PRMIA 8011 : Credit and Counterparty Manager (CCRM) Certificate Exam

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PRMIA 8011 Exam Syllabus Topics:

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

Question #1
Which of the following introduces model error when basing VaR on a normal distribution with a static mean and standard deviation?

A. Autocorrelation of squared returns
B. Heavy tails
C. All of the above
D. Volatility clustering

Question #2
The standard error of a Monte Carlo simulation is:

A. Proportional to the inverse of the square root of the sample size
B. The same as that for a lognormal distribution
C. None of the above
D. Zero

Question #3
The probability of default of a security over a 1 year period is 3%. What is the probability that it would not have defaulted at the end of four years from now?

A. 12.00%
B. 11.47%
C. 88.00%
D. 88.53%

Question #4
In setting confidence levels for VaR estimates for internal limit setting, it is generally desirable:

A. that actual losses exceed the VaR estimates with some reasonably observable frequency that is neither too high nor too low
B. that actual losses never exceed the VaR estimates
C. that actual losses very frequently exceed the VaR estimates
D. that actual losses exceed the VaR estimates on only the rarest of occasions

Question #5
When estimating the risk of a portfolio of equities using the portfolio's beta, which of the following is NOT true:

A. use of the beta assumes that the portfolio is diversified enough so that the specific risks of the individual stocks offset each other
B. relies upon the single factor CAPM model
C. using the beta significantly eases the computational burden of calculating risk
D. explicitly considers specific risk inherent in the portfolio for risk calculations

Solutions: