GARP
FRM Part I
Financial Risk Manager Exam Part I
The first of two exams toward the FRM designation, the leading global credential for financial risk managers. Part I covers the tools of risk measurement: quantitative analysis, markets and products, and valuation models.
Full program: 4 decks, 763 cards.
What's on the exam
GARP FRM Part I Study Guide / Learning Objectives (2026)
Foundations of Risk Management
20%Risk governance and risk management framework · Modern portfolio theory and CAPM · Enterprise risk management · Financial disasters and case studies · GARP Code of Conduct
Quantitative Analysis
20%Probability and distributions · Hypothesis testing · Linear regression and time series · Volatility estimation (EWMA, GARCH) · Simulation and bootstrapping
Financial Markets and Products
30%Structure of banks, insurers and fund managers · Futures and forward markets · Options markets and trading strategies · Swaps · Interest rates and bond fundamentals
Valuation and Risk Models
30%Value-at-risk and expected shortfall · Option pricing (binomial trees, Black-Scholes-Merton) · Bond valuation, duration and convexity · Stress testing · Credit ratings and country risk
Frequently asked questions
How much does the FRM Part I cost?
The FRM Part I costs $800. Standard registration; early registration is $600, plus a one-time $400 enrollment fee for new FRM candidates.
How long is the FRM Part I and how many questions does it have?
100 multiple-choice items — 4 hours.
What do you need to pass the FRM Part I?
Pass/fail; passing standard set by GARP after each administration.
Can you retake the FRM Part I?
May re-register for a subsequent exam window.
What is the best way to study for the FRM Part I?
Start from the official outline and your primary study materials: the exam is weighted by domain (Foundations of Risk Management 20%, Quantitative Analysis 20%, Financial Markets and Products 30%, Valuation and Risk Models 30%). Once you've learned the material, spaced-repetition flashcards organized by those domains are an efficient way to retain it and refresh it before test day.
Ready to prepare?
Our FRM Part I program is organized by this outline's domains and scheduled by spaced repetition, with a path from first card to test day.
Flashcards are a memory tool. Learn the material first, then use NoReread to retain it and refresh what you already know. It doesn't replace studying the subject.