PRMIA 8008 Exam Questions : PRM Certification - Exam III: Risk Management Frameworks, Operational Risk, Credit Risk, Counterparty Risk, Market Risk, ALM, FTP - 2015 Edition

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PRMIA 8008 Exam Syllabus Topics:

PRMIA PRM Certification - Exam III: Risk Management Frameworks, Operational Risk, Credit Risk, Counterparty Risk, Market Risk, ALM, FTP - 2015 Edition Sample Questions:

Question 1

Which of the following are true:
I. Monte Carlo estimates of VaR can be expected to be identical or very close to those obtained using analytical methods if both are based on the same parameters.
II. Non-normality of returns does not pose a problem if we use Monte Carlo simulations based upon parameters and a distribution assumed to be normal.
III. Historical VaR estimates do not require any distribution assumptions.
IV. Historical simulations by definition limit VaR estimation only to the range of possibilities that have already occurred.

A. All of the above
B. I, III and IV
C. III and IV
D. I, II and III

Question 2

Under the contingent claims approach to credit risk, risk increases when:
I. Volatility of the firm's assets increases
II. Risk free rate increases
III. Maturity of the debt increases

A. I and II
B. I and III
C. II and III
D. I, II and III

Question 3

Which of the following describes rating transition matrices published by credit rating firms:

A. Probabilities of default for each credit rating class
B. Realized frequencies of migration from one credit rating to another over a one year period
C. Expected ex-ante frequencies of migration from one credit rating to another over a one year period
D. Probabilities of ratings transition from one rating to another for a given set of issuers

Question 4

What is the combined VaR of two securities that are perfectly positively correlated.

A. The root of the sum of squares of the individual VaRs of the two securities.
B. Combined VaR cannot be derived using the available information.
C. The sum of the individual VaRs of the two securities.
D. The difference of the two VaRs.

Question 5

Which of the following are true:
I. Delta hedges need to be rebalanced frequently as deltas fluctuate with fluctuating prices.
II. Portfolio managers are right to focus on primary risks over secondary risks.
III. Increasing the hedge rebalance frequency reduces residual risks but increases transaction costs.
IV. Vega risk can be hedged using options.

A. I, II, III and IV
B. I and II
C. II, III and IV
D. I, II and III

Solutions: