To help candidates prepare for the Financial Risk Manager (FRM) Exam, GARP provides study materials, practice exams, and information on approved, third-party exam preparation providers. The following official resources are available to help candidates prepare for both parts of the FRM Exam.
The FRM Learning Objectives document provides a comprehensive framework to guide candidates as they 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 domain, and individual learning objectives for each reading. Since every FRM Exam question maps to at least one learning objective, the FRM Learning Objectives document is an important study resource and should be referred to regularly during exam preparation.
The 2023 FRM Exam Study Guide sets forth primary topics and required readings for exam preparation. The FRM curriculum is revised annually under the direction of GARP’s FRM Committee to ensure that the FRM Exam remains a valid assessment of the knowledge and skills necessary to manage financial risk.
To succeed on the FRM Exam Part I, candidates are strongly encouraged to study directly from GARP’s official FRM Exam Part I books. Updated each calendar year to ensure they remain current and reflect any Part I curriculum changes, these books cover all the readings and themes that comprise the Part I Exam:
Note: Once hard books are purchased there is no guarantee they can be canceled.
Cost: USD 300, plus shipping
To succeed on the FRM Exam Part II, candidates are strongly encouraged to study directly from GARP’s official FRM Exam Part II books. Updated each calendar year to ensure they remain current and reflect any Part II curriculum changes, these books cover all the readings and themes that comprise the Part II Exam:
Note: Once hard books are purchased there is no guarantee they can be canceled.
Cost: USD 300, plus shipping
GARP’s official FRM Exam Part I eBooks are updated each calendar year to ensure they remain current and reflect any Part I curriculum changes. The eBooks cover all the readings and themes that comprise the Part I Exam:
Note: FRM eBooks are non-refundable. Once you purchase, please follow the instructions to access them. Access is for three years online via web browser and two years offline via desktop or mobile applications. Limited printing is supported.
Part I eBooks are included free of charge with your FRM Part I Exam registration.
Cost: USD 250 (without registration)
GARP’s official FRM Exam Part II eBooks are updated each calendar year to ensure they remain current and to reflect any Part II curriculum changes. The eBooks cover all the readings and themes that comprise the Part II Exam:
Note: FRM eBooks are non-refundable. Once you purchase, please follow the instructions to access them. Access is for three years online via web browser and two years offline via desktop or mobile applications. Limited printing is supported.
Cost: USD 250
In addition to the information contained in the 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.
These additional readings contain the full texts of some Basel regulations covered in the FRM curriculum. While not required, these readings provide additional insights into the context and mechanics of the Basel regulations and are therefore highly recommended.
The 2023 FRM Practice Exams present sample questions for exam preparation.
Part I has two full-length exams with 100 questions.
Please note: When you click on the Download button, you will be prompted with a zip file. Both the full and abbreviated versions will be provided.
Part II has two full-length exams with 80 questions.
Please note: When you click on the Download button, you will be prompted with a zip file. Both the full and abbreviated versions will be provided.
GARP strives to maintain our program's best-in-class curriculum and associated study materials. In order to ensure relevance and accuracy, GARP reviews the curriculum every year. Revisions are made and new study materials are released December 1 for the following calendar year.
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.
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.
Registration for the May 2024 FRM Exam opens on December 1.
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