It was interesting. I was not surprised by any question, but there was a good amount of reading. It seemed easy to lose track of time if you got stuck on the numerical problems. My 2 cents:

1) Current Issues is free points (yes, there is free lunch). I think in total the readings for current issues is 182 pages. I would just read them. If that still is too much, then read the SOFR one (it is a hot topic in general). You are not tested for understanding on current issues, only remembering. For instance, there were 2 very easy questions on SOFR with some of the choices being comical. That’s 2.5% of the exam on remembering SOFR.

2) For numerical problems, using some reasoning and not blindly chugging away at formulas saved me a lot of time. With maybe the exception of 1-2 questions, all the numerical problems I could do a basic computation and eliminate 2-3 choices and get the right answer without having to go through the long math. To give an example — I don’t recall the exact numbers but a question posed two entities or bonds having X default probability and their correlation of default being 0.3, and asked what’s the probability of their joint survival. So to start (wrongly) assume their default is independent, hence zero correlation, multiply their survival probabilities, see that as an answer choice and eliminate it, and ask yourself if actual probability would be higher or lower?

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