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Financial Risk Manager Handbook 2001-2002 (Paperback)

by Philippe Jorion (Author) "An investor considers a zero-coupon bond that pays $100 in ten years ..." (more)
1.5 out of 5 stars  See all reviews (2 customer reviews)

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Product details

  • Paperback: 832 pages
  • Publisher: John Wiley & Sons; 2nd edition (15 Aug 2001)
  • Language English
  • ISBN-10: 0471093726
  • ISBN-13: 978-0471093725
  • Product Dimensions: 27.8 x 21 x 4.2 cm
  • Average Customer Review: 1.5 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon.co.uk Sales Rank: 3,182,249 in Books (See Bestsellers in Books)

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Product Description

Product Description

The definitive guide to acing the GARP FRM Exam
The Financial Risk Management Exam (FRM Exam) was developed by the Global Association of Risk Professionals (GARP) as a means of establishing an industry standard of minimum professional competence in the field. It is given annually in November for risk professionals who want to earn FRM certification. Authored by renowned financial risk management guru Phillipe Jorion, with the full support of the GARP, this is the definitive instruction manual for those preparing to take the FRM Exam. With the help of questions (and solutions) taken from previous exams, Jorion coaches readers on quantitative methods, capital markets, and market credit, operational, and risk management concepts and assessment techniques. In addition to being the indispensable guide for those aspiring to FRM certification, Financial Risk Manager Handbook will also serve as a valued working reference for risk professionals.
Phillipe Jorion, PhD (Irvine, CA), is a Professor of Finance at the Graduate School of Management at UC Irvine. He has also taught at Columbia University, Northwestern University, the University of Chicago, and the University of British Columbia.


From the Back Cover

Risk professionals looking to earn Financial Risk Manager (FRM) certification, corporate training programs, professors, and graduate students all rely on the Financial Risk Manager Handbook for the most comprehensive and up–to–date information on financial risk management. Presented in a clear and consistent fashion, this book is the best way to prepare for the Financial Risk Manager (FRM) exam and has become the core text for risk management training programs worldwide.

This definitive guide supports candidates studying for GARP’s annual FRM exam and prepares you to assess and control risk in today’s rapidly changing financial world. The 2001—2002 edition outlines the essentials of financial risk management by covering such topics as quantitative methods, capital markets, and credit, operational, market, and integrated risk management.

With the FRM exam fast becoming an essential requirement for risk managers around the world, the Financial Risk Manager Handbook focuses on practical financial risk management techniques and solutions that are emphasized on the test. Questions from previous exams are explained through tutorials so that you may prepare yourself or your employees for this comprehensive exam and for risk management scenarios you will face at some point in your career.

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An investor considers a zero-coupon bond that pays $100 in ten years. Read the first page
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Customer Reviews

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1.5 out of 5 stars (2 customer reviews)
 
 
 
 
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Most Helpful Customer Reviews

 
16 of 16 people found the following review helpful:
1.0 out of 5 stars replete with errors, 20 Dec 2001
...The book's demerits are price; horrible, inexcusable, typographical errors; disorganization; and did I mention steep price?... Perhaps competition from Kaplan and other professional test preparation concerns will spur GARP and Jorion to improve their product
Jorion's style is repetitive and his attempts at clarity succeeds only in further obscuring already murky subjects. AMAZON would do well to put a hot link here to Strunk & White's The Elements of Style, in case Jorion drops in to look at his reviews. He certainly needs a copy. I sympathize with those readers whose first language is not English and purchased this book as a study aid for passing the FRM. Having just taken the exam, I can safely say they would have been better served to study the source materials rather than purchase this book.
Goodness knows what he was thinking in making thirty-two disjointed chapters when twenty lucid ones would have done. Bloated is not the word, bloviated is more like it...
As another reviewer notes above, this book smacks of lecture notes strung together. I will go further than that assessment: I think this is an amalgamation, and a poor one, of academic notes from an undergraduate course, a graduate course, and the occasional consulting lecture, all squished together in a drunken muddle of a first draft.
It would be unfair to criticize without citing examples, of which there are dozens if not hundreds, so I will point out a few egregious ones that are inexcusable. Sadly, this medium is too constrained to list them all, however, I am compiling them for a forthcoming letter to Jorion, so those of you who also have purchased the book and have noted errors kindly e-mail me at the above address for your notation's inclusion in my letter (full credit given, and cc to you).
On page 162, Jorion offers answers for questions he previously has proposed in Chapter 6. Lord help the poor soul who is trying to make sense of them (whose first language is not English and does not know the subject matter). For those who have purchased the book, I provide here the correct order of the answers: Answer "Example 6-3" answers the question on page 138 and should be Answer "Example 6-1." "Example 6-4" should be "Example 6-2" and answers the question on page 139; "Example 6-5" should be answer "Example 6-3" for that question on page 142; "Example 6-6" should be the answer to "Example 6-4." On page 163 "Example 6-7" should be "Example 6-5" and answers that question on page 142. Whew, I am tired. There is more, but frankly I paid a lot for this book so I should not have to do this, this is editor's work that clearly we paid for and clearly was not done. Shame on Wiley, Jorion, and GARP.
Perhaps worse, on page 162, Jorion provides the answer, "Example 6-4" [should be "Example 6-2"] to a complex question found on page 139. Jorion's answer reads "d) By put-call parity, p = c - (S - Ke[^]-rt) = 30 - (100 - 120exp(-0.5[sic] x 0.5) = 30 + 17.04 = 47.04." Well, his answer is wrong, his formula has a crucial error in it, "-0.5" should be "-0.05" and if any of his students on an exam had calculated the answer the way Jorion has in this example they would have failed. Worse, if anyone had programmed an option pricing model with such an error embedded in it, or heaven-forefend traded on such an error, needless to say that FRM candidate would have been seeking McJobs in due order. It would be inexcusable for anyone buying this book to make such an error, for an authority like Jorion to make it, with GARP's imprimatur no less, discredits the profession...
With all that said, why do I give it a "C-" instead of an "F"? I suppose for that student who pours over this text with such diligence that they correct Jorion's errors, are so befuddled by his work they seek the better instruction of the original sources of this material, and generally have reviewed his work so well they know how bad it really is, it has done them some good, and may help them pass the FRM; primarily by providing negative convexity.
It grieves me to write such a negative review. I recognize it is much more difficult to build something up than it is to tear something down, and it is easy to trash a book that clearly was a lot of hard work. However... customers should demand and get high quality, careful editing, organization, and value. These are clearly lacking in this edition...
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6 of 6 people found the following review helpful:
2.0 out of 5 stars Given the importance of the subject - a sad book, 28 Oct 2008
This review is from: Financial Risk Manager Handbook (Wiley Finance) (Paperback)
I am appearing for the FRM and hence bought the book - thought it would help through the FRM reading material clutter. While the book does try to cover the FRM gamut, however it falls short on the following.

1. The writing style is bad - and I mean bad because after 1/2 hour of reading I get lost since there is jumping of topics, loose connection between sentences and paragraphs. I have been trying for the past 1 month to read for atleast 1 hour - but I give up. Not readable.

2. Hell lot of errors - printing and deliberate. I have other books of Wiley Finance but this book does not stand in quality to the others.

In short - the book is more a quick compilation of topics - shortcuts before exams day. Verdict - not worth the price.

The reason I am giving 2 stars is because of coverage of few topics - particularly Credit Risk Section (5 chapters) is quite good.
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