FRM Study Guide

FRM 2020 study guideThe FRM study guide is updated each year by the GARP committee and consists of learning objectives relevant to both Parts 1 and 2 of the FRM exam. Each part of the study guide consists of topics and readings. Part 1 includes four topics and Part 2 includes six topics.

The Four Topics in Part 1

  1. Foundations of Risk Management
  2. Quantitative Analysis
  3. Financial Markets & Products
  4. Valuation & Risk Models

The Six Topics in Part 2

  1. Market Risk Measurement & Management
  2. Credit Risk Measurement & Management
  3. Operational & Integrated Risk Management
  4. Liquidity and Treasury Risk Measurement & Management
  5. Risk Management & Investment Management
  6. Current Issues in Financial Markets

Each reading in the FRM study guide includes learning objectives, which provide an overview of the content that will be tested on the FRM exam. These learning objectives outline specific areas of each reading. Although there are new readings and learning objectives added to the study guide each year, there are also some that remain the same or are removed.

GARP releases the new FRM study guide and learning objectives annually around the end of December.

FRM 2020 Learning objectivesEach year after Bionic Turtle receives the new learning objectives, we create an analysis showing the new readings, deleted readings, and readings that have been carried over from the previous year. Visit the Announcements section of the Bionic Turtle forum to look through the FRM curriculum changes for the current year.

FRM candidates are strongly advised to strictly follow the current FRM study guide and to study each of the readings and learning objectives that are provided, as this provides the content that will be tested on the FRM exam for that year.

The GARP website provides an updated study guide each year on their  FRM study materials page. You can also download the updated Learning Objectives for each reading.


For more information about the FRM exam, including how to register for the exam and important deadlines, read through our other informational articles:

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