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Only need to practice for 20 to 30 hours

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

1. For the purposes of calculating VaR, an FRA can be modeled as a combination of:

A) a zero coupon bond and a floating rate note
B) a zero coupon bond and an interest rate swap
C) two zero coupon bonds
D) a fixed rate bond and a zero coupon bond

2. When the volatility of the yield for a bond increases, which of the following statements is true:

A) The VaR for the bond increases and its value stays the same
B) The VaR for the bond increases and its value decreases
C) The VaR for the bond decreases and its value is unaffected
D) The VaR for the bond decreases and its value increases

3. The daily VaR of an investor's commodity position is $10m. The annual VaR, assuming daily returns are independent, is ~$158m (using the square root of time rule). Which of the following statements are correct?
I. If daily returns are not independent and show mean-reversion, the actual annual VaR will be higher than
$158m.
II. If daily returns are not independent and show mean-reversion, the actual annual VaR will be lower than
$158m.
III. If daily returns are not independent and exhibit trending (autocorrelation), the actual annual VaR will be higher than $158m.
III. If daily returns are not independent and exhibit trending (autocorrelation), the actual annual VaR will be lower than $158m.

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

4. Under the standardized approach to determining operational risk capital, operations risk capital is equal to:

A) 15% of the average gross income (considering only the positive years) of the past three years
B) a fixed percentage of the latest gross income of the bank
C) a varying percentage, determined by the national regulator, of the gross revenue of each of the bank's business lines
D) a fixed percentage (different for each business line) of the gross income of the eight specified business lines, averaged over three years

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 exactly 1 of the three bonds will default.

A) .011%
B) 2%
C) 5.8%
D) 0%

Solutions: