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Exam FeedbackFRM Part 1 (May 2015) Exam Feedback

Nicole Seaman

Director of FRM Operations
Staff member
Subscriber
We hope that everyone did well on the test yesterday! We would love to hear any feedback from the exam. How did it go? Did you encounter unexpected questions? Thank you in advance for any feedback!

It was hard.

tough day !

odhruvji

New Member
I must say, it was very very tough, lengthy, subjective. There were hardly any questions on Binomial, BSM, Option Greeks except 4 to 5 questions. More weitage was given to all new chapters. i could remember there were 10+ question from forex and MBS.

Malefane Molibeli

New Member
Subscriber
The exam was a bit lengthy considering tediousness involved in some questions, hence time became an issue for me, leaving few unanswered. BSM question gave N(d1)= 63% and the probability of no exercise as = 48% if my memory serves me well. I had a battle with this. On copulas GARP had the 2nd Random variable as sqrt(1 - rho^2)z1 instead of srqt(1- rho^2) Z2..

William_Jose

Member
Subscriber
N
The exam was a bit lengthy considering tediousness involved in some questions, hence time became an issue for me, leaving few unanswered. BSM question gave N(d1)= 63% and the probability of no exercise as = 48% if my memory serves me well. I had a battle with this. On copulas GARP had the 2nd Random variable as sqrt(1 - rho^2)z1 instead of srqt(1- rho^2) Z2..
N(d2) was 100-63=37%. And N(d1) was as given.

VakoJokh

New Member
What do you think about cut-off score? 60, 65?

odhruvji

New Member
I must say, it was very very tough, lengthy, subjective. There were hardly any questions on Binomial, BSM, Option Greeks except 4 to 5 questions. More weitage was given to all new chapters. i could remember there were 10+ question from forex and MBS.
I had to literally search for quant questions in the last 1 hour to make my % attempt equal in all sections as there were only 10-12 quant ques i suppose and out of those 10-12 question 4-5 question were from new chapter(what a mockery). Operational risk, MBS, Forex, CRO roles/responsibility, Garch, MA/AR/ARMA were the most favourate GARP topics with added complexity.

R

Rf67

Guest
We hope that everyone did well on the test yesterday! We would love to hear any feedback from the exam. How did it go? Did you encounter unexpected questions? Thank you in advance for any feedback!

Hi,

I thought the exam was tough, but fair. I must say, the exam we sat was far more difficult than the GARP Practice exams and was more on the level of the BT questions. If I had only used GARP Practice exams as study preparation I would have performed far worse. I think, if I am successful, I will place far more emphasis on BT questions for FRM 2 than I had done for FRM 1 and leave the GARP Practice Exams as an after thought.

If I can give any advice to anyone, my strategy was to take 5 minutes at the beginning to read through the whole exam paper without lifting the pencil. This allowed me to gauge the style of questions and which ones to look out for.

After this, I worked through the theory questions ONLY (these typically take far less time than the numerical ones; you will likely either know the answer immediately or within a minute).

This took the pressure off allowing me to go back to the beginning of the paper and work through the numerical questions with the knowledge that I have already answered X number of questions.

A couple of tips:

1) Please answer the questions as you complete them. Don't be like some of the dummies that only fill in the answer sheet at the very end, as it can lead to mistakes.

2) They give you two pencils. Use the second pencil as a ruler so that you fill in the correct answer, it helps you align your 'view'.

3) Double and triple check that you bring your calculator with you. A couple of poor guys were begging us for an extra calculator as they had forgotten their own. I also can't stress the important of using a GARP approved calculator, your calculator will be checked prior to entry that it is approved. A tip could be to also STORE the critical values on your calculator that you can recall in the exam; it could save you remembering them.

4) The only things you need with you are the admission ticket, the id (passport/drivers licence) and your calculator. Nothing else. N.B. they do not provide a pencil sharpener so bringing one could be a good idea.

5) There was no clock in the room, so in preparing for the exam time your practice runs, as it could give you a better idea of working under time pressure.

6) If you run out of time, it goes without saying you should guess unanswered questions, don't leave them blank.

7) Write on the question paper (my location did not explicitly mention not to). They only give you empty space in the middle of the booklet which is dumb as it means flipping between pages.

8) You don't need to show up an hour before. Show at 45 mins or even 30 mins beforehand. A lot of time is just waiting around.

I did not anticipate a question on ljung-box and there was more up/down probability questions than I would have anticipated. I guess on June 23rd will know if I have been successful. It was a tricky exam.

sujeetsinghjsr

New Member
It was easy compare to last year. Most of the questions was from newly added topics.

Sidewinder

Member
Subscriber
I thought I was appropriate prepared for the exam (even two weeks of vacation sacrifised) but obviously not. I think Ive got +-50% of the questions right (depending of the scores from the questions I guessed).

It was surprising for me that the questions were mostly "complex/tricky". They really tested your understandig of the topics. And although I knew the formula und the way to calculate them, some questions simply didn't want to work out (especially the question regarding SMM). Furthermore some questions cost me a lot of time (updated E(r) of CAPM with new Correlation, some trivial unbiased Standard Deviation out of 5 figures, calculation of an Cross Currency Swap,...).

Though for me: Not a ****** questions regarding AR/MA/RW/WN/ARIMA...

saumya roy

New Member
what would be cut off for frm part 1 2015..
how many questions needed to be correct..
anyone any clue????

after exam got no idea how was it...

Sidewinder

Member
Subscriber
I think nobody has a clue about the pass rate (because it is depending on the results from the participants). I guess that GARP will look that they get a Pass Rate about +-50% for Level 1. Hence the cutoff rate could be even between 40%-50% (if the exam results have been very bad). At least that is my theory.

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Xin Zhan

Member
I thought the exam is hard,
what's dollar roll? never heard of it.

its in mbs

saumya roy

New Member
fingers crossed .. for 23rd june 2015

HERO

New Member
I am sure of 60 questions... guessed the rest

[email protected]

Member
Questions were extremely tricky. I hope 30-40 mistakes would still pass. 70% is a direct pass for the CFA exams and CFA Level 1 is much easier than FRM Part 1. So, hopefully there will be a much lower threshold for FRM. A nightmare would be if the average for FRM ends up more than 70 correct answers. The wait is killing!

riskaverse

New Member
I am confident on 48. Educated guesses around 12 (narrowed choices down to 2), blind guesses about 20.Rest 20 questions, I didnt get time to check. Maybe they were blind, maybe educated guesses. Don't know.

riskaverse

New Member
As soon as the exam ended, I was so angry. Angry at Schweser for their Practice Exams, on which I was scoring 70+. Angry at GARP, for the so-called practice questions, which were supposed to be "representative of the actual exam", which they sadly weren't.
I did not use BT. In retrospect, I probably should have.

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