FRM SCHWESER NOTES PDF

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Get an inside look at Kaplan Schweser's cornerstone FRM® exam review tool. In this introductory topic from our FRM Part I Book 1 SchweserNotes™, we. Take advantage of these free study materials for the FRM exam from Kaplan Schweser. Free eBook - SchweserNotes: FRM® Foundations. This free eBook . FRM Notes Free Download PDF: The FRM Exam consists of two parts, Part FRM Part I Foundations of Risk Management- Kaplan Schweser.


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Part TM SchweserNotes ® FRM Operational and Integrated Risk Management Exam Prep eBook 3 K A P L A N ') S C H W E S E R Getting Started FRM®. SchweserNotes™ for the FRM® Exam A probability density function (pdf) is a function, denoted f(x), that can be used to generate the. Now that you've received your SchweserNotes™, here's how to get started: . services offered by Kaplan Schweser of FRM® related information, nor does it.

Use Schweser's QuickSheet for continuous review on the go. Review key curriculum concepts in every topic, perform by working through demonstration problems, and practice your exam techniques with our 8-hour live Online Review Workshop.

Remember to join our Live Online Weekly Class. All rights reserved. Published in by Kaplan, Inc. Printed in the United States of America.

These materials may not be copied without written permission from the author. The unauthorized duplication of these notes is a violation of global copyright laws. Your assistance in pursuing potential violators of this law is greatly appreciated.

The information contained in these books is based on the original readings and is believed to be accurate. However, their accuracy cannot be guaranteed nor is any warranty conveyed as to your ultimate exam success. R e a d i n g A s s i g n m e n t s a n d Le a r n i n g O b j e c t i v e s The following material is a review o f the Risk Management and Investment Management, and Current Issues in Financial Markets principles designed to address the learning objectives set forth by the Global Association o fRisk Professionals.

Constantinides, Milton Harris, and Rene M.

Stulz, eds. Benjamin H. Cohen and Gerald A. Edwards, Jr. Andrew W.

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Factor Theory After completing this reading, you should be able to: 1. Provide examples of factors that impact asset prices, and explain the theory of factor risk premiums, page 1 2. Explain implications of using the CAPM to value assets, including equilibrium and optimal holdings, exposure to factor risk, its treatment of diversification benefits, and shortcomings of the CAPM.

Describe multifactor models, and compare and contrast multifactor models to the CAPM. Explain how stochastic discount factors are created and apply them in the valuation of assets, page 6 6. Describe efficient market theory and explain how markets can be inefficient.

After completing this reading, you should be able to: 1. Describe the process of value investing, and explain reasons why a value premium may exist, page 13 2. Explain how different macroeconomic risk factors, including economic growth, inflation, and volatility affect risk premiums and asset returns, page 16 3.

FRM Notes Free Download PDF and Study Materials

Assess methods of mitigating volatility risk in a portfolio, and describe challenges that arise when managing volatility risk, page 19 4. Explain how dynamic risk factors can be used in a multifactor model of asset returns, using the Fama-French model as an example, page 20 5.

Compare value and momentum investment strategies, including their risk and return profiles, page 22 Alpha and the Low-Risk Anomaly After completing this reading, you should be able to: 1. Describe and evaluate the low-risk anomaly of asset returns, page 31 2. Define and calculate alpha, tracking error, the information ratio, and the Sharpe ratio, page 31 3.

Explain the impact of benchmark choice on alpha, and describe characteristics of an effective benchmark to measure alpha, page 33 4. Apply a factor regression to construct a benchmark with multiple factors, measure a portfolio s sensitivity to those factors, and measure alpha against that benchmark, page 35 6. Explain how to measure time-varying factor exposures and their use in style analysis, page 38 7.

Describe issues that arise when measuring alphas for nonlinear strategies, page 39 8. Compare the volatility anomaly and beta anomaly, and analyze evidence of each anomaly, page 40 9.

Illiquid Assets After completing this reading, you should be able to: 1. Evaluate the characteristics of illiquid markets, page 47 2. Examine the relationship between market imperfections and illiquidity, page 48 3. Assess the impact of biases on reported returns for illiquid assets, page 49 4.

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Describe the unsmoothing of returns and its properties, page 49 5. Compare illiquidity risk premiums across and within asset categories, page 51 6.

Evaluate portfolio choice decisions on the inclusion of illiquid assets, page 55 Portfolio Construction After completing this reading, you should be able to: 1. Distinguish among the inputs to the portfolio construction process, page 61 2. Evaluate the methods and motivation for refining alphas in the implementation process, page 61 3.

FRM+2017+Part+II+-+SchweserNotes+Book+1.pdf - 2017...

Describe neutralization and methods for refining alphas to be neutral, page 62 4. Describe the implications of transaction costs on portfolio construction, page 63 5. After logging in, select the appropriate part and proceed to the dashboard where you can access your online products. Then view the Candidate Resource Library on-demand videos for an introduction to core concepts. At the end of each reading, you can answer the Concept Checker questions for better understanding of the curriculum.

Our expert faculty will guide you through the FRM curriculum with a structured approach to help you prepare forthe exam. See our instruction packages to the right.

FRM 2017 Part I - SchweserNotes Book 2.pdf - 2017...

Visit to order. Review key curriculum concepts in every topic, perform by working through demonstration problems, and practice your exam techniques with our 8-hour live Online Review Workshop.

Register online today at. Put your skills and knowledge to the test and gain confidence before the exam. Sincerely, P trek. Kaplan Schweser. All rights reserved. Printed in the United States of America. These materials may not be copied without written permission from the author.

The unauthorized duplication of these notes is a violation of global copyright laws. Your assistance in pursuing potential violators of this law is greatly appreciated. The information contained in these books is based on the original readings and is believed to be accurate. However, their accuracy cannot be guaranteed nor is any warranty conveyed as to your ultimate exam success.

Wel c o me t o t h e S c h w e s e r N o t e s Thank you for trusting Kaplan Schweser to help you reach your goals. In this introduction, I want to explain the resources included with the SchweserNotes, suggest how you can best use Schweser materials to prepare for the exam, and direct you toward other educational resources you will find helpful as you study for the exam. Besides the SchweserNotes themselves, there are many educational resources available at Schweser. Just log in using the individual username and password you received when you downloadd the SchweserNotes.

O nline Practice Questions To retain what you learn, it is important that you quiz yourself often. Quizzes are available for each topic or across multiple topics.

Build your own exams by specifying the topics and the number of questions. Practice Exams Schweser offers two full 4-hour practice exams. These exams are important tools for gaining the speed and skills you will need to pass the exam. The Practice Exams book contains answers with full explanations for self-grading and evaluation. Schweser Study Calendar Use your Online Access to tell us when you will start and what days of the week you can study.

The online Schweser Study Calendar will create a study plan just for you, breaking the curriculum into daily and weekly tasks to keep you on track and help you monitor your study progress. Page v Book 1 Welcome to the SchweserNotes The Part II FRM exam is a formidable challenge covering 79 assigned readings and almost learning objectives , and you must devote considerable time and effort to be properly prepared.

There are no shortcuts! A good estimate of the study time required on average is hours, but some candidates will need more or less time, depending on their individual backgrounds and experience. To help you really master this material and be well-prepared for the FRM exam, we offer several other educational resources, including: O nline W eekly Class Our Online Weekly Class is offered each week, beginning in February for the May exam and August for the November exam.

This online class brings the personal attention of a classroom into your home or office with 30 hours of real-time instruction, led by either Dr. Archived classes are available for viewing at any time throughout the season.

Candidates enrolled in the Online Weekly Class also have full access to supplemental on-demand video instruction in the Candidate Resource Library and an e-mail address link for sending questions to the instructor at any time. Late-Season Review Late-season review and exam practice can make all the difference. Our Review Package helps you evaluate your exam readiness with products specifically designed for late-season studying.

Book 1 Welcome to the SchweserNotes Part II Exam W eights In preparing for the exam, pay attention to the weights assigned to each knowledge domain within the curriculum. You should begin studying early and stick to your study plan. You should first read the SchweserNotes and complete the Concept Checkers for each topic. At the end of each book, you should answer the provided Self-Test questions to understand how concepts may be tested on the exam.

You should finish the overall curriculum at least two weeks before the FRM exam. This will allow sufficient time for Practice Exams and further review of those topics you have not yet mastered. I would like to take this opportunity to thank the content developers, editors, and graphic designers who worked countless hours to create the FRM SchweserNotes.

Page vii Re a d i n g A s s i g n me n t s Le a r n i n g O b j e c t i v e s an d The follow in g m aterial is a review o f the Market Risk M easurement an d M anagem ent principles designed to address the learning objectives set forth by the Global Association o f Risk Professionals.

Page viii Review key curriculum concepts in every topic, perform by working through demonstration problems, and practice your exam techniques with our 8-hour live Online Review Workshop.

The Art of Term Structure Models: Proper planning will allow you to set aside enough time to master the Acquire new knowledge learning objectives in the Part I curriculum. Explain how VaR can be used in the investment process and the development of investment guidelines, page 97 8. R e a d i n g A s s i g n m e n t s a n d Le a r n i n g O b j e c t i v e s The following material is a review o f the Risk Management and Investment Management, and Current Issues in Financial Markets principles designed to address the learning objectives set forth by the Global Association o fRisk Professionals.

Explain the assumptions of the multiple linear regression model, page 8.