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

1. Which of the formulae below describes incremental VaR where a new position 'm' is added to the portfolio?
(where p is the portfolio, and V_i is the value of the i-th asset in the portfolio. All other notation and symbols have their usual meaning.)

A)

B)

C)

D)

2. 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) 84.93%
B) 88.53%
C) 88.00%
D) 12.00%

3. Which of the following is true for the actuarial approach to credit risk modeling (CreditRisk+):

A) Default correlations between obligors are accounted for using a multivariate normal model
B) The approach considers only default risk, and ignores the risk to portfolio value from credit downgrades
C) The approach is based upon historical rating transition matrices
D) The number of defaults is modeled using a binomial distribution where the number of defaults are considered discrete events

4. When fitting a distribution in excess of a threshold as part of the body-tail distribution method described by the equation below, how is the parameter 'p' calculated.

Here, F(x) is the severity distribution. F(Tail) and F(Body) are the parametric distributions selected for the tail and the body, and T is the threshold in excess of which the tail is considered to begin.

A) If there are K observations up to the tail threshold, then p = k*n
B) p is a function of the reporting threshold and determined by the log-likelihood functional
C) p is a parameter estimated using either the sum of least squares or maximum likelihood estimation
D) If there are N observations, of which K are up to T, then p = k/N

5. The CDS rate on a defaultable bond is approximated by which of the following expressions:

A) Credit spread x Loss given default
B) Hazard rate x Recovery rate
C) Loss given default x Default hazard rate
D) Hazard rate / (1 - Recovery rate)

Solutions: