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

1. Which of the following objectives are targeted by rating agencies when assigning ratings:
I. Ratings accuracy
II. Ratings stability
III. High accuracy ratio (AR)
IV. Ranked ratings

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

2. There are two bonds in a portfolio, each with a market value of $50m. The probability of default of the two bonds over a one year horizon are 0.03 and 0.08 respectively. If the default correlation is zero, what is the one year expected loss on this portfolio?

A) $5.26m
B) $5.5m
C) $11m
D) $1.38m

3. A Bank Holding Company (BHC) is invested in an investment bank and a retail bank. The BHC defaults for certain if either the investment bank or the retail bank defaults. However, the BHC can also default on its own without either the investment bank or the retail bank defaulting. The investment bank and the retail bank's defaults are independent of each other, with a probability of default of 0.05 each. The BHC's probability of default is 0.11.
What is the probability of default of both the BHC and the investment bank? What is the probability of the BHC's default provided both the investment bank and the retail bank survive?

A) 0.08 and 0.0475
B) 0.0475 and 0.10
C) 0.11 and 0
D) 0.05 and 0.0125

4. Which of the following statements is true in relation to a normal mixture distribution:
I. The mixture will always have a kurtosis greater than a normal distribution with the same mean and variance II. A normal mixture density function is derived by summing two or more normal distributions III. VaR estimates for normal mixtures can be calculated using a closed form analytic formula

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

5. Under the ISDA MA, which of the following terms best describes the netting applied upon the bankruptcy of a party?

A) Payment netting
B) Multilateral netting
C) Closeout netting
D) Chapter 11

Solutions: