FRM® topic map

The next published sitting in this app is Part I on 14 November 2026. Each topic area below lists its published weight band and the learning modules from the outline, with free sample questions and answers.

Part I

Tools — 100 questions, four topic areas

• Foundations of Risk Management — 20%. Risk taxonomy, governance, CAPM, multifactor models, financial disasters.
• Quantitative Analysis — 20%. Probability, hypothesis testing, regression, time series, volatility, simulation.
• Financial Markets & Products — 30%. Institutions, market structure, futures, swaps, options, rates, FX, MBS.
• Valuation & Risk Models — 30%. VaR and ES, option valuation, bond risk, stress testing, credit and op risk.

Part II

Application — 80 questions, six topic areas

• Market Risk Measurement & Management — 20%. VaR and ES estimation, backtesting, EVT, GARCH, copulas, FRTB.
• Credit Risk Measurement & Management — 20%. Merton and reduced-form models, credit VaR, counterparty risk, CVA, CDOs.
• Operational Risk & Resilience — 20%. RCSA and loss data, model risk, cyber, third parties, financial crime, Basel.
• Liquidity & Treasury Risk — 15%. Funding vs market liquidity, LVaR, transfer pricing, IRRBB, LCR and NSFR.
• Risk & Investment Management — 15%. Factor theory, risk budgeting, attribution, hedge funds, illiquid assets.
• Current Issues in Financial Markets — 10%. This cycle’s readings — AI in finance, climate risk, digital assets, bank stress.

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