FRM Part I

Who should prioritise Part I

FRM Part I topic weights

Published weight ranges or scored-question allocations from the awarding body. Use them to budget study time - larger areas deserve calendar priority.

Where FRM practice should focus

Three high-leverage drills. If practice time is short, start here.

• Foundations vocabulary in context

  Practise governance, risk types, and firm failures as applied stems - not glossary matching.

• VaR and model limitations

  Know when a VaR figure is misleading. Part I and Part II both punish blind formula trust.

• Operational resiliency scenarios

  Part II operational risk is a full fifth of the exam. Give it equal calendar time to market risk.

Navigate this exam

• 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.

How to read an FRM VaR limitation stem

Troubleshooting common FRM study problems

If your mocks are stuck, match the symptom and change the next week. do not just do more of the same questions.

• Part I Quant feels fine but mocks stall

  Likely cause

  Under-weighting Foundations or Markets and Products.

  Next step

  Audit your last mock by the 20/20/30/30 weights and rebuild the week from the lowest bucket.

• Part II market risk crowds out everything

  Likely cause

  Comfort bias toward familiar VaR content.

  Next step

  Cap market-risk study at its 20% weight and force operational and liquidity blocks onto the calendar.

• Current Issues always surprise you

  Likely cause

  Reading summaries once without question practice.

  Next step

  Turn each reading into five self-made questions and revisit weekly.

Part I FAQs

How many parts is the FRM?

Two: Part I and Part II.

How many questions are on FRM Part I and Part II?

Part I has 100 multiple-choice questions in four hours. Part II has 80 multiple-choice questions in four hours, per GARP.

What are the Part I topic weights?

Foundations 20%, Quantitative Analysis 20%, Financial Markets and Products 30%, Valuation and Risk Models 30%.

Can I sit Part II before Part I?

GARP’s registration rules govern sequencing and windows. Confirm the current policy on garp.org before you book.

Does MiloPrep cover both FRM parts?

Yes. The all-access subscription includes Part I and Part II practice.

Next steps