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PRMIA Credit and Counterparty Manager (CCRM) Certificate Exam Sample Questions (Q195-Q200):

NEW QUESTION # 195
Which of the following are true:
I. Monte Carlo estimates of VaR can be expected to be identical or very close to those obtained using analytical methods if both are based on the same parameters.
II. Non-normality of returns does not pose a problem if we use Monte Carlo simulations based upon parameters and a distribution assumed to be normal.
III. Historical VaR estimates do not require any distribution assumptions.
IV. Historical simulations by definition limit VaR estimation only to the range of possibilities that have already occurred.

• A. I, III and IV
• B. I, II and III
• C. All of the above
• D. III and IV

Answer: A

Explanation:
Statement I is true. If a Monte Carlo simulation is based upon the same parameters as used for analytical VaR, and enough number of simulations are carried out, we would get the same results as with analytical VaR.
Statement II is false. We cannot use Monte Carlo simulations using parameters based upon a normal assumption when the underlying distribution is not normal. For example, if a return stream is based upon say a uniform distribution, we cannot use a simulation based upon drawings from a normal distribution even though we use the same mean and standard deviation.
Statement III is true. This is the advantage of historical simulations - no assumptions are necessary.
(Historical simulations however often suffer from the great disadvantage of the paucity of data that would cover all possibilities.) Statement IV is true. The results of historical simulations are limited to the data they are based upon.

NEW QUESTION # 196
Under the contingent claims approach to measuring credit risk, which of the following factors does NOT affect credit risk:

• A. Maturity of the debt
• B. Cash flows of the firm
• C. Volatility of the firm's asset values
• D. Leverage in the capital structure

Answer: B

Explanation:
Under the contingent claims approach, credit risk is modeled as the value of a put option on the value of the firm's assets with a strike equal to the face value of the debt and maturity equal to the maturity of the obligation. The cost of credit risk is determined by the leverage ratio, the volatility of the firm's assets and the maturity of the debt. Cash flows are not a part of the equation. Therefore Choice 'a' is the correct answer.

NEW QUESTION # 197
Consider a portfolio with a large number of uncorrelated assets, each carrying an equal weight in the portfolio. Which of the following statements accurately describes the volatility of the portfolio?

• A. The volatility of the portfolio will be close to zero
• B. The volatility of the portfolio will be equal to the square root of the sum of the variances of the assets in the portfolio weighted by the square of their weights
• C. The volatility of the portfolio is the same as that of the market
• D. The volatility of the portfolio will be equal to the weighted average of the volatility of the assets in the portfolio

Answer: B

Explanation:
When assets are uncorrelated, variances are additive. But volatility (which is standard deviation) is not. In the given situation, the total variance of the portfolio will be equal to the the square root of the sum of the variances of the assets in the portfolio weighted by the square of their weights. Its volatility will be the square root of this variance. Thus Choice 'c' is the correct answer.
(This is because V(cA + dB) = c

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