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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 full FRM (Financial Risk Manager) syllabus: 8 subjects, 30 chapters, 108 topics and 218 sub-topics, with 403 flashcards written against it.
FRM (Financial Risk Manager) subjects
FRM (Financial Risk Manager) has 8 subjects. Each one is listed below with its chapters in syllabus order; open a subject for every topic and sub-topic inside them.
Foundations of Risk Management (Part I)
- The Building Blocks of Risk Management · 4 topics
- Corporate Governance and Enterprise Risk Management · 4 topics
- Modern Portfolio Theory and Asset Pricing · 4 topics
- Credit Risk Transfer and the Financial Crisis · 3 topics
Quantitative Analysis (Part I)
- Probability and Statistical Distributions · 4 topics
- Hypothesis Testing and Inference · 3 topics
- Linear Regression and Time Series · 3 topics
- Volatility, Correlation, and Simulation · 4 topics
Financial Markets and Products (Part I)
- Derivatives Markets and Futures · 4 topics
- Interest Rates and Fixed Income · 4 topics
- Swaps and Options · 4 topics
- Commodities, Currencies and Corporate Bonds · 4 topics
Valuation and Risk Models (Part I)
- Value at Risk Foundations · 4 topics
- Option Valuation and Greeks · 3 topics
- Fixed Income Risk and Pricing · 3 topics
- Credit Risk Models and Operational Risk · 4 topics
Market Risk Measurement and Management (Part II)
- Advanced VaR and Risk Measurement · 4 topics
- Volatility and Correlation in Risk · 3 topics
- Fixed Income and Volatility Trading Risk · 3 topics
- VaR Backtesting and Regulatory Capital · 3 topics
Credit Risk Measurement and Management (Part II)
- Credit Risk Fundamentals and Default · 4 topics
- Counterparty Credit Risk · 4 topics
- Portfolio Credit Risk and Securitization · 4 topics
Operational Risk, Liquidity and Investment Risk (Part II)
- Operational Risk Frameworks · 4 topics
- Model Risk and Stress Testing · 3 topics
- Liquidity and Treasury Risk · 3 topics
- Risk Management in Investment · 3 topics
Treasury, Regulation and Current Issues (Part II)
- Basel Accords and Regulatory Capital · 4 topics
- Treasury and Balance Sheet Management · 3 topics
- Current Issues in Financial Markets · 4 topics
FRM (Financial Risk Manager) flashcards
403 question-and-answer cards across 8 subject decks, each shown in full on its subject page.
- 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
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).
How many chapters and topics are in the FRM (Financial Risk Manager) syllabus?
30 chapters and 108 topics, broken down further into 218 sub-topics, across 8 subjects. Financial Markets and Products (Part I) is the largest subject, with 16 topics in 4 chapters.
Are there FRM (Financial Risk Manager) flashcards?
Yes — 403 question-and-answer flashcards in 8 subject decks. Each deck is printed in full on its subject page here, and the same cards are in the Examius app with spaced repetition. The free plan covers one exam of your choice, including its flashcards; Examius Pro, a one-time purchase, unlocks every other exam and deck.
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