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PRMIA 8008 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Market Risk | 15% | - Interest Rate, Equity, FX & Commodity Risk - Regulatory Capital for Market Risk - Value-at-Risk (VaR) & Stress Testing - Market Risk Factors & Drivers |
| Topic 2: ALM & FTP | 10% | - Asset-Liability Management Principles - Funds Transfer Pricing Methodology & Application - Interest Rate Risk in the Banking Book - Liquidity Risk Management |
| Topic 3: Counterparty Risk | 15% | - Netting, Collateral & Margining - Credit Value Adjustment (CVA) & Wrong-way Risk - Counterparty Credit Risk Fundamentals - Potential Future Exposure |
| Topic 4: Credit Risk | 20% | - Loss Given Default & Credit Valuation Adjustment - Credit Risk Concepts - Exposure & Probability of Default - Credit Risk Modeling & Capital Calculation |
| Topic 5: Risk Management Frameworks | 20% | - Risk Governance & Culture - Enterprise Risk Management Principles - Risk Measurement Methodologies - Regulatory Frameworks & Basel Accords |
| Topic 6: Operational Risk | 20% | - Control & Mitigation Techniques - Definition & Scope - Risk Identification & Assessment - Capital Requirements & Advanced Measurement Approaches |
PRMIA PRM Certification - Exam III: Risk Management Frameworks, Operational Risk, Credit Risk, Counterparty Risk, Market Risk, ALM, FTP - 2015 Edition Sample Questions:
Question 1
If the marginal probabilities of default for a corporate bond for years 1, 2 and 3 are 2%, 3% and 4% respectively, what is the cumulative probability of default at the end of year 3?
A. 91.26%
B. 9.58%
C. 8.74%
D. 9.00%
Question 2
Which of the following is not true about the ISDA master agreement (ISDA MA):
A. The ISDA MA describes events of default, and termination events
B. The CSA (Credit Support Annex) is one of the parts of the ISDA MA
C. All transactions under the ISDA MA are considered separate obligations
D. The ISDA MA describes the close out process
Question 3
Under the actuarial (or CreditRisk+) based modeling of defaults, what is the probability of 4 defaults in a retail portfolio where the number of expected defaults is 2?
A. 4%
B. 2%
C. 9%
D. 18%
Question 4
The 10-day VaR of a diversified portfolio is $100m. What is the 20-day VaR of the same portfolio assuming the market shows a trend and the autocorrelation between consecutive periods is 0.2?
A. 200
B. 154.92
C. 141.42
D. 100
Question 5
Between two options positions with the same delta and based upon the same underlying, which would have a smaller VaR?
A. both positions would have an identical VaR
B. the position with a higher gamma
C. the position with a higher theta
D. the position with a lower gamma
Solutions:
| Question 1 Answer: C | Question 2 Answer: C | Question 3 Answer: C | Question 4 Answer: B | Question 5 Answer: B |
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