Financial Risk Manager (FRM) EXAM Preparation Course

The recent financial crisis has radically altered the global financial world. The cause of the crisis and how to tackle its effects will be the heated subject for the coming months and years. Irrespective of the conclusions, how risks were managed and the future role of risk professionals will be a prominent part in the debate. Given the rapid evolution of the discipline of financial risk management, risk professionals must be prepared to deal with the challenges in the marketplace. FRM exam designed by the Global Association of Risk Professions (GARP) has become a benchmark to examine whether or not the practitioners have enough capability and expertise in risk management. Passing FRM exam makes a candidate not only be recognized as qualified risk manager but also be connected to a most established network of risk professionals in the world.

The following is a list of other benefits of having FRM certification:

• You will be recognized across the globe as a leader in financial risk management
• You will be more favorable to executive recruiters and hiring managers since they are now seeking FRM holders for senior risk management jobs more than ever before
• The FRM professional certification differentiates you from your peers
• Studying the broad concepts underlying risk management in today's dynamic market environment will give you a holistic view and appreciation for the role risk management plays in an enterprise
• Provides you with the feeling of personal achievement and the satisfaction of conquering an exam developed by the best risk management practitioners in the world
• Objectively benchmarks your knowledge of the major strategic disciplines of financial risk management: Market Risk; Credit Risk; Operational Risk; Risk Management in Investment Management

The training course is composed by 10 lecture sessions, and each section lasts 3 hours.

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The course outlines
Module 1 Fixed Income Analysis & Quantitative Analysis
Bond Fundamentalsü
Fundamentals ofü Probability
Fundamental of Statisticsü
Monte Carlo Methodsü
Module 2 Capital Markets
Introduction to Derivativesü
Optionsü
Fixed Income Derivativesü
Equity, Currency andü Commodity Markets
Module 3 Market Risk Management
Sources ofü Market Risk
Linear Risk vs. Nonlinear Riskü
Modeling Riskü Factors
Value at Risk and Stress Testingü
Module 4 Investment Risk Management
Portfolio Managementü
Hedge Risk Managementü
Module 5 Credit Risk Management
Measuring Actuarial Default Riskü
Measuring Default Risk from Market Pricesü
Derivatives Credit Exposureü
Credit Derivatives and Structured Productsü
Managing Creditü Risk
Module 6 Other Topics
Legalü & Operational Risk Management
Liquidity Risk Managementü
Integrated Risk Management;ü
Regulation and Complianceü
Basel Accordü

Instructor: Yong Wang, PHD, CFA, FRM
Dr. Yong Wang is currently the Managing Director and Head of Quantitative Analysis Group of Global Risk Management, RBC Financial Group.
Dr. Yong Wang has successfully organized several highly acclaimed Bank Risk Management training seminars within Royal Bank, including a special lecture series for FRM preparation. Passing rate for those who attended the RBC FRM exam preparation seminar was 100%.
Dr. Yong Wang has a PhD from Dalhousie University and is a holder of the Chartered Financial Analyst (CFA) designation and a holder of FRM Certificate from GARP. He has coauthored a book on Risk Management and has been the chief translator for several finance books, all of which are now published in China.

Suggested Readings

1. Financial Risk Manager Handbook, 5th Edition, Pilippe Jorion
This book is specially designed to support FRM candidates studying for the GARP annual FRM exam and prepare the candidate to assess and control risk in today’s rapidly changing financial world. Authored by renowned risk management expert Philippe Jorion—with the full support of GARP—this definitive guide summarizes the core body of knowledge for financial risk managers.
PHILIPPE JORION is Professor of Finance at the Graduate School of Management at the University of California at Irvine. He holds an MBA and a PhD from the University of Chicago and a degree in engineering from the University of Brussels. Dr. Jorion has authored more than ninety publications directed to academics and practitioners on the topics of risk management and international finance. His research impact places him in the top 30 finance researchers in the world. His work has received wide recognition, including the Smith Breeden Prize in 1999, which is awarded to the best papers in the Journal of Finance, and a Graham and Scroll Award, given to the best papers in the Financial Analysts Journal. He has also done extensive work in the area of financial risk management with derivative instruments, and is known as an expert on the topic of Value at Risk.

2. Risk Management and Financial Institutions, John Hull

This book explains the risk management theory in a “this is how you do it” manner for practical application in today’s real world. It is based on one of the most popular MBA courses at University of Toronto entitled “Financial Risk Management”. This book focuses on the ways banks and other financial institutions measure market, credit and operational risk.
JOHN HULL is the Maple Financial Group Professor of Derivatives and Risk Management in the Joseph L. Rotman School of Management at the University of Toronto. He is an internationally recognized authority on derivatives and risk management and has many publications in those areas. Recently his research has been concerned with credit risk, executive stock options, volatility surfaces, market risk and interest rate derivatives. He was, with Alan White, one of the winners of the Nikko-LOR research competitions for his work on the Hull-White interest rate model.
He has written three books “Risk Management and Financial Institutions”, “Option, Futures and Other Derivatives (7th Edition)” and “Fundamentals of Futures and Options Markets (6th Edition)”. He has won many teaching awards, including University of Toronto’s prestigious Northrop Frye award, and was voted Financial Engineering of the Year in 1999 by the International Associations of Financial Engineers.

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