FRM® study notes that show the working
Every Part I and Part II reading mapped to its GARP learning objective, with the quant — VaR, duration, credit models — worked in full, so you can trace any claim back to the curriculum, not a vendor paraphrase.
Source-cited, never paraphrased
Each note names the LOS it answers and the GARP reading behind it. When a number matters — a VaR, a DV01, a default probability — we run it, not gesture at it.
Two parts, one risk story
Part I builds the toolkit and Part II applies it; the notes link Part I VaR mechanics to Part II portfolio and credit applications instead of treating them as separate exams.
Built for the format that is tested
Every note ends on the distinction the multiple-choice item turns on, with the worked example you can reproduce under exam time.
Every topic, both levels
Notes span the full FRM® curriculum across Level I and Level II. Open any level to see its package.
One note, in full
DV01: the dollar value of a basis point
DV01 is the change in a bond’s price for a 1 bp move in yield: DV01 = −(dP/dy) × 0.0001. A bond with modified duration 7.2 priced at $98 has a DV01 of 7.2 × 98 × 0.0001 ≈ $0.071 per $100 face.
Hedging a position means matching DV01, not face value: to neutralise $10,000 of DV01 you size the hedge so its DV01 offsets — the step that separates a hedge that works from one that merely looks balanced.