The level 1 exam was long and with too many calculations. Having taken level 1 and 2, 80 questions in 4 hrs is doable. You have time to think and understand the poorly written questions. The questions were not hard in general but there were too many calculations, more than 60% of the question where calculations…so few quality questions where you are tested on concepts. I think GARP exam is terrible and it does really test if you know risk management. Being able to punch numbers fast in calculator does not prove you learned or/and understood the concepts. There are very few quality questions testing the concept behind the concept …. Any way, from what I can remember:

- two questions about the GARP rules of conduct. They were terrible written and you had to read them more than once to make sense of what was being asked

- the question provided the data results from a regression and asked what why the results were wrong. I think the answer was that sum (eiXi) was no zero.

- 5-6 questions on put-call party: find the dividend, find the price of the put and then answer if it was under priced or overpriced.

-5 question on commodities: convenience yield,

-3-4 questions about numbers of contracts to buy or sell to cover your risk using duration, correlation, there was one with B (quite difficult, someone there remembers the question)

- there was a graph about the basis risk and correlation and you had to answer how the basis was being affected …someone there remembers the question?

-One question about conditional probability.It was not hard…but again you need to think, and then punch the numbers … it takes time

-One question provided the probabilities for5-7 values and asked you to calculate the tracking error…when I saw the question I laugh…I just jump the question…you had to calculate the mean and the use the value to calculate the variance

- another similar question, gave you the data for 7-8 values, and you needed to calculate the Kurtosis…also jumped the question. Too many calculations with very little time!

-Expected short fall. The question provided a table with data and you had to calculate the value.

-4-5 questions on EWMA and garch. You had to calculate the long run variance, another where you had 3 GARCH models with different persistence and you where asked which one had a slowest regression to the long-run variance.

- two binomial trees with two levels. One you needed to calculate the value of a put. Someone there remembers the question.

Question 99, it was about an importer who needed to buy JPY fwd, the asked for how the payout would look and they provided formulas…one of them was 450,000-500,000/fx…my time was almost up so I just went for intuition. Someone there remembers the question?

Having taken other courses before for FRM preparation, I can say Bionic Turtle videos and applications are the BEST. You boot-camp questions are great. You additional questions to a question truly help grasp the concepts. I will suggest for you to add some FULL practice exam that mimic the exam conditions. Sadly, for Level 1, you need a lot of practice using your calculator, you need to be very fast and accurate…there is no time for reentering!

Thank you!