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Hi David, For reimbursements I need to print out a receipt from your website, but the dollar amount is blank. Where can I get a printed receipt of the package I purchaed? Thanks, Mike

Hi Dave, Just curious... have you gotten any feedback on the difficulty of the November exams from GARP or any other sources at all? I was very, very surprised by a number of questions Level 2. It definitely felt like many of the questions went beyond what the AIMs asked for - for example...

The put with barrier options question was the following: What is the value of a put (forget if European or American) with a strike of 100, given the following barrier options, and continuous risk free rate of 5%: Up and in call with strike at 105: $5.xx Up and in call with strike at 105...

I agree yes there were a number of questions that required two or three steps of calculations. That didn't bother me so much - after all if you expect to pass this exam you should know how to do them. I think the comparison to the CFA is very relevant, if you've done those exams. CFA...

Level 2 was the toughest exam I've ever taken, and that includes CFA L1 and 2 so far. I thought FRM L1 last year was easier than the CFA exams. I was at Jacob Javits in NYC and saw two people walk out in the middle of the exam, one about an hour into it. I have few regrets about how much...

Passed Level 1. David - whats the situation with the subscription if I plan on taking Level 2 in November? I will be taking the CFA Level 2 - again - in June, so I'll be busy with that for next few months.

I also have the ability to register for Level 2 in May in the GARP website, although I am pushing it til November. No email yet to confirm if I've passed.

...and they had an answer to one question be required to answer a second question.

I wonder if the box spread question was put in the exam on purpose. Had I known this was the process I would've studied it.

Dave, The slowness of the site has been that way since July when I joined. It was one of the reasons why I didn't join up at first. My home computer is a little old, but the website also kills the RAM on my computer even when I still have IE open after I've visited the site. I'll be sure...

I guessed on 30, meaning not 100% sure. I blindly guessed on around 8.

I think I took an absolute random guess on around 8 or so questions out of the 100 (I did Level 1), but I know I'm still borderline. I feel the same way I did when I took CFA L2 in June. Thought I did well enough just to pass and unfortunately got a 'fail-10'. Hello mdecav, Having not to...

David, I've already sent to GARP my issues (1. two typos, 2. box spreads, 3. two-parter where one answer depends on the other) so I know they're aware of it. The Bloomberg question was quite verbose, too. To reiterate my point - I thought the exam was pretty straight-forward, where a...

David, Post-exam do you give/get direct feedback from GARP about the exams themselves?

Most likely the percentage is judgmental. Ratings agencies do not rate equity investments, although I know that some equity funds in Latin America are rated based on performance measures (Sharpe and information ratio), but this is mainly due to the regulatory environment there. The...

The CFA is by far tougher - not because of the material, but because of how comprehensive the exam is and how the test is set up. The FRM is more 'difficult' becuase its more quantitative in nature. A sizable portion of the CFA exam focuses on minor material, so you have to make sure you...

I think its in the fours because the early exercise option in the lower middle node boosts the price of the put. The second I read the tree was for an American put I was on the lookout for early exercise. At the time I didn't recognize this in the answers... two answers were in the twos, two...

Just to add to the issues above. NEVER, NEVER, EVER should an answer to one question on an exam be needed to answer a second. Its fine to have a two-parter on an exam, just as long as they're not intertwined like it was on Saturday. CFA never does this, which is why they're on top of their...

David, So from past experince, how has GARP handled the issue when a topic (i.e. the box spread question) is not explicit in the AIM? I'm a little irked with GARP adding this question. Had it been in the AIM I would've studied this topic.

Since I work for one of the agencies, can you give more detail as to your question? For more transparency, for some lines of business there has been a trend toward a more "scorecard" type of analysis. While the 'scorecard' is a more transparent way of showing the quantitative analysis/aspects...