montreal. What was the arrangement like?
I thought Montreal was under stricter restrictions. How did GARP managed to comply with those restrictions? Perhaps the same strategy can be applied for Toronto for January?
On the issue of the z-value to use to calculate SaR:
GARP 2019 Practice Exam question number 24. In which the question asked for the "lower bound of the 95% confidence interval for the expected end-of-year surplus". The answer key uses 1.96 instead of the 1.645. I think the 1.96...
I checked GARP's announcement on CBT, which was issued in September. They explicitly said that CBT will be administered at secure exam sites and NOT remotely.
Personally, I've found GARP's reluctance/inability to adapt to the changing environment disappointing. It is not like we're trying to...
Last time I wrote Part I in 2019, the room had >100 people and GARP booked 3 separate rooms in the UofT exam centre. I think I'm resigned to a 2021 exam now. Are you writing in Toronto too?
I'm registered for the Nov 21 exam in Toronto. I just reached Beanfield Centre and the rep let me know that remainder of 2020's events at the Exhibition Place are all cancelled due to COVID restrictions. The rep did not receive cancellation notices from GARP so she is unable to say for sure it...
I agree, capacity at Beanfield is not an issue. The rooms are huge. In ON, the gathering restriction for indoors is <10 people. The additional guidance on indoor event gathering is more detailed but still confusing...
What I mean is: GARP has not deviated from their standard script, offering no willingness to take my suggestions of blocking hotel rooms. I've said to GARP in my email, our local restriction is 10 people per room. In their response, they did not address or respond that restriction at all. Here's...
I asked this question on Sept 30, and suggested GARP change their venues like book a block of hotel rooms. I just got a canned response this morning. Basically it gives me no more information than what's already published on their website (i.e., GARP takes safety precautions, and GARP will REACT...