Your colleague wants to compute a 1% VaR for daily returns on the $/Euro exchange rate returns. He decides to do so using a parametric model and settles on using the t- distribution with 5 degrees of freedom. When asked how he will check whether this is an adequate model for the data, he says that he will use the Jarque Bera test. Your colleagues check is:

a) Correct b) Wrong

Please provide a BRIEF (one or two sentences will suffice) justification of your choice.