I am planning on writing both FRM Level I and II in November. I plan to start studying as soon as possible, I just wanted to know if this is an attainable goal.
Planning on Lvl I and II in Nov. as well. Will probably be gauging my practice results and decide in late July. Keep me posted, and good luck!
8 hours in one day. ouch!
unless your confident about part 1 then its worth knocking them both out. (rememebering if you fail part 1 and pass part 2, you fail both according to GARP) otherwise its a waste of brain power. Also depends if your working full time or not. Its doable for the unemployed but for anyone in full employement its extremely tough.
I also wanted to try sitting for both parts in Nov since I am already familiar with Part 2 syllabus. However after some CBA, I thought that it would be a shame if something like what quantboyuk says were to happen, so I decided against it because apparently I have discipline issue when it comes to studying.
In the end, do you decide to still do both? All the best to you, with proper planning and consistency, I dont think it’s impossible!
If you’re sitting both exams in one day I’d definitely recommend concentrating more on Level 1 stuff. That way if you pass level 1 and fail level 2, you can at least give the second one again in May. However, if you fail level 1 and pass level 2, you will have to give both again as they won’t count your level 2 score. Ideally you’d pass both. But if things are getting tight, you should aim to leave that exam having at least passed level 1. Good luck LAD!
Hey guys, I’ll give just a brief background on myself and reason for attempting it. I recently left my old job to move states, so before re-entering the workplace, I’m studying for the FRM. This was a reply to a current FRM who told me it was “suicide” to try both parts in one sitting. It went, “By NO means am I underestimating the difficulty of the exam(s). I have had many conversations with people including those whom have taken Part I, Part II, and a couple that have attempted both parts. These conversations have taken place online, so credibility of these peoples opinions is a trust issue, and I am aware of this, and that the exams have had as much as 30% turnover in material in some years (according to some Bionic Turtle admins). 1. Background: My initial concern is the sheer volume of material. I believe that during my course of investigation, regarding the topics of study, my 7 years of trading (Institutional) where 4 years was as subject matter expert (SME) in Options for that desk and 10 years in money management with a mid-sized Asset Management firm in Seattle (I had $25 million to manage which were equity based with derivative risk controls, and co-managed a $2.8 million hedge fund). I also realize that while these amounts are not large, they were real and not virtual. I have maintained licenses (3,7,65) since 1994. I am aware that while this background experience may not correlate to a high degree with good test performance, it does give me a solid base for the materials and concepts being covered. Most importantly, my background gives me an appreciation for how important the FRM material is to learn in much more depth; in particular the methodologies of quantitative measurement, testing, and inferences. I have dealt with valuations, ratios, etc. all my career, but again, I realize that this is not exam prep important; just good base info for the study materials being presented. 2. Time: GARP recommends 240 hrs. per part. I have 4 months of completely dedicated time for these two parts. I am studying approx. 8 hrs/day now. For 4 months, this quadruples the time requirements. I realize that concentrated study (for one part vs two) dilutes the quality of this study time so that the real hours will not be 8 hrs./day for 4 months, but conservatively, still, I should be able to cover and retain the material per GARP time recommendations (I assume they give their upwards est. of 400hrs. for people much newer to this industry than I). I’m estimating that if I can retain 6 hrs./day for 100-120 days, I should conclude that time should be less of a concern than material comprehension. 3. Plan: My plan is to study as described (of course a day off from time to time as needed), but overly study for Part I. Reason being, that if a disproportionate time allotment towards (say 60/40) Part I, then Part I should exceed time and comprehension requirement parameters. If 40% study allotted towards Part II, falls within requirements, too, then taking the $300 risk for sitting for the Part II exam may be worth the time risk vs. waiting another 6 months. It is a bit of a gamble, I grant you, but a considered one. Worst thing that happens is that I fail Part I, but it won’t be for lack of study, and as I’ve estimated, I should have enough time to cover both, and failing would seem to indicate comprehensive abilities; but diluting the material is the real risk as i see it, but still worth the $300 bet… In summary, I’m sorry to have been long in explanation, but it was important that your advice is given in light of my situation/background in that I am not a starry-eyed, freshly minted undergrad or MBA, thinking that just because you CAN take both parts, you should. I know how difficult this exam is as many professionals do fail this test. I am taking this designation very seriously, mostly because I see the value in it, professionally, as well as how marketable this skill set will be for our industry, going forward. My background in portfolio management and understanding of trading securities and the financial markets coupled with an FRM designation places me in a good position to move into the Portfolio Management-Overlay space.” So, that was the my justification. IF I were working, like most of you right now, and studying a couple hours a night and then some on weekends, then I’d probably agree with my buddy that it is suicide…well, if $300 is “suicide”. Oh well, best of luck to you all and let me know how youre going on about this big decision. Good luck!
From what you’ve said Part 1 and 2 are entirely doable. I passed both 1 and 2 after I’d sat L1 CFA in June, and having got married in August. However do not take this as me advising people to follow this path, in fact I have been quite vocal in my comments to GARP that I think this route should be closed.
Not becasue it is too hard, that’s a different measure for each candidate, but because if the material merits being in 2 exams, it’s because each part merits being studied properly. Whilst I fully undertstand that there will always be candidates who scrap a pass I don’t think GARP shuold be encouraging this.
In your case it’s different you should have the time to properly study both Parts 1 and 2, however for the majority of candidates studying while working I would suggest taking each exam separately in order to master the material rather than shoving it all together to gain a qualification as quickly as possible.
After all it’s not a 3 year expedition like the CFA, Part 1 & 2 should be easilys achiveable in 1 year taken separately.
I’ve heard someone say before that the FRM has a lot of built in expectation of prior knowledge; and that’s the main reason for its difficulty. While going through this material, I’d have to agree. Being able to do the calculations for Sharpe or prove the Null outcome of a regression (just for example), are within the grasp of anyone with a good memory, its the understanding of why the ratios or equations are important; i.e. what are you really trying to figure out?, that not only help memory and retention of the equations, but things just make sense when understood in context. This is why I carefully chose to pursue the FRM vs. the CFA, even though the CFA is so much more recognizable, the people in the know, understand the importance of FRM subject matter as a real world application for many companies going forward. Thank God we have lots of CFA’s out there already though, doing their important work.
More than requiring 2 tests, I’d like to see more in-depth test requirements of Poisson and other less-normal distribution analysis that correspond more directly to derivative pricing (great for investment risk management fields). This would really get a FRM real fast job-ready skills (not that it doesn’t already, just more so) and would probably slow down some that would be thinking of the two parts, like me. I’ve heard that less than 10% accomplish this, but I’m thinking that alot of those that tried it, too it for granted, thinking it would be three nice letters after the really hard CFA. I think more people are now realizing the FRM for what it is, and I would NEVER attempt it if I couldnt put all 4 months totally devoted to studying it (even after 17 years in the business). I still am giving myself only a 60% chance of passing both, as of right now. 
My practice exams will tell me where I’m really at in about late Aug. (that’s when I plan on transitioning from studying to test taking). Ok, enough writing…back to the books… 