FRM Part 1 November 2012 - All I have to say is...wow

I concur. Even if you put the timing differences aside, the questions were just way too easy…no, let me clarify - like by “easy” I mean when I compare it to the actual exam I just took, it didn’t seem to correspond at all with the topic coverage of the practice exam. Which is not an issue, except, I always thought the goal of a practice exam was to give a representative sample of the material to be tested. Oh well, the nail-biting continues until January 2nd…

Couldn’t agree more with DOW

I took a risk by taking both levels at the sametime even though I have a full time job, reason being that I’m already on the level 3 of the CFA program and I also have the PRM designation. Despite the fact that I used Bionic Turtle whose questions are generally extremely hard, I still found the FRM level 1 very challenging. I used Scweser for studying and used Bionic Turtle for practice exams. I covered almost 75-80% of Bionic Turtle’s question bank and also had the opportunity to go through past FRM questions from 2006 till 2012 ( I also covered FRM past questions from 2001 to 2003) hoping to walk out of the exam with so much confidence but the exam experience was totally different. Surprisingly, I found the FRM Part 2 less hard than the Part 1 but the Part 1 is the determining factor. What I found a bit funny about the exam is the fact that most of the questions were too tricky and less of testing actual concepts. Concerning somebody’s observation about the real exam been harder than the practice exam, I think this is not common with GARP, I had the same experience in the last CFA level 3 exam after having scored about 76 % in the CFA mock exam I found the real exam more difficult than the mock and ended up having to resit. That was why I decided not to use Scweser for practice exams again because it gave me a false sense of security when I was consistently scoring above 80%. I still believe the best preparation if one has the time should be using the official materials whether FRM, CFA or PRM. That way, one is confident that nothing is left out.

Adison, your observation that the Part I questions “were too tricky and less of testing actual concepts” is spot-on, and Gangsta earlier in this string also pointed out that the exam seemed to contain many “gotcha” type questions. I am trying to reevaluate my exam experience now that I have had a whole week to reflect on it, but I think I still agree with all of this. I suppose if I end up passing after all is said and done, I could probably suddenly adjust my view of the exam’s difficulty and begin telling people that such difficulty is “absolutely essential” to preserve the “value of the credential.” wink

I used Schweser exclusively until about 6 weeks before the exam until I was given the advice that relying on Schweser could likely mean I’d get my doors blown off come exam time. So, I signed up for BT and I’m really glad I did. It was a game changer. The practice questions are almost too hard at times but great prep for the exam. Great videos. I thought Schweser was great for CFA, not in the ballpark for FRM. But, I’ve heard from posters that they used only Schweser and felt good after the exam or passed it previously with only Schweser so of course it can be done.

I’m a CFA level 3 candidate and sat for the last FRM part 1.

I used mainly Bionic Turtle practice questions and am glad I did. The questions were challenging but this is not a surprise for me since it’s known that GARP practice exam is way too easy and not representative.

What is the difficulty of FRM part 1 compared to CFA level 1 and 2 please?

Hi, Adison :

I am curious why you are seeking for FRM designation as you already have PRM designation. Can you advise ? I am considering if I shall take PRM or FRM exam. Thanks !

I would say the FRM part 1 is roughly as challenging as the CFA level 1. Neither is as hard as CFA level 2. However that’s a standalone observation of each exam. There’s overlap between the CFA and FRM material. Since you already have CFA levels 1 & 2 under your belt, the FRM part 1 should take you less time to prepare for than CFA level 1.

Thanks Ernest how is part 2. Would it be worth considering doing in one go?

Treat it like a risk management problem - look at the risks, the rewards and your own circumstances. If you sign up to do both parts in one day, your study time and energy is divded between the two parts. On the exam day, fatigue will inevitably be a factor in the afternoon (part 2), if not the morning (if the anxiety of having to sit for another 4 hours in the afternoon gets to you). The risk is that you may fail part 1, in which case part 2 is not even marked and your payoff is zero. You’ll feel like crap, and have to start over clean slate. The reward is that you get the FRM 6 months ahead, versus if you wrote the exam on 2 separate days. Is that worth it? I personally don’t think so, but a lot depends on your own circumstances. If you have a ton of free time on your hands before May 2013, or expect to be seriously busy after May 2013, or if there’s a career inflection point on the line and having the FRM by mid-2013 matters - then go for it.

Thanks Ernest you have been most helpful. If you have any questions re CFA L3 let me know.

Hi everyone ,pls guide me as to which prep to follow for FRM part 1.

i am planning my first attempt in MAY '13

I guess there are 2 reasons:

  1. The PRM is not as popular as the FRM ( both generally are not as popular as the CFA) though I believe with time its popularity should grow

  2. Virtually those I consider as role models who have influenced me in one way or the other all have the industry’s three leading certifications (CFA, FRM and PRM).