How to Choose the Right Question Bank for Your FRM Preparation
GARP’S Financial Risk Management course needs no introduction. It is the ticket to proficiency and career advancement in the financial world. When preparing for this exam, practicing with test questions has been found to double retention rates. But there are countless FRM question banks online, which one should you choose?
1. The best question banks provide comprehensive concept rationales
The questions should give full explanations as opposed to short answers. These in-depth rationales help to jog your memory and strengthen your understanding. The more detailed the answers and questions are, the easier it will be for you to resolve conceptual conflicts.
Detailed explanations also train your understanding with regards to what examiners want. The simulation reveals common phrasing ambiguities, similarities in answers, and other confusing characteristics of the FRM exam.
2. The question bank should help you keep track of progress
Even fitness enthusiasts have an arms day, chest day, and leg day schedule. You similarly need a testing schedule to effectively track your progress and cover all areas by the time the exams come around. Choose a question bank provider that has categorized the questions topic-wise for your easier planning.
Topic-wise testing allows you to keep track of your weekly or monthly goals. You get to have 100% clarity on a given topic by testing yourself before you advance to the next. Attempting questions at random is best done after you have mastered everything, and that is ideally in the last few weeks leading to the exam.
3. It should be up-to-date
Every year GARP revises its program content to keep it relevant to the skills needs of the industry. It’s therefore crucial that you find a question bank that factors these updates in their test questions. Before subscribing to any platform, go through the site to find out how often they update their materials.
Outdated questions might mislead you and waste your time. And if the question bank has gone without updating for a long time, it will probably miss essential questions that will feature in your exams. For an accurate FRM exam preparation, find a question bank that reflects the latest exam changes. Read reviews, especially those from past candidates.
4. There should be a fully experienced team behind it
Often, students fall into the trap of cheaper study materials and question banks that contain inaccurate, misleading, and incomplete information.
When you scrutinize these sites, you find that they rely on individuals with no experience in education or financial risk management to create the questions. Finding out what are the teams behind a question bank should, therefore, be the priority in your search.
GARP states that it works with educators, regulators, business executives, and certified FRMs in the creation of the exams. The FRM question banks try to reflect on what the actual exam could be about. Therefore, it’s only fair that the people behind it should be of diverse skills and experience.
5. Questions should have proper weightage as in the actual exam.
If a 20% question in the practice tests is only worth 10% in the actual exam, you will end up feeling wasted. That’s because you might research more than necessary, and use up more time at the expense of other topics.
6. Bank questions highlight questions of higher weightage that you need to focus on.
It’s essential to study every topic with equal importance. There is no doubt about that. Nonetheless, weightier questions need more time. They need more in-depth studying. A question bank company should make that clear, for instance, by highlighting frequently confusing sections. You can then be able to ready your mind and time as appropriate.
7. The questions should show idea connections
The concepts in FRM are not stand-alone. The real exam can have questions that touch on many or all of the topics at once. The right questions bank must include questions that show how different elements fit together so you can expand your understanding in this field of knowledge.
The real exams often require students to make practical connections to their theoretical understanding. In such cases, having a bigger picture through the understanding of the synergetic framework in the program content could help a great deal.
8. A great design could power you through your studies
Most question banks are hosted on digital platforms, where design and presentation matter a great deal. The best question bank company takes your learning seriously. They have structured the questions in an easy to follow layout with easy navigation and clear menus.
Finding and attempting the questions should be easy. A great design optimizes your drive for learning, and as you will find, visual coherence boosts retention rates. So, when choosing a question bank, consider aspects such as readability and user-friendliness.
9. The questions should be original
By keeping things new every year, GARP ensures that no questions are repeated in the exams. It would thus be unwise to use a question bank that attempts to predict the FRM questions in this year’s exams based on last year’s questions. Instead, you can enhance your preparedness by working with a company that provides new and diverse sets of questions.
Avoid generic tests. The testing needs to be highly specific for each topic. And for mock tests, the exams should be full, precisely weighted, and with a complete marking scheme. Only with such features can you accurately test and track your progress.
10. Practical application
Does the question bank build your skills through practical-based questions? Do the questions align with GARP’s syllabus and course objectives? The right question bank strengthens your expertise and fulfills the course objectives through case studies and practical examples that relate to current experiences in the industry.
11. Must summarize your course content
Even though details are a must for all the answers in every question, they should be summarized with references for more reading. The purpose of a question bank is not to serve as the main point of knowledge acquisition, but as a place to test, remind yourself and correct your misconceptions
Summary answers may be easy to skim through when you are short for time. These answers must, however, fully answer the question so you can find out where you erred in your thinking.
12. Full digital capabilities
You should have full access to the questions whenever and wherever. The best question bank company provides both desktop and mobile accessibility to the questions without compromising design and readability. Security is another thing to consider.
You give a lot of personal information at question bank sites, and they must, therefore, have assurances in place for data protection. You don’t want to wake up one day to an empty bank account because your information fell into the hands of fraudsters.
And also, you don’t want to spend weeks without access to content because of downtimes orchestrated by a cyber-incident.
13. More questions for the money
The right question bank must be a true ‘bank’ that provides an endless wealth of knowledge through thousands of questions. It’s unsafe and inaccurate to gauge your preparedness based on results from a few tests. You should attempt hundreds of them. The best question bank provides thousands of questions.
Learning through hundreds of questions improves your exposure. It expounds your thinking and ability to:
Â· Understand examination language
Â· Time yourself
Â· See the subtle differences in answers that appear similar
Â· Apply theory to practice
Â· Stay calm through an exam
Â· Think fast and make accurate answer choices
14. The degree of question complexity must reflect the actual exam
If the questions are too easy, they can drive you into false confidence. Scoring highly on such tests can make you feel invincible only to get crushed in the real exam. That’s dangerous.
On the other hand, questions that are too hard can break your confidence before you even walk into the exam room. In both cases, these extremes interfere with your ability to prepare for the real exam. The right question bank should have questions that rightly picture the nature of the real FRM exam.
15. They must provide accurate results for mock tests
Mock tests simulate everything about the exam. After attempting these tests, you should be able to know where you stand in terms of knowledge level and exam preparedness. The best question banks provide accurately detailed results, including percentage scores for every area of the test.
16. Inquire around
At this point, you know exactly what kind of testing you need to complement your FRM exam preparation. But which question bank meets the above-stated requirements and recommendations? Here is how to find out: Inquire from past candidates: If you know of any former candidate that has successfully used a particular service provider you have in mind, learn from them. Find out if they had the best experience with the question bank.
Ask for a free trial: The best question bank should let you have a taste of what they offer before you fully commit. Sampling will help you make the right decision.
Read online forums: In many online communities, current and past FRM candidates get together to discuss various things, among them the best question banks. This is the place to investigate user reviews and find out that works.
17. Finally, consider the price
You will want to make sure that the question bank you have in mind sits well with your budget. Don’t stress yourself financially, but remember that cheap is expensive.