Examination Policy & Curriculum Revision Query

[Harish_1]

Hi David,

I am planning to take up the FRM exam in May 2011 and had 2 questions that I was unable to find answers to, on the BT/GARP website.

1. If I take up both FRM Part 1 & Part 2 in May 2011 and clear only FRM Part 1 but not Part 2, do I need to take up both parts in my subsequent attempt? I do understand that if I clear Part 2 but not Part 1 then I will need to write both parts in the subsequent attempt.

2. I understand that GARP reviews the FRM curriculum every year. Does the review happen prior to the May exam or November exam or both?

Looking forward to a response.

Thank you.
Harish

 

[David Harper CFA FRM]

Hi Harish,

1. If you sit both parts in May 2010, and you pass P1 but not P2, you get credit for passing P1 and you ONLY need to subsequently pass P2 on a later date (there is a time limit, but I forget, I think it is 3/4 years). Your understanding re: passing P2 but not P1 is correct: unfortunately that is equivalent to passing neither

2. That's right, currently GARP renews the curriculum once per year. The annual revision is stated to be after the November exam, in December (at least for training providers like us). More realistically, I expect the annual revision in January 2011.

David

 

[Harish_1]

Hi David,

Thank you very much for the quick response.

If GARP revises its curriculum around Dec-Jan, then do I need to wait till the revision is complete to start my preparation? I was hoping to start preparing now and attempt both levels in May 2011. Please guide me.

Also, if BT revises the course material in line with GARP revision around Jan 2011, I cannot buy the material till then. Would it make sense to start the preparation with the 2010 material now to ensure no time gets wasted? Does GARP specify the areas of the curriculum that are updated?

 

[David Harper CFA FRM]

Hi Harish,

Sure thing.

Re: "If GARP revises its curriculum around Dec-Jan, then do I need to wait till the revision is complete to start my preparation?"
Setting aside your personal goals/time, no, you do not need to wait. Especially if your preparation start concerns the L1 core issues (Gujarati econometrics, Hull derivatives, Tuckman fixed income and Jorion VaR) as they are nearer to timeless than topical. Forgetting any constraints, I would always start as early as possible just b/c I think early discipline is the surest path to not only passing but retaining beyond the exam

Re: "Does GARP specify the areas of the curriculum that are updated?" No, they have never ex ante given any hints about their changes. But some areas are prone to higher churn; e.g., OpRisk (T7), current Issues (T9)

Re: "Would it make sense to start the preparation with the 2010 material now to ensure no time gets wasted?"
I don't know how to answer, frankly. I think it just depends on your plan. (in this forum, I am trying to move away from any agenda re selling our products, as I'd like it to be an objective, trusted source). If I myself were starting today for 2011 FRM L1 and assuming my agenda included long-term learning beyond the exam, I'd buy 1-4 of those core texts and defer my training provider purchase (but that is biased by my style of savoring source texts; a "mercenary view" that seeks only to pass the exam might give rise to a different strategy that entailed starting practice questions earlier)

David

 

[Harish_1]

Thank you for the response, David!
Your guidance is invaluable.