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PRMIA 8009 Exam Syllabus Topics:

PRMIA Exam IV: Case Studies: Standards: Governance, Best Practices and Ethics - 2015 Edition Sample Questions:

1. According to the Northern Rock Case Study, what is Forced Insolvency?

A) The bank is legally solvent but if, because it cannot fund its operations, it is forced to liquidate assets it could do so only at less than nominal values (fire sale) and this would make it legally insolvent (value of assets falls below those of liabilities)
B) The bank is legally solvent but its current funding costs (which are likely to continue) exceed the average rate of return on its assets and hence it would soon become insolvent as it would be making losses and would eventually exhaust its equity capital
C) The bank is solvent in that the current value of its assets (measured at book value) is more than the value of its liabilities; so even if the bank were to liquidate all of its assets it would be able to repay all depositors and other creditors
D) The bank is insolvent in that the current value of its assets (measured at book value) is less than the value of its liabilities; thus even if the bank were to liquidate all of its assets it would not be able to repay all depositors and other creditors

2. The condition where futures prices of an underlying asset are lower than cash (spot) prices is known as:

A) Conchacha
B) Contango
C) Backwardation
D) Reverse backwardation

3. PwC concluded that the accounting policy adopted by China Aviation Oil was incorrect because it

A) took into account both the intrinsic value and the time value
B) only took into account the time value of the option (which includes recognizing the time left to maturity of the option, the volatility of the spot price of the underlying commodity, interest rates and other factors)
C) only regarded the intrinsic value (i.e. the difference between the strike price and the forward price of the underlying commodity) as the fair value of its options
D) used neither the intrinsic value nor the time value

4. A risk manager is asked to analyze the credit risk of a convertible bond. The risk manager has never analyzed convertible bonds, but does have significant expertise in credit risk. The risk manager accepts the assignment, finds a paper on the subject through the PRMIA web site and copies the method used there. The risk manager completes the assignment and delivers a report to his or her direct supervisor and the supervisor is quite pleased.
According to the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct), this was acceptable behavior if the following conditions were met:
I. The risk manager disclosed the lack of knowledge about convertible bonds II. The methodology employed is disclosed and explained III. The report was just to be used for analysis and not in practice IV. The risk manager was sure of his/her understanding of the paper found on the web

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

5. As LTCM started to have major losses, it compounded its problems by doing what?

A) Issuing Subordinated Debt
B) Trying to borrow more money from major money centre banks
C) Unwinding its' more liquid trades thereby creating more liquidity risk overall
D) Returning capital to the general partners before others

Solutions: