FRM

FRM Part I Study Calendar | 2015

®

2022
®

E XA M P R EP

Curriculum Overview
for Part I

The FRM® Part I Exam
The FRM Part I Exam contains 100
® that is tested on the FRM exams. The Part I curriculum covers the following four
multiple-choice questions. Each exam
question is based on one or more LOs
and will contain four possible answers.
You will have 4 hours to complete the
entire exam (240 minutes), which
equates to 2.4 minutes per question on
average.
The FRM® Part I Exam is a formidable
challenge (covering almost 500
learning objectives), and you must
devote considerable time and effort
to be properly prepared. There are no
shortcuts! You must learn the material,
know the terminology and techniques,
understand the concepts, and be able
to answer 100 multiple-choice questions
quickly and (at least 70%) correctly.
250 hours is a good estimate of the
study time required on average, but
some candidates will need more or less
time, depending on their individual
backgrounds and experience.
The Global Association of Risk Professionals (GARP) provides the curriculum
topic areas:
% of Exam
Topic Area
Weight
1. F oundations of Risk Management 20%
2. Q
 uantitative Analysis 20%
3. Financial Markets and Products 30%
4. Valuation and Risk Models 30%
Each topic area consists of several readings. For example, the first three readings in
Foundations of Risk Management are:
• Reading 1: The Building Blocks of Risk Management
• Reading 2: How Do Firms Manage Financial Risk?
• Reading 3: The Governance of Risk Management
Each reading has one or more learning objectives (LOs) associated with it. For
example, the first LO for Reading 1: The Building Blocks of Risk Management
indicates that you should be able to:
LO 1.a: Explain the concept of risk and compare risk management with risk taking.
The purpose of an LO is to indicate the knowledge, skills, and abilities you
should gain from the reading and the depth of knowledge required. Pay special
attention to command words such as describe, identify, or calculate to assist with
understanding the purpose of an LO.