FRM Study Guide
The FRM study guide is updated each year by the GARP committee and consists of learning objectives relevant to both Parts 1 and 2 of the FRM exam. Each part of the study guide consists of topics and readings. Part 1 includes four topics and Part 2 includes six topics.
The Four Topics in Part 1
- Foundations of Risk Management
- Quantitative Analysis
- Financial Markets & Products
- Valuation & Risk Models
The Six Topics in Part 2
- Market Risk Measurement & Management
- Credit Risk Measurement & Management
- Operational & Integrated Risk Management
- Liquidity and Treasury Risk Measurement & Management
- Risk Management & Investment Management
- Current Issues in Financial Markets
Each reading in the FRM study guide includes learning objectives, which provide an overview of the content that will be tested on the FRM exam. These learning objectives outline specific areas of each reading. Although there are new readings and learning objectives added to the study guide each year, there are also some that remain the same or are removed.
GARP releases the new FRM study guide and learning objectives annually around the end of December.
Each year after Bionic Turtle receives the new learning objectives, we create an analysis showing the new readings, deleted readings, and readings that have been carried over from the previous year. Visit the Announcements section of the Bionic Turtle forum to look through the FRM curriculum changes for the current year.
FRM candidates are strongly advised to strictly follow the current FRM study guide and to study each of the readings and FRM learning objectives that are provided, as this provides the content that will be tested on the FRM exam for that year.
The GARP website provides an updated study guide each year on their FRM study materials page. You can also download the updated Learning Objectives for each reading.
For more information about the FRM exam, including how to register for the exam and important deadlines, read through our other informational articles:
Why Should I Obtain My FRM Certification?
Many financial risk candidates have a difficult time deciding which designation would be best for them. There are many reasons that candidates should take the GARP FRM exam and pursue their certification to become a financial risk manager.
Passing the FRM exam makes you stand out from others who do not have their FRM certification!...
FRM Exam Overview, Registration Guide and Deadlines
To become a Certified FRM, candidates must pass the very difficult Financial Risk Management (FRM) exam. Candidates also have to complete two years of work experience. We put together this helpful FRM Exam Overview to help you understand the process...
FRM Exam Preparation Tips and Recommendations
Many of Bionic Turtle’s members have provided feedback with suggestions on the best practices for FRM exam preparation. Whether you use Bionic Turtle’s materials solely for your FRM exam preparation, or as a supplement to the GARP core books, depends on your individual education and...
What Your Colleagues Are Saying
I took the exam in Sydney and had a similar feeling about the exam being more qualitative (but no less rigorous). However, I felt I was better prepared thanks to the BT's relentless focus on throwing real life examples and methods.
I subscribed to BT for my Part 1 FRM exam and just wanted to say thanks for the depth and breadth of the study materials and practice questions. I found out that I scored in the top quartile of every topic and I absolutely could not have done this without using BT - I spent many, many hours going over the practice questions and answers! I wanted to express my appreciation and gratitude to your team for your hard work in creating these materials. Thanks!
The BT scripts, practice questions, global topic drills and mock exams were a great help in understanding the concepts (which I could already apply on the job!) and where structured in such a manner that the breadth and depth where optimal for exam preparation - clearly the exam would have been a catastrophe without BT!
Passed first time. Happy all the hard work paid off. BT was the right choice. Thanks David and Nicole for your work and commitment.
Passed! 1,4,1,2,1,4! Thank you David and Nicole for your efforts! Thank you BT! Couldn't have done it otherwise. I'm a mechanical engineer who had a career in petroleum services, then I decided to switch career to financial risk management. Passed part 1 from the first time with top quartiles and passed part 2 from the first time as well. All with BT! BT is always the recommendation I give to people aiming at the FRM designation! Thank you again!
Passed Part I and Part II first time - absolutely could not have done it without BT. Like a few others I didn't even both buying the GARP books for Part II and went solely with BT materials. Just read, answered questions, watched videos, read, more questions, and... more questions! All the practice question taking looked to pay off. Thanks again Bionic Turtle for a great curriculum. Keep up the fantastic work!