PRMIA Credit and Counterparty Manager (CCRM) Certificate : 8011

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PRMIA 8011 Exam Syllabus Topics:

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

1. The probability of default of a security during the first year after issuance is 3%, that during the second and third years is 4%, and during the fourth year is 5%. What is the probability that it would not have defaulted at the end of four years from now?

A) 12.00%
B) 88.53%
C) 88.00%
D) 84.93%

2. 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) Volatility clustering
C) All of the above
D) Heavy tails

3. Which of the following is the best description of the spread premium puzzle:

A) The spread premium puzzle refers to dollar denominated non-US sovereign bonds being priced a at significant discount to other similar USD denominated assets
B) The spread premium puzzle refers to observed default rates being much less than implied default rates, leading to lower credit bonds being relatively cheap when compared to their actual default probabilities
C) The spread premium puzzle refers to AAA corporate bonds being priced at almost the same prices as equivalent treasury bonds without offering the same liquidity or guarantee as treasury bonds
D) The spread premium puzzle refers to the moral hazard implicit in the monoline insurance market

4. An operational loss severity distribution is estimated using 4 data points from a scenario. The management institutes additional controls to reduce the severity of the loss if the risk is realized, and as a result the estimated losses from a 1-in-10-year losses are halved. The 1-in-100 loss estimate however remains the same.
What would be the impact on the 99.9th percentile capital required for this risk as a result of the improvement in controls?

A) Can't say based on the information provided
B) The capital required will stay the same
C) The capital required will increase
D) The capital required will decrease

5. Consider a portfolio with a large number of uncorrelated assets, each carrying an equal weight in the portfolio. Which of the following statements accurately describes the volatility of the portfolio?

A) The volatility of the portfolio will be close to zero
B) The volatility of the portfolio is the same as that of the market
C) The volatility of the portfolio will be equal to the weighted average of the volatility of the assets in the portfolio
D) The volatility of the portfolio will be equal to the square root of the sum of the variances of the assets in the portfolio weighted by the square of their weights

Solutions: