Yes you should know all the formulas and understand them rather than just memorizing in memory. Understand the presence of each symbol and the formula's significance. I during my FRM prep made charts in front of my table to know all the formulas and become familiar with them.Thanks hope it helps
I would recommend that you go for only one part at a time. This would help you to focus on part at a time. otherwise giving two parts together might not give you enough focus as u need to study more exam topics and could hamper your overall understanding. giving each exam separately will give you sufficient time to understand the contents in a much more better way.This is my personal opinion. otherwise its up to you to decide.
My boss just suggested I take the exam. Is starting now and trying to take the test in November too little time to prepare? I have no problem studying after work or on the weekends but don't have a mathematics background to build on.
You need to work hard because you need to know a lot mathematical formula to understand. You should prepare at your own pace but keep in mind that you should also give considerable time to mathematical areas due to your no mathematics background. Please create a separate set of notes on complex mathematical terms you are not able to understand and keep revising those whenever time permits. You need to devote more time to numerical examples and solve as many as you can before the exam from practice exams and exercises at the end of chapter. Please become comfortable with the formulaes and mathematical concepts.
please see the Aim statements for the FRM L1 and yes credit risk is a major topic for L2 but in L1 it would be covered with some general concepts discussed. And yeah L1 is all about tools used for risk management and L2 is all about application of these tools to manage risk(credit,market,Operational and investment risks).
You should have better grasp for almost all the topics. But i would recommend to focus on something which interests you. Like if you like math than focus on formulas , if you like reading lengthy conceptual material than focus on these topics. If you are weak at some topic than focus on that topic . for e.g.if i am weak at credit risk than i would read more about credit risk and revise more times...than something at which i am already good at.
Basel reading are not that important for the exam except that a few Qs can come from it so i think basic reading would suffice. Just give it a single or max 2 reading.
above are my personal opinions.