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# Exam FeedbackNovember 2016 Part 2 Exam Feedback

#### frmpart2dan

##### Member
Do you mean the pass rate or the passing score?
I mean passing score

#### Trueman

##### New Member
I read on internet someone was very sure he got 34 questions right only but passed at 1 1 4 4
- one girl said PART 1 - 1111 and PART 2 - 21112 both passed
- man said PART 1 - 2243 not passed
(i don't know their score)

#### SoSo0921

##### New Member
Is there anyone who remembers CVA calculation?
I know how to slove this question
However I don't remember what I chose.
a, b, c, d..I think I chose a or b.

#### equanimity

##### New Member
Is there anyone who remembers CVA calculation?
I know how to slove this question
However I don't remember what I chose.
a, b, c, d..I think I chose a or b.
From what I recall, the problem was something as follows:

Cash Flow in Year 1: 1,000,000 with a probability of default of 35%, a recovery rate of 70% and a discount factor of .90
Cash Flow in Year 2: 750,000 with a probability of default of 40%, a recovery rate of 80% and a discount factor of .85

I solved this as follows:

1,000,000 * 0.35 * (1 - 0.70) * 0.90 = 94,500
750,000 * 0.40 * (1 - 0.80) * 0.85 = 51,000

CVA = 94,500 + 51,000 = 144,500

Is this the correct approach?

#### SoSo0921

##### New Member
From what I recall, the problem was something as follows:

Cash Flow in Year 1: 1,000,000 with a probability of default of 35%, a recovery rate of 70% and a discount factor of .90
Cash Flow in Year 2: 750,000 with a probability of default of 40%, a recovery rate of 80% and a discount factor of .85

I solved this as follows:

1,000,000 * 0.35 * (1 - 0.70) * 0.90 = 94,500
750,000 * 0.40 * (1 - 0.80) * 0.85 = 51,000

CVA = 94,500 + 51,000 = 144,500

Is this the correct approach?

Yes.

However, Probability of default is constant.
I don't remember what I chose
I think correct answer is a or b

#### equanimity

##### New Member
Yes.

However, Probability of default is constant.
I don't remember what I chose
I think correct answer is a or b
What do you mean that "Probability of default is constant."? Don't we have to use different probability of default values (e.g. 35% and 40%) in the calculations above? Or, were you referring to the probability of default values that were given on the exam?

#### SoSo0921

##### New Member
What do you mean that "Probability of default is constant."? Don't we have to use different probability of default values (e.g. 35% and 40%) in the calculations above? Or, were you referring to the probability of default values that were given on the exam?

I remember 1Year Probability of default is stated.
but 2Year Probability of default is not stated.
I tried to remember question but my memory was blurred.

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#### Diep Anh Ngo

##### New Member
I remember 1Year Probability of default is stated.
but 2Year Probability of default is not stated.
I tried to remember question but my memory was blurred.
Hazard rate is constant
We have to derive PD1 and PD2 from hazard rate by cummulative PD and marginal PD

#### frmpart2dan

##### Member
when was last year result day? Anyone know?

#### S666

##### Member
Subscriber
I got my Part 1 results on the 5th Jan last year...this year supposed to be out before 3rd Jan I believe.

#### frmfrm

##### New Member
Passed!

My program message was right.

Your enrollment will expire on November 2021!

#### ahshah229

##### New Member
On the website it says...I have passed FRM part 2....just checked 2 minutes ago

#### emilioalzamora1

##### Well-Known Member
YES YES INDEED! It's game over, man! I did it and this without reading half of the operational risk readings and without reading 'current issues' at all.
Anyway, David you are the 'man tonight' - this is for sure! I am comparing the win of the US open by Stan Wawrinka over Djokovic last year when he was interviewed by Tom Rinaldi from ESPN.

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#### S666

##### Member
Subscriber
I passed too...although can't see my quartiles yet...

yessssss
passed!

#### Eternity

##### Member
yea passed!! so happy!!

#### equanimity

##### New Member
I passed. Congratulations to all who passed. Is anyone able to see the quartile data or the "Exam Results Letter"? (I can't see mine yet)

#### emilioalzamora1

##### Well-Known Member
Details will come visible soon I guess on the webpage. Congrats to all who managed it!

#### Siqueue

Passed.

Phew.

##### New Member
like the election, its not official until the electoral college votes - I am waiting for my letter and quartiles before calling it.

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