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PRMIA 8011 Exam Syllabus Topics:

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

1. An equity manager holds a portfolio valued at $10m which has a beta of 1.1. He believes the market may see a dip in the coming weeks and wishes to eliminate his market exposure temporarily. Market index futures are available and the current futures notional on these is $50,000 per contract. Which of the following represents the best strategy for the manager to hedge his risk according to his views?

A) Sell 220 futures contracts
B) Buy 220 futures contracts
C) Sell 200 futures contracts
D) Liquidate his portfolio as soon as possible

2. A cumulative accuracy plot:

A) measures accuracy of default probabilities observed empirically
B) is a measure of the correctness of VaR calculations
C) measures the accuracy of credit risk estimates
D) measures rating accuracy

3. In estimating credit exposure for a line of credit, it is usual to consider:

A) the present value of the line of credit at the agreed rate of lending.
B) a fixed fraction of the line of credit to be the exposure at default even though the currently drawn amount is quite different from such a fraction.
C) the full value of the credit line to be the exposure at default as the borrower has an informational advantage that will lead them to borrow fully against the credit line at the time of default.
D) only the value of credit exposure currently existing against the credit line as the exposure at default.

4. A Monte Carlo simulation based VaR can be effectively used in which of the following cases:

A) Where analytical methods are too complex to effectively use
B) All of the above
C) When returns data cannot be analytically modeled
D) When returns are discontinuous or display large jumps

5. Which of the following statements is true:

A) Total expected losses are greater than the sum of individual underlying exposures while total unexpected losses are less than the sum of unexpected losses on underlying exposures
B) Total expected losses are equal to the sum of individual underlying exposures while total unexpected losses are greater than the sum of unexpected losses on underlying exposures
C) Both total expected losses and total unexpected losses are less than the sum of expected and unexpected losses on underlying exposures respectively
D) Total expected losses are equal to the sum of expected losses in the individual underlying exposures while total unexpected losses are less than the sum of unexpected losses on underlying exposures

Solutions: