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FRM learn topics
30 structured study articles across every FRM sitting — weights, traps, stem patterns, and practice loops.
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30
Sittings
2
Per sitting
15
Format
Structured blocks
Part I(15 topics)
Quantitative and market foundations. 100 multiple-choice questions in a single four-hour sitting.
- Foundations of Risk ManagementFoundations of Risk Management has a published allocation of 20% in Part I: treat it as a decision rule plus timed practice, not vocabulary alone. Quantitative and market foundations. 100 multiple-choice questions in a single four-hour sitting.
- Quantitative AnalysisQuantitative Analysis has a published allocation of 20% in Part I: treat it as a decision rule plus timed practice, not vocabulary alone. Quantitative and market foundations. 100 multiple-choice questions in a single four-hour sitting.
- Financial Markets and ProductsFinancial Markets and Products has a published allocation of 30% in Part I: treat it as a decision rule plus timed practice, not vocabulary alone. Quantitative and market foundations. 100 multiple-choice questions in a single four-hour sitting.
- Valuation and Risk ModelsValuation and Risk Models has a published allocation of 30% in Part I: treat it as a decision rule plus timed practice, not vocabulary alone. Quantitative and market foundations. 100 multiple-choice questions in a single four-hour sitting.
- Risk Governance and Risk TypesPart I Foundations: identify risk types and governance failures before diving into Quant formulas.
- Probability Distributions in Risk ContextDistribution choice and tail behaviour that Part I Quant links to risk measurement stems.
- Regression and Forecasting for RiskRegression diagnostics and forecasting pitfalls inside Part I Quantitative Analysis.
- Futures Forwards and Swaps MechanicsPart I Markets and Products — payoff and valuation building blocks under timed MCQ pressure.
- Options Greeks IntuitionDelta/gamma/vega intuition for Part I products weight — match the greek to the risk question.
- Bond Pricing and Duration ConvexityPrice-yield, duration, and convexity applications that Part I mixes across products and valuation.
- VaR Mapping and Model LimitationsVaR variants and model risk — Part I Valuation and Risk Models weight that candidates oversimplify.
- Expected Shortfall and Coherent Risk MeasuresWhen ES is preferred to VaR and how coherence axioms show up in Part I stems.
- Stress Testing Conceptual FrameworkScenario design vs statistical VaR — Part I foundations for Part II stress applications.
- Country and Operational Risk BasicsFoundations topics that sit beside Quant — skipping them costs a full fifth of Part I.
- Mapping Positions to Risk FactorsHow Part I valuation stems require mapping books to risk factors before computing risk measures.
Part II(15 topics)
Applied risk management across market, credit, operational, liquidity, and investment risk. 80 questions in four hours.
- Market Risk Measurement and ManagementMarket Risk Measurement and Management has a published allocation of 20% in Part II: treat it as a decision rule plus timed practice, not vocabulary alone. Applied risk management across market, credit, operational, liquidity, and investment risk. 80 questions in four hours.
- Credit Risk Measurement and ManagementCredit Risk Measurement and Management has a published allocation of 20% in Part II: treat it as a decision rule plus timed practice, not vocabulary alone. Applied risk management across market, credit, operational, liquidity, and investment risk. 80 questions in four hours.
- Operational Risk and ResilienceOperational Risk and Resilience has a published allocation of 20% in Part II: treat it as a decision rule plus timed practice, not vocabulary alone. Applied risk management across market, credit, operational, liquidity, and investment risk. 80 questions in four hours.
- Liquidity and Treasury Risk Measurement and ManagementLiquidity and Treasury Risk Measurement and Management has a published allocation of 15% in Part II: treat it as a decision rule plus timed practice, not vocabulary alone. Applied risk management across market, credit, operational, liquidity, and investment risk. 80 questions in four hours.
- Risk Management and Investment ManagementRisk Management and Investment Management has a published allocation of 15% in Part II: treat it as a decision rule plus timed practice, not vocabulary alone. Applied risk management across market, credit, operational, liquidity, and investment risk. 80 questions in four hours.
- Current Issues in Financial MarketsCurrent Issues in Financial Markets has a published allocation of 10% in Part II: treat it as a decision rule plus timed practice, not vocabulary alone. Applied risk management across market, credit, operational, liquidity, and investment risk. 80 questions in four hours.
- Market Risk VaR BacktestingPart II market-risk measurement — backtesting exceptions and model validation cues.
- Credit Exposure and Credit VaREE, EPE, and credit VaR building blocks that Part II credit-risk weight tests heavily.
- Counterparty Credit Risk and CVA IntuitionCVA/DVA intuition and netting/collateral effects in Part II credit stems.
- Operational Risk Capital and ResiliencyLoss data, scenario analysis, and resiliency themes that candidates under-prepare vs market risk.
- Liquidity Risk Metrics and Contingency FundingLCR/NSFR-style thinking and contingency funding plans in Part II liquidity weight.
- Risk Management for Investment PortfoliosPortfolio risk overlays and hedge effectiveness inside Part II investment-management weight.
- Current Issues Reading IntegrationHow to convert GARP current-issues readings into testable decision rules — 10% that is easy to skip.
- Model Risk GovernanceModel validation, inventory, and governance failures that span Part II operational and market topics.
- Integrated Risk Case DrillMixed stems that combine market, credit, and liquidity facts — practise identifying the dominant risk first.
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The FRM certification is the benchmark for financial risk management. Part I builds the quantitative and market foundations; Part II applies them to credit, operational, and liquidity risk in practice.
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