I am doing both FRM and PRM since they seem to complement each other nicely. (theory and practice)
For all Nov 2008 FRM takers…hello I hv started skimming / surveying FRM 2008 using FRM handbook. Its not recommended since some of the readings are obsolete and some of them are missing in the 4th ed - BTW 4th ed is there for a couple of years now and 2008 exam has a revised list of Readings/LOS (AIMS). For ppl who are collecting info. go to http://www.garp.com/frmexam/studyguide.aspx and you can download FRM StudyGuide. This doesn’t contain any AIMS but just the readings that you should concentrate. Looks like CFA IIers will be good with. 1) Quant (10%) - most of 'em 2) Market Risk & Mgmt (30%) - Good w/ Derivatives pricing and valuing, some of FI concepts, duration and other sensitivity measures Totally New : VaR; Stress Testing, Cashflow risk, Firmwide Risk mgmt and a few 3) Credit Risk (25%) : Most of them are NEW, we just hv basic understand of it like credit derivatives and other terminologies 4) Operational, integrated risk & legal (25%) : Mostly new ; Killer Reading is BASEL II - Heavy weight on the exam and its like the FSA of FRM 5) Risk & Inv Mgmt (10%) : Not totally new, but need to go indepth in what we know from PM and Alternative inv. - Things like Hedge fund, CAPM, Portfolio Risks are something which we are already familiar with. - But we surely hv to change our view. From what I understood, we should go first pass with understanding the fundamental concept / mechanics of , and then try to analyse from the RISK involved in and how it changes and transfers between. But overall anyone who has a decent LII curriculum understanding should crack this in <200 hrs, however for me its 400 (200 productive and 100 day dreaming, 100 browsing AF 
)
I’m looking forward to Schweser FRM, here is the product schedule from their website. http://www.schweser.com/frm.php Late June 2008: * Schweser Study Notes * Practice Exam Book * Essential Exam Strategies™ * Schweser’s QuickSheet™ * SchweserPro™ QBank Online Version * SchweserPro™ QBank Download Version Fall 2008: * Weekly Online Program (real-time, interactive webcast) * Final Review Pack ------------------------------------------------------------- I hope Schweser improves and make FRM as easy as it is making CAIA L1. From last year’s FRM 2007 posts, it seems like Schweser wasn’t too good. As for CAIA L1, I read about half of the original textbooks (Lhabitant, Anson, and Linneman) before the final stretches/review leading up to CFA L1…very hard to efficiently organize everything (vocab and learning outcomes). Schweser really makes it effortless, I’m done with book 1 (of 2) already and hopefully will finish up the bulk of the preparation before the end of the month…and then get more serious into FRM once Schweser comes out in late June.
Hi nodes, I’m in graduate school so it’s not technically “working.” However, I’m publishing papers (planning ~2-3 per year for the next two years) and am writing up a 250+ page thesis, so my plate is full in addition to studying for these designations as well. It sounds tough, but I bet it’s a LOT easier than having a family to care for, going through pregnancy, or a run-of-the-mill full-time finance job while “just” (quite the understatement, lol!) studying for CFA levels…so I feel lucky to be where I am and feel extremely motivated. I’m doing CMT as well for supplemental knowledge, but I don’t think that’ll be too much work marginally bad. My opinion of difficulty and work intensity is: CFA > FRM > CAIA > PRM > CMT [I’m mentally prepared/expecting to fail CFA Level 2 and/or Level 3 once, lol.]
Thanks! I’ll be here! 
Anyone having assigned reading pdf format - GARP Readign or schweser old material, please send me at v.raghavan@yahoo.com Thanks a lot!
I am now watching the free Schweser FRM kick off webcast. Man… I was thinking this exam wasn’t going to be that tough but they are showing similar pass rates to the CFA (40% or so last year) and the questions are much tougher. They’re talking about copulas! It’s a 7 hour exam in 2 parts. At least you can bring your lunch into the exam in a plastic ziplock bag. I am going to rest up this week post-CFA and graduation but have to start next week. Some advice they give: don’t skip a topic hoping to make up the points in another area, and don’t skip an area just because you already know it. The Schweser video is also saying you will be emailed results by Jan 20, 2009 (!) so that’s two months after the exam, letting you know whether you passed or failed. Finally, here is some advice I will try to take: after the exam you will be thinking over the questions that you missed, agonizing over them, but you should just forget this, the exam is over and there’s nothing you can do about it. And there are FOUR allowed calculators, the two that are allowed on the CFA plus two additional ones (HP-12 Platinum)
> Finally, here is some > advice I will try to take: after the exam you will > be thinking over the questions that you missed, > agonizing over them, but you should just forget > this, the exam is over and there’s nothing you can > do about it. That’s some unnecessary advice, especially since everyone on the CFA L1, L2, L3 boards are definitely “not” worried at all. 
Hi Rydex, I am a CFA charterholder, and it only took me 6 weeks to pass FRM. The exam was very practical and I found it useful even my job is in economic analysis.
lwccfa Wrote: ------------------------------------------------------- > Hi Rydex, I am a CFA charterholder, and it only > took me 6 weeks to pass FRM. The exam was very > practical and I found it useful even my job is in > economic analysis. So can you lay your study plan for the benefit of AFers… Also let us know the tools (Study guide, video etc.etc) you used, and the providers you sought after. Did you buy the assigned GARP Reading or primarily used the providers materials? Thanks iwccfa,
v.raghavan Wrote: ------------------------------------------------------- > lwccfa Wrote: > -------------------------------------------------- > ----- > > Hi Rydex, I am a CFA charterholder, and it only > > took me 6 weeks to pass FRM. The exam was very > > practical and I found it useful even my job is > in > > economic analysis. > > > So can you lay your study plan for the benefit of > AFers… > > Also let us know the tools (Study guide, video > etc.etc) you used, and the providers you sought > after. > > Did you buy the assigned GARP Reading or primarily > used the providers materials? > > Thanks iwccfa, Hi there, v.raghavan Well, I wrote FRM after I became a CFA charterholder last year. Therefore, I did not spend too much effort on quantitative methods, fixed income, derivatives and investment and risk management. I used Schweser study guides to study the LOS/AIMs and also did questions in the offical handbook and Schweser’s Qbank. Nothing else. If you are familiar with quantitative methods and securities analysis, you should concentrate on the other topics such as credit risk management, operational risk management and basel II. You should have at least 10 days to study for each of the above-mentioned topics. Last year’s exam was extremely practical, and every candidate that I have spoken to found it hard and tricky (one of my best friends who is a risk manager actually failed). I do suspect the case of the rouge trader of UBS and the huge loss of CDOs in the subprime crisis might be good questions. Good luck with your study. All the best
So you’re well into your studying now, Doubledip… What material do you guys use for practicing ? (I’m thinking on some sort of question bank, mock exams, etc.)
Financial Risk Management Handbook - 4th Edition - by Philippe Jorion is this enough for the test or should it be supplemented with schweser ?
Definitely supplemented by Schweser, IMO. I think Jorion’s FRM Handbook is an excellent reference guide “after” learning the material.
bostonkev, has schweser started shipping the material? u heard about bionic turtle notes?
equity_research_nds, Schweser’s ETA is 6/30…haven’t heard of bionic turtle notes.
Here is the Schweser QBank topic list and question breakdown for FRM 2008, whoo hoo! 142 days left until the November 15th exam! Theme song = Bloodsport Theme (Jean Claude Van Damne) and/or Eye of the Tiger -------------------------------------------------------- Category Total Viewed Incorrect Used Score 2008 FRM 1441 0 0 0% 0% -------------------------------------------------------- Quantitative Analysis 406 0 0 0% 0% 1: All the Math You Need… And No More 8 0 0 0% 0% 2: The Nature and Scope of Econometrics 9 0 0 0% 0% 3: Review of Statistics I: Probability and Probability Distributions 36 0 0 0% 0% 4: Characteristics of Probability Distributions 80 0 0 0% 0% 5: Some Important Probability Distributions 32 0 0 0% 0% 6: Statistical Inference: Estimation and Hypothesis Testing 78 0 0 0% 0% 7: Basic Ideas of Linear Regression: The Two-Variable Model 21 0 0 0% 0% 8: The Two-Variable Model: Hypothesis Testing 30 0 0 0% 0% 9: Multiple Regression: Estimation and Hypothesis Testing 69 0 0 0% 0% 10: Quantifying Volatility in VAR Models 29 0 0 0% 0% 11: Value at Risk 14 0 0 0% 0% Market Risk Measurement and Management 402 0 0 0% 0% 12: Hedging Strategies Using Futures 13 0 0 0% 0% 13: Determination of Forward and Futures Prices 7 0 0 0% 0% 14: Interest Rate Futures 5 0 0 0% 0% 15: Swaps 10 0 0 0% 0% 16: Properties of Stock Options 19 0 0 0% 0% 17: Trading Strategies Involving Options 15 0 0 0% 0% 18: Binomial Trees 21 0 0 0% 0% 19: The Black-Scholes-Merton Model 15 0 0 0% 0% 20: Greek Letters 19 0 0 0% 0% 21: Volatility Smiles 4 0 0 0% 0% 22: Exotic Options 7 0 0 0% 0% 23: Commodity Forwards and Futures 16 0 0 0% 0% 24: Bond Prices, Discount Factors, and Arbitrage 2 0 0 0% 0% 25: Bond Prices, Spot Rates, and Forward Rates 16 0 0 0% 0% 26: Yield to Maturity 16 0 0 0% 0% 27: Generalizations and Curve Fitting 17 0 0 0% 0% 28: One-Factor Measures of Price Sensitivity 58 0 0 0% 0% 29: Measures of Price Sensitivity Based on Parallel Yield Shifts 12 0 0 0% 0% 30: Key Rate and Bucket Exposures 4 0 0 0% 0% 31: The Science of Term Structure Models 14 0 0 0% 0% 32: VAR Methods 51 0 0 0% 0% 33: VAR Mapping 6 0 0 0% 0% 34: Stress Testing 19 0 0 0% 0% 35: Foreign Exchange Risk 5 0 0 0% 0% 36: A Firm-Wide Approach to Risk Management 18 0 0 0% 0% 37: Identifying and Managing Cash Flow Exposures 10 0 0 0% 0% 38: The Demand and Supply for Derivative Products 3 0 0 0% 0% Credit Risk Measurement and Management 180 0 0 0% 0% 39: Credit Risk: Individual Loan Risk 24 0 0 0% 0% 40: Sovereign Risk 10 0 0 0% 0% 41: External and Internal Ratings 10 0 0 0% 0% 42: Default Risk: Quantitative Methodologies 3 0 0 0% 0% 43: Loss Given Default 4 0 0 0% 0% 46: Portfolio Effects: Risk Contributions and Unexpected Losses 1 0 0 0% 0% 47: Measuring and Marking Counterparty Risk 6 0 0 0% 0% 48: Economic Capital for Counterparty Credit Risk 5 0 0 0% 0% 49: Credit Risks and Credit Derivatives 45 0 0 0% 0% 50: Synthetic Structures 18 0 0 0% 0% 51: Credit Risk Portfolio Models 18 0 0 0% 0% 52: Credit Risk Management and Strategic Capital Allocation 12 0 0 0% 0% 53: Credit Derivatives 6 0 0 0% 0% 54: Securitization 17 0 0 0% 0% 55: Understanding the Securitization of Subprime Mortgage Credit 1 0 0 0% 0% Operational and Integrated Risk Management, Legal 262 0 0 0% 0% 56: Extending the VAR Approach to Operational Risk 36 0 0 0% 0% 57: LDA at Work 17 0 0 0% 0% 58: Operational VAR: A Closed-Form Approximation 3 0 0 0% 0% 59: Technology and Other Operational Risks 8 0 0 0% 0% 60: Model Risk 14 0 0 0% 0% 61: Aligning Basel II Operational Risk and Sarbanes Oxley 404 Projects 15 0 0 0% 0% 62: Enterprise Risk Management: Theory and Practice 6 0 0 0% 0% 63: Investors and Risk Management 20 0 0 0% 0% 64: Creating Value With Risk Management 5 0 0 0% 0% 65: Risk Measurement, Risk Management and Capital Adequacy in Financial Conglomerates 17 0 0 0% 0% 66: Capital Allocation and Performance Measurement 13 0 0 0% 0% 67: Case Studies 14 0 0 0% 0% 68: Identifying, Measuring, and Monitoring Liquidity Risk 5 0 0 0% 0% 69: Regulation 12 0 0 0% 0% 70: The Report of the Counterparty Risk Management Policy Group II 9 0 0 0% 0% 71: Basel Reference Readings 68 0 0 0% 0% Risk Management and Investment Management 191 0 0 0% 0% 72: The Capital Asset Pricing Model and Its Application to Performance Measurement 45 0 0 0% 0% 73: Performance Analysis 16 0 0 0% 0% 74: Portfolio Risk: Analytical Methods 15 0 0 0% 0% 75: VAR and Risk Budgeting in Investment Management 8 0 0 0% 0% 76: Hedge Funds: Past, Present, and Future 14 0 0 0% 0% 77: Can Hedge-Fund Returns be Replicated? The Linear Case 21 0 0 0% 0% 78: What Happened to the Quants in August 2007? 18 0 0 0% 0% 79: Individual Hedge Fund Strategies 31 0 0 0% 0% 80: Benchmarking Hedge Fund Performance 5 0 0 0% 0% 81: Funds of Hedge Funds 8 0 0 0% 0% 82: Style Drifts: Monitoring, Detection, and Control 3 0 0 0% 0% 83: Private Pools of Capital 7 0 0 0% 0%
nodes Wrote: ------------------------------------------------------- > Even if some people could say you /bostonkev/ are a exam > collectionner … … Well, among the many things people collect, knowledge seems to among the better choices… I heard about one guy collecting mountaintops: he climbed all the well-known European mountains and knocked off a rock at the top… A bit depressing to hear about the low pass rate though (40%)… the possibility to bring your lunch into the exam in a plastic ziplock bag seems a real bonus … When I read on the web about the PRM exam, I was surprised that no calculator is allowed. You’re supposed to use the one included in Windows. The textbooks also seem more “mathematical” to me than the corresponding textbooks for the FRM exam. Jorion’s book also seemed to have a lot of “basic” material “missing” - I’ve only browsed it vert casually so far. Bostonkev seems to be correct about it being “an excellent reference guide ‘after’ learning the material.”
I am using bionicturtle -excellent screencasts. the notes are too concise though. a bit like your secret sauce stuff from schweser. hull and jorion as reference texts that look to be enough for the frm exam. most of quant and market risk are essentially covered by CFA L1 and L2. so, i am kind of fast forwarding thru stuff and looking to start credit /operational risk stuff. the prep for frm will nicely segue into my prep for stat and fin econ CTs for the actuarial exams(which seem to be infinitely more difficult than either FRM or CFA).