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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

For identical mean and variance, which of the following distribution assumptions will provide a higher estimate of VaR at a high level of confidence?

A. A distribution with kurtosis = 0
B. A distribution with kurtosis = 2
C. A distribution with kurtosis = 3
D. A distribution with kurtosis = 8

Question 2

The accuracy of a VaR estimate based on a Monte carlo simulation of portfolio prices is affected by:
I. The shape of the distribution of portfolio values
II. The number simulations carried out
III. The confidence level selected for the VaR estimate

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

Question 3

Which of the following is a measure of the level of capital that an institution needs to hold in order to maintain a desired credit rating?

A. Regulatory capital
B. Book value
C. Economic capital
D. Shareholders' equity

Question 4

Which of the following are valid techniques used when performing stress testing based on hypothetical test scenarios:
I. Modifying the covariance matrix by changing asset correlations
II. Specifying hypothetical shocks
III. Sensitivity analysis based on changes in selected risk factors
IV. Evaluating systemic liquidity risks

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

Question 5

There are three bonds in a diversified bond portfolio, whose default probabilities are independent of each other and equal to 1%, 2% and 3% respectively over a 1 year time horizon. Calculate the probability that none of the three bonds will default.

A. 2%
B. 94%
C. 0.11%
D. 0.0006%

Solutions: