FRM PROGRAM
®
2012 Part-time courses – London
WELCOME
Dear prospective FRM candidate,
It is becoming increasingly evident that risk management will be vital
to the volatile and uncertain financial markets of today. The Financial
Risk Manager (FRM®) is a globally recognised benchmark and
designation for professionals already working or intending to work in
the risk management field.
Since 2000, the average growth in registered candidates has been
34% per year, which is evidence of the ever increasing popularity
of the program. At Kaplan Financial we believe that given the recent
market events, the need for risk management can be an even more
popular discipline in the future, and that it is the right time for you
to take on this professional challenge.
We offer market leading tuition and revision courses to help you pass
the FRM® examination. Our partnership with Schweser means that we
can offer classroom courses which are fully integrated with Schweser’s
ever popular learning materials.
This brochure will provide you with information on the qualification
and the nature of our high-quality, flexible training.
We know that decisions on how best to study can be difficult so if you
need your questions answered please do call us on 0845 450 8992 or
attend one of our open evenings, the details of which you can find on
our website, www.kaplanfinancial.co.uk/frm.
We look forward to working with you,
Martin Stoynov CFA, CAIA, FRM
Course Director
2
CONTENTS
Why study with Kaplan?
About the
FRM®
Program
2
4
Study materials
6
Enrollment forms 7
Additional support
9
1
why study with kaplan?
Kaplan Financial can help maximise the return on your training
investment by guiding students through exams, tailoring programs for
qualified staff and meeting both HR and finance goals; something at
which we excel.
About Kaplan Financial
Kaplan Financial clients include many FTSE 100 companies
and 85 of the UK’s top 100 accounting practices. Each year we
prepare more than 30,000 students for exams worldwide; our
students consistently outperform average pass rates and we
regularly produce prize-winners. Our tutors have won numerous
awards from trade press and industry bodies, while we exceed
the exacting tuition standards demanded by the professional
bodies. With offices throughout Asia Pacific, Europe and the US,
alongside those in the UK, we are uniquely positioned to offer a
truly global coverage that develops and delivers seamless, cost
effective and cross border programs.
2
When you choose your training
partner for your FRM® studies
you do so because you value
excellence in your tutors,
support materials and customer service to
give you the best possible chance of a first
time success.
ABOUT THE FRM® PROGRAM
The Financial Risks Manager (FRM®) examination is administered by
the Global Association of Risk Professionals™ (GARP®). The body of
risk knowledge contained in the FRM® syllabus is increasingly globally
recognized as setting the standard in global risk management practices.
The demand for risk management knowledge and expertise has never been higher. Effective risk measurement
and management is essential to the success and survival of any business especially for financial organizations
in the current global marketplace.
As global markets and market instruments have developed, it is vital that risk management personnel
understand the nature of market risk, credit risk, liquidity risk and operational risk. The FRM® syllabus covers
all these areas along with the many quantitative tools and methodologies used by market practitioners.
In addition to the above, the FRM® syllabus covers current issues in financial markets and past financial
management failures making the program relevant to the markets of today.
Prerequisite knowledge
Candidates are assumed to have an understanding of the basic concepts of finance and quantitative analysis.
This includes knowledge of traditional investments. Nevertheless, our tutors will attempt to assume as little prior
knowledge as possible and help candidates build their understanding from the basics.
3
About the exam
Both parts of the examination can be sat on the third Saturday of May or November. Both parts are paperbased, multiple choice format examinations.
Part I is a four-hour examination (8am to 12pm), consisting of 100 multiple choice questions. The following
four broad topic areas will be tested during Part I. Examples of some sub-topics are provided for each:
Part I – topic area
Sub-topic
Foundations of Risk Management
<<
<<
<<
<<
Quantitative Analysis
<<
<<
<<
<<
Financial Markets and Products
<<
<<
<<
<<
Valuation and Risk Models
<<
<<
<<
<<
<<
Weight
Creating value with risk management
CAPM and APT
Risk management failures
GARP Code of Conduct, etc...
20%
Time value of money
Probability distributions
Hypothesis testing
Regression analysis, etc...
20%
Derivatives (Options, Forwards, Swaps)
Commodity markets
Foreign exchange risk
Sovereign and corporate bonds, etc....
30%
Bond valuation
Option valuation
Stress testing
Credit ratings
Operational risk, etc....
30%
Part II is also a four-hour examination (2pm to 6pm), consisting of 80 multiple choice questions. The following
five broad topic areas will be tested during Part II. Examples of some sub-topics are provided for each:
Part II – topic area
Sub-topic
Foundations of Risk Management
<<
<<
<<
<<
<<
Credit Risk Measurement & Management
<<
<<
<<
<<
Operational and Integrated Risk
Management
<<
<<
<<
<<
Risk Management & Investment Management
<<
<<
<<
<<
Current Issues in Financial Markets
<<
<<
<<
4
<<
Weight
Volatility
Exotic options
Duration/convexity
Extreme value theory
Mortgage-backed securities, etc....
25%
Subprime mortgages and securitisation
Credit derivatives
Structured finance
Credit scoring, etc...
25%
Allocation of risk capital
Evaluating correlations
Liquidity risk
Basel Accords, etc...
25%
Portfolio construction
Hedge fund and pension funds risk management
Risk budgeting
Risk decomposition and performance attribution, etc...
15%
The Credit Crisis
Mortgages and securitisations
Subprime CDOs
Uses and limitations of VAR, etc...
10%
It is possible to sit both parts on the same day, but this is risky. If a candidate fails Part I, Part II will not be graded.
How hard is the FRM?
GARP recommends that the average candidate spend approximately 200 hours studying for each part of the
examination. Of course, this will vary as a function of each candidate’s educational background and experience.
The most recent pass rate for Part I was 53% and 62% for Part II.
The exam is graded on a curve against the performance of the top 5% scoring candidates, ensuring
uniform difficulty across different sittings.
Enrollment costs and deadlines
The fee structure for the FRM examination includes a one-time enrollment fee ($300) and an exam
registration fee which is payable for each part. The exam registration fee varies between $350 - $650 per
part and depends on whether a candidate registers under the Early, Standard or Late registration deadlines.
To book the exam and for the most up to date prices, please visit www.garp.com
Certification requirements
In order to be entitled to use the FRM acronym after their name, candidates must successfully pass both
parts of the FRM examination and must have at least two years of work experience in risk management or a
related area.
Our courses
Kaplan offers both tuition as well as revision courses. Our tuition course is either a day course or an evening
course. The tuition course is run using slides which cover all AIM statements and is ideal for people who
need to build their foundational knowledge and develop their understanding gradually.
Day tuition
Summary
The weekday tuition course is five days for Part I
and six days for Part II.
9am to 5pm
Evening tuition
Summary
The evening tuition course is 12 evenings.
6pm to 8.30pm
six weeks – two evenings per week
Revision course
Summary
Our revision course spans three days and uses mind
maps and our proprietary question and answer book.
The revision course is ideal for people who have already
developed their knowledge either through our tuition
courses or through in-depth, Intensive self-study. A
significant benefit of the revision course is the possibility
to refresh key concepts and then do question practice in
conditions similar to those on exam day.
9am to 5pm
three days
5
STUDY MATERIALS
Kaplan Financial and Kaplan Schweser™ are part of the same group and
work closely together to provide unparalleled integration of Schweser™
study notes and the classroom experience. Our partnership with Kaplan
Schweser means we can offer their market leading material at prices
which cannot be matched elsewhere in the marketplace.
2
Tuition and revision slide packs
¤
SchweserNotes™
Kaplan Financial and Kaplan Schweser share resources and partner to develop
comprehensive slide packs used in our tuition and revision courses, allowing students to
build one complete set of exhaustive course notes. This ensures Kaplan delivers the most
integrated study solution available for the FRM examination.
Long regarded as the premier study notes in the market, this 3-book set of the
SchweserNotes™ help condense the prescribed readings, allowing candidates to review the
material more rapidly.
SchweserPro™ Question Bank
SchweserPro is a market leading online question bank of over 1,000 questions. It is possible to
filter questions by topic area and level of difficulty. This is the perfect study tool at home, in the
office, or even on a laptop during your commute!
¨
Practice exams book
A practice exam book is included with the SchweserNotes™ containing two four-hour
mock examinations with complete explanations to all problems at the back.
Schweser’s QuickSheet™
This well-organised A4 sized revision tool offers a quick review of key concepts and
formulas.
:
6
Weekly online classes
Included in the Premium and PremiumPlus solutions only is an 8-week online program (a
session is 3 hours per week), which covers the material over 24 hours of teaching time. It
can be viewed either in real time or, alternatively, it offers unlimited archive review of every
recorded class during the sitting. This is an ideal asset for the distance learner.
ENROLLMENTFORM
FORM2012
ENROLLMENT
FRM – Financial Risk Management
(
8
Phone
E-mail
*
:
Post
2
Fax
Online
Tel: (UK) 0845 450 8992
E-mail: citybookings@kaplan.co.uk
PLEASE COMPLETE FORM IN BLOCK CAPITALS
Student details
Mr/Mrs/Ms/Miss
(International) +44 (0) 20 7920 3060
Fax: +44 (0) 20 7256 5882
Kaplan Financial Markets, 5th Floor, Finsbury Tower, 103-105 Bunhill Row, London EC1Y 8LR
Online: www.kaplanfinancial.co.uk/frm
Employer details
Company name
Surname
Company reg no.
Forename(s)
Training Manager’s Name
Date of birth
Mr/Mrs/Ms/Miss
Tel
Address for correspondence
E-mail
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Tel (home)
Mobile
Sponsored students: employer’s authorisation
Tel (work)
If the above employer is responsible for the payment of fees,
please complete the following:
Work e-mail
As employer of the student for whom this form is completed, we are
responsible for payment of amounts due to Kaplan Financial on receipt of
invoices, unless credit facilities with Kaplan Financial have been granted,
in respect of the student and undertake to inform you in writing promptly of
any change to this arrangement.
Personal e-mail
Kaplan Financial Student Number
We understand that we are fully responsible for the payment of amounts
due to Kaplan Financial in all circumstances (including termination of
employment or course cancellation).
How did you hear about Kaplan Financial?
Have you previously
studied with Kaplan
Financial?
We confirm that we have read, understood and accept the terms and
conditions detailed on www.kaplanfinancial.co.uk
Yes
No
If no, where did you
previously study?
Why did you decide to study with Kaplan Financial?
Signed
Name
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Date
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Invoicing address (if different from the employer address above)
I can confirm that I have read, understood and agree to be
bound by the terms and conditions and privacy policy
detailed on www.kaplanfinancial.co.uk
Contact name
Address for correspondence
Student signature
Date
Postcode
DATA PROTECTION ACT: Your sponsor will be informed of your test results, progress and attendance unless your sponsor chooses not to receive this information.
MARKETING POLICY: Kaplan Financial Limited, Kaplan Publishing Limited or our other group companies may contact you to keep you informed about further professional
training or other services and products of interest. If you do not wish us to send any such information, please tick here.
Registered office: Kaplan Financial Limited, 7th Floor, 100 Cannon Street, London EC4N 6EU
Registered in England No. 1028790
7
Step 1: Choose your preferred method of study (please tick your selection)
Follow
our 3 easy steps to book yourLevel
FRMI course
London
Fee (incl. VAT)
Weekday Tuition (5 days)
12-14 March 2012 & 2-3 April 2012
Step 1: Choose your preferred method of study (please tick your selection).
6,8,13,15,20,22,27,29 March 2012
Evening Tuition (12 evenings)
3,5,10,12 April 2012
London
Level I
£1,320
Fee (incl. VAT)
Weekday Revision
days)
Weekday
Tuition (5(3days)
23-25
April
2012
14-16
March
2011 & 18-19 April 2011
£685
£1,100
Mock Exam
Evening
Tuition (12 evenings)
Weekday Inclusive
Weekday
Revision
(3 days)
(incl. Weekday
Tuition, Weekday
Revision
10, 2012
15, 17, 22, 24, 29, 31 March 2011
128,May
5, 7, 12, 14 April 2011
£60
£1,250
26-28
2011
Dates
asApril
above
£650
£1,715
& Mock Exam) @ 10% discount
Mock Exam
Evening Inclusive
Weekday
(incl. EveningInclusive
Tuition, Weekday Revision
(incl.
Weekday
Tuition,
Weekday Revision
& Mock
Exam) @
10% discount
& Mock Exam) @ 10% discount
London
Evening Inclusive
(incl. Evening
Tuition,(6Weekday
Weekday
Tuition
days) Revision
15 May 2011
£55
Dates as above
Dates as above
£1,859
£1,625
Level II
Fee (incl. VAT)
Dates
as above
19-21
March
2012 & 10-12 April 2012
& Mock Exam) @ 10% discount
12,14,19,21,26,28 March 2012
2,4,10,12,16,18 April 2012
Level II
Weekday
(3days)
days)
WeekdayRevision
Tuition (6
307-9
April
& 1-22011
May 2012
March
& 11-13 April 2011
£730
£1,200
Mock
Exam
Evening
Tuition (12 evenings)
9, 14,
16, 21, 23, 28, 30 March 2011
127,May
2012
4, 6, 11, 13 April 2011
£65
£1,350
3-5 May
2011
Dates
as above
£700
£1,886
15 May 2011
£65
Dates as above
Dates as above
£1,976
£1,770
Weekday Inclusive
& Mock Exam) @ 10% discount
Mock Exam
Evening Inclusive
Weekday Inclusive
(incl. Evening Review, Weekday Revision
(incl. Weekday Tuition, Weekday Revision
& Mock Exam) @ 10% discount
& Mock Exam) @ 10% discount
£1,400
Fee (incl. VAT)
Step
2: Choose
your additional products (please tick your selection)
Evening
Inclusive
(incl. Evening Tuition, Weekday Revision
Dates as above
& Mock Exam) @ 10% discount
Courier Delivery Fee £32 with UK
q
£59/ €69 with Europe
Tick
Tick
£1,760
£1,300
Evening Tuition (12 evenings)
London
Weekday
Revision
(3 days)
(incl.
Weekday
Review, Weekday
Revision
Tick
£1,160
Tick
£1,900
q
Step
2:automatically
Choose youradd
additional
products
(please
tick your
We
will
this to Step
3 as we
will courier
yourselection)
manuals to you on enrollment.
Kaplan Schweser™ FRM products (prices shown are at 20% discount for Kaplan Financial FRM candidates)
Courier Delivery Fee £25 within UK q£46 / €55 within Europe q
We will automatically add this to Step 3 as we will courier your manuals to you on enrolment.
Schweser™
Premium
Solution
£247 q
q are at 20% discount
Schweser™
EssentialFRM
Solution
£206
Kaplan Schweser™
products (prices
shown
for Kaplan
Financial
FRM candidates)
Includes:
Study Notes
Schweser™Schweser™
Essential Solution
£197 q
Includes: Online
Schweser™
PracticeStudy
ExamsNotes
Online Practice Exams
Schweser™
Quicksheet
Schweser™
Quicksheet
Includes:
Schweser™
NotesSolution
Schweser™Study
Premium
Includes:
Online
PracticeSchweser
Exams Study Notes™
Online Practice Exams
Schweser™ Quicksheet
Schweser™ Quicksheet
week online program
8 week online 8program
£296 q
Step 3: Payment instructions
All additional products listed are supplied by Kaplan Financial at the prices quoted above and are available for purchase separately. Kaplan
Financial course materials will be made available to you by the first day of your course.
All amounts quoted are inclusive of VAT where applicable.
Please invoice my employer (complete section overleaf)
I enclose a cheque for £
made payable to Kaplan Financial Limited.
Please charge my credit/debit card in respect of the full amount marked above. NOTE: Diners Club cards are not accepted.
Start date
Name of cardholder
8
Signature of cardholder
Expiry date
Issue no.
Security no.
Telephone no. of cardholder
Additional Support
Our mission is to provide you with the knowledge and skills you need to
optimise your chances of success.
Mock Exams
Pass Guarantee
A vital part of each candidate’s study effort
should be to practise taking mock exams in timed
conditions. Kaplan offers a proprietary timed mock
examination at our premises to allow students to
get a feel for exam timings and practise their examtaking techniques. The mock examination is a way
to highlight areas of weakness, which can then be
addressed in the week before the actual examination.
We are confident that our courses, coupled with home
study, will place you in the strongest possible position
to successfully tackle the examinations. However,
no training organisation can guarantee a pass. If you
do fail, however, then we are happy to provide you
with a free revision course for the next exam sitting.
In order to qualify you simply need to have booked
and attended at least 90% of both the education
and revision courses at Kaplan Financial and this
applies to the previous sitting only. To help understand
the areas of the exam that you may have found
challenging, we would also offer you the opportunity
to talk through the exam and your approach with one
of our tutors to plan for success at the second attempt.
Free drop-in clinics for our students
In the days prior to the exam, we offer free-of-charge
drop-in clinics for our students. Candidates may book
a one-hour slot with a tutor to run through their final
queries before the exam. The slots are subject to
availability so make sure you book up quickly.
9
FRM® PROGRAM
2012 Part-time courses – London
Kaplan Financial Markets, 5th Floor, Finsbury Tower,
103-105 Bunhill Row, London EC1Y 8LR
Tel: 0845 450 8992 (UK)
+44 (0) 20 7920 3060 (International)
E-mail: citybookings@kaplan.co.uk
www.kaplanfinancial.co.uk/frm