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Pflik is correct: the outcome is based on an overall score (topic weightings inform the number of questions you'd expect; e.g., P1.T3 markets & products is 30% so you'd expect ~30 questions out of 100, but those 30 receive the same weight as all 100 P1 questions). Then an
ex post ratio of the top 5% (i am forgetting for the moment if it's a 5% quantile or average of top 5%; a 5% VaR or an 5% ES, so to speak, as if that would matter to us!), so if top 5% = T%5, then a pass is achieved by meeting the
ex ante unknowable (X/T%5) on an overall score.
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Roshan Ramdas Your notes--e.g., calculation steps--are irrelevant, they will only score you on your final {A,B,C,D} answers. The FRM so far has contained no subjective/qualitative/essay component with respect to answers given. Thanks,
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