"i think going for PRM because FRM is too hard is a coward’s move. don’t be a punk and fight cotto. " The PRM is offered everyday and the FRM is once a year…the FRM is simply inflexible if it is really that impossible. I don’t get it. Was the FRM too hard to pass even with the source material and notes or what? If it’s too hard and targeted towards experienced risk management professionals than why take it and fail? Kaplan sucked for FRM? Wasn’t the Schweser the premier FRM notes provider? I’m pretty sure the other notes providers sucked as well then. Why not just take the PRM and move on to the next level of the CFA?
Thanks for the link. I have been trying to find that but didn’t manage to. That seems to be consistent with their contemporary practices and values. You smell a rat, and it seems the gut feeling is correct. So what one can learn from GARP is - if money is their motivation in studying and sitting for FRM, forget it. Instead, they should learn from GARP on how to create and set up a business from nothing, how to make it popular, become the standard and run it for money. People like to study for qualifications and to sit for exams - so to make money - create exams for people to study and sit for, rather than sitting for the exam yourself; and how to take numerous dedicated risk management professionals for a ride in the early stages of setting up the organisation, claiming you are non-profit while hiding the fact that you are craving for money. Also enter the lucrative conferences industry, make publications and set up societies to charge membership fees. It is a lucrative business.
stern, i haven’t thought about taking the PRM yet. so that can be a consideration of course. however, given that I’ve failed the FRM, i definitely want to pass it now. i mean, if the FRM is hard, its good. period. I don’t want an exam that is easy to pass. it makes it worthless. pick the toughest fights.
Billy, Even though i agree partly with what you said, i don’t understand your frustration. That’s life and life is filled with pimps and hoes. If you pass, would you be happy? i mean, your opinion should not be based on whether you did well or not. as a matter of fact, if you did bad, you should respect it that much more. bottom line is, some will pass and some won’t. those that did pass, well, most likely deserves it. don’t get mad at GARP cause they knocked you down. in the end, the exam was a formidable opponent for most people. I can’t ask for a better exam to rewrite. This time, i’ll study better. In the end, if you’re good, you get the pass, end of story.
Frank, didn’t you just say something along the lines that you couldn’t have done better even with 3 more months to study?
Frank, you don’t get what I am saying - I am not frustrated, I am enlightened - to realise what a bunch of %$$@* I have been trying to associate with, and that is not consistent with my values. I should have found that out before. But I am glad I find that out early enough, better now than later or never. Even if by lottery I pass their exam, I do not want to have anything to do with them. And merely by complaining, they might just fail me.
stern, I did say that. I also did say “given my study materials”. most people went in this exam underprepared for two main reasons I believe: 1)overlooking it- thinking if they got CFA they can pass this easily 2)used incorrect studying materials. both of these weaknesses can be corrected by studying 4-5 months and getting the right materials through the GARP postings. Billy, calm down man. you gotta ask yourself why some pass and others don’t. There will be people that pass this and I’m willing to admit they put in harder work then me and have more experience. AFter taking this exam, wouldn’t you at least respect those that pass? if you do, then certainly you will want to be one of them. from the posters here on PRM, it didn’t sound as hard as FRM. So why would you go and fight someone smaller? if we’re still concerned about getting this next year, then we’ll have to do what we have to do. i’m actually very curious to know the pass rate.
Why are you guys arguing now? Wait until the result is out and check the pass rate. If it is the similar, then whether the exam is more difficult is irrelevant. If it is significantly lower, then you can start bitching all you want.
You use the handbook and kaplan schweser, right? Aren’t those the main study materials? (I’m not sure, never looked into it). Is there some sort of source material bundle then? Since you’re trying to switch jobs frank…why not do the PRM (which is offered all the time and is easier to pass) first and do the FRM later? You have studied a lot of risk management and derivatives, no?
Frank, as you think making an exam harder is better and thus passing it should earn more respect - then maybe you should consider taking the actuarial exams. You will have many battles in the coming years to fight in, and will have utmost respect for those who pass them. The crucial point is whether you share their dubious values and practices, regardless of the difficulty of their exam. Many people don’t care whether their practices are ethical and proper or not, and just join the herds for what seems to be hot at the moment, but I do.
to top off the PRM vs. FRM debate… I found the PRM to have 46,000 members. not too shabby for something that was started as an offshoot of GARP in 2002.
stern, no those are not enough in my opinion. but ask someone who passes. billy, i can see the actuarial science exams to be tough. but i’m not trying to get into that field so I"ll have to pick the best battles that is good for me. as to morals, beliefs, and what not? dude, this isn’t a religion they’re asking you to join. i can see that they’re about money and everything else. but guess what? so are universities, CFA and hot girls at the clubs. let me ask you one simple question. why did you take the FRM in the first place? be honest with your answer. i was taking it to improve my resume and increase my knowledge. I think i can have an introductory convo about risk management so i have achieved at least 1 of my goals. i still don’t see how they’re being unethical because they put out a hard exam. they didn’t hide anything from you. i actually gained a lot of respect for them for not being a push over. i’m like Ricardo Mayorga kissing Oscar’s arm after he got knocked out…haha.
agreed with Frank never correlate FRM with CFA,You may PASS L-2/3(in 2 months) and even then you can FAIL FRM(easily) study and learn Risk management for atleast 4-5 months Most of the Books are written by Pioneer(read Ph Ds) in this field(jorion,Stulz,Meissner,Servigny to name a few) Risk management concepts itself is pretty new and most of them came up post 1996 or so(not just Basel,many others) If you FAIL FRM,try again.Its worth it I have Great respect for GARP I strongly believe, GARP course (read FRM)will have storng market in Asia(minus japan) Our banking sector will need it,so will our Credit/debt market which has lots of potential and still under developed.
Hi I took the 2007 exam with 2 collogues. I think I failed, also my collegues think the same but in my opinion the exam was not very hard. For a well prepared person the exam was fair. I had no much time to study and so I can understand a failure. The big problem was the time pressure for some questions otherwise some questions are very easy. Compare CFA vs FRM? In my opinion is not possible. I’am CFA charterholder so I completed all levels and I can say that for a FRM to pass is “sufficient” to be well prepared, in this manner the time you save on the “dummies” question can be allocated to the time consuming questions. For the CFA I never met “dummies” questions at level II and III so it is not “sufficient” to be well prepared. A very good preparation is only the base for the CFA but is not all as many of you well know. Last point. Anyone remember a question on “crowed” or “crowded effect” about the trading? Another proof of my poor preparation… 
uomonero
FRM has ~68,000 members compared to ~46,000 for the PRM.
crowded trades-never seen it before…i picked D.
when every one wants to sell in a drying liquidity situation Its part of Lo 63.2(evaporation of market liquidity)
Thanks FrankArabia and nitya36. Do you remember the the 4 proposed answers for this question? I remember one about the liquidity but the others 3? I don’t remember what I picked but I remember that at least 1 or 2 answers was economically/financially absurd so I rejected them. Naturally is not a question that will save me but this can help me for the future… uomonero
I think the exam was hard, because of the expectations based on history - it used to be much easier. Same with Schweser - it did not expect the changes. I found Schweser books to be the best for CFA, but if hypothetically CFA decided to change the difficulty level of exam then Schweser would be of no help in the first year of change. However, I believe CFA would probably develop a good curriculum books to help candidates prepare better, which is not what FRM did. I actually like the harder exam more, but I would really like to be sure that the books I am using are effective. Experience is of a great help on exam, but it is not enough without a book preparation - otherwise experienced candidates do not need to study at all. Someone here mentioned actuarial exams - I am the one who is doing those exams in addition to CFA and FRM since actuaries introduced a new Risk Analyst certification. I have got to say that in my opinion those actuarial exams are not only harder, but also more useful than FRM and with better ways to prepare for those exams and actually learn a lot. I wonder what you think: is FRM trying to compete with PRM by making the harder exam or with actuaries who are trying to capitalize on their expertise in risk area?
I took FRM two years ago and it seemed pretty hard. I took it with one of my co-workers who hadn’t studied much for the exam. He said he’d be disappointed with FRM if he passes and he did. Frank, there is a good chance you passed the exam even though you think you’ve failed.