FRM topics and lessons: choose Part I or Part II
Start with your exam part, then choose the topic you need to learn or repair. Part I covers the foundations and models; Part II applies them to risk management. The directory below links to topic lessons and identifies their part.
Part I: 15 topic lessons
- Foundations of Risk Management
- Quantitative Analysis
- Financial Markets and Products
- Valuation and Risk Models
- Risk Governance and Risk Types
- Probability Distributions in Risk Context
- Regression and Forecasting for Risk
- Futures Forwards and Swaps Mechanics
- Options Greeks Intuition
- Bond Pricing and Duration Convexity
- VaR Mapping and Model Limitations
- Expected Shortfall and Coherent Risk Measures
- Stress Testing Conceptual Framework
- Country and Operational Risk Basics
- Mapping Positions to Risk Factors
Part II: 15 topic lessons
- 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
- Market Risk VaR Backtesting
- Credit Exposure and Credit VaR
- Counterparty Credit Risk and CVA Intuition
- Operational Risk Capital and Resiliency
- Liquidity Risk Metrics and Contingency Funding
- Risk Management for Investment Portfolios
- Current Issues Reading Integration
- Model Risk Governance
- Integrated Risk Case Drill
- Exam parts
- 2Part I foundations, then Part II applications.
- Time per part
- 4 hoursComputer-based multiple-choice exams.
- Certification
- Experience tooPassing the exams is one step toward certification.
| Your next task | Start with | Then use |
|---|---|---|
| Build the foundation | Part I topic lessons. | A small related question set. |
| Apply a model | Part II risk-domain lessons. | A scenario and its assumptions. |
| Repair a miss | The lesson matching the error. | A fresh mixed question after a delay. |
Choose by the gap in your explanation
If you cannot define the exposure, start with the topic overview. If you understand the idea but choose the wrong formula, use the more specific technique lesson. If the calculation is correct but the interpretation is wrong, return to the assumptions and limitations.
| Symptom | Learning task | Proof of repair |
|---|---|---|
| Formula recalled, wrong input | Label units and identify the quantity requested. | Solve a changed-input problem. |
| Correct arithmetic, wrong conclusion | Explain direction, horizon and limits. | Reject a plausible but invalid interpretation. |
| Repeated unfamiliar topic | Read the relevant objective and introduction. | Explain a new case without copied notes. |
Find a lesson from the question you cannot yet answer
If a result looks wrong, identify the earliest step you cannot explain. For a bond, begin with cash flows and pricing before treating the problem as a duration mistake. For a portfolio, distinguish a covariance problem from a risk-factor mapping problem. This makes the directory a route into a particular learning task rather than a checklist of pages to open.
A lesson is complete for your current purpose when you can reconstruct its method, solve a changed example and state a limitation. Reading time alone does not demonstrate that. Keep a note of the unresolved step, follow the related lesson that addresses it and then return to the original question.
The lesson collection is independent preparation material. Use GARP’s exam-year objectives to check full coverage and its required list for Current Issues. The number of lessons in this directory is not a claim about the number of official readings, and a topic title is not a substitute for reviewing the assigned learning objectives.
| The gap you found | A useful route |
|---|---|
| I cannot explain the payment or position | Start with the relevant markets and products lesson. |
| I can set up the position but not quantify uncertainty | Use quantitative methods, then the risk-model lesson. |
| I can calculate but cannot choose a response | Use the relevant Part II risk-domain application. |
| I cannot connect an assigned paper to a risk | Use the Current Issues inventory and reading-integration lesson. |
Common questions
- Are these official GARP lessons?
- No. They are independent study guides. GARP’s exam-year documents determine examinable coverage.
- Should I read every lesson in order?
- Use the directory to support your syllabus plan or repair a specific gap. It is not a mandatory official reading order.
Sources and editorial notes
By MiloPrep editorial team. Source check: . Official requirements and product information can change. Examples and planning allocations are independent teaching material, not official questions or passing standards.
- GARP: program and exams ↗
Exam counts, timing, topic areas, preparation benchmark and results policy.
- GARP: study materials ↗
2026 curriculum documents, books, GARP Learning access and official practice exams.
- GARP: 2026 Learning Objectives download ↗
2026 syllabus, approximate weights and reading-level objectives; download page reports a December 1, 2025 last update.
- GARP: 2026 required Current Issues readings ↗
The six published Current Issues themes and eight required readings.
MiloPrep is an independent study resource and is not affiliated with or endorsed by GARP or the named providers. FRM and provider names are trademarks of their respective owners. Editorial methodology.