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PRMIA 8011 Exam Syllabus Topics:

PRMIA Credit and Counterparty Manager (CCRM) Certificate Sample Questions:

1. 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) II, III and IV
B) I, II, III and IV
C) I, II and III
D) I and II

2. Which of the following is not a tool available to financial institutions for managing credit risk:

A) Credit derivatives
B) Cumulative accuracy plot
C) Third party guarantees
D) Collateral

3. If EV be the expected value of a firm's assets in a year, and DP be the 'default point' per the KMV approach to credit risk, and#be the standard deviation of future asset returns, then the distance-to-default is given by:

A)

B)

C)

D)

4. Which of the following statements is true:
I. When averaging quantiles of two Pareto distributions, the quantiles of the averaged models are equal to the geometric average of the quantiles of the original models based upon the number of data items in each original model.
II. When modeling severity distributions, we can only use distributions which have fewer parameters than the number of datapoints we are modeling from.
III. If an internal loss data based model covers the same risks as a scenario based model, they can can be combined using the weighted average of their parameters.
IV If an internal loss model and a scenario based model address different risks, the models can be combined by taking their sums.

A) III and IV
B) All statements are true
C) II and III
D) I and II

5. The standard error of a Monte Carlo simulation is:

A) None of the above
B) The same as that for a lognormal distribution
C) Zero
D) Proportional to the inverse of the square root of the sample size

Solutions: