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Exam Feedback FRM Part 1 (May 2014) Exam Feedback

brian.field

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thought I posted this earlier....is this the question that stated lambda ^ T = 1/2 given T = 23? Wouldn't we simply solve for Lambda as follow?
Lambda = (1/2)^(1/23) = 0.97031
 

brian.field

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as per my understanding correct answer was either tht finacnial ratio monitoring or b/s monitoring .. i choose the later though as it covers everythng , as trustee acts in fudiciary capacity for bondholders and not issuer
I agree with this and answered to a similar effect....but I don't remember the actual language....
 

brian.field

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Agreed. Preparing Financials would be the responsibilities of Corporate officers, monitoring Financials would be done by analysts and potential bond holders due diligence, but trustees have fiduciary responsibility to the issuer to keep them in compliance with the indenture. Good example of GARP confusing a pretty simple question though.
Not sure I agree with this entirely....the trustee is engaged on behalf of the bond holders, not the issuer. This fact led me to NOT select the fiduciary option.
 

plulutes

New Member
Not sure I agree with this entirely....the trustee is engaged on behalf of the bond holders, not the issuer. This fact led me to NOT select the fiduciary option.

I think that you are probably right about the fiduciary response. I probably read too much into it, but not remembering fully the question, I'm usually reluctant to choose the most obvious answer and looked for any excuse (such as a trustee provides services to both issuer and bondholder) to choose something else. Haha, just FRM messin' with my noggin. I don't trust those exam prep people to be straightforward.
 

plulutes

New Member
Hilarious @plulutes. If it helps ease the pain, I expect you to pass.....whereas, I don't feel the same for myself.
We'll see..

I have absolutely no feel for how I did, particularly when it's graded against your peers. But I will say that after the Nov. test I felt MISERABLE about how I did, fully expecting 3's and 4's, but I got really close to passing. Go figure. So, I'd keep your chin up. We are all in the dark. I do feel a sense of comraderie with all the candidates as we all know how delicate the line between passing and failing truly is (especially those that took it before know this).

Brian, did I read it somewhere that you are/were an actuary or accountant?
 

brian.field

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I began my career as an Actuarial Analyst at Towers Perrin (now Towers Watson) and now I work in Finance at a super-regional bank in North Carolina. I have passed a couple actuarial exams.

Having passed the SOA exams, I really expected the FRM exam to be a cake walk ... I was wrong.

By the way, I also sat for this exam in November 2013 (without preparing much) and I felt so much better after leaving my first attempt than I did a few weeks back....I suppose it was ignorant bliss. The November exam seemed reasonable...the May exam did not!
 

plulutes

New Member
I have high respect for the actuary profession as I have a close friend who works as one. Do you see the FRM material as being the challenge or the exam to be the real challenge, or both. Are the SOA exams straight forward (comparatively speaking) like I think the CFA exams are? Meaning, well established material that you know will be tested. Seems as if the FRM exam adds a component of IQ test! (seriously); e.g. how well can you, with the material youve studied, change direction and think about the topic from a different point of view. Know what I mean?
 

brian.field

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I too have a great deal of respect for actuaries....it must take real determination to work in such a boring field!

Kidding...

It is difficult to say which exams are more difficult...as I am sure many have said before me, the actuarial exams are specialized exams testing specific topics, so they can dive very deep into a rather narrow arena whereas the FRM (and CFA I might add) have extremely wide and huge in terms of content but at the expense of depth.

I suppose someone could get through the CFA and/or FRM with a baseline understanding but this would be less likely with the actuarial exams, in my opinion.

Brian
 

plulutes

New Member
I too have a great deal of respect for actuaries....it must take real determination to work in such a boring field!

Kidding...

It is difficult to say which exams are more difficult...as I am sure many have said before me, the actuarial exams are specialized exams testing specific topics, so they can dive very deep into a rather narrow arena whereas the FRM (and CFA I might add) have extremely wide and huge in terms of content but at the expense of depth.

I suppose someone could get through the CFA and/or FRM with a baseline understanding but this would be less likely with the actuarial exams, in my opinion.

Brian

Very good. Thanks for your opinion.
 

Jo_

Member
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Passed with 1/1/1/1 on first attempt - thanks for the excellent study material and support
 
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JM_FRM14

New Member
Hi everyone, i failed to pass the FRM exam part I on last may 17 and i intend to try a second time on nov 15, i want to know i f the 100 questions will be the same as in may exam
 

m123mikmik

Member
Subscriber
To @David Harper CFA FRM CIPM (and anyone else that wants to jump in) - I've been studying primarily with BT but took a Kaplan practice test over the weekend. Their test threw in a lot of tricks so I made a number of silly mistakes. Do you feel that GARP had a lot of "tricks" in their exams or did you feel the questions were hard but very straightforward? (or a mix of both). Finally - any suggestions for someone in his final week of studying?! Thanks so much!
 

David Harper CFA FRM

David Harper CFA FRM
Staff member
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@m123mikmik

Years ago I was critical of GARP w.r.t tricks, but in recent years, I sincerely believe they have responded to much of the salient feedback and, today (based on at least four exams over the last two years and the copious, detailed feedback given on the forums), I believe the FRM is not an exam that traffics in tricks. My evidence is simply that our best prepared customers overwhelmingly have given somewhat consistent feedback; put another way, in the last two years, our well-prepared customers not only seem to always pass but, more tellingly, they almost never complain about tricks (and have shifted to surprisingly affirmative about the exam). I take at least two courses myself per month (e.g., Coursera) and personally I find the most relevant feedback comes from the top 20% or so of the learner base. When they are complaining, something's wrong, but that's not happening with the FRM recently as far as I can tell. (the least prepared may gripe either way, is why their feedback isn't as relevant).

That said, it depends too on what you mean by "mistakes." My favorite things about the FRM is that it doesn't lend itself to (rote) memorization. Sometimes a truly conceptual question is perceived as a trick.

Suggestion for final week: same as it always was, just take practice questions. Q&A just seems to be the best "engagement technology." (I personally write flash cards, myself, for my courses because writing them is non-passive). Also, in the last week, I probably would not get too bogged down (e.g., drilling deep) in any one topic. Reasons:
  1. First, due to the breadth of the syllabus, any one topic is never large enough to make a big splash on the exam.
  2. Second, on most topics, the more basic concept tends to be more testable. For example, personally I do want to master forward rates, i think it's very important. But for the exam, the most likely question will be a basic forward rate application, not an intermediate/advanced.
For this reason, I'd be doing questions without a need for sequence or depth, but i'd be happy to "jump around" from topic to topic. Also, I *think* this is nearer to interleaved practice (interleaving), which I learned in Learning How to Learn has been demonstrated as more effective (i just did a quick search on interleaving, see http://j2jenkins.com/2013/04/29/interleaved-practice-a-secret-enhanced-learning-technique/). I hope that's helpful!
 
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m123mikmik

Member
Subscriber
@David Harper CFA FRM CIPM - Thank you!! That is extremely helpful and has helped calmed my nerves (at least a little). I continue to go through practice questions and exams all the while feeling that I'm prepared and know the material but, honestly, sometimes you worry :eek:. Guess I'll find out how "ready" I am soon enough... haha.
 
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