Financial Risk Manager (FRM®)
FRM Study Materials
To help candidates prepare for both parts of the FRM Exam, GARP offers study materials, practice exams, and information on approved, third-party exam preparation providers.
2025
FRM Candidate Guide
The FRM Candidate Guide provides candidates and prospective candidates with an overview of the FRM Program and curriculum, information about the exam process and study materials, insight into how to leverage your FRM designation, and more.
2025
FRM Learning Objectives
The FRM Learning Objectives helps candidates self-study for the FRM Exam. It contains a syllabus and approximate weightings for each of the broad knowledge domains covered by the Exam, specific curriculum readings associated with each knowledge area, and individual learning objectives for each reading.
2025
FRM Study
Guide
The FRM Exam Study Guide sets forth primary topics and required readings for exam preparation. The FRM Program curriculum is revised annually under the direction of GARP’s FRM Committee to ensure that the Exam remains a valid assessment of the knowledge and skills necessary to manage financial risk.
2025
FRM Exam Books - Part I
Available as eBooks or printed books, the FRM Part I books focus on the topics relevant to the Exam Part I, including:
- Foundations of Risk Management
- Quantitative Analysis
- Financial Markets and Products
- Valuation and Risk Models
Note: Part I eBooks are included free of charge with your FRM Part I Exam registration.
Both the eBooks and printed books are non-refundable.
2025
FRM Exam Books - Part II
Available as eBooks or printed books, the FRM Part II books focus on topics relevant to the Exam Part II, including:
- Market Risk Measurement and Management
- Credit Risk Measurement and Management
- Operational Risk and Resilience
- Liquidity and Treasury Risk Measurement and Management
- Risk Management and Investment Management
Both the eBooks and printed books are non-refundable.
Practice Exams
Candidates of the FRM Exam Part I will receive two complimentary, full-length practice exams with the option of purchasing a non-refundable third exam, each comprised of 100 questions and accessible via GARP Learning. Candidates of the FRM Exam Part II will receive two complimentary, full-length practice exams, each comprised of 80 questions and accessible as downloadable PDFs via the candidate portal. Practice Exams are accessible for registered FRM candidates only.
GARP Learning
Available for registered Part I candidates only, GARP Learning is a streamlined digital platform that allows candidates to view the full FRM Part I curriculum, monitor performance and determine strengths and weaknesses, and create personalized study plans. Candidates can also take multiple full-length FRM Part I Practice Exams as well as utilize end-of-chapter questions. The platform can be accessed via the candidate portal on any device — mobile, tablet, or desktop computer.
Online Readings
In addition to the information contained in the official FRM books, the FRM Exam covers a selection of material from leading academics and practitioners. These online readings are a required part of the FRM curriculum.
Candidates can also access optional readings. While not required, these readings provide additional insights into the context and mechanics of the Basel regulations and are therefore highly recommended.
Curriculum Errata
If you believe you have identified an error or discrepancy in the curriculum, please contact us. We pursue all errata submissions and post updated errata including corresponding corrections on this site.
Exam Preparation Providers
Some candidates for the FRM Exam may wish to study the exam material with the assistance of an FRM Exam Preparation Provider (EPP). EPPs may offer courses online or in person. As a service GARP provides FRM candidates with a list of providers on its website. Please note that GARP does not endorse, promote, review, or warrant the accuracy of the products or services offered by EPPs of FRM-related information, nor does it endorse any pass rates claimed by the EPP. Further, GARP is not responsible for any fees or costs paid by the user to an FRM EPP.
Ready to take the next step toward Certification?
Early registration for the May 2025 FRM Exam is now open.