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FAQ Before Exam Study Plan Guide

Nicole Seaman

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Thread starter #102
Hi David. I understand your point. However, as someone with knowledge of only basic mathematics/statistics, what would your suggestion be in wading through the QA section ? Will just practice and repeated practice be useful or you suggest that this section be given more importance and be done fundamentally bottom-up?
To digress a bit, I have completed Topic 1 (Fundamentals of Risk Management) fully and have 3 more sections to go before completing this by September-end /October first week. Your inputs will be highly appreciated !
@vaisman (@Nicole Seaman can you help please? I am trying to record a video) can we please move this last post to a new thread in the About (where there is ongoing discussion about "study plans"), I will reply over there hopefully later today ...
@vaisman

I've moved your posts to this thread, which has 5 pages of helpful information from our members regarding their study plans and how they used the Bionic Turtle materials. Everyone studies differently due to their education and background, but there are some very good study tips within this thread. We also have a thread in the forum here, which gives advice on refreshing your math skills: https://www.bionicturtle.com/forum/posts/31928.

I hope this is helpful!

Nicole
 
In the second semester of my masters I will have financial econometrics, corporate finance (portfolio theory and CAPM, bond, stock and options valuation, cost of capital, capital budgeting, capital structure), risk management (Volatility modeling, correlation modeling, VAR with stocks, bonds and derivatives, CVaR, simulation based methods and some back and stress testing), credit risk management (LGD, Merton, CDS, CDO), and few banking courses (supervision, regulation, ICAAP, ILAAP, etc). At the end of this (first) semester (December) I will also have statistics exam (ANOVA, hypothesis testing, confidence interval, contingency analysis, linear regression). As you can see when I will take FRM part 1 I will have also other exams but I count on some synergy among them, and there is still 6 months and a half to go.

So I want to start early. Had econometrics, statistical analysis, derivatives and similar courses on my bachelor although I forgot a lot, but I guess I have some foundation to work from. I have Essentials of investments (Bodie) with end of chapter problems on deck, also Derivatives markets (McDonald) and some other textbooks.

Since I start with exam which covers a substantial part of Quantitative analysis I feel I should start with it first (and ASAP). I should get it covered by the second week of December (this would also provide some solid ground for Financial econometrics in second semester). After that I will have a bit more time since the period between both semesters doesn't have classes (January). Consequently I feel that Valuation and risk models should be my second step and should be finished by the end of January. This way I would also be already prepared a bit for both my risk management classes. Through the first part of my semester I would then move onto Financial markets and products as there would still be some time left for time management. I would then leave the best for last, Foundations or risk management which would kind of integrate into my coursers and previous GARP material. I also have 1 year of working experience as a risk officer in a savings bank (more familiar with certain mindsets and regulation) so I feel I could learn it more quickly during higher workload and approaching exams).

Proposed timetable:
- Quantitative analysis: 01.11.2018 - 15.12.2018 (also Statistics exam)
- Valuation and risk models: 16.12.2018 - 31.01.201
- Financial markets and products: 01.02.2019 - 15.03.2019 (also Financial Econometrics and Banking Regulation exams)
- Foundations of risk management: 16.03.2019 - 30.4.2019
- Final revision: 01.05.2019 - 20.05.2019
- FRM part 1 examination: 20.05.2019 (also Risk Management, Credit Risk Management, Banking Supervision and Corporate Finance exams all between 16th and 25th of May)

@David Harper CFA FRM what do you make out of this plan? I would really appreciate your feedback! Sorry for the long post.
 
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Nicole Seaman

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Thread starter #104
Thank you, fingers crossed. I will go ahead with another question in this thread.
In the second semester of my masters I will have financial econometrics, corporate finance (portfolio theory and CAPM, bond, stock and options valuation, cost of capital, capital budgeting, capital structure), risk management (Volatility modeling, correlation modeling, VAR with stocks, bonds and derivatives, CVaR, simulation based methods and some back and stress testing), credit risk management (LGD, Merton, CDS, CDO), and few banking courses (supervision, regulation, ICAAP, ILAAP, etc). At the end of this (first) semester (December) I will also have statistics exam (ANOVA, hypothesis testing, confidence interval, contingency analysis, linear regression). As you can see when I will take FRM part 1 I will have also other exams but I count on some synergy among them, and there is still 6 months and a half to go.

So I want to start early. Had econometrics, statistical analysis, derivatives and similar courses on my bachelor although I forgot a lot, but I guess I have some foundation to work from. I have Essentials of investments (Bodie) with end of chapter problems on deck, also Derivatives markets (McDonald) and some other textbooks.

Since I start with exam which covers a substantial part of Quantitative analysis I feel I should start with it first (and ASAP). I should get it covered by the second week of December (this would also provide some solid ground for Financial econometrics in second semester). After that I will have a bit more time since the period between both semesters doesn't have classes (January). Consequently I feel that Valuation and risk models should be my second step and should be finished by the end of January. This way I would also be already prepared a bit for both my risk management classes. Through the first part of my semester I would then move onto Financial markets and products as there would still be some time left for time management. I would then leave the best for last, Foundations or risk management which would kind of integrate into my coursers and previous GARP material. I also have 1 year of working experience as a risk officer in a savings bank (more familiar with certain mindsets and regulation) so I feel I could learn it more quickly during higher workload and approaching exams).

Proposed timetable:
- Quantitative analysis: 01.11.2018 - 15.12.2018 (also Statistics exam)
- Valuation and risk models: 16.12.2018 - 31.01.201
- Financial markets and products: 01.02.2019 - 15.03.2019 (also Financial Econometrics and Banking Regulation exams)
- Foundations of risk management: 16.03.2019 - 30.4.2019
- Final revision: 01.05.2019 - 20.05.2019
- FRM part 1 examination: 20.05.2019 (also Risk Management, Credit Risk Management, Banking Supervision and Corporate Finance exams all between 16th and 25th of May)

@David Harper CFA FRM what do you make out of this plan? I would really appreciate your feedback! Sorry for the long post.
Hello @Nejc

Please note that I moved your question here to this helpful thread where other members have provided their study plans. I hope this is helpful!

Nicole
 

jaivipin

Active Member
Subscriber
At the time of giving test exam, I feel exam is too lengthy and I start loosing track/momentum and going more on boring side. Even I can do better but I start going more on assumption mode and start guessing without hitting/reading the question fully.

Since exam is of full 4 hours and not easy one, any suggestions how do we keep ourselves fully charged/energetic and desire to hit each and every question with full confidence??

What do you guys suggest??

Thanks
 

Nicole Seaman

Chief Admin Officer
Staff member
Subscriber
Thread starter #106
At the time of giving test exam, I feel exam is too lengthy and I start loosing track/momentum and going more on boring side. Even I can do better but I start going more on assumption mode and start guessing without hitting/reading the question fully.

Since exam is of full 4 hours and not easy one, any suggestions how do we keep ourselves fully charged/energetic and desire to hit each and every question with full confidence??

What do you guys suggest??

Thanks
Hello @jaivipin

I moved your post here, where you should find some helpful study tips for the time period just before the exam. I hope this helps!

Nicole
 

jaivipin

Active Member
Subscriber
Hello @jaivipin

I moved your post here, where you should find some helpful study tips for the time period just before the exam. I hope this helps!

Nicole
I am not sure if that was the right way. My question was for more wider audience and I thought this would have been helpful for everyone. Now this question has almost zero visibility, sine you moved it somewhere no one will often go. If you need to keep moving questions then you have to come up with better plan. This questions was more of behavioral attitude I am not sure how study guide will help.

Thanks
 

Nicole Seaman

Chief Admin Officer
Staff member
Subscriber
Thread starter #108
I am not sure if that was the right way. My question was for more wider audience and I thought this would have been helpful for everyone. Now this question has almost zero visibility, sine you moved it somewhere no one will often go. If you need to keep moving questions then you have to come up with better plan. This questions was more of behavioral attitude I am not sure how study guide will help.

Thanks
Hello @jaivinpin

Your post will still be seen as a "new post" when any member logs into the forum. When we move a post, it does not mean that it becomes lost. We keep the forum organized according to the content that is within each post, and we move many threads in order to keep that organization. Losing momentum and energy has everything to do with studying, which is exactly what this thread is for. Others go to this thread for tips on studying whether it has to do with books, time management, keeping up energy, last-minute planning, etc. MANY members visit this thread specifically to find information like this. Also, it is in our FAQ section, which is seen by our entire audience. You will notice that I also update the tags when a new type of question is added to this thread so others can easily find if they are looking for the same information.

Nicole
 
hello

i started preparing for 2019 may FRM L1 couple days ago , i started with Book 2 .
there are some topics in the chapter but not exist in learning objectives for the same chapter.
for example in garp book 2 CH 2 .. page 14 Example 2.3 (calculating mean , median , and mode for a continuous random variables ) but i see nothing like that in the learning objectives for the same chapter..

should i cover any topic not exist in the learning objectives ?

kind regards
 

David Harper CFA FRM

David Harper CFA FRM
Staff member
Subscriber
Hi @Mah87 It depends on your objective. If your goal is only to pass the exam as efficiently as possible, you can generally navigate according to (i.e., follow the guidance implied by) the Learning Objectives. At the same time, in many cases, especially in Quantitative Methods (because it underlies much of the subsequent math that appears in later readings), seeking comprehension of the entire reading is helpful in the long-run. In regard to the chapter you have referenced, the LOs are (emphasis mine):

  • Interpret and apply the mean, standard deviation, and variance of a random variable. [dh note: notice how this implicitly applies to either discrete/continuous]
  • Calculate the mean, standard deviation, and variance of a discrete random variable.
  • Interpret and calculate the expected value of a discrete random variable.
  • Calculate and interpret the covariance and correlation between two random variables.
  • Calculate the mean and variance of sums of variables.
  • Describe the four central moments of a statistical variable or distribution: mean, variance, skewness, and kurtosis.
  • Interpret the skewness and kurtosis of a statistical distribution, and interpret the concepts of coskewness and cokurtosis.
  • Describe and interpret the best linear unbiased estimator.
Here you can see the "Calculate" refers to the mean/variance of a discrete random variable, while "Interpret" applies to the mean/variance of either discrete/continuous. These LOs are the product of years of evolution: this verb choice distinction is telling you that on the exam you are likely to be asked to calculate mu/sigma for a discrete but that you are unlikely to be asked to calculate mu/sigma for a continuous variable. At the same time, you are asked to "interpret" the moments of a continuous variable. In many cases, performing the calculation leads to superior comprehension, while skipping the math can lead to awkward "interpretations." Here is an example of the difficulty of interpreting kurtosis with any calculation exposure. This is why I think your book's illustrations of the continuous variable moments are productive uses of your time. Financial risk is quantitative, there is no way around it! But, at the same time, it depends to a degree on your goals. There is a difference between a "ruthless" strategy to pass the exam, and a strategy to master the material (in my opinion). I hope that's helpful!
 
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mikeyen

New Member
Subscriber
Hello - just subscribed and am trying to get started. I'm trying to figure out what's an appropriate pace for the study planner - I've signed up for the exam in May, which means I have less than four months or so to get through the material, with some time at the end for practice etc. Given there are four topics I was thinking of targeting one month per topic, but I would like to get a sense of the relative difficulty of each section (i.e. plan to spend more time on topic x, and less time on topic y, etc), just so I can better pace myself. Would someone be able to shed some light?

Thanks.

Mike

EDIT: by the way, this is for Part I of the exam.
 
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Nicole Seaman

Chief Admin Officer
Staff member
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Thread starter #114
Hello - just subscribed and am trying to get started. I'm trying to figure out what's an appropriate pace for the study planner - I've signed up for the exam in May, which means I have less than four months or so to get through the material, with some time at the end for practice etc. Given there are four topics I was thinking of targeting one month per topic, but I would like to get a sense of the relative difficulty of each section (i.e. plan to spend more time on topic x, and less time on topic y, etc), just so I can better pace myself. Would someone be able to shed some light?

Thanks.

Mike

EDIT: by the way, this is for Part I of the exam.
I am in the same situation !
@mikeyen @lucasrferro

Please note that I moved your question here to this thread which has a great deal of discussion on how others have created a study plan with our materials. I'm sure you will find some very helpful information within the discussion here, but feel free to ask any questions that are not answered.

Thank you,

Nicole
 
Hi everyone, I just passed Part I and am going to register for Part II soon. For Part I, I relied 100% on BT. However, for part II since from what I hear is much more qualitative, I'm thinking of using either the GARP books or Schweser in addition to BT. Does anyone here have any experience with the GARP texts for Part II or did anyone just rely on BT? Thanks!!
 

Nicole Seaman

Chief Admin Officer
Staff member
Subscriber
Thread starter #116
Hi everyone, I just passed Part I and am going to register for Part II soon. For Part I, I relied 100% on BT. However, for part II since from what I hear is much more qualitative, I'm thinking of using either the GARP books or Schweser in addition to BT. Does anyone here have any experience with the GARP texts for Part II or did anyone just rely on BT? Thanks!!
Hello @JohnnyTyler01

I moved your question here, where there has been a great deal of discussion about the study plans of other members. You should be able to find your answer within this discussion thread :)

Nicole
 
I am in the same situation !
@lucasrferro @mikeyen One topic per month might not be the best use of your time.
In my case, I proportioned my study time according to the weights of the FRM part 1 exam. I prioritized topics which are quantitative and require lots of practice. Followed this sequence: 3 -> 4 -> 2 -> 1. Topics 3 and 4 cover a lot of important concepts which cannot be crammed.
 
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mikeyen

New Member
Subscriber
@lucasrferro @mikeyen One topic per month might not be the best use of your time.
In my case, I proportioned my study time according to the weights of the FRM part 1 exam. I prioritized topics which are quantitative and require lots of practice. Followed this sequence: 3 -> 4 -> 2 -> 1. Topics 3 and 4 cover a lot of important concepts which cannot be crammed.
That's a good idea. Thanks!
 
Hi, I am new to FRM and BT. I am looking to do FRM exam in May but not sure what providers to use and what needs to be done. Anyone willing to help?

PS. I have done some research and many have advised that in conjuction to using BT one should use Schwesen materials too.

My questions are; Do we need anything else apart from what BT advise?

If using BT what module is better suited from the 3 options, i.e. basic, advanced and professional.
 

Nicole Seaman

Chief Admin Officer
Staff member
Subscriber
Thread starter #120
Hi, I am new to FRM and BT. I am looking to do FRM exam in May but not sure what providers to use and what needs to be done. Anyone willing to help?

PS. I have done some research and many have advised that in conjuction to using BT one should use Schwesen materials too.

My questions are; Do we need anything else apart from what BT advise?

If using BT what module is better suited from the 3 options, i.e. basic, advanced and professional.
Hello @Ashfak

I moved your question here to this thread, where other members have discussed the materials that they have used to study for the FRM exam. It is difficult to give advice to anyone regarding their need for materials in addition to the Bionic Turtle materials because everyone studies differently and has a different education and experience. Hopefully reading through the discussion in this thread will help you to make a decision regarding your study plan.

Thank you,

Nicole
 
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