As CFA charterholder I only need to take exam 3 & 4. My initial plan was to start with exam 4, so I started reading the case studies. After finishing reading I was quite surprised by some sample questions on the PRM website (www.prmia.org/sites/default/files/refere...dyGuideQuestions.pdf)

For example:

2. Nick Leeson tried to hide his losses using what method?

a Portaling
b Switching
c Re-margining
d Volatility Smiles

Although the text clearly explains how he tried to hide his losses, the name of the method isn't mentioned. So I assume that Portaling, Switching, etc are explained in PRM I, II or III ? This makes it impossible to start with exam 4, no? What's your experience with this?

I think it's fairly stand alone. this question is unusual. most questions i got on my exam were something one could reasonably infer from the case studies.