FRM - both levels on same day

As we all know, FRM has now been converted into a two level exam being conducted in Level 1 and Level 2. The level 1 consists of the basic fundamentals of Risk Assessment and Level 2 consists of Advanced Risk Management.

Many of the appearing candidates are interested in clearing the FRM levels and be able to use the FRM title as soon as possible for the obvious advantages it provides. Well to those candidates who have the courage and mettle to write both the FRM levels on the same day and the stamina to concentrate for long. I have a good news. Now you can write both FRM Level 1 and Level 2 on the same day(i.e. either of the two days in the year when GARP conducts FRM). So you can now write FRM Level 1 in the morning slot and then write FRM Level 2 on the same day in the afternoon slot. With this arrive the obvious worries about what happens if I clear one part and do not clear the other one.

Though nothing specifically mentioned, my best guess is that, if you are not able to clear a particular level of the exam, you can apply for a re-examination of that level. For instance, If you fail in FRM Level 2 and clear FRM Level 1, you will reapply for just the Level 2. And if you fail FRM Level 1 but clear FRM Level 2, you will have to just reapply for FRM Level 1 and not Level 2.

To me, this is a fast forward track for smart individuals who want to use their FRM titles as soon as possible. But be careful about the exam because it will be a bit hectic and tough to concentrate for long hours on tough problem.

Cheers,
Gaurav Parashar

FRM v/s PRM

In order to support you choosing one of the certification programs we have compared certification programs by GARP and PRMIA:
  

Certification	FRM	PRM
Philosophy	"The FRM exam should, as much as possible, reflect real-world practices and test a manager not only on his or her technical prowess but also their ability to recognize issues. As a risk manager it would be very rare for a colleague to approach you with a problem and simultaneously identify it as a “market risk or credit risk” issue. The FRM Committee does not feel that modularizing a comprehensive risk management-related examination, allowing candidates to take and pass each section separately, is a good approach to measuring a candidates ability to make decisions in a real world environment. That methodology simply makes the exam easier to pass and does not truly measure a candidate’s overall risk management capabilities, thereby reducing its credibility and acceptance as a rigorous and globally adopted test of financial risk management competency." Certificates will be handed over only to candidates who have passed the FRM Exam and provided GARP with proof of their 2 years of work experience.	"The PRMIA Certified Risk Manager program sets the standard for assessing the knowledge, competence and integrity of risk professionals. It is the only Globally Endorsed certification program for risk managers. The exam tests a candidate's knowledge and ability to apply the essentials of financial risk management to everyday, real-life situations in the workplace." "To meet with the needs of busy professionals, the program provides for great flexibility, offering one six-hour exam for those wishing to complete evaluation in one day, or four separate exams, varying in length from one to two hours, which can be taken in any order over a period of up to two years. Passing all four exams leads to the award of the PRM designation." An online scientific calculator will be provided at the test center. No other calculators will be allowed.
Exam Structure	In two levels: I Quantitative Analysis - 10 % II Market Risk Measurement and Management - 25 % III Credit Risk Measurement and Management - 30 % IV Operational and Integrated Risk Management, Legal, Accounting, and Ethics - 25 % V Risk Management in Investment Management – 10 %	Exam I: Finance Theory, Financial Instruments and Markets (25 %, 36 questions, 120 minutes) Exam II: Mathematical Foundations of Risk Measurement (20 %, 24 questions, 120 minutes) Exam III: Risk Management Practices (30 %, 36 questions, 90 minutes) Exam IV: Case Studies, PRMIA Standards of Best Practice, Conduct and Ethics, Bylaws (25 %, 24 questions, 60 minutes)
Basic Readings	Study Guide free downloadable readings Jorion: Financial Risk Manager's Handbook, 3rd edition 2005 Readings CD	Self Study Guide Exam guide Professional Risk Managers' Handbook
Next Possible Exam Dates	May 22, 2010	any business day of the year
Testing Locations	100 cities worldwide	any of nearly 4,000 locations, operated by Pearson VUE, in over 140 countries
Format	multiple choice; around 140 questions (not presented by category) 2 – 2.5 hours sessions	multiple choice; full exam: 120 questions; Exam questions are randomly drawn, according to the syllabus order and weightings, from the exam database
Recognition of Other Designations		candidates need only to pass the following exams
		CFA, CIIA, CQF, Act. Fellow cross-over	exams III and IV
		Acturial Associates	exams I, III and IV
		CSI Financial Risk Management Graduates	exams II, III, and IV
		FRM cross-over	exams II and IV
Exam Results	Announced in around 3-4 months	15 business days after the exam has been taken
Passing Rates	44 %	49 % (exam I) -72% (exam IV)