FRM Exam Study Guide

Pass the FRM exam: 184 flashcards, 226 practice questions (MC + true/false), a term-matching game, a searchable glossary, and 43 formulas across Parts I & II.

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.

FRM Exam 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 practice questions with instant feedback and fully worked solutions
• 100 true/false questions targeting the misconceptions that cost exam points
• Key-term matching game - race to pair every term with its definition, in rounds of five
• 112 searchable glossary terms and 43 formulas with variables and usage notes

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). FRM and Financial Risk Manager are registered trademarks of GARP. Always verify current exam content at garp.org.

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