May 4, 2009
This is an interview in a series of Interviews that EduPristine Careers will conduct. EduPristine sets up meetings with professionals/ students / other people, who have been successful in clearing FRM, and gets their views on how to succeed. EduPristine is hopeful that it will provide the readers some insight into how to crack FRM and other certification courses in finance.
Paramdeep Singh, a director with EduPristine speaks to Amitraj Singh, an expert in Risk Management and Analytics. Amitraj has been working in the field of Risk Management and Analytics for the past 5 years. He has significant experience in software development, Analytics and Risk Management. He has a strong background in Mathematics and thinks that VaR is the most important topic from Exam perspective. Amitraj is an engineer by background and has done his Bachelors and Masters from IIT Delhi.
Paramdeep: Tell me a brief about your background
Amit: I have done B.tech and M.Tech from IIT Delhi in Mathematics and Computing. Currently, I am working in a major Analytics firm in the area of Risk Management for consumer finance. I have over 5 years of experience in software development and analytics.
Paramdeep: Why did you give the FRM exam?
Amit: FRM exam helped me better understand the relevance of Basel II. It has enhanced my understanding of credit risk. After the FRM exam, I am more comfortable in developing and interpreting PD and LGD models and understanding the other Basel II requirements. Besides, FRM gives de-facto reorganization as an expert in Risk Management.
Paramdeep: Do you think that background plays an important role in clearing FRM?
Amit: Yes. A strong background in Mathematics and experience in credit risk modeling was definitely helpful.
Paramdeep: What has been your Mantra for success?
Amit: Work hard. Solve as many problems as possible. Try to understand the concepts and read every topic.
Paramdeep: When did you start preparing?
Amit: I started in August for the November exam.
Paramdeep: How much did you study?
Amit: Approximately 2 hours on weekdays and 4-5 hours on weekends.
Paramdeep: What subjects did you concentrate on?
Amit: Read all the topics, especially operational risk and Value at Risk.
Paramdeep: What do you think is the best way to crack the subjects?
1. Credit Risk: Good understanding of probability is required.
2. Market Risk: Understand the concepts of pricing like risk neutral pricing etc.
3. Operational risk: Read the material patiently at least 3-4 times
4. Quantitative Analysis: This is very important for understanding of all the other concepts. Please have a very good understanding of probability and hypothesis testing.
5. Portfolio & hedge Funds: There are some basic techniques that can be mastered easily. Bit of reading of current financial trends is required to apply the things.
Paramdeep: What books did you study for the subjects?
1. Credit Risk: Basic reading of Jorion and Pristine class notes.
2. Market Risk: Hull, Tuckmann Jorion and pristine class notes.
3. Operational risk: Jorion and GARP reference material.
4. Quantitative Analysis: Gujrati
5. Portfolio & hedge Funds: Pristine notes
I relied a lot on online tests and Visualize FRM from EduPristine Careers. The charts were very helpful in remembering all the concepts. I also went through material online.
Paramdeep: What other reference material did you use while studying?
Amit: The above mentioned is enough to pass the exam.
Paramdeep: How best can EduPristine Careers be used for preparing for FRM?
Amit: EduPristine lectures are amazing. These lectures helped me greatly reduce my preparation time. Also the quizzes conducted by EduPristine were very helpful to prepare for the actual exam. They were really reflective of the true level of difficulty faced in the exam.
Paramdeep: What are your career plans after achieving the FRM certification?
Amit: I want to grow in the area of risk management and risk analytics, especially Basel II.
Paramdeep: Lastly, what did you do on the final day before the exam?
Amit: I read through EduPristine Visualize FRM and watched TV.
These FRM Interviews are presented by EduPristineCareers (Leader in FRM/ CFA®/ PRM/ FinanceTraining.
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