What is the FRM exam? Understand the two parts, topic areas, question style and how to plan your preparation.

When people ask what is FRM, they often mean the exam. Here is a plain overview.

Two parts

The FRM has Part I and Part II, taken separately 

Part I topics

Foundations of risk management, quantitative analysis, financial markets and products, and valuation and risk models.

Part II topics

Market risk, credit risk, operational risk and resilience, liquidity and treasury risk, risk management and investment management, and current issues in financial markets .

Question style

Typically multiple-choice questions .

Calculator and rules

GARP restricts which calculators are allowed 

Results

GARP announces results after each exam window .

How to prepare

1. Study the syllabus topic by topic.
2. Practise questions weekly.
3. Take timed mocks.
4. Review weak topics.

Timeline

Plan for Part II soon after Part I, within the allowed period TWSS guidance

TWSS can help you plan your FRM course study schedule 

Need an exam plan? Speak to a TWSS counsellor.