Doubt

I make is clear in both the notes and the free lectures what the examiner can test on interest rate risk! He cannot ask any calculations but he can (and has in the past) expect you to understand the methods that can be used to reduce the risk. Yes - you can be asked about the assumptions/limitations of DVM and CAPM. Again, as I say in the lectures, you can expect about 50% of the exam to be written and about 50% to be calculations.