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FRM (Financial Risk Manager) Syllabus
GARP's Financial Risk Manager certification (Part I and II) focused on risk management and quantitative finance.. The complete FRM (Financial Risk Manager) outline — 8 subjects, 30 chapters and 108 topics — laid out so you can see exactly what has to be covered and tick each item off as you go.
FRM (Financial Risk Manager) subjects
Each subject below has its own page with the full chapter → topic → sub-topic tree and a set of real exam-style flashcards.
4 chapters · 15 topics · 32 sub-topics
Quantitative Analysis (Part I)4 chapters · 14 topics · 32 sub-topics
Financial Markets and Products (Part I)4 chapters · 16 topics · 31 sub-topics
Valuation and Risk Models (Part I)4 chapters · 14 topics · 29 sub-topics
Market Risk Measurement and Management (Part II)4 chapters · 13 topics · 25 sub-topics
Credit Risk Measurement and Management (Part II)3 chapters · 12 topics · 23 sub-topics
Operational Risk, Liquidity and Investment Risk (Part II)4 chapters · 13 topics · 24 sub-topics
Treasury, Regulation and Current Issues (Part II)3 chapters · 11 topics · 22 sub-topics
FRM (Financial Risk Manager) flashcard decks
403 question-and-answer cards across 8 decks, written against this syllabus. Preview any deck free.
- Foundations of Risk Management (Part I) — 51 cards
- Quantitative Analysis (Part I) — 50 cards
- Financial Markets and Products (Part I) — 51 cards
- Valuation and Risk Models (Part I) — 50 cards
- Market Risk Measurement and Management (Part II) — 50 cards
- Credit Risk Measurement and Management (Part II) — 51 cards
- Operational Risk, Liquidity and Investment Risk (Part II) — 50 cards
- Treasury, Regulation and Current Issues (Part II) — 50 cards
How to work through the FRM (Financial Risk Manager) syllabus
The outline on this page is arranged the way the syllabus itself is: subject, then chapter, then topic, then sub-topic. That last level is what most study plans skip, and it is where coverage actually goes wrong — a chapter marked "done" often has three sub-topics inside it that were never touched.
Weight your plan accordingly: Financial Markets and Products (Part I) carries 16 topics while Treasury, Regulation and Current Issues (Part II) carries 11. Giving both the same number of weeks is the most common planning mistake for FRM (Financial Risk Manager).
The ~125 hour estimate above is a first pass only: roughly 45 minutes per topic plus 12 minutes per sub-topic. Revision cycles, past papers and mocks sit on top of that number.
FRM (Financial Risk Manager) syllabus FAQ
What subjects are in the FRM (Financial Risk Manager) syllabus?
FRM (Financial Risk Manager) covers 8 subjects: Foundations of Risk Management (Part I), Quantitative Analysis (Part I), Financial Markets and Products (Part I), Valuation and Risk Models (Part I), Market Risk Measurement and Management (Part II), Credit Risk Measurement and Management (Part II), Operational Risk, Liquidity and Investment Risk (Part II) and Treasury, Regulation and Current Issues (Part II). Together they contain 30 chapters and 108 named topics.
How much do you have to study for FRM (Financial Risk Manager)?
The full FRM (Financial Risk Manager) outline breaks down into 30 chapters, 108 topics and 218 sub-topics. Financial Markets and Products (Part I) is the largest single subject with 16 topics across 4 chapters.
How long does it take to cover the whole FRM (Financial Risk Manager) syllabus?
Roughly 125 hours for one full pass. That estimate allows about 45 minutes per topic plus 12 minutes per sub-topic, so it is first-pass coverage — revision, past papers and mock tests sit on top of it. At 3 hours a day that is about 6 weeks.
Are there FRM (Financial Risk Manager) flashcards?
Yes — 403 question-and-answer flashcards across 8 decks, one per subject, written against this syllabus. A sample of every deck is readable on this site for free, and the complete decks are in the Examius app.
Is this FRM (Financial Risk Manager) syllabus free to use?
Yes. Every page here is free to read, and importing the FRM (Financial Risk Manager) syllabus into the Examius app to tick off topics as you finish them is free too, in India and everywhere else. No account is needed to start.
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