I think we dont need to memorize it if u solve enough practice questions u will automatically will be able to do it.
even if u want to memorize make ur own notes and keep it with u. Read it whenever you get time.
You don't need to remember every formulas but must look at the formulas and not them down on a separate notebook. Generally formulas would be given at back of your study material reed them also. i would suggest to prepare a formulas chart on a drawing sheet that are very important and essential and put in front of your study desk and revise then and see them daily. It would be good if you write them down properly. Well during your preparation you can see what formulas you learnt today and revise from the formula sheet you prepared on drawing sheet. And re-revise once you complete a particular topic. In this way you can track your progress and learn formulas sequentially in a systematic manner. don't jump between topics an learn formulas topic wise and once you finish a particular topic revise the formula.
I came across this in the 2015 FRM program manual and thought it might be of interest:
Q. does the FRM exam provide formula sheets?
A. No, the Exam does not include formula sheets. While the FRM Exam is conceptual in nature, candidates will still need to know important formulas and calculations and how to apply them correctly.
For guidance on which formulas to focus on, please refer to the learning objectives delineated earlier in the Manual and look for any statements that include the words ‘Calculate,’ ‘Compute’ or ‘Derive.’ These words will generally indicate an associated formula to commit to memory.
Yes when u say calculate/derive/compute you need to know the formula,i mean memorise it and apply them to situations where u need to insert numbers into the formula to calculate or compute the answer. You should know all important formulas by heart and should understand all the terms involved.