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PRMIA 8011 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Case Studies | 7% | |
| Topic 2: Credit Valuation Adjustment (CVA) and Related Topics | 17% | - XVA and SA-CCR - Credit Valuation Adjustment (CVA) - Managing Counterparty Risk and CVA |
| Topic 3: Credit Derivatives and Securitization | 13% | - Securitization Processes and Instruments - Credit Derivatives |
| Topic 4: Counterparty Risk and Risk Mitigation | 13% | - Risk Mitigation Techniques - Basics of Counterparty Risk |
| Topic 5: Credit Risk Modeling and Portfolio Management | 20% | - Modern Credit Risk Modeling - Credit Portfolio Management |
| Topic 6: Classic Credit Products, Life Cycle and Credit Risk Methodology | 30% | - Introduction to Credit Risk - Classic Credit Risk Methodology - Classic Credit Products |
PRMIA Credit and Counterparty Manager (CCRM) Certificate Sample Questions:
1. If the cumulative default probabilities of default for years 1 and 2 for a portfolio of credit risky assets is 5% and 15% respectively, what is the marginal probability of default in year 2 alone?
A) 10.00%
B) 11.76%
C) 10.53%
D) 15.79%
2. Which of the following is true for the actuarial approach to credit risk modeling (CreditRisk+):
A) Default correlations between obligors are accounted for using a multivariate normal model
B) The number of defaults is modeled using a binomial distribution where the number of defaults are considered discrete events
C) The approach is based upon historical rating transition matrices
D) The approach considers only default risk, and ignores the risk to portfolio value from credit downgrades
3. Which of the following belong to the family of generalized extreme value distributions:
I. Frechet
II. Gumbel
III. Weibull
IV. Exponential
A) IV
B) II and III
C) I, II and III
D) All of the above
4. When compared to a high severity low frequency risk, the operational risk capital requirement for a low severity high frequency risk is likely to be:
A) Unaffected by differences in frequency or severity
B) Zero
C) Higher
D) Lower
5. For a 10 year interest rate swap, what would be the worst time for a counterparty to default (in terms of the maximum likely credit exposure)
A) 7 years
B) 10 years
C) 2 years
D) Right after inception
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: A |
