- 考纲对比
- 学习计划
- 思维导图
- 复习资料
- 历年真题
- 词典及公式
在备考FRM考试中,考生除了要记忆相关的金融知识点,对于真题也是有必要做的,尤其是近几年的真题,下文是小编列举的相关真题,希望对你有所帮助!
Which of the following statements about a cash collateralized debt obligations (CDO) special-purpose vehicle (SPV) is true?》》》戳:各科视频讲义+历年真题+21年原版书(PDF版)免·费领取
A) In a cash CDO, the SPV invests in the actual securities that are used to generate payment to the tranches.
B) In a synthetic CDO, the SPV invests in the actual securities that are used to generate payment to the tranches.
C) In a synthetic CDO, the SPV does not invest in the actual securities that are used to generate payment to the tranches. Instead they invest only in a risk-free bond.
D) In a cash CDO, the SPV does not invest in the actual securities that are used to generate payment to the tranches. Instead they invest in a default swap and a risk-free bond.
答案:A
解 析:A cash collateralized debt obligations (CDO) special-purpose vehicle (SPV) invests in the actual securities that are used to generate payment to the tranches. A synthetic CDO's SPV does not invest in the actual securities that are used to generate payment to the tranches. Instead they invest in a default swap and a risk-free bond.
Astandard synthetic CDO (basket credit default swap) references a portfolio of ten (10) individual corporate names. Assume the following:
●The total reference notional (basket notional) is X, and the term is Y years
●The reference notional per individual reference credit name is X/10 (i.e. equal weight per name)
●The default correlations between the individual reference credit names are all equal to one (1.0)
●The single-name credit default swap (CDS) spread for each individual reference credit name is 100 basis points, for a term of Y years
●The assumed recovery rate on default for all individual reference credits is zero in all cases
●The synthetic CDO comprises two tranches, a 50% junior tranche priced at a spread J, and a 50% senior tranche priced at spread SAll else held constant, if the default correlations between the individual reference credit names are reduced from 1.0 to 0.7, what is the effect on the relationship between the junior tranche spread J and the senior tranche spread S?
A) The relationship remains the same
B) S increases relative to J
C) J increases relative to S
D) The effect cannot be determined given the data supplied
答案:C
解析:If the default correlations are initially all 1.0, then the only possible outcomes are that all issuers default at once, or no issuers default.
If the correlation is reduced below 1.0 to 0.70, there are some outcomes where only some issuers default; these cases will impact the junior tranche more than the senior tranche. However, the overall average default rate remains the same.
This means that at a correlation less than 1.0, the junior tranche bears more of the risk than the senior tranche. Therefore, the spread on the junior tranche will increase relative to that of the senior tranche, because the total spread across the entire basket must remain 100bps. The correct choice is C.
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- 报考条件
- 报名时间
- 报名费用
- 考试科目
- 考试时间
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GARP对于FRM报考条件的规定:
What qualifications do I need to register for the FRM Program?
There are no educational or professional prerequisites needed toregister.
翻译为:报名FRM考试没有任何学历或专业的先决条件。
可以理解为,报名FRM考试没有任何的学历和专业的要求,只要是你想考,都可以报名的。查看完整内容 -
2024年5月FRM考试报名时间为:
早鸟价报名阶段:2023年12月1日-2024年1月31日。
标准价报名阶段:2024年2月1日-2024年3月31日。2024年8月FRM考试报名时间为:
早鸟价报名阶段:2024年3月1日-2024年4月30日。
标准价报名阶段:2024年5月1日-2024年6月30日。2024年11月FRM考试报名时间为:
早鸟价报名时间:2024年5月1日-2024年7月31日。
标准价报名时间:2024年8月1日-2024年9月30日。查看完整内容 -
2023年GARP协会对FRM的各级考试报名的费用作出了修改:将原先早报阶段考试费从$550上涨至$600,标准阶段考试费从$750上涨至$800。费用分为:
注册费:$ 400 USD;
考试费:$ 600 USD(第一阶段)or $ 800 USD(第二阶段);
场地费:$ 40 USD(大陆考生每次参加FRM考试都需缴纳场地费);
数据费:$ 10 USD(只收取一次);
首次注册的考生费用为(注册费 + 考试费 + 场地费 + 数据费)= $1050 or $1250 USD。
非首次注册的考生费用为(考试费 + 场地费) = $640 or $840 USD。查看完整内容 -
FRM考试共两级,FRM一级四门科目,FRM二级六门科目;具体科目及占比如下:
FRM一级(共四门科目)
1、Foundations of Risk Management风险管理基础(大约占20%)
2、Quantitative Analysis数量分析(大约占20%)
3、Valuation and Risk Models估值与风险建模(大约占30%)
4、Financial Markets and Products金融市场与金融产品(大约占30%)
FRM二级(共六门科目)
1、Market Risk Measurement and Management市场风险管理与测量(大约占20%)
2、Credit Risk Measurement and Management信用风险管理与测量(大约占20%)
3、Operational and Integrated Risk Management操作及综合风险管理(大约占20%)
4、Liquidity and Treasury Risk Measurement and Management 流动性风险管理(大约占15%)
5、Risk Management and Investment Management投资风险管理(大约占15%)
6、Current Issues in Financial Markets金融市场前沿话题(大约占10%)查看完整内容 -
2024年FRM考试时间安排如下:
FRM一级考试:
2024年5月4日-5月17日;
2024年8月3日(周六)上午;
2024年11月2日-11月15日。FRM二级考试:
2024年5月18日-5月24日;
2024年8月3月(周六)下午;
2024年11月16日-11月22日。查看完整内容
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中文名
金融风险管理师
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持证人数
25000(中国)
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外文名
FRM(Financial Risk Manager)
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考试等级
FRM考试共分为两级考试
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考试时间
5月、8月、11月
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报名时间
5月考试(12月1日-3月31日)
8月考试(3月1日-6月30日)
11月考试(5月1日-9月30日)