FRM Exam Study Guide

Prepare for the GARP Financial Risk Manager (FRM) exam with a focused, comprehensive study companion covering both Part I and Part II, aligned to the current GARP exam blueprint (2026 syllabus).

FRM Study Guide organizes everything into the ten exam topic areas across both parts, so you study exactly what the exam tests.

FIVE WAYS TO STUDY
• 184 flashcards — tap to flip, tagged by exam domain
• 126 multiple-choice questions with worked explanations
• 100 true/false drills built from real misconceptions
• Term-matching game — pair all 112 key terms, in rounds of five
• Searchable 112-term glossary and 43 formulas

TOPICS COVERED — PART I
• Foundations of Risk Management: risk frameworks, ERM, CAPM, RAROC, governance, financial disasters
• Quantitative Analysis: probability, distributions, regression, volatility, Monte Carlo, VaR basics
• Financial Markets & Products: bonds, forwards, futures, swaps, options, derivatives, hedging
• Valuation & Risk Models: duration, convexity, Black-Scholes, binomial trees, Greeks, VaR methods

TOPICS COVERED — PART II
• Market Risk Measurement & Management: VaR mapping, expected shortfall, backtesting, FRTB
• Credit Risk Measurement & Management: PD/LGD/EAD, Merton/KMV, CVA, CDS, securitization
• Operational Risk & Resilience: Basel approaches, RCSA, KRIs, model risk, cyber, Basel III
• Liquidity & Treasury Risk: LCR, NSFR, FTP, stress testing, ALM, IRRBB
• Risk Management & Investment Management: portfolio VaR, factor models, Sharpe/IR, hedge funds
• Current Issues in Financial Markets: AI in risk, climate/ESG, SOFR, crypto, 2023 banking turmoil

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This app is an independent study aid and is not affiliated with, endorsed by, or sponsored by the Global Association of Risk Professionals (GARP). All trademarks are the property of their respective owners. Exam content and policies change over time — always verify current requirements with the certifying body.