Exam Feedback - November 2023 Part 2 Exam Feedback (2024)

20 pect quant... or even may be less but quant part was not difficult. The rest was difficult, it is easy to say I managed to figured out 2 wrong ones, but i am telling you 90 pct of people telling you that will be wrong, balance rests on managing quant part well. There was one MCQ in liquidity section that got me all confused where treasurer wanted to go for USD investment..... answer was FX swap because he was the treasurer of the BANK! Quite unlike implied swap FX rates management with CIP imbalance, treasurer could even out this difference with lending (as he did not need to borrow in the first place!)

Current issues, liquidity and interestingly credit risk were easier .. it will be very difficult to get even 2nd quartile here. I am doomed. Merton Model assumptions, tranche repayment where there was default of 6m (equity will take the full blow first)... credit risk was easy relatively than liquidity risk.

and OR, it was spread out evenly, not wise to say just do RAROC and you will be okay .. OR was very cleverly written, people who say they have managed OR well without going through material well will struggle, I predict 3rd quartile here. MR too very evenly spread but MR had more quant section, it had 8 qualitative ones, which were difficult

over all my result will be... 332242...fail most probably!... i have done 34 correct, 25 i am sure 50%, rest i am sure 25%..over all score would be 44 to 48. Max at 50

humans are interesting creatures, unlike other beings who to survive, kill other beings but seldom kill being which are like themselves, humans are different, they are just evolved differently. They not only kill humans and they kill other creatures too. So, evolution is going out of hand here!

I did not find the part 2 exam as difficult as I thought before. I was unsure what to expect because the two GARP 2023 practice exam varied in diffuclty with the 2nd practice exam being a lot more diffuclt. I found the actual exam was more in line with the diffculty of the first easier practice exam. Also, there were not really any bad surprises in the exam in terms of new topics or concepts.

What was of course challenging were the unexpected variations in the questions. I am still confused how to factor in the unexpected loss. I tried the question with the Cox-Ingersoll model for 10 minutes but I only came close to the amounts given in the anwser choices. So I am still asking myself if there was some sort of error in the answers or if I made a mistake.

I skipped every question I was unsure about. So in the end there were like 20 questions left but I also had one and a half hour left to solve these quesitons. So finishing in time was no problem for me. I think if you do a good preparation in advance and practice the GARP mock exams, you should not be afraid of the exam.

I am not too confident. I felt the exam (in regard to the quali questions) did not actually test the understanding of concepts very much, but whether one remembered some minute detail of a concept mentioned somewhere in the books. I also felt a lot of questions had two answers that were so ambiguous that GARP only decides afterwards which one of them is considered correct in order to calibrate the final results.
The quant questions were as usual: Remember a formula, calculate. Two of them were obviously wrong, though, because none of the answers matched the result.

All in all I feel like GARP (again!) failed to construct a serious exam.

~20 quant vs. ~60 qualitative questions for my version of exam. Different from what others may think, I feel like qualitative questions are easier than those quant questions for me as the quant questions I got were a bit tricky to solve. Any miscalculation in the middle will lead to vastly different answers than the four choices.
Whereas with qualitative questions, as others pointed out, I could easily eliminate 2 obvious wrong answers and apply knowledge and judgment to make the final call.
Overall I felt 70% confident. We'll see in a few weeks.

Edit: passed with 121231

kGhos4202 said:

To start with I agree with one of the comments earlier that the actual paper difficulty was in line with mock paper 1. I scored 53 in that paper but I expect a higher score here since BT material helped me grasp the concepts better so even where there was a slight doubt between 2 answers, after reading question and answer 2-3 times I could link which was answer that the question sought. I found market credit and portfolio management part to be comparatively easier along with RAROC portion of OR. So overall I expect to pass.

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See Also

FRM Minimum Passing Score: Our Best Estimates So Far - 300Hours

Guys I have passed with quartiles 313212. Thanks BT for the exhaustive and relevant study materials.

Thank you @David Harper CFA FRM and @Nicole Seaman. All the best in 2024.

For all exam results, please use the following new forum thread that is dedicated solely to the discussion of the November 2023 exam results. Thank you! https://forum.bionicturtle.com/threads/november-2023-exam-results-part-1-and-part-2.24626/