How much time is required to prepare (study) for the FRM?

[David Harper CFA FRM]

Hi, We (training providers) attended a GARP this morning. They shared selected results from a survey of May 2011 FRM candidates. Two caveats:

• I do not know the sample size (n); and
• Answers do not differentiate between passing/non-passing candidates

How much time did you spend preparing for the FRM?
Apparently, average was ~ 240 hours per level, but the dispersion is wide

How would you change your prep strategy?
57% said that would have spent more time preparing (no surprise there).
But, 42% said they would have relied more on the FRM core readings (a bit of a surprise)

 

[[email protected]]

David!!!
OMG!!!
I am shocked with your passion towards knowledge awareness!
BT is doing an amazing job!

 

[Hend Abuenein]

First chart...I'd be on the veeeeeery right end....240 hours is for people with strong IB/trading/mathematical backgrounds.

 

[Suzanne Evans]

Lavinde,
Thank you for your feedback. We appreciate it.
Suzanne

 

[David Harper CFA FRM]

Hend - great point. We often get two related questions:

• How much time do i need to prepare, and (I would argue this is related
• Do you (BT) have everything i need to prepare?

While we want to think the answer to the latter is "yes" and while the answer to the former has an average and a range (although you can see from the chart that a "point estimate" -- e.g., 250 or 300 hours -- makes absolutely no sense in the universal. At best the answer is a wide range. Sort of like LGD: a point estimate is simply not appropriate, it must be a range) ....

... these overall statistics are utterly overshadowed by the (Hend's) question of: what kind of background do you bring to the exam (sub-question: how much quantitative aptitude; e.g., do you know what a first partial derivative is? can you do any basic calculus/math. Answers of "NO" to these two questions basically send you to an upper time bracket). David

 

[AlexB2011]

First chart...I'd be on the veeeeeery right end....240 hours is for people with strong IB/trading/mathematical backgrounds.

I totally agree. Experts: 250 hrs maybe. My estimate from the safe side: 400 hours. If you then find you have the last 2 weeks before the exam with nothing to do, God bless.

 

[Hend Abuenein]

I forgot to mention people with photographic memory
I'm coming across quite a few of them here on the forums
How I wish I was one of them

 

[[email protected]]

Hi Suzanne

I did not get the newsletter from BT.
Lucky I checked now and I see the 2012 FRM course.
If I buy the 2012 Financial Risk Manager (FRM) Part 1 - Tier 2

...how long do I have the access?
...can I download Study notes, Video Tutorials, Structured Email, High-quality annotated practice questions, Organized study planner
As I said earlier, I am new to FRM, and have to Finance background and I want to may be learn from BT course material many many times, and may be sit the exam in May 2012 or may be in Nov 2012.

 

[Suzanne Evans]

Hi Lavinde,
We haven't sent a newsletter recently, but I believe are working to begin sending that very soon. We are still prepping the 2012 contents, but you are able to purchase now and begin with 2011 contents. David has began publishing practice questions focusing on 2012 already.
Thanks,
Suzanne

 

[[email protected]]

Hi Suzanne
Thanks for your message.
I think it will be good if I purchase the final and most update version.
Plz email me and let me know when it is ready for purchase? My email is '[email protected]'
You did not asnwer my other query Suzanne. But it is OK, you must got too many queries. So I will ask again.
If I buy the 2012 Financial Risk Manager (FRM) Part 1 - Tier 2, then for how long do I have the access? 4 months? 6 months? 12 months?

 

[David Harper CFA FRM]

Hi lavinde: purchase is good for 12 months (in part so customers don't have to fret the exact timing of purchase), thanks David

 

[[email protected]]

thx David, luv your service!!!!
I think it will be good if I purchase the final and most update version.
Plz email me and let me know when it is ready for purchase? My email is '[email protected]'

 

[David Harper CFA FRM]

Hi lavinde: okay, thanks ... actually as you are registered ( as a free member), as Suzanne suggests, you will get the newsletter in any case. Thanks for your interest, David

 

[[email protected]]

David
What is CIPM?

 

[David Harper CFA FRM]

Lavinde,

It is Certificate in Investment Performance Measurement (CIPM), see http://www.cfainstitute.org/cipm/pages/index.aspx
(I didn't need it, i was just interested in the reading list). Thanks, David

 

[[email protected]]

thanks david

 

[Neil_Smith]

Is this for both parts?

 

[David Harper CFA FRM]

Hi Neil, See the first chart with three color bars, GARP did break out reporting for each Part (1 & 2) and for those sitting both P1 + P2. Thanks,

 

[Neil_Smith]

Ahhh- yes, interesting that people studying for both have almost the same distribution, although heavy green in the more than 400 hours.

 

[David Harper CFA FRM]

I agree it's interesting, although my hunch is that two factors influence the "green set:" 1. I'd figure this group arrives with above-average qualifications; on average, i would think sitters for P1+P2 have more confidence (for example, candidates with no background rarely or do not attempt P1+P2) and 2. i think there is a natural upper limit on how many hours you can prepare regardless; e.g., for those that start 4 months before the exam, 400 hours is already 25 hrs/week (even if you started with an intent of 2* the prep, you might be even more likely to discount desired hours, as life gets in the way).