June 15th, 2004, 2:57 am
Took the FRM in 2001, passed it.I used primarily the Schweser notes, since I was too lazy to read everything in the recommended reading and I think you would go nuts if you tried.Haven't seen the new sylabbus yet, but I've heard that the standard has increased and judging from the new reading list I would assume the quant section increased in difficulty.I did spend some time reading Hull's options textbook and Jorion's VAR book, simply because my background in market risk was weaker. I would suggest anyone preparing to spend time reading the actula reference books for subject matters in which they are weak in. Schweser DOES NOT COVER ENOUGH MATERIAL.The new Kennedy book is an excellent book on econometrics although one might only appreciate more it if one was actually practically developing econometric models. (which is not necessarily what a quant does - since they have other basket of tools to use).I already did my CFA Level 1 and had been working on CFA 2, so I had a firm foundation on financial math. You need to be able to price Bonds, NPV, annuities, and dissect hybrid options in your sleep.The options section in FRM was tougher than the CFA.the math section is OK, except that GARP placed ALL the quant questions in the first paper and none in the 2nd paper, which meant that I had a good 50 mins of excess time in the second paper and a major shortage of time in the first.Truthfully, I think PRM has a more rigorous standard, but FRM is more well known (which is what counts). In addition, GARP's local administration varies considerably, local chapters can be very active or absolutely useless or non-existent.