Skip to main content

FRM Exam parts

Understand what FRM tests, choose your part, and find its study plan, topics, and practice.

2 parts

Foundations first, then applied risk management

Part I develops quantitative tools, market knowledge, and valuation. Part II applies those foundations to different sources of risk. Select the part you are preparing for before choosing lessons or practice.

Find a study guide or topic lesson

Part I

Quantitative and market foundations. 100 multiple-choice questions in a single four-hour sitting.

Testing time
240 minutes
Question format
Multiple choice

What is tested

  • Foundations of Risk Management
  • Quantitative Analysis
  • Financial Markets and Products
  • Valuation and Risk Models

Part II

Applied risk management across market, credit, operational, liquidity, and investment risk. 80 questions in four hours.

Testing time
240 minutes
Question format
Multiple choice

What is tested

  • Market Risk Measurement and Management
  • Credit Risk Measurement and Management
  • Operational Risk and Resilience
  • Liquidity and Treasury Risk Measurement and Management
  • Risk Management and Investment Management
  • Current Issues in Financial Markets

Testing time excludes check-in and additional scheduled breaks. The topic lists orient your preparation; use the full guide and official syllabus for weights, outcomes, and changes affecting your sitting.

Browse study guides and topic lessons

Start with a guide, or narrow the list to the material you need.

41 resources to explore

Start with the exam guides

Part I lessons

Part II lessons

Concepts and exam techniques