FRM Syllabus 2026, Part 1 and Part 2 – Detailed Guide

To gain FRM certification, it is important to understand the FRM syllabus. What topics are included in Part 1 and Part 2, and what is the topic-wise weightage?

In this guide, let us explore the FRM course syllabus along with the best books for FRM to study when exams are just around the corner and the topic weightage.

FRM Syllabus as per 2026 GARP Guidelines

The FRM syllabus is divided into 2 parts. FRM Part 1 syllabus includes 4 subjects, and the FRM Part 2 syllabus includes 6 subjects. Both are scheduled independently, and you must pass them in chronological order to gain the financial risk manager certification. 

The skills gained after pursuing the qualification can be applied across risk, banking and investment roles, which can influence FRM salary in India depending on the location, company, role and experience.

FRM Part 1 Syllabus

It focuses on the fundamental tools and concepts used to assess financial risk.

Foundations of Risk Management

It includes Risk management frameworks, governance, risk appetite and financial crises. With the help of these, professionals identify and report risks, develop risk policies, set risk limits and support enterprise risk management.

Quantitative Analysis

It lets you study Probability, statistics, regression, time series and quantitative methods used in risk modelling, forecasting, data analysis, stress testing and measuring financial risk.

Financial Markets and Products

It covers Bonds, derivatives, futures, forwards, options and swaps to understand market exposures, evaluate financial instruments and assess hedging strategies

Valuation and Risk Models

In this, Valuation techniques, VaR, volatility, stress testing and risk models are taught to measure portfolio risk, assess potential losses, support pricing and evaluate risk models

FRM Part 2 Syllabus

It focuses on applying the risk-management tools learned in Part I.

Market Risk Measurement and Management

It covers Market risk, VaR, Expected Shortfall, stress testing and backtesting to monitor how changes in interest rates, currencies, equity prices and other market factors can affect portfolios

Credit Risk Measurement and Management

It is all about Credit analysis, default risk, counterparty risk and credit derivatives, which are used in lending, corporate banking and risk teams to evaluate borrowers, counterparties and credit exposures.

Operational Risk and Resilience

It covers Operational risk, governance, technology and cyber risk, and resilience, used to identify losses arising from failed processes, people, systems or external events and to strengthen business continuity and controls

Liquidity and Treasury Risk Measurement and Management

You study liquidity risk, funding risk, treasury management and asset-liability management to manage cash flows, funding needs, liquidity buffers and contingency funding in banks and other financial institutions.

Risk Management and Investment Management

It includes Portfolio risk, investment risk, risk budgeting and investment decisions taken by asset managers and investment teams to balance risk and return and monitor portfolios.

Current Issues in Financial Markets

You are taught about emerging issues such as AI, private credit, geopolitical risk, digital assets and digital resilience to help risk professionals understand and assess new risks such as digitalisation, AI, private credit and other developments affecting financial markets.

But before you begin your preparation, it is also important to understand the FRM Eligibility requirements.

FRM Course Syllabus Weightage 2026

According to GARP’s 2026 FRM Learning Objectives, the syllabus has approximate weightings across four domains in Part I and six domains in Part II, given in the tabular chart below,

Once you understand the syllabus and the weightage of each of the subjects, the next step is to complete your FRM registration for the relevant exam window.

FRM Study Material & Books

GARP’s Official Material

Use the official study resources as your primary reference because the FRM curriculum is revised annually. The current 2026 resources include: 

GARP Study Guide includes all the primary topics and the required readings necessary for self-preparation.

GARP Learning is about core learning and practice using digital curriculum, practice questions, and study-planning tools.

Official FRM Books contain detailed concept study of the full FRM Part 1 and Part II curriculum.

Required readings for Part II are additional material to prepare for current issues and other prescribed readings.

GARP Practice exams are important for evaluating your progress under timed conditions.

Along with the official GARP resources, you can explore the Best Books for FRM for additional preparation, including the ones given below,

Kaplan Schweser FRM Study Resources

Kaplan Schweser also offers FRM study material that includes concise study notes, a question bank and mock exams for revision and exam-focused practice.

Bionic Turtle FRM Study Material 

The Bionic Turtle FRM Study Material lets you access Videos, practice questions, spreadsheets and study-planning resources for your conceptual learning and additional practice.

You can choose to study from any of these, but it is suggested to kindly go through the official material first to ensure that your preparation covers the latest FRM syllabus and learning objectives.

Conclusion

Lastly, FRM exams are approaching in November 2026, so for FRM Part 1 and Part 2, prepare yourselves by thoroughly going through the FRM syllabus and using the right study material to ace your exams, be it the official GARP’s Study Material, Kaplan Schweser FRM Study Resources or Bionic Turtle FRM Study Material. 

FAQs on FRM Syllabus