The FRM syllabus 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 syllabus consists of topics and readings. Part 1 includes four topics and Part 2 includes five topics.
The Four Topics in Part 1 of the FRM Syllabus
- Foundations of Risk Management
- Quantitative Analysis
- Financial Markets & Products
- Valuation & Risk Models
The Five Topics in Part 2 of the FRM Syllabus
- Market Risk Measurement & Management
- Credit Risk Measurement & Management
- Operational & Integrated Risk Management
- Risk Management & Investment Management
- Current Issues in Financial Markets
Each reading in the FRM syllabus includes learning objectives, which provide an overview of the content that will be tested in the FRM exam. These learning objectives outline specific areas of each reading in the syllabus. Although there are many new readings and learning objectives added to the syllabus each year, there are also some that remain the same or are removed.
GARP releases the new FRM syllabus annually around the end of December.
Each year after Bionic Turtle receives the new syllabus, 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 syllabus and to study each of the readings and 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 syllabus each year, which is available for download in their FRM Exam Study Guide on their Study Materials page. You can also download the updated Learning Objectives for each reading in the updated syllabus on their website.