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1. ### CFA June exams postponed, all levels.

Yes, just enrolled for December 5. Works better for me, only gotten through quarter of content so far.
2. ### Exam Feedback November 2019 Part 2 Exam Feedback

Just received certificate today from UPS (surprising given COVID-19 situation in NYC). Looks nicer than I thought.
3. ### CFA June exams postponed, all levels.

Doubtful sooner than Dec 2020.
4. ### COVID-19 - Update from GARP Regarding May 2020 Exam

CFA also postponed June exam, saying earliest they anticipate is December 2020.
5. ### Bond YTM- Excel (Goal Seek) vs BA II

Corrupted spreadsheet, can't open it. The PV = 98.39 is wrong. Your t=2 cashflow seems too low. I am doing 103/(1+0.068)^2, what are you doing?
6. ### Bond YTM- Excel (Goal Seek) vs BA II

@Sixcarbs The exact conversion to make it an annualized IRR is: (1+IRR)^2-1 in this case it actually gives 6.99% or basically 7%. https://www.wolframalpha.com/input/?i=(1+0.034377)^2-1 I don’t have Excel on my phone but using Google Sheets I get answer that agrees with calculator. Can you...
7. ### Bond YTM- Excel (Goal Seek) vs BA II

Can you show screenshot of what exactly you Goal Seek in Excel? The calculator and IRR in Excel assume periodic CFs with a generic period with length between periods being 1. Goal Seek: RATE: =RATE(4,3,-98.39,100,0,0.03) IRR: =IRR({-98.39,3,3,3,103},0.03) All give ~3.44% and * 2 = 6.88%.
8. ### Exam Feedback November 2019 Part 2 Exam Feedback

It reads a bit vague. Do you have the first draft that got rejected for comparison? I think this actually might get accepted, but if it was on a CV or job interview I would say it’s lacking substance (contains too much filler). I would specify the firm, your role and department in the actual...
9. ### FAQ After Exam Does PhD count as work experience?

I don’t believe it does. It might if you were a postdoc though. I’d email GARP, but I would be surprised if it counted. That being said, if you are doing a PhD, I don’t see how much value you will get out of FRM. Maybe best to focus on that and your internships. What do you need FRM...
10. ### CFA Anyone here take level 1 on December 7th?

Grats @Sixcarbs, you’ll get it next time @adeex18.
11. ### Thoughts on IMC exam please, value and difficulty??

I never heard of it until now. From my five minutes of research, I do not see much value in it if you are actively pursuing CFA designation. IMC seems to be a very basic certification to get an entry level position. At a certain point I think certifications have diminishing returns. Experience...
12. ### Exam Feedback November 2019 Part 2 Exam Feedback

Yeah mine says 2020.
13. ### Logistic Distribution

Not sure if I follow, you have a function, y= f(x) = ln(x/(1-x)), with 0<x<1 and you want to find inverse? The way I was taught was to replace “y” with “x” and then solve for y. Getting rid of LN will involve taking EXP.
14. ### Is Variance monotonious

I see. Yes, Variance is not a coherent risk measure. It’s easier to show the failure of the other properties rather than get bogged down with monotonicity in my opinion.
15. ### Is Variance monotonious

Is this a math, risk or some hybrid class? Can you share the exact definition of showing risk measure is monotone you were provided with? For example, is it a strictly greater than or greater than or equal to is OK? Does the definition state anything about RV being perfectly correlated? Are...
16. ### Logistic Distribution

These are well known functions. Inverse of logit function is sigmoid function. https://en.m.wikipedia.org/wiki/Sigmoid_function
17. ### Is Variance monotonious

OK so your definition is if X > Y everywhere then VAR(X) > VAR(Y)? Few questions on your proof: 1) Suppose I had made Z = Y - X, then I get same Variance breakdown right? 2) VAR(anything) >= 0 by definition, right? 3) Even if I know VAR(Z) > 0, how do I know/show VAR(X) > VAR(Y)?
18. ### Exam Feedback November 2019 Part 2 Exam Feedback

Just got certified. Took around 13 days. Submitted: 01/02, 00:08 EST Approved: 01/14, 11:53 EST (Email received)
19. ### Logistic Distribution

Did you mean to write F inverse = ln((alpha)/(1-alpha))? I.e. the logit probability function? To prove g(x) is strictly increasing, show g’(x) > 0 for all x. To get CDF you can find the inverse of the function you have, take derivative you get PDF. VAR: By definition VAR is based on the...
20. ### Is Variance monotonious

Can you give us the definition of monotonicity you are using? If you can share your current proof, then I can comment on the validity and soundness. I believe the proof would involve using VAR(X) = E(X^2) - E(X)^2.