FRM round the corner

[Avishek]

(This is just a copy of the email I had sent across yesterday - would be looking forward to hear from you.)

Dear David,

Trust all well! It's been almost an year since I last posted any update. Not that it had to do with too much of work, but to some extent yes. After the not-so-shocking failure in 2007 exam, I took a break and focused heavily to develop concepts.

Last exam I realized that just writing the exam should not be the ultimate motive but to develop deep concepts is more important. I have dealt with the core readings of FRM and correlated with your material which you published for 2008. Your spreadsheets gave me that extra understanding which I suppose would help me at work. Besides gaining knowledge, getting the certification is important as well and I shall make it through in 2009 without fail. This mail is for a different purpose.

I realise that you had provided me access without charge in the year of 2008. However, I suppose the same would expire in sometime and I need to re-register for 2009. Considering the appreciating USD against my domestic currency, I would have to wait to have a favorable rate. What I actually require is the access to your forum - I shall now on be posting queries, concepts and doubts for intensive discussions. Also would appreciate if, after the expiration of my account, you can at least limit my access rights to 2008 material that you had already published. For your future materials pertaining to 2009, you may barr my accesses.

My focus would not be on solving easy or tough problems - it would be more focussed towards discussions of concepts and getting into the depth. Hope you would appreciate it and consider the above.

P.S. Also do you have any idea whether there would be much changes in AIMS like the last year? Or are you expecting a similar one to 2008 for 2009... Thanks again for the wonderful efforts as it gives me sheer pride in being a part of your group.

Regards, Avishek

 

[Avishek]

David - Also can you hunt these guys down and tell them to stop doing illegal sales?

http://www.elitebook.net/frm.asp

Thanks, Avishek

 

[David Harper CFA FRM]

Hi Avi,

It is great to hear from you! I hope all is well with you, too. I am glad to hear that you consider the ideas (in risk finance) valuable, as an end in themselves, beyond the exam itself...I would like to think this is the right focus....

In regards to, what I actually require is access to the forum
Yes, you are always welcome - my goal for the forum is that it might be a valuable resource for those who do not chose to pay (or do not have the budget) for premium access. So, yes, this is great: especially if it helps others prepare for the exam. (I am currently working with developers to restructure the site, including the forum, to act on some feedback; I am trying to tag/categorize the forum/blog content so previous Q&A;can be more easily found).

In regards to "Also do you have any idea whether there would be much changes in AIMS like the last year? Or are you expecting a similar one to 2008 for 2009"
Well, I am actively giving GARP feedback on this. GARP has barely started to develop the 2009 AIMS, so it is all speculation, but my opinions are:

* The fundamentals will be largely unchanged: quantitative foundation (esp. Gujarati since he was new last year), basic market risk, basic credit risk, basic OpRisk
* The global credit crunch will (of course) have some impact; clearly there will be some reading churn due to the credit crunch. This will be challenging for GARP. Many opinions on how to incorporate this.
* My feedback to GARP is focused on the following: the need for a comprehensive AIM list that is tightly mapped to the exam. I do *hope* to see this feedback reflected in an AIM list that (i) more comprehensively includes all foundational (i.e., introductory), testable ideas and (ii) is more representative to this exam (i.e., readings with many AIMs are more likely to be tested). In short, I am challenging GARP to make the AIMs a better roadmap to the exam; I feel this is *necessary* to avoid a bias, in particular, against new learners.

In regards to, "can you hunt these guys down and tell them to stop doing illegal sales?"
Thanks for your support on this. I am aware of these guys. There are not the only ones. We did last year succeed in (somewhat) stopping a larger illegal re-seller. It is very, very difficult (they are overseas, they have no address) even for companies with more resources than me. What I have learned is, the two best ways are: 1. To ask potential customers to "do the right thing" and 2. To notify/threat the payment mechanism provider; the merchant/payment gateway company does not want to transact illegally so that is a productive avenue, sometimes. For what it's worth...

David

 

[Avishek]

Hi David - Thanks for your time and consideration. Every post of yours come in as a motivating factor. Here are a few things which I want to know or put across.

@ Since you are developing the forum and must be under production, is it okay for me to put across some ideas or queries across. Would like to focus only on the quantitative side this month.

@ You can probably create 3 pages each for the material of 2007, 2008 & 2009. People like me who are yet to register for 2009 material can at least have limited access to the previous ones.

@ As per recent updates and whatever I came across as feedbacks, my bank's LDA structure didn't seem to be tested much. So, there is a chance of a higher weightage of LDA coming year.

@ The AIMS of 2007 had a larger focus on Basel II than in 2008. 2009 AIMS might have better exposure for Basel II as the banks have been more inclined towards it these days.

@ Would be great if you can also write to GARP (which I am sure you already have - probably a thousand times) regarding the sample papers that they provide every year. Mostly they are not quite focussed to the core AIMS structure.

@ I also have a feeling that Lehman bust might be an additional case study this year. Members might just like to review the whole liquidity crunch which lead to its collapse. Can you come up with a small video or chalk talk regarding the same, whenever you find some time.

Looks like FRM is getting tougher every year to squeeze the cream out, so that their certification value gets elevated through some quality Risk Managers coming out - which is good!

Warm Regads,
Avi.