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My results are: Credit Risk Measurement and Management: 2nd Quartile. All other categories: 1st Quartile I guess except David I am the one who have posted most on this forum. :) I asked so many questions, and David was very patient and deeply understands FRM concepts! His explanations were...

Hi David, yes I passed. :) Thanks for asking! I felt uneasy because a guy on another forum said he guessed over 20 questions in AM session because he ran out of time, however he passed. Some claimed they crammed for a week and passed. It looks to me the required correction rate is not in...

Hi David, Are you saying that 20000 is an overestimate? It is likely. I just randomly picked a number. Meanwhile I hate to see if GARP gave out a very intimidating exam and it turned out the bar is very low, which will only (un)intentionally devalue FRM and is not anyone's best interest...

I did a count. There are 6324 candidates that passed full and 981 that passed L1. According to the link below there are about 22,854 candidates...

I know it is painful, but is there anyone here who did not pass? Thanks

Hi David, one more thing.. I found 2009's FRM used z of 1.645 for 95% ND.. Using 1.65, i could not get an answer for several questions.. :(

Overall I think GARP did a great job.. as Peggy pointed out, the exam covered many many deep and detailed concepts but almost all were within the AIM coverage, and it was also quite balanced.. it did not have as much Basel questions as I thought. Basically FRM is much more difficult than I...

Good luck everyone!

Hi David, I know gamma of forward is 1.. i wonder if gamma of futures is 1 as well or some other fomula? Also if the underlying has dividend, is gamma of forward still 1? Thanks.

Hi David, Thank you very much!!! (I was thinking to say so after the exam..) YOUR HELPS ARE TREMENDOUS TO ME! Without them, I could not imagine how to handle.. i know i am really "full of questions", and many many thanks for your HUGE patience and clear explainations! Yes I will...

Hi David, In ordinary least squares model, I wonder if there are any requirements for the variances of dependent and indpendent variables, for example they should be constant or equal or correlated? Thanks.

Hi David, I think serial correlation is *error terms* from different time periods are correlated. So *generally speaking*, what do we call the the situation where the variable values themselves from different time periods are correlated? Thank you!

Hi David, Could you explain the relation between AR and GARCH? What is the mean reversion of AR (like VARIANCE(n+1) = (1+b^2)VARIANCE(n))? Thanks.

Hi David, Could you please take a look this question when you get chance? Thanks!

Hi David, I agree that the raw series has no lag variance.. but you also said "the lagged variance in GARCH(1,1) is the recursive solution to exponentially declining weights, just like EWMA except beta is the weight (decay factor) instead of lambda". if we expand the reseursion for each...

Thank you David! That makes a lot sense now! I also remember I read somewhere that if the loss events have positive correlation (I think this is the real serial correlation case), frequency should use negative binomial distribution.. could you confirm? thanks.

Hi David, sorry for being verbose.. just to double check, can I say the weights of both the lagged variance and the lagged return^2 decay exponentially by lambda? Thanks.

Hi David, "weight 1 = (1-lambda) weight 2 = (1-lambda)*lambda^1 weight 3 = (1-lambda)*lambda^2" so I feel the weight of lag return^2 declines decays exponentially by lambda for each lag.. Do I miss anything? Thanks.

Thanks David.. I wonder if the correlation in frequency is serial correlation? Thanks.

Hi David, 5. "yes an add-on (incremental)." And Stress VaR will also need to add on Market Risk capital at the same time, right? Thanks.