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PRMIA 8011 Exam Syllabus Topics:

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

1. For a corporate bond, which of the following statements is true:
I. The credit spread is equal to the default rate times the recovery rate II. The spread widens when the ratings of the corporate experience an upgrade III. Both recovery rates and probabilities of default are related to the business cycle and move in opposite directions to each other IV. Corporate bond spreads are affected by both the risk of default and the liquidity of the particular issue

A) IV only
B) I, II and IV
C) III only
D) III and IV

2. Which of the following is not a limitation of the univariate Gaussian model to capture the codependence structure between risk factros used for VaR calculations?

A) Determining the covariance matrix becomes an extremely difficult task as the number of risk factors increases.
B) It cannot capture linear relationships between risk factors.
C) The univariate Gaussian model fails to fit to the empirical distributions of risk factors, notably their fat tails and skewness.
D) A single covariance matrix is insufficient to describe the fine codependence structure among risk factors as non-linear dependencies or tail correlations are not captured.

3. Which of the following is not an example of a risk concentration?

A) Origination of a large number of SIVs with exposures to the same asset class, where the SIVs are separate legal entities without recourse to the originator
B) Material amounts of treasury obligations held as collateral provided by a single counterparty
C) Large combined positions in assets affected by different risk factors that are highly correlated
D) Location of a portfolio's assets in a single country but spread across different industries

4. Which of the following represents a riskier exposure for a bank: A LIBOR based loan, or an Overnight Indexed Swap? Which of the two rates is expected to be higher?
Assume the same counterparty and the same notional.

A) A LIBOR based loan; LIBOR rate will be higher
B) Overnight Index Swap; OIS rate will be higher
C) A LIBOR based loan; OIS rate will be higher
D) Overnight Index Swap; LIBOR rate will be higher

5. When doing stress tests based on historical scenarios, if no appropriate historical scenarios exist for a security, it is most INAPPROPRIATE to:

A) Leave the position unshocked
B) Estimate a shock factor based upon extrapolation
C) Estimate a shock factor based upon interpolation
D) Estimate a shock factor based on other instruments that might be considered as proxies for such a security

Solutions: