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Course 2021 Part 1 New and Updated Published Materials

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Nicole Seaman

Director of FRM Operations
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This thread is to give our members a quick reference to the new and updated Part 1 materials that we publish throughout the 2021 exam period. We will include the date that the materials were updated or published so you know that you are using the most up-to-date materials. To follow this thread, click on "Watch" in the upper right corner of the page.

Please make sure to read our publishing process thread here regarding if and when specific materials will be published: https://www.bionicturtle.com/forum/threads/please-read-publishing-process-for-2021.23610/. Thank you :)

Foundations of Risk Management

FRM 1 - Chapter 1. The Building Blocks of Risk Management

  • Study notes updated to v5 on 01/29/21 (no new content/one LO removed)
  • Study notes updated to v5-2 on 08/02/21 (pages 7 & 8 only)
FRM-3 - Chapter 3. The Governance of Risk Management
  • Study notes updated to v3.2 on 01/29/21 (no new content/2021 LO wording change)
FRM-4 - Chapter 4. Credit Risk Transfer Mechanisms
  • Study notes updated to v3.2 on 01/29/21 (no new content/2021 LO wording change)
FRM-5: Chapter 5. Modern Portfolio Theory (MPT) and the Capital Asset Pricing Model (CAPM)
  • Study notes updated to v3-4 on 02/02/21 (no new content/2021 LO wording change)
  • Study notes updated to v3-6 on 07/26/21 to fix error
FRM-6: Chapter 6. Multifactor Models of Risk-Adjusted Asset Returns
  • Study notes updated to v3-1 on 02/04/21 (no new content/chapter title change/one LO removed/LO wording change)
FRM-7: Chapter 7. Risk Data Aggregation and Reporting Principles
  • Study Notes updated as v5 on 08/02/21
FRM-8: Chapter 8. Enterprise Risk Management and Future Trends
  • Study notes updated to v3-4 on 02/05/21 (no new content/2 LOs removed)
FRM-9: Chapter 9. Learning From Financial Disasters
  • Study notes updated to v3-4 on 02/09/21 (no new content/typos fixed)
  • Practice Question set updated 09/16/21 to v3-2 to fix bookmark errors only
FRM-10: Chapter 10. Anatomy of the Great Financial Crisis of 2007-2009
  • Study notes updated to v3-3 on 02/09/21 (no new content/typos fixed)
Interactive Quiz
  • Quiz and PDF updated 07/16/21 to v5.3 to fix errors

Quantitative Analysis

QA4. Chapter 1. Fundamentals of Probability

  • Study Notes updated 09/17/21 to v3-6 to add content:
    • pages 5 and 6, examples and figures added for unconditionally dependent yet conditionally independent events and unconditionally independent, yet conditionally dependent events.
QA4 - Chapter 4. Multivariate Variables
  • Study Notes updated 09/15/21 to v3-7 to fix errors:
    • page 3: "Be able to manipulate the fundamental probability relationship: conditional equals joint divided multiplied by marginal; i.e., P(B|A) = P(B ∩ A) × P(A)" changed to "Be able to manipulate the fundamental probability relationship: conditional equals joint divided by marginal; i.e., P(B|A) = P(B ∩ A) / P(A)"
    • pages 3 and 17 formula: w^2 σ(1)^2+w^2 σ(2)^2+2w(1-w)σ(12) changed to w^2 σ(1)^2 + (1-w)^2 σ(2)^2+2w(1-w)σ(12)
    • page 11: Cov (a + bX, c +dY) when X and Y are independent is corrected.
QA5 - Chapter 5. Sample Moments
  • Study Notes updated 09/17/21 to v3-6 to fix errors:
    • page 5, summation sign is added
    • page 17, square root is added for n.
QA6 - Chapter 6. Hypothesis Testing
  • Study Notes updated 09/17/21 to v3-5 to fix errors:
    • Page 28: small correction in the t-statistic formula
    • page 29, finished incomplete paragraph
QA9 - Chapter 9. Regression Diagnostics
  • Study Notes updated 09/17/21 to v3-4 to fix errors:
    • page 4, Y in the second step regression formula is replaced with gamma.
    • page 6, omitted variables bias notes and formulas edited to match with the GARP version.
    • page 10, the cook's distance formula is corrected. Note on k added.
    • page 11, our reference to chapter 7 has been corrected to chapter 9.
QA10 - Chapter 10. Stationary Time Series
QA11 - Chapter 11. Nonstationary Time Series
  • Practice Question Set Updated to v3 on 04/21/21 to add new PQs
QA12 - Chapter 12. Measuring Return, Volatility, and Correlation
  • Practice Question Set Updated to v3 on 05/06/21 to add new PQs
  • Study Notes updated 09/16/21 to v3-4 to fix error:
    • page 7, the word "five" in the example replaced by "ten" to match with the calculations
QA13 - Chapter 13. Simulation and Bootstrapping
  • Practice Question Set Updated to v3 on 05/21/21 to add new PQs
Interactive Quiz
  • Quiz and PDF updated to v5.5 to fix errors
Financial Markets & Products

FMP-1: Chapter 1. Banks

  • Practice question set updated to v3 to add new PQs 06/02/21
FMP-2: Chapter 2. Insurance Companies and Pension Plans
  • Practice question set updated to v3 to add new PQs 06/24/21
  • Study Notes updated 09/08/21 to v3-2 to fix error on page 14
  • Study Notes updated 09/20/21 to v3-3 (page 18 - Correction: Operation ratio = combined ratio after dividends - investment income)
FMP 4 - Chapter 4. Introduction to Derivatives
  • Study Notes Updated to v5 on 12/11/20
FMP-8: Chapter 8. Using Futures for Hedging
  • Study Notes Updated to v5 03/19/21
FMP 9 - Chapter 9. Foreign Exchange Markets
  • Study Notes Updated to v3 on 12/14/20
  • Study Notes Updated to v5 on 09/21/21 page 15 (PPP theorem: formulas and example updated to give clarity)
  • Practice Question Set updated 09/22/21 to v1-2 to fix answers to 500.3
FMP 10 - Chapter 10. Pricing Financial Forwards and Futures
  • Study Notes Updated to v3 on 12/15/20
FMP 11 - Chapter 11. Commodity Forwards and Futures
  • Study Notes Updated to v3 on 03/23/21
  • Study Notes updated to v5 on 09/21/21
    • Pg. 12 and 13: in the table, $3.0 corrected to $3.3
    • Page 17 line 2: F (0,1) corrected to F (0, T)
FMP 12 - Chapter 12. Options Markets
  • Study Notes Updated to v3.1 on 03/25/21
FMP 13 - Chapter 13. Properties of Options
  • Study Notes Updated to v3 on 04/21/21
FMP 14 - Chapter 14. Trading Strategies
  • Study Notes Updated to v3 on 04/19/21
  • Study Notes Updated to v5 on 09/22/21
    • Pg.10, numerical correction carried out in example; $5 replaced by $7 & vice versa. Corrected to 10 + $5 – (2 × 7) =$1
FMP 15 - Chapter 15. Exotic Options
  • Study Notes Updated to v3 on 06/17/21
FMP 16 - Chapter 16 - Properties of Interest Rates
  • Study Notes Updated to v3 on 06/24/21
FMP 17 - Chapter 17. Corporate Bonds
  • Study Notes Updated to v3 06/30/21
FMP 19 - Chapter 19 - Interest Rate Futures
  • Study Notes Updated to v3 on 06/25/21
FMP 20 - Chapter 20. Swaps
  • Practice Question Set Updated to v1-1 on 02/02/20 to fix typo in question 723.1 on page 12
  • Study Notes updated to v3 on 08/02/21
Interactive Quiz
  • Quiz and PDF updated 07/19/21 to v5.6 to fix errors

Valuation and Risk Models

VRM-1 - Chapter 1. Measures of Financial Risk

  • Study notes updated 08/17/21 to v3.1 to fix errors on page 20
VRM-2 - Chapter 2. Calculating and Applying VaR
  • Study notes updated 08/17/21 to v5
VRM-14 - Chapter 14. Binomial Trees
  • Study Notes updated 8/17/21 to v3
VRM-15 - Chapter 15. The Black-Scholes-Merton Model
  • Study notes updated 08/17/21 to v5
VRM-16 - VRM-16 - Chapter 16. Option Sensitivity Measures: The “Greeks”
  • Study Notes updated 8/17/21 to v3
Interactive Quiz
  • Quiz and PDF updated 07/20/21 to v5.2 to fix errors
Part 1 Review
  • Mock Exam 2 published in Interactive format 01/13/21
 
Last edited:

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP 4 - Chapter 4. Introduction to Derivatives
  • Study Notes Updated to v5 on 12/11/20
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP 9 - Chapter 9. Foreign Exchange Markets
  • Study Notes Updated to v3 on 12/14/20
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP 10 - Chapter 10. Pricing Financial Forwards and Futures

  • Study Notes Updated to v3 on 12/15/20
 
Last edited:

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Part 1 Review
  • Mock Exam 2 published in Interactive format 01/13/21 (previously only in PDF format)
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP 20 - Chapter 20. Swaps

  • Practice Question Set Updated to v1-1 on 02/02/20 to fix typo in question 723.1 on page 12
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP-8: Chapter 8. Using Futures for Hedging

  • Study Notes Updated to v5 03/19/21
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP 11 - Chapter 11. Commodity Forwards and Futures

  • Study Notes Updated to v3 on 03/23/21: Added new LO, YouTube video reference, graphics, etc.
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP 12 - Chapter 12. Options Markets

  • Study Notes Updated to v3.1 on 03/25/21: Added new LO, graphics, etc.
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP 14 - Chapter 14. Trading Strategies
  • Study Notes Updated to v3 on 04/19/21
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP 13 - Chapter 13. Properties of Options
  • Study Notes Updated to v3 on 04/21/21
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Quantitative Analysis

QA11 - Chapter 11. Nonstationary Time Series

  • Practice Question Set Updated to v3 on 04/21/21 to add new PQs
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Quantitative Analysis

QA12 - Chapter 12. Measuring Return, Volatility, and Correlation

  • Practice Question Set Updated to v3 on 05/06/21 to add new PQs
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Quantitative Analysis

QA13 - Chapter 13. Simulation and Bootstrapping

  • Practice Question Set Updated to v3 on 05/21/21 to add new PQs
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP-1: Chapter 1. Banks

  • Practice question set updated to v3 to add new PQs 06/02/21
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP 15 - Chapter 15. Exotic Options

  • Study Notes Updated to v3 on 06/17/21
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP-2: Chapter 2. Insurance Companies and Pension Plans

  • Practice question set updated to v3 to add new PQs 06/24/21
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP 16 - Chapter 16. Properties of Interest Rates

  • Study Notes Updated to v3 on 06/24/21
 

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
Financial Markets & Products

FMP 19 - Chapter 19 - Interest Rate Futures

  • Study Notes Updated to v3 on 06/25/21
 
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