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2011 May FRM level1 exam and BT preparation materials

Hi David

-- Looking at the GARP website for the study materials, two things are mentioned - FRM handbook and the individual chapters from various textbooks. I am not from finance background. Which one is easier to understand for starters like me - FRM handbook or those various textbooks.

-- Does your prep materials/teaching require to have some pre-requisites to comprehend your lectures?
Whether the preparation materials covers every learning outcome statements mentioned in GARP readings?

-- When the preparation materials for 2011 May level1 would be available?

Thank you
gaurav
 

David Harper CFA FRM

David Harper CFA FRM
Staff member
Subscriber
Hi guarav

1. Although this varies by text, in my opinion the handbook gives (on average) an easier introduction. Not everybody would agree; some have said some sections are non-introductory or assume too much (e.g., Jorion maybe assumes some calculus). But passing the exam requires more than an introduction. If the goal is retention, comprehension and/or mastery (i.e., to pass the exam), some of the readings are stronger against that criteria and some are decidedly weaker. For a beginner, in my opinion, the handbook alone is insufficient. In some cases, it is just a helpful function of overlap and redundancy. Some of the concepts are easier when you see them from a 2nd or 3rd angle...

2. We try not to assume more than basic math; but sometimes we must assume familiarity with "building blocks" (e.g., compound frequency). Yes, every AIM, although for 2011 I am not going to be religious about every AIM because i think it's not necessarily helpful.

3. GARP hasn't published 2011 AIMS & Study Guide. About 5-7 days after they publish, we deploy our calendar

Thanks, David

1/7/2011 append: please note the newly released 2011 study guide includes this from GARP (emphasis mine):
"The Financial Risk Manager Handbook, 6th Edition, by Philippe Jorion (New York: John Wiley & Sons, 2011), covers most of the FRM examination topics at the appropriate level. However, please note that the FRM Handbook was designed to help candidates review the material and is not a textbook. Alone, the FRM Handbook is not sufficient to prepare a candidate to pass the examination. The FRM Handbook includes an interactive eLearning platform with questions and answers from previous FRM exams to assist candidates with their exam preparation."
 
Thank you David. Approximate date by which BT materials will be available (I understand you mentioned that it will only be after 5-7 days after GARP releases 2011 May guidelines)? For beginners like me would that be enough time to prepare for 2011 May exams? What is the recommended way - a) BT materials + FRM handbook b) BT Materials + core readings c) BT materials to crack the exam?
 

David Harper CFA FRM

David Harper CFA FRM
Staff member
Subscriber
Hi guarav,

Materials aren't available < 7 days after AIMs (that would be impossible for anybody). I meant, we publish the calendar for the year. (we will be publishing right up to the May exam).

People who want an early start have already started with the 2010 material b/c the overlap is high especially for the early topics (foundation, quantitative). There is nothing to keep from starting now.

Enough time to prepare? It is hard for me to answer, there is never enough time for some ... we do the best we can to give you quality help. But, if you are expecting a full set of materials fully updated for 2011 immediately, we don't do that (nobody can do that, we do high quality as soon as humanly possible) ... i don't want to raise your expectations that way, i hope you understand why

Recommended sequence: I frankly stopped advising on this because I had a recommended way (fwiw, for a while my recommendation was: bt videos > source readings > bt study notes > bt practice questions) but styles vary widely and not everybody (eg) uses the handbook. Some customers argued for different sequence, with success, and i resigned myself to "diversity;" e.g., some actually started with PQ which i do not really understand. So, at the end of the day, i do not perceive a correct answer exists. (also, I believe the spreadsheets best contribute to "mastery" but this may be a function of style and/or time).

But we are currently working to improve the calendar functionality to give more and better guidance, so you can look for that ...

thanks, David
 
Thank you David. So I have an option to purchase 2010 material now and get upgraded to 2011 materials when you release new schedule after GARP releases AIM?

Are the video lectures can only be streamed, can they be downloaded? Option to download excel sheets, lecture notes?
 
Hi David,

I am new to bionic turtle. I wrote FRM level-1in Nov-2010 but i did not pass it. I have reapplied for FRM level-1 for May 2011. Please guide me how to proceed this time so that i will be able to pass FRM level-1.


Regards,
Abhishek
 
@Suzanne: Thanks for a quick response.

Need more info:
[1] Is all the printable material like study notes etc in the form of PDFs?
[2] Is latest material for Level-1, May 2011 is available?

Thanks,
Amit
 
T

the luncheon meat

Guest
hi again, i noticed that the reading required for level 2 has increased as compared to 2010. this is a bad sign in terms of scoope to cover, isn't it? more to study compared to previously ...

your opinion pls, other than the fact that we get to learn more
 

Suzanne Evans

Well-Known Member
afarty,

Unfortunately, I don't have the answer to this question. David will respond as soon as possible.

Thanks,
Suzanne
 

David Harper CFA FRM

David Harper CFA FRM
Staff member
Subscriber
afarty,

The AIMs have not been published: in theory, AIMs will churn (- drops + adds) in such a way that scope could be approximately the same. However, in practical terms and from the perspective of "how much scope in order to be ready to pass with some degree of confidence?" I think your conclusion is correct.

So far, the CONCEPTUAL FOOTPRINT (IMO) has expanded for Level/Part II (although many readings are the same). In some cases, implication is unclear; e.g., Basel has more readings (2011 versus 2010) so gives the superficial appearance of more time required for Basel II/III but has the burden for Basel increased? Not really because, if anything, this year we have the benefit of better summary documents by BIS. Generally same prep requirements.

So, at this point, I agree with you. The new level 2 implies more study time ... not sure how much yet ... but less that appears superficially by the readings (IMO)

thanks,
David
 
T

the luncheon meat

Guest
good evening, i noticed that FRM AIMs are released ... looking forward to your materials :)
 
Recommended sequence: bt videos > source readings > bt study notes > bt practice questions
I have registered myself for FRM L1 BT material. I can see videos, study notes as well as PQ on how-to tab. But what do you mean by Source Reading??

Thanks
Amit

Hi guarav,

Materials aren't available < 7 days after AIMs (that would be impossible for anybody). I meant, we publish the calendar for the year. (we will be publishing right up to the May exam).

People who want an early start have already started with the 2010 material b/c the overlap is high especially for the early topics (foundation, quantitative). There is nothing to keep from starting now.

Enough time to prepare? It is hard for me to answer, there is never enough time for some ... we do the best we can to give you quality help. But, if you are expecting a full set of materials fully updated for 2011 immediately, we don't do that (nobody can do that, we do high quality as soon as humanly possible) ... i don't want to raise your expectations that way, i hope you understand why

Recommended sequence: I frankly stopped advising on this because I had a recommended way (fwiw, for a while my recommendation was: bt videos > source readings > bt study notes > bt practice questions) but styles vary widely and not everybody (eg) uses the handbook. Some customers argued for different sequence, with success, and i resigned myself to "diversity;" e.g., some actually started with PQ which i do not really understand. So, at the end of the day, i do not perceive a correct answer exists. (also, I believe the spreadsheets best contribute to "mastery" but this may be a function of style and/or time).

But we are currently working to improve the calendar functionality to give more and better guidance, so you can look for that ...

thanks, David​
 
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