FRM® pass rates: what does GARP currently publish?
Industry
GARP’s public exam page displays pass rates for the November 2025 window. See what those figures describe, what they leave open, and how candidates can use them.
· 6 min
Insights & industry
Short, specific writing on the CFA, FRM, CAIA, CFP and ESG programs — exam strategy, curriculum shifts and what the charter actually signals. Written for candidates who are sitting, not browsing.
Earlier from the desk
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CFA® futures margin: trace the daily cash flows correctly
Concept
Daily settlement moves a futures gain or loss into the margin account while the contract is open. Follow a worked ledger and separate collateral from contract value.
· 7 min
FRM® Merton distance to default: what is the threshold?
Concept
Merton distance to default compares a modelled future asset value with debt due at a chosen horizon. Learn the probability link, measure choice and key limitations.
· 7 min
CAIA® candidate status on a CV: what wording is allowed?
Careers
CAIA Association ties candidate wording to exam registration and reserves the designation for active members. Use precise CV examples for each stage of study.
· 7 min
CFA® deferred tax: what changes when the tax rate moves?
Concept
A tax-rate change remeasures deferred balances, but the direction and reporting line depend on the temporary differences. Work through both and avoid a common trap.
· 7 min
CAIA® integrated portfolios: who should make each decision?
Concept
An integrated portfolio needs explicit authority, escalation and reporting. Learn how to test board, committee, staff and delegated roles through a practical case.
· 7 min
FRM® active recall: how should you revise one reading?
Study Systems
Close the reading, reconstruct its ideas and test an application before reopening it. This routine shows when rereading helps and how to check errors.
· 6 min
CAIA® hedge fund replication: where does a factor clone fail?
Concept
A liquid factor clone may track ordinary fund returns yet miss changing exposures, nonlinear losses and stale marks. Use a worked example to test what the fit hides.
· 6 min
FRM® swap par rate: how is the fixed leg set at inception?
Concept
The par swap rate makes fixed and floating legs worth the same at inception. Work through discount factors, an example and the crucial rate distinction.
· 6 min
CAIA® formula recall: how do you learn beyond a list?
Exam Strategy
Formula recall improves when you reconstruct relationships, track units and practise choosing a method. Build a routine that connects each equation to a decision.
· 7 min
CAIA® rebalancing: calendar, bands or risk triggers?
Concept
A rebalancing rule should match the portfolio’s target and trading frictions. Compare calendar reviews, tolerance bands and risk triggers with a worked allocation.
· 7 min
CAIA® whistleblowing: when should an issue be escalated?
Concept
An internal report can help a firm act, but it cannot be a compulsory gate to the SEC. Learn to assess reporting channels, protection and escalation timing.
· 6 min
CFP® exam fees: what does the published schedule cover?
Industry
CFP Board lists different exam prices by registration phase. See the October 2026 schedule, what registration includes and when other exam fees can arise.
· 7 min
CAIA® conflicts of interest: when is disclosure enough?
Concept
A manager must identify the competing interest, control its effect and explain what clients need to know. Use this framework to test allocation and fee conflicts.
· 6 min
FRM® DV01 versus effective duration: which risk measure?
Concept
Both measures describe rate sensitivity, but one reports money per basis point and the other a percentage response. Learn their conversion, uses and limits.
· 6 min
CFA® Level I pass: what does an employer actually learn?
Careers
A Level I pass shows a verified exam milestone, but leaves job skills to demonstrate. Learn accurate CV wording and how to connect the result to real work.
· 6 min
CFP® stock valuation: dividend model or peer multiple?
Concept
Dividend models and peer multiples answer different valuation questions. Work through an illustrative share, test assumptions, and explain what each estimate means.
· 6 min
FRM® futures: how do margin cash flows and hedge accounts differ?
Concept
Daily futures settlement can demand cash before a hedge pays off. Learn to track margin, separate economic offset from reporting, and avoid common exam mistakes.
· 6 min
A CAIA® error log that turns mistakes into weekly revision
Study Systems
Record why each CAIA practice answer failed, not just the correct choice. A weekly review turns repeated gaps and timing problems into specific revision actions.
· 7 min
FRM® manager fees: calculate the return investors keep
Concept
Gross performance can conceal fee drag. Follow a clear fee waterfall, test hurdle and high-water-mark terms, then compare managers using net returns fairly.
· 6 min
CAIA® valuation controls: who can challenge a manager’s mark?
Concept
A fund’s valuation policy needs prices that can be checked and challenged. Learn how to test sources, overrides and independent review of illiquid assets.
· 6 min
CFA® final-month revision: what should come first?
Exam Strategy
Use the final four weeks to diagnose weak topics, repair errors, rehearse timed work and settle exam-day logistics. The order matters more than a crowded checklist.
· 7 min
CFP® inflation calculations: what can a future sum buy?
Concept
A future balance can grow while its spending power falls. Convert amounts into the same year’s dollars, then test whether the client’s own costs fit the index.
· 6 min
CAIA® ESG screening: when does an impact claim hold up?
Concept
Screening explains which investments enter a portfolio; impact asks what changed because of capital or influence. Learn to test both claims with evidence.
· 7 min