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# Exam FeedbackMay 2019 Part 1 Exam Feedback

#### kwenthieu

##### New Member
I'm not sure what the marginal passing score is for this exam though. Does anyone have a rough idea how many questions you need to pass this exam?

There was also a ethics question about confidentiality. I said you need consent before you can use confidential information.

I remember choosing the same answer but do not remember the question, lol

#### mariomansour

##### New Member
Anyone remember the answer regarding the Variation margin question?

#### Rohanm94

##### New Member
Anyone remember the answer regarding the Variation margin question?

I remember choosing $0. #### subha107 ##### New Member About the question on the historical 99% ES : Maybe I got confused on this one. I thought we were given the ten worst losses (in descending order) in a table. To compute the ES, I took the average of the highest and second highest loss (so the first and second values in the given table). Does anyone remember if we were given losses amounts or returns ? I too remember that loss values in were given in decreasing order, so I took mean of the 1 and 2nd values as they were above 99%ile loss. The values were not returns I am sure about it. #### mariomansour ##### New Member I remember choosing$0.
Yeah, I remember the balance was USD 42K (which was still above the maintenance margin of USD 40K) so no variation margin is required... hopefully

#### kwenthieu

##### New Member
I too remember that loss values in were given in decreasing order, so I took mean of the 1 and 2nd values as they were above 99%ile loss. The values were not returns I am sure about it.

Thanks for confirming that. If loss values were given, I think we got it right.

#### VWJETTY

##### Active Member
About the question on the historical 99% ES : Maybe I got confused on this one. I thought we were given the ten worst losses (in descending order) in a table. To compute the ES, I took the average of the highest and second highest loss (so the first and second values in the given table).
Does anyone remember if we were given losses amounts or returns ?

yeah because the days testing was 200 it was the average of the worst 2 days from the VAR historical simulations. Or at least that's what i got.

#### ctrickle45

##### New Member
god this waiting is killing me, i'm going to go crazy until the results are released.

#### liudewei

##### New Member
I don't remember many of them, but I remember many of them are B.

#### shantharam1

##### New Member
I don't remember many of them, but I remember many of them are B.
Thank you, I was surprised I marked so many Bs.

#### subha107

##### New Member
Was there a question on duration based hedging using DV01?

#### VWJETTY

##### Active Member
Was there a question on duration based hedging using DV01?

yes there was.

30 more days fellas. This wait is no joke.

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#### VWJETTY

##### Active Member
Has anyone heard of any "tells" or early hints of the exam results yet? I've read on reddit that in prior years apparently there has been so i'm just curious now. Thanks.

#### subha107

##### New Member
Has anyone heard of any "tells" or early hints of the exam results yet? I've read on reddit that in prior years apparently there has been so i'm just curious now. Thanks.
Isn't is too early to get the early hints or tells ..

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#### Branislav

##### Member
3. Property and casualty insurance company's risk mitigation - I choose wrong option. "year wise increase in insurance charges". Right answer must be "Insurance holder paying some fixed amount of cover in case of damage"
Dear @Paramveersaini I wolud appreciate if you can recall that question regarding insurance company..it goes to category of "common sense financial questions.." that could be tricky and personally do not like themThanks in advance

#### deepakchandran

##### New Member
Dear @Paramveersaini I wolud appreciate if you can recall that question regarding insurance company..it goes to category of "common sense financial questions.." that could be tricky and personally do not like themThanks in advance
There was two answers , two on adverse selection and two on moral hazard. I choose adverse selection since the company dint have information on customers.the first solution was to charge everyone same premium which was wrong and i remember choosing the other option. Do anyone remember whats the solution to avoid this adverse selection issue

#### ctrickle45

##### New Member
There was two answers , two on adverse selection and two on moral hazard. I choose adverse selection since the company dint have information on customers.the first solution was to charge everyone same premium which was wrong and i remember choosing the other option. Do anyone remember whats the solution to avoid this adverse selection issue

I remember an insurance question and picked the answer that included something about a deductible - although I don't recall the exact question

#### VWJETTY

##### Active Member
Yeah I chose the deductible one.

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