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PRMIA 8011 Exam Syllabus Topics:

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

1. What ensures that firms are not able to selectively default on some obligations without being considered in default on the others?

A) Exchange listing requirements
B) Cross-default clauses in debt covenants
C) The bankruptcy code
D) Chapter 11 regulations

2. For a given mean, which distribution would you prefer for frequency modeling where operational risk events are considered dependent, or in other words are seen as clustering together (as opposed to being independent)?

A) Poisson
B) Negative binomial
C) Binomial
D) Gamma

3. If P be the transition matrix for 1 year, how can we find the transition matrix for 4 months?

A) By calculating the matrix P x P x P
B) By calculating the cube root of P
C) By dividing P by 3
D) By numerically calculating a matrix M such that M x M x M is equal to P

4. Which of the following represent the parameters that define a VaR estimate?

A) trading position and distribution assumption
B) confidence level and the underlying stochastic process
C) confidence level, the holding period and expected volatility
D) confidence level and the holding period

5. Which of the following statements are true:
I. It is usual to set a very high confidence level when estimating VaR for capital requirements.
II. For model validation, very high VaR confidence levels are used to minimize excess losses.
III. For limit setting for managing day to day positions, it is usual to set VaR confidence levels that are neither too low to be exceeded too often, nor too high as to be never exceeded.
IV. The Basel accord requirements for market risk capital require the use of a time horizon of 1 year.

A) III and IV
B) II and III
C) I and III
D) I and IV

Solutions: