FRM Syllabus: Every Subject, Part by Part
Four subjects in Part I, six in Part II, each with a fixed share of the paper. Here is the whole map.
The FRM syllabus is split across two exams. Part I covers four subjects, the tools used to assess financial risk: foundations of risk management, quantitative analysis, financial markets and products, and valuation and risk models. Part II covers six subjects on applying those tools, from market and credit risk through to current issues in financial markets.
Every question is equally weighted, so each subject's share of the question count is its share of your marks. That makes the weights below the single most useful planning input you have: they tell you, before you open a book, where your study hours will pay off.
Part I Syllabus and Weights
Part I has 100 equally weighted MCQs across four subjects.
Foundations of Risk Management
Questions
20
Share of paper
20%
Quantitative Analysis
Questions
20
Share of paper
20%
Financial Markets & Products
Questions
30
Share of paper
30%
Valuation & Risk Models
Questions
30
Share of paper
30%
| Subject | Questions | Share of paper |
|---|---|---|
| Foundations of Risk Management | 20 | 20% |
| Quantitative Analysis | 20 | 20% |
| Financial Markets & Products | 30 | 30% |
| Valuation & Risk Models | 30 | 30% |
What the Part I Subjects Cover
Financial Markets & Products and Valuation & Risk Models carry 60 of the 100 questions between them. These are the subjects where instruments, pricing and risk measurement live, and they lean on the mathematics built in Quantitative Analysis. Foundations of Risk Management is the smaller conceptual subject that frames why the rest exists.
Treat Quantitative Analysis as infrastructure rather than a standalone topic. Its 20 questions understate its importance: the two 30-question subjects assume its methods throughout.
Part II Syllabus and Weights
Part II has 80 equally weighted MCQs across six subjects.
Market Risk Measurement & Management
Questions
16
Share of paper
20%
Credit Risk Measurement & Management
Questions
16
Share of paper
20%
Operational Risk & Resilience
Questions
16
Share of paper
20%
Liquidity & Treasury Risk
Questions
12
Share of paper
15%
Risk Management & Investment Management
Questions
12
Share of paper
15%
Current Issues in Financial Markets
Questions
8
Share of paper
10%
| Subject | Questions | Share of paper |
|---|---|---|
| Market Risk Measurement & Management | 16 | 20% |
| Credit Risk Measurement & Management | 16 | 20% |
| Operational Risk & Resilience | 16 | 20% |
| Liquidity & Treasury Risk | 12 | 15% |
| Risk Management & Investment Management | 12 | 15% |
| Current Issues in Financial Markets | 8 | 10% |
Financial markets is the heaviest Part I subject. Start there.
How Part II Differs
Part II reads like a job description. Market, credit and operational risk each take an equal 16-question slice, and together they are 60% of the paper. Liquidity and treasury risk and investment risk management follow at 12 questions each. Current Issues, the smallest section at 8 questions, rotates with what is actually happening in financial markets, which is why Part II rewards candidates who read beyond the curriculum.
The Syllabus Is Revised Between Cycles
GARP updates readings and topic details periodically, and Current Issues changes by design. Confirm the current curriculum on garp.org for your exam window before buying material or building a plan around a topic list from an older cycle.
Using the Weights to Plan
- checkGive Financial Markets & Products and Valuation & Risk Models the largest study blocks; they are 60% of Part I.
- checkStudy Quantitative Analysis early, since the heavyweight subjects depend on it.
- checkFor Part II, prepare market, credit and operational risk to the same depth; they are equal at 16 questions each.
- checkLeave Current Issues until late in preparation; it is the smallest section and the most current.
FAQs
How many subjects are in the FRM syllabus?expand_more
Ten across both exams. Part I has 4 subjects (foundations of risk management, quantitative analysis, financial markets and products, valuation and risk models). Part II has 6 (market risk, credit risk, operational risk and resilience, liquidity and treasury risk, investment risk management, and current issues in financial markets).
Which FRM Part I subject has the highest weight?expand_more
Financial Markets & Products and Valuation & Risk Models are joint highest at 30 questions (30%) each. Foundations of Risk Management and Quantitative Analysis carry 20 questions each.
Are all FRM questions equally weighted?expand_more
Yes. Part I's 100 MCQs and Part II's 80 MCQs are all equally weighted, so a subject's question count is exactly its share of the marks.
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