I agree 100% with you. As a result, I did only the quantitative part and passed the exam in May 2016. But not sure if it will work every year with every one.Hello All,
Can anyone please tell me whats the theoretical vs problem split in the FRM part one exam based on your experiences solving past papers and also your main tests.
I find the theory too dry and hard to remember.
Great question. I think we'll send a query to GARP tomorrow, just in case they want to respond I think your theories are each interesting. I wish I knew definitively the answer to (3) but the GARP staff is not different to my knowledge (the practitioners vary but there is no reason to expect it's a seasonal cause). Here are my mere thoughts:
- I would expect a major factor is simply that candidates have six additional months, in theory, to study unchanged material. For argument's sake, given the exact same material and same standard, we'd expect better performance in November given the material doesn't change yet there is much more time. For example, how many attempt both P1 and P2 in May versus November? (I don't know). Well, for those (brave) ambitious people, given the breadth of material, I would certainly expect higher pass rates in November! (if there is a material number of P1+P2 takers, the first thing i'd do with EDA is parse them out to see how much they alone contribute ...)
- Related, November candidates have the benefit of May feedback. Social media changes the game. In recent years. the last exam is basically eventually almost dissected.
- This exam change (once a year) is more significant for the FRM than, say, the CFA
- Also, while I do not know the details, it is reasonable to expect that GARP "learns something" from May to November with respect to the recently changed material. GARP's learning, on the other hand, could cut either way ...
- Related, to the extent really new material (ie, just introduced in 2016) is "new learning" for exam creators (GARP), there is slightly more uncertainty with respect to calibration of question difficulty. For example, for a brand new reading, a question might be written that, upon inspection of the exam outcomes, turns out to be extremely difficult (e.g., I would sort the questions from highest percentage correct to lowest) such that it would not be repeated in November.
- The volatility is interesting, to me, simply because GARP's methodology does allow for them to roughly manage a pass rate outcome. Statistically, this volatility suggests to me that the interquartile (IRQ), or really I mean the range between the top 5% and the passing X%, might "tighten" on them a bit from May to November (i.e., a bit of clustering toward the upper deciles), which could be supported with narrative. I suppose. In any case, it's very interesting to me that GARP resists managing the outcome to a straighter line (I don't disagree, it's just interesting and makes me wonder too). Thanks!