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

1. The VaR of a portfolio at the 99% confidence level is $250,000 when mean return is assumed to be zero. If the assumption of zero returns is changed to an assumption of returns of $10,000, what is the revised VaR?

A) 226740
B) 273260
C) 240000
D) 260000

2. The largest 10 losses over a 250 day observation period are as follows. Calculate the expected shortfall at a
98% confidence level:
20m
19m
19m
17m
16m
13m
11m
10m
9m
9m

A) 19.5
B) 18.2
C) 16
D) 14.3

3. Which of the following are true:
I. Delta hedges need to be rebalanced frequently as deltas fluctuate with fluctuating prices.
II. Portfolio managers are right to focus on primary risks over secondary risks.
III. Increasing the hedge rebalance frequency reduces residual risks but increases transaction costs.
IV. Vega risk can be hedged using options.

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

4. Assuming all other factors remain the same, an increase in the volatility of the returns on the assets of a firm causes which of the following outcomes?

A) A decrease in the value of the non-callable debt issued by the firm
B) A decrease in the value of the implicit put in in the debt of the firm
C) An increase in the value of the callable debt of the firm
D) An increase in the value of the equity of the firm

5. The minimum 'multiplication factor' to be applied to VaR calculations for calculating the capital requirements for the trading book per Basel II is equal to:

A) 3
B) 1
C) 4
D) 2

Solutions: