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FRM Study Materials

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.

Study Documents

2023 FRM LEARNING OBJECTIVES

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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.

2023 FRM STUDY GUIDE

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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.

Official Books

2023 FRM EXAM PART I BOOKS

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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:

  • Foundations of Risk Management
  • Quantitative Analysis
  • Financial Markets and Products
  • Valuation and Risk Models

Note: Once hard books are purchased there is no guarantee they can be canceled.

Cost: USD 300, plus shipping

2023 FRM EXAM PART II BOOKS

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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:

  • 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

Note: Once hard books are purchased there is no guarantee they can be canceled.

Cost: USD 300, plus shipping

2023 FRM EXAM PART I EBOOKS

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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:

  • Foundations of Risk Management
  • Quantitative Analysis
  • Financial Markets and Products
  • Valuation and Risk Models

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)

2023 FRM EXAM PART II EBOOKS

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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:

  • 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

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

Required Readings

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.

Optional Regulatory Readings

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.

Study Modules

As you prepare, GARP will highlight modules that appear on the FRM Exam to help you pace yourself through the exam material. These modules directly correspond to the FRM Study Guide and to the related readings in the official FRM books.

Practice Exams

The 2023 FRM Practice Exams present sample questions for exam preparation.

2023 FRM PRACTICE EXAM PART I

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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.

2023 FRM PRACTICE EXAM PART II

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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.

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.

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.

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