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# Exam FeedbackMay 2016 Part 1 Exam Feedback

#### Duvie15

##### New Member
Subscriber
The exam was insane. It had nothing to do with the other exams, not only from Schweser or BT, but also from the official mock tests provided by GARP. It was biased towards non-quants candidates. Also, I made the mistake of relying on GARP material, and I for this exam it was useless.

For what I see in this forum there is going to be a great concentration of grades between 50 and 60 correct answers, with a great element of randomness. If they truly decide the passing grade using a curve it is going to be a huge difference in the passing rate by just one answer. Luck is going to be decisive, so good luck!

Do you really think the Garp books are useless?

#### elssle

##### New Member
does anyone know when will they publish the exam result?
Thanks

Jun 28th

#### appu

##### New Member
I used Schweser notes only and founf myself underprepared. Can someone list other useful resources here? Thanks

#### raya

##### Member
I don't remember the answer. But here I show you how I solved it (with a similar exercis e)

#### chirania

##### New Member
Subscriber
For some reason none of the 4 answers seemed correct for the "gold lease rate" question if anyone remembers.

#### rakesh1610

##### New Member
For some reason none of the 4 answers seemed correct for the "gold lease rate" question if anyone remembers.

Yeah, I kept getting a value of 0. Obviously I was doing something wrong but could not figure it out

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#### yatod

##### New Member
Yeah, I kept getting a value of 0. Obviously I was doing something wrong but could not figure it out

I found %1.65=%1.65-q so lease rate should be 0.

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#### rakesh1610

##### New Member
I calculated 3 times, I found %1.65=%1.65-q so lease rate should be 0. Was angry each time not to see 0 in the choices!

Yup, thats the exact equation I ended up with. Wasted 5 min on this question as it seemed like it should be straight forward and I wanted to make sure I was not making some stupid calculation mistake. Kept getting the same answer and finally had to guess

#### yooouug

##### New Member
was there a question about calculating 95% ES or 95% historical VaR?
I don't remember this question was on part1 and whether question was about ES or VaR

#### farahm

##### Member
was there a question about calculating 95% ES or 95% historical VaR?
I don't remember this question was on part1 and whether question was about ES or VaR

It was 99.5% ES .. this one was tricky too .. i forgot my answer

#### farahm

##### Member

I remember the question and I recall that I used the binomial to get an answer and that the answer was one of the options (whatever good that does me) but can't remember the details beyond that.

Yes I used binomial too .. and it was one of the choices .. lets hope its correct. nothing was straightforward in this exam.

#### smstud

##### New Member
Lease rate = storage cost - con yield

#### raya

##### Member
It was 99.5% ES .. this one was tricky too .. i forgot my answer
You 'll find the same question in jorion book. To find the var you make 0.5%*total number of observation = 5 so var was the fifth worst number. Then you take the four numbers below the var the and calculate their mean, this give you ES

#### Rohit

##### Member
Very tricky paper :S

#### aof

##### New Member
Do you really think the Garp books are useless?
i took part 1 last time and I read 0nly GARP books (i got 1 1 1 1). i would say if u have enough time to read all pages, GARP material is the best.

#### raya

##### Member
Does someone remember the answer to the question : how many options sell/buy to create a vega and gamma neutral portfolio? I should have practice with Hull (future option and others derivatives) for this kind of exercises

#### chirania

##### New Member
Subscriber
I answered 2820 or something like that..

#### raya

##### Member
I answered 2820 or something like that..
-2820 or +2820? Buy or sell

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