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Financial Risk Manager [FRM] by GARPNotification –
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FRM exam has evolved into a very comprehensive and a globally respected risk management qualification by now since its inception 10 years ago.
It holds its examination once a year in November and I am looking at the November 2007 exam. I do intend to pursue the program and appear in November 2007.
This thread therefore is intended to discuss out all issues relating to FRM exam and also for sharing information/study tips and reading materials of Schweser....basically pooling resources in a way that benefits all the exam takers.
FRM was being discussed in the CFA thread also but I think its better to keep that thread exclusively for CFA discussions. Hence I have created this thread.
Feel free to pour in your thoughts.
Regards.
PS: This is no attempt to advertize the qualification. Mods please take notice. *************************************************************************
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Dear Sandeep. There is only ONE exam for FRM...there are no "levels" in the program as such. Secondly, Schweser does not provide notes for CFA only. It provides notes for FRM too and Ashish is talking about those notes. Not the CFA notes. Regards, Tumtum
i am going to appear for group theta of cfa(icfai) , can u tell me about frm , some of my friends are also planning to pursue it . What benefits we may get from doing frm after icfai CFA.
i am going to appear for group theta of cfa(icfai) , can u tell me about frm , some of my friends are also planning to pursue it . What benefits we may get from doing frm after icfai CFA.
Benefits...knowledge, an international brand recognition, potential networking opportunities leading to better profile jobs....a wholesome focus on your career.....the list is endless as I am finding in my journey to becoming an FRM.
why do you want to become FRM? how different FRM is from Equity Research Analyst?kindly through light on job profile. and also reply to my thread Equity Research.
why do you want to become FRM? how different FRM is from Equity Research Analyst?kindly through light on job profile. and also reply to my thread Equity Research.
Bye Amardeep
Amardeepthe reasons for me are pretty simple. I am an analyst and I track the Industrials Sector (a lot of sub-industries in the sector such as Transportation, Air Freight & Logistics, Commercial Services & Supplies, Machinery and Building Materials etc etc) and frankly speakingit gives you a lot of knowledge about various industries, intricacies of valuing different companies in different industries and the kind of business practices followed in each industry etc and I am doing my job pretty well. In fact I have studied for all this and it comes in handy too BUT BUT BUT..this is not what I want to be doing all my lifeanalyzing that is !! I don't want to end-up as an analyst whole my life! I don't want to be a data processing machine who makes sense out of numbers all my life and more so.I feel suffocated at times because if you are an analyst in a back-end set-up, you are just nothing more.being an analyst, you are NOT MANAGING thingsyou are NOT involved in DECISION MAKINGyou are not doing a lot of things that others who are in management are doing !!! Now looking at my profile, I would love to be in touch with the financial markets, with banking etc but then I don't want to lick-up balance sheets and income statements all the time and report it to someone else. I want to be where action is and clearly, it lies in managing things and in making decisions.not merely analyzing them and reporting them. When I mix all these needs, I get the feeling that the kind of work I need to do is something different.I have my cousins graduating from the top league b-schools ( they gave me an idea about risk management) and from my past 2 years work experience, I have come to know that my interests lie in risk management, Basel II consulting, treasury, tradingsuch front end fields. Since I have already gained quite a decent amount of knowledge in different industries, I feel that I should leverage this and ALONGSIDE, I should also upgrade my quant skills and do some systematic study of the technicalities in risk management. Though no program/curriculum/course can directly teach you that, I found the FRM course most suited to my needs. In other words, I am looking at a gradual career shift from research to risk management and from back-end to front end. Thought FRM does not guarantee that, I know that it is very well respected an accepted as a mark of achievement in that field. It may just grant me an entry to that profession, which I think I need. Hence I am pursuing this program. Hope you got your answer my friend.
hi i was also planning tp do frm. but i have come acrossed prm which is coming up very fast. basically i wanna know why u chosen frm over prm frm or prm????????????
Ruchika. The reason why many opt for PRM is straightforward..in PRM you get to give 4 papers separately, you get to choose the day of exam and can complete it as quickly or as slowly according to your work/project deadlines or other personal commitments (you have to give exams at any recognized Thomson-Prometric Testing Center). Also, some techies prefer more quantitative curriculum since they have a strong quant background and would help them sail through PRM easily as it has more of quant part in it. Additionally, many CFAs/ Actuaries/Financial Engineers etc want a risk management certification and PRM grants them exemptions of upto 50% (i.e 2 exams), which is one of the factors behind its rapid growth. However, if you look at FRM, it is a 5 hour-long 1 single exam held in November every year, very uniform in nature and tests your concepts in-depth. BUT the main factor is that since it is older than PRM, it enjoys a really wide recognition among academic and corporate circles (PRMIA too has caught-up well and formed associations with various universities across the globe). Basically, some people separated from GARP and formed PRMIA 5 years back due to some differences in the ideology of operating GARP. But all these differences apart, I really liked the curriculum depth of FRM and secondly, I dont have to slog for 4 exams when I can finish of my certification in one single shot. This factor is especially important to me since I am married and I have to balance my work and family life. All I have to do is an adjustment for 1 exam, which is better than adjusting for 4 exams ! Additionally, FRM is not as heavy on quants as PRM is, which for a non-techie background guy like me is a benefit as I learn only relevant quant concepts that are really needed. Secondly, in my opinion, GARP has not provided any exemptions in a bid to raise its membership, which I see PRMIA resorting to.puts doubts in my mind about PRMIA being too concerned with building members only! Plus, my company is paying me for doing FRM..need I explain more? For the events that led to separation of PRMIA from GARP, visit this link: http://www.fenews.com/fen34/one_time_articles/garp_and_prmia/garp_prmia.html Hope this clears all your doubts..remember, whatever you do, do it in the best possible way. All the best!
Guys.....an update.....the GARP website states that the next exam is being held on 17th november, 2007. Registration for exams starts March 1 through April 30, 2007 in the "early bird" category. If you don't register in this time period, you will be shelling out nearly $100 more than the early registration fees. Visit the website for more details ! Regards, Tumtum.
Hello guys, I contacted the Schweser guys (the company that provides notes for FRM exam prep) and they said that they will be out with the notes by Feb-end/March 1st week. Since the GARP website clearly states that GARP's Risk Management Handbook is not sufficient, it becomes imperative to scout for Schweser notes. In case anyone of you needs to purchase these notes, we can pool the resources together- not only for Schweser notes but also for a lot of really exciting exam-related content mentioned in the GARP Digital Library on its website. Suggestions most welcome. Regards, Tumtum.
hi friends, nice thread, me too looking for giving FRM this november. But have some queries , what is the sufficient material to study in order to clear the exam,sources(mainly)..ect secondly,i think i have heard its better to go for FRM after clearing 1or2 levels of CFA(AIMR). please do share your views on the same.
hi friends, nice thread, me too looking for giving FRM this november. But have some queries , what is the sufficient material to study in order to clear the exam,sources(mainly)..ect secondly,i think i have heard its better to go for FRM after clearing 1or2 levels of CFA(AIMR). please do share your views on the same.
Actually many people fall into the trap of comparing FRM and CFA but I dont think that there is much case for comparison since both the courses are markedly very different from each other. While the CFA focus in Level 1 is all the basics of financial analysis, basics of derivatives, ethics and economics, the Level 2 focuses mainly on financial derivatives and advanced financial statement analysis. Level 3 is more of portfolio management and a good part of derivatives.all in all the focus is on financial analysis and fund management as far as CFA is concerned. On the other hand, a look at the FRM curriculum states that areas such as operational risk management, financial risk management, credit risk management, legal risk management- all in all management of all kinds of RISK is the priority of FRM. So if you have done L2 of CFA, it might help you in a limited area of study eg derivatives and all but other than that, I dont see CFA really helping a person who wants a dedicated career in risk management. For that FRM becomes the God! Hope you are clear now.
I am working in Chennai. Is there any coaching by Kaplan in chennai.
Is there any possibility of group preparation?
Pl advise.
With regards
Hi Venkat !
The "Schweser" notes (I was mentioning this in my previous posts) is nothing but Kaplan notes (Schweser is a Kaplan group company). It has many kinds of course packages. If you opt for the best one (and the costliest one) then you will get pre recorded lecture CDs too. You can then learn at your own pace, whether you are in Chennai, Mumbai, Dubai or any other place on this planet !
Hi Guys !! Wanted to check whether we can do joint preparation of FRM exams 2007. Do any one know some gud faculty in Hyderabad who can help in this exam ?