Thursday, June 12, 2008
HOW TO SYUDY FOR FRM 2008 !!
- some comments Compilation of comments made my people appeared/appearing for FRM.
1.
1)start with JC Hull, then Gujrati
2)then go on to FRM handbook 4th edition
3)core readings
2.
FRM requires more knowledge of Quant than of Finance.
One may have good knowledge on Derivatives mechanism, Bonds etc but FRM tests you on how to price that bond, valuation, Pricing and stuff. One has to primarily refer to the FRM 2008 AIMS, find the learning objectives - then combinely study Schweser, Handbook, Core Readings. etc Study with a purpose and that AIMS all about. If one doesnt have Schweser or Core Readings this point of time, one should atleast try combining readings with 4th Edition Handbook.
3.
Basic Econometrics - Gujarati book or Essential Econometrics - Gujarati Book Basic Econometrics primarily consists of theory while Essential Econometrics consists of Numericals. Theres also a solution manual to the Essential Econometrics book. As far as debate regarding gujarati is going on then i would like to say that basic econometrics will be no substitute for essential econometrics as the topics given in AIM statements are not covered in desired way in basic econometrics, it just mentions these topics in appendix in a very light way and assumes u people are familiar with the topics and just need a brush up before starting with hardcore econometrics stuff. hence i think essential econometrics is very different from basic ecomtrics. also i should mention that it is basic econometrics that is more comon in market hence if u go to buy from market dont forget to stress on ESSENTIAL econometrics. hope this ends confusion regarding gujarati. but i also have my own set of problems and hope shyam and other will try to solve it.
4. Its better to concentrate on these 3 modules first, in the sequence
1] Quant Risk
2] Market Risk
3] Credit Risk
The remaining 2 modules are mostly theoretical with Case studies, Its better to do them last.
You can go to www.garp.com/frmexam and see historical passing rates and other information on the exam. Also GARP does not release the individual FRM Exam scores, as per the FRM Guidelines at www.garp.com/frmexam/guidelines.asp which state "Test results are given on a Pass/Fail basis only". Additionally, the registrant agreement which you will sign before taking the exam states "I further understand that the specific results of my examination will not be released to me for review after completion of the examination and I will receive only a Pass or Fail notification." Passing scores are determined as a ratio of the absolute score to the average of the top 5% of passers. You are not penalized for a wrong answer. The test results analysis that will be provided to you will allow you to see how you did compared to others that took the exam.
1.
1)start with JC Hull, then Gujrati
2)then go on to FRM handbook 4th edition
3)core readings
2.
FRM requires more knowledge of Quant than of Finance.
One may have good knowledge on Derivatives mechanism, Bonds etc but FRM tests you on how to price that bond, valuation, Pricing and stuff. One has to primarily refer to the FRM 2008 AIMS, find the learning objectives - then combinely study Schweser, Handbook, Core Readings. etc Study with a purpose and that AIMS all about. If one doesnt have Schweser or Core Readings this point of time, one should atleast try combining readings with 4th Edition Handbook.
3.
Basic Econometrics - Gujarati book or Essential Econometrics - Gujarati Book Basic Econometrics primarily consists of theory while Essential Econometrics consists of Numericals. Theres also a solution manual to the Essential Econometrics book. As far as debate regarding gujarati is going on then i would like to say that basic econometrics will be no substitute for essential econometrics as the topics given in AIM statements are not covered in desired way in basic econometrics, it just mentions these topics in appendix in a very light way and assumes u people are familiar with the topics and just need a brush up before starting with hardcore econometrics stuff. hence i think essential econometrics is very different from basic ecomtrics. also i should mention that it is basic econometrics that is more comon in market hence if u go to buy from market dont forget to stress on ESSENTIAL econometrics. hope this ends confusion regarding gujarati. but i also have my own set of problems and hope shyam and other will try to solve it.
4. Its better to concentrate on these 3 modules first, in the sequence
1] Quant Risk
2] Market Risk
3] Credit Risk
The remaining 2 modules are mostly theoretical with Case studies, Its better to do them last.
You can go to www.garp.com/frmexam and see historical passing rates and other information on the exam. Also GARP does not release the individual FRM Exam scores, as per the FRM Guidelines at www.garp.com/frmexam/guidelines.asp which state "Test results are given on a Pass/Fail basis only". Additionally, the registrant agreement which you will sign before taking the exam states "I further understand that the specific results of my examination will not be released to me for review after completion of the examination and I will receive only a Pass or Fail notification." Passing scores are determined as a ratio of the absolute score to the average of the top 5% of passers. You are not penalized for a wrong answer. The test results analysis that will be provided to you will allow you to see how you did compared to others that took the exam.
Sunday, June 1, 2008
1 - Bond
Bond duration
It is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows. It is an important measure for investors to consider, as bonds with higher durations carry more risk and have higher price volatility than bonds with lower durations.
it is a valuable tool in assessing bond price sensitivity to interest rate shocks. It is the most common technique for quantifying this sensitivity and is generally used to approximate changes in the price of the bond for every 100 basis point change in yields( modified duration). As a general rule, the greater the value of duration, the more price volatility results from interest rate movements.
Notice the negative sign in front of this equation and remember that bond prices move in the opposite direction as interest rate. Therefore, if interest rates are lowered by 100 basis points, we would insert a -.01 into the formula which would yield a positive price shift.
As you can see, duration is a useful measure in approximating interest rate risk; however, it does not work as well when there are large shifts in yields. The difference between the estimated change in bond price that we just calculated and the actual change in bond price is known as convexity and this must be included in the price change calculations when the yield change is large.
How you can use the concept of Duration ?
A general rule is that a bond with a longer duration is far more volatile than a bond with a shorter duration. Additionally, zero coupon bonds have the same duration and maturity and therefore have the highest risk to interest rate changes. Zero coupon bonds aside, the duration of a bond will always be shorter than its term to maturity. One final generalization we can make is that lower coupon bonds will have higher durations than larger coupon bonds and therefore, larger coupon bonds will be less volatile when interest rates are changed.
For example, if were looking at purchasing a bond and had three options (a discount bond, premium bond, or zero coupon bond) with the same yield to maturity, the premium bond would be the least volatile followed by the discount bond and zero coupon bond being the most volatile.
In conclusion, duration is a very effective means for determining interest rate risk for the individual investor. However, institutions may be more interested in looking at the bond convexity to be more precise with the estimates.
Macaulay Duration
The formula usually used to calculate a bond's basic duration is the Macaulay duration, which was created by Frederick Macaulay in 1938, although it was not commonly used until the 1970s. Macaulay duration is calculated by adding the results of multiplying the present value of each cash flow by the time it is received and dividing by the total price of the security. The formula for Macaulay duration is as follows:
Example 1: Betty holds a five-year bond with a par value of $1,000 and coupon rate of 5%. For simplicity, let's assume that the coupon is paid annually and that interest rates are 5%. What is the Macaulay duration of the bond?
Fortunately, if you are seeking the Macaulay duration of a zero-coupon bond, the duration would be equal to the bond's maturity, so there is no calculation required.
Modified Duration
Modified duration is a modified version of the Macaulay model that accounts for changing interest rates. Because they affect yield, fluctuating interest rates will affect duration, so this modified formula shows how much the duration changes for each percentage change in yield.
For bonds without any embedded features, bond price and interest rate move in opposite directions, so there is an inverse relationship between modified duration and an approximate 1% change in yield.
Because the modified duration formula shows how a bond's duration changes in relation to interest rate movements, the formula is appropriate for investors wishing to measure the volatility of a particular bond.
Let's continue to analyze Betty's bond and run through the calculation of her modified duration. Currently her bond is selling at $1,000, or par, which translates to a yield to maturity of 5%. Remember that we calculated a Macaulay duration of 4.55.
Our example shows that if the bond's yield changed from 5% to 6%, the duration of the bond will decline to 4.33 years. Because it calculates how duration will change when interest increases by 100 basis points, the modified duration will always be lower than the Macaulay duration.
Duration and Bond Price Volatility
More than once throughout this tutorial, we have established that when interest rates rise, bond prices fall, and vice versa. But how does one determine the degree of a price change when interest rates change? Generally, bonds with a high duration will have a higher price fluctuation than bonds with a low duration. But it is important to know that there are also three other factors that determine how sensitive a bond's price is to changes in interest rates. These factors are term to maturity, coupon rate and yield to maturity. Knowing what affects a bond's volatility is important to investors who use duration-based immunization strategies, which we discuss below, in their portfolios.
Factors 1 and 2: Coupon rate and Term to Maturity
If term to maturity and a bond's initial price remain constant, the higher the coupon, the lower the volatility, and the lower the coupon, the higher the volatility. If the coupon rate and the bond's initial price are constant, the bond with a longer term to maturity will display higher price volatility and a bond with a shorter term to maturity will display lower price volatility.
Therefore, if you would like to invest in a bond with minimal interest rate risk, a bond with high coupon payments and a short term to maturity would be optimal. An investor who predicts that interest rates will decline would best potentially capitalize on a bond with low coupon payments and a long term to maturity, since these factors would magnify a bond's price increase.
Factor 3: Yield to Maturity (YTM)
The sensitivity of a bond's price to changes in interest rates also depends on its yield to maturity. A bond with a high yield to maturity will display lower price volatility than a bond with a lower yield to maturity, but a similar coupon rate and term to maturity. Yield to maturity is affected by the bond's credit rating, so bonds with poor credit ratings will have higher yields than bonds with excellent credit ratings. Therefore, bonds with poor credit ratings typically display lower price volatility than bonds with excellent credit ratings.
All three factors affect the degree to which bond price will change in the face of a change in prevailing interest rates. These factors work together and against each other. Consider the chart below:
So, if a bond has both a short term to maturity and a low coupon rate, its characteristics have opposite effects on its volatility: the low coupon raises volatility and the short term to maturity lowers volatility.
The bond's volatility would then be an average of these two opposite effects.
Immunization
As we mentioned in the above section, the interrelated factors of duration, coupon rate, term to maturity and price volatility are important for those investors employing duration-based immunization strategies.
These strategies aim to match the durations of assets and liabilities within a portfolio for the purpose of minimizing the impact of interest rates on the net worth. To create these strategies, portfolio managers use Macaulay duration.
For example, say a bond has a two-year term with four coupons of $50 and a par value of $1,000. If the investor did not reinvest his or her proceeds at some interest rate, he or she would have received a total of $1200 at the end of two years. However, if the investor were to reinvest each of the bond cash flows until maturity, he or she would have more than $1200 in two years. Therefore, the extra interest accumulated on the reinvested coupons would allow the bondholder to satisfy a future $1200 obligation in less time than the maturity of the bond.
Understanding what duration is, how it is used and what factors affect it will help you to determine a bond's price volatility. Volatility is an important factor in determining your strategy for capitalizing on interest rate movements. Furthermore, duration will also help you to determine how you can protect your portfolio from interest rate risk.
Determinants of Duration
As we can see from the equations above, coupon rate (which determines the size of the periodic cashflow), yield (which determines present value of the periodic cashflow), and time-to-maturity (which weights each cashflow) all contribute to the Duration factor.
Holding coupon rate and maturity constant –
Increases in market yield rates cause a decrease in the present value factors of each cashflow. Since Duration is a product of the present value of each cashflow and time, higher yield rates also lower Duration. Therefore Duration varies inversely with yield rates.
Holding yield rate and maturity constant –
Increases in coupon rates raise the present value of each periodic cashflow and therefore the market price. This higher market price lowers Duration. Therefore Duration varies inversely to coupon rate.
Holding yield rate and coupon rate constant –
An increase in maturity increases Duration and cause the bond to be more sensitive to changes in market yields. Decreases in maturity decrease Duration and render the bond less sensitive to changes in market yield. Therefore Duration varies directly with time-to-maturity (t).
1) http://www.investopedia.com/university/advancedbond/advancedbond5.asp (must read with funny diagrams)
2) http://www.regentschoolpress.com/BondDuration.pdf
3) http://en.wikipedia.org/wiki/Bond_duration
4) http://ezinearticles.com/?Bond-Duration-Explained&id=1078337
Bond Convexity
http://en.wikipedia.org/wiki/Bond_convexity
It is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows. It is an important measure for investors to consider, as bonds with higher durations carry more risk and have higher price volatility than bonds with lower durations.
it is a valuable tool in assessing bond price sensitivity to interest rate shocks. It is the most common technique for quantifying this sensitivity and is generally used to approximate changes in the price of the bond for every 100 basis point change in yields( modified duration). As a general rule, the greater the value of duration, the more price volatility results from interest rate movements.
Notice the negative sign in front of this equation and remember that bond prices move in the opposite direction as interest rate. Therefore, if interest rates are lowered by 100 basis points, we would insert a -.01 into the formula which would yield a positive price shift.
As you can see, duration is a useful measure in approximating interest rate risk; however, it does not work as well when there are large shifts in yields. The difference between the estimated change in bond price that we just calculated and the actual change in bond price is known as convexity and this must be included in the price change calculations when the yield change is large.
How you can use the concept of Duration ?
A general rule is that a bond with a longer duration is far more volatile than a bond with a shorter duration. Additionally, zero coupon bonds have the same duration and maturity and therefore have the highest risk to interest rate changes. Zero coupon bonds aside, the duration of a bond will always be shorter than its term to maturity. One final generalization we can make is that lower coupon bonds will have higher durations than larger coupon bonds and therefore, larger coupon bonds will be less volatile when interest rates are changed.
For example, if were looking at purchasing a bond and had three options (a discount bond, premium bond, or zero coupon bond) with the same yield to maturity, the premium bond would be the least volatile followed by the discount bond and zero coupon bond being the most volatile.
In conclusion, duration is a very effective means for determining interest rate risk for the individual investor. However, institutions may be more interested in looking at the bond convexity to be more precise with the estimates.
Macaulay Duration
The formula usually used to calculate a bond's basic duration is the Macaulay duration, which was created by Frederick Macaulay in 1938, although it was not commonly used until the 1970s. Macaulay duration is calculated by adding the results of multiplying the present value of each cash flow by the time it is received and dividing by the total price of the security. The formula for Macaulay duration is as follows:
Example 1: Betty holds a five-year bond with a par value of $1,000 and coupon rate of 5%. For simplicity, let's assume that the coupon is paid annually and that interest rates are 5%. What is the Macaulay duration of the bond?
Fortunately, if you are seeking the Macaulay duration of a zero-coupon bond, the duration would be equal to the bond's maturity, so there is no calculation required.
Modified Duration
Modified duration is a modified version of the Macaulay model that accounts for changing interest rates. Because they affect yield, fluctuating interest rates will affect duration, so this modified formula shows how much the duration changes for each percentage change in yield.
For bonds without any embedded features, bond price and interest rate move in opposite directions, so there is an inverse relationship between modified duration and an approximate 1% change in yield.
Because the modified duration formula shows how a bond's duration changes in relation to interest rate movements, the formula is appropriate for investors wishing to measure the volatility of a particular bond.
Let's continue to analyze Betty's bond and run through the calculation of her modified duration. Currently her bond is selling at $1,000, or par, which translates to a yield to maturity of 5%. Remember that we calculated a Macaulay duration of 4.55.
Our example shows that if the bond's yield changed from 5% to 6%, the duration of the bond will decline to 4.33 years. Because it calculates how duration will change when interest increases by 100 basis points, the modified duration will always be lower than the Macaulay duration.
Duration and Bond Price Volatility
More than once throughout this tutorial, we have established that when interest rates rise, bond prices fall, and vice versa. But how does one determine the degree of a price change when interest rates change? Generally, bonds with a high duration will have a higher price fluctuation than bonds with a low duration. But it is important to know that there are also three other factors that determine how sensitive a bond's price is to changes in interest rates. These factors are term to maturity, coupon rate and yield to maturity. Knowing what affects a bond's volatility is important to investors who use duration-based immunization strategies, which we discuss below, in their portfolios.
Factors 1 and 2: Coupon rate and Term to Maturity
If term to maturity and a bond's initial price remain constant, the higher the coupon, the lower the volatility, and the lower the coupon, the higher the volatility. If the coupon rate and the bond's initial price are constant, the bond with a longer term to maturity will display higher price volatility and a bond with a shorter term to maturity will display lower price volatility.
Therefore, if you would like to invest in a bond with minimal interest rate risk, a bond with high coupon payments and a short term to maturity would be optimal. An investor who predicts that interest rates will decline would best potentially capitalize on a bond with low coupon payments and a long term to maturity, since these factors would magnify a bond's price increase.
Factor 3: Yield to Maturity (YTM)
The sensitivity of a bond's price to changes in interest rates also depends on its yield to maturity. A bond with a high yield to maturity will display lower price volatility than a bond with a lower yield to maturity, but a similar coupon rate and term to maturity. Yield to maturity is affected by the bond's credit rating, so bonds with poor credit ratings will have higher yields than bonds with excellent credit ratings. Therefore, bonds with poor credit ratings typically display lower price volatility than bonds with excellent credit ratings.
All three factors affect the degree to which bond price will change in the face of a change in prevailing interest rates. These factors work together and against each other. Consider the chart below:
So, if a bond has both a short term to maturity and a low coupon rate, its characteristics have opposite effects on its volatility: the low coupon raises volatility and the short term to maturity lowers volatility.
The bond's volatility would then be an average of these two opposite effects.
Immunization
As we mentioned in the above section, the interrelated factors of duration, coupon rate, term to maturity and price volatility are important for those investors employing duration-based immunization strategies.
These strategies aim to match the durations of assets and liabilities within a portfolio for the purpose of minimizing the impact of interest rates on the net worth. To create these strategies, portfolio managers use Macaulay duration.
For example, say a bond has a two-year term with four coupons of $50 and a par value of $1,000. If the investor did not reinvest his or her proceeds at some interest rate, he or she would have received a total of $1200 at the end of two years. However, if the investor were to reinvest each of the bond cash flows until maturity, he or she would have more than $1200 in two years. Therefore, the extra interest accumulated on the reinvested coupons would allow the bondholder to satisfy a future $1200 obligation in less time than the maturity of the bond.
Understanding what duration is, how it is used and what factors affect it will help you to determine a bond's price volatility. Volatility is an important factor in determining your strategy for capitalizing on interest rate movements. Furthermore, duration will also help you to determine how you can protect your portfolio from interest rate risk.
Determinants of Duration
As we can see from the equations above, coupon rate (which determines the size of the periodic cashflow), yield (which determines present value of the periodic cashflow), and time-to-maturity (which weights each cashflow) all contribute to the Duration factor.
Holding coupon rate and maturity constant –
Increases in market yield rates cause a decrease in the present value factors of each cashflow. Since Duration is a product of the present value of each cashflow and time, higher yield rates also lower Duration. Therefore Duration varies inversely with yield rates.
Holding yield rate and maturity constant –
Increases in coupon rates raise the present value of each periodic cashflow and therefore the market price. This higher market price lowers Duration. Therefore Duration varies inversely to coupon rate.
Holding yield rate and coupon rate constant –
An increase in maturity increases Duration and cause the bond to be more sensitive to changes in market yields. Decreases in maturity decrease Duration and render the bond less sensitive to changes in market yield. Therefore Duration varies directly with time-to-maturity (t).
1) http://www.investopedia.com/university/advancedbond/advancedbond5.asp (must read with funny diagrams)
2) http://www.regentschoolpress.com/BondDuration.pdf
3) http://en.wikipedia.org/wiki/Bond_duration
4) http://ezinearticles.com/?Bond-Duration-Explained&id=1078337
Bond Convexity
http://en.wikipedia.org/wiki/Bond_convexity
Sunday, May 25, 2008
FRM Info
Prepare for Exam Readings
FRM Online Exam Registration
http://www.garp.com/frmexam/
Comments of FRM
FRM is quite mathematics-oriented. It is full of calculation.....
http://www.garpdigitallibrary.org/display/product.asp?pid=1412
Office Site - http://www.garp.com/frmexam
http://www.garp.com/frmexam/FRMCalendar.asp報名即可。
Introduction
http://www.extension.fcu.edu.tw/course/frm.htm
study guide 2008
http://www.gocharter.com.tw/download/20070314frm_exam_study_guide.doc
Schweser Study Notes最有名，另有passpro.com
FRM Training Class in HK
1) Kaplan - Class B: Enrol before 21 July 2008
http://www.kaplanfinancial.com.hk/img/products/frm%20schweser/pdf/frm_brochure_08.pdf
Course schedule: http://www.kaplanfinancial.com.hk/img/products/frm/pdf/frm_brochure_08_timetablea.pdf
2) Kornstone
3) Infomatics -http://ipdc.informatics.edu.hk/PrmFinance.asp
Q&A
FRM考試共5小時，採選擇題形式，140個 4選一單選題，上、下午各2.5小時。值得注意的是，自2002年起GARP將部分題目以題組方式呈現，因此閱讀與整體融會貫通的能力相當重要。
是否能有考古題或模擬考題可供參考練習?
相關FRM考試及答案，可從GARP網址（http://www.garp.com/）查詢及下載。
我如何準備FRM考試，有指定的教科書嗎?
GARP依據FRM所需具備的專業知識，建議考生閱讀其所指定的FRM Handbook（作者：Dr. Philippe Jorion）及一系列教科書。FRM Handbook對考試或是專業工作上，均相當有用，為必備工具書；同時，GARP也會從這本書取材出相當多的比例來作為之FRM考試的命題範圍。至於教科書部分，由於多達9000頁以上，全部讀完相當費時，故建議可運用考試專用參考教材，快速掌握重點。
2007年 FRM 10本重要教科書整理如下：
可以，但是為了維持公平競爭性，除ARP指定兩款的計算機Taxas Instrument(TI)BAII Plus及HP12C，其他型號的計算機、個人數位助理（PDA）及其他電子設備均不得攜入試場。大部份台灣學生均使用Taxas Instrument(TI)BAII Plus，為便利考生，本處可協助學員代訂之。
FRM Online Exam Registration
http://www.garp.com/frmexam/
Comments of FRM
FRM is quite mathematics-oriented. It is full of calculation.....
- http://hk.knowledge.yahoo.com/question/?qid=7006041100074
- http://hk.knowledge.yahoo.com/question/?qid=7008013002785
- http://www.104learn.com.tw/cfdocs/edu/certify/certify.cfm?cert_no=4006001011
http://www.garpdigitallibrary.org/display/product.asp?pid=1412
Office Site - http://www.garp.com/frmexam
http://www.garp.com/frmexam/FRMCalendar.asp報名即可。
Introduction
http://www.extension.fcu.edu.tw/course/frm.htm
study guide 2008
http://www.gocharter.com.tw/download/20070314frm_exam_study_guide.doc
Schweser Study Notes最有名，另有passpro.com
FRM Training Class in HK
1) Kaplan - Class B: Enrol before 21 July 2008
http://www.kaplanfinancial.com.hk/img/products/frm%20schweser/pdf/frm_brochure_08.pdf
Course schedule: http://www.kaplanfinancial.com.hk/img/products/frm/pdf/frm_brochure_08_timetablea.pdf
2) Kornstone
3) Infomatics -http://ipdc.informatics.edu.hk/PrmFinance.asp
Q&A
FRM考試共5小時，採選擇題形式，140個 4選一單選題，上、下午各2.5小時。值得注意的是，自2002年起GARP將部分題目以題組方式呈現，因此閱讀與整體融會貫通的能力相當重要。
是否能有考古題或模擬考題可供參考練習?
相關FRM考試及答案，可從GARP網址（http://www.garp.com/）查詢及下載。
我如何準備FRM考試，有指定的教科書嗎?
GARP依據FRM所需具備的專業知識，建議考生閱讀其所指定的FRM Handbook（作者：Dr. Philippe Jorion）及一系列教科書。FRM Handbook對考試或是專業工作上，均相當有用，為必備工具書；同時，GARP也會從這本書取材出相當多的比例來作為之FRM考試的命題範圍。至於教科書部分，由於多達9000頁以上，全部讀完相當費時，故建議可運用考試專用參考教材，快速掌握重點。
2007年 FRM 10本重要教科書整理如下：
- Options, Futures and Other derivatives, Hull
- Financial Institutions Management, Saunders
- Value at risk, Jorion
- Fixed income securities, Tuckman
- Risk Management and Derivatives, Stulz
- Probability and Statistics, Schaum's Outlines, Spiegel, Schiller and Srinivasan
- Measuring and Managing Credit Risk, Servigny and Renault
- Understanding Market, Credit and Operational Risk: The Value at Risk Approach, Allen, Boudoukh and Saunders
- Credit Derivatives, Application, Pricing and Risk Management, Meissner
- Portfolio Theory and Performance Analysis, Amenc and Sourd
可以，但是為了維持公平競爭性，除ARP指定兩款的計算機Taxas Instrument(TI)BAII Plus及HP12C，其他型號的計算機、個人數位助理（PDA）及其他電子設備均不得攜入試場。大部份台灣學生均使用Taxas Instrument(TI)BAII Plus，為便利考生，本處可協助學員代訂之。
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