The Financial Risk Manager (FRM) certification continues to be one of the most sought-after globally accepted credentials for professionals aiming to build expertise in financial risk management. If you're planning to appear for the FRM 2026 exam, understanding the latest syllabus updates is not just important—it's essential for preparing smartly and staying exam-relevant.

As global financial markets evolve and risk frameworks become more sophisticated, the FRM curriculum is regularly updated to reflect emerging risks, regulatory developments, and practical market applications. For the FRM 2026 exam cycle, these syllabus changes directly impact how candidates should plan their preparation.

In this blog, we break down the FRM 2026 syllabus changes across FRM Part I and Part II, highlight what's new and what remains unchanged, and share actionable preparation strategies to help you align your study plan effectively.

FRM Part 1 2026 Syllabus Changes: Exam-Oriented Summary

For candidates appearing in FRM Part 1 (2026), the syllabus remains largely unchanged compared to 2025. Out of the total 62 chapters, there are no new chapters added and no chapters deleted. Only minor changes have been made in two topics of the Quantitative Analysis subject:

1. • Hypothesis Testing – 1 Learning Outcome Statement (LOS) revised
   • Stationary Time Series – 5 Learning Outcome Statements (LOS) revised

Importantly, these updates do not introduce new concepts, but they do slightly increase the probability of numerical-based questions in specific areas. For a detailed understanding, attend the lecture discussing FRM Part 1 changes.

Key Highlights for FRM Part 1 (2026)

1. • Syllabus for May, August, and November 2026 remains exactly the same
   • Changes are year-to-year, not exam-window-specific
   • Only 2 chapters impacted, both from Quantitative Analysis
   • Total 6 LOS modified
   • No conceptual overhaul; preparation strategy remains largely unchanged

Chapters with LOS Changes in FRM Part 1 (2026)

1. Hypothesis Testing (Quantitative Analysis)

Nature of Change:

Earlier LOS focused on "describe" → now expanded to "describe and calculate"

Exam Implication:

1. • Higher likelihood of numerical / calculation-based MCQs
   • Candidates must be comfortable computing and interpreting p-values
   • Conceptual understanding alone is insufficient; application is key

2. Stationary Time Series (Quantitative Analysis)

Nature of Change:

A total of 5 LOS wording updates, with verbs expanded to include calculation and application.

Exam Implication:

1. • Stronger emphasis on numericals and model application
   • Questions may test calculation + interpretation, not just definitions
   • Candidates should practice end-to-end problem-solving

FRM Part 1: 2025 vs 2026 Comparison Table

How Candidates Should Prepare for FRM Part 1 (2026)

1. • Do not wait for new books to begin preparation. Start with 2025 books, and once new books are released, you can review the changed portion.
   • Strengthen numerical practice in: Hypothesis Testing and Stationary Time Series
   • Focus on concept + calculation, not rote learning
   • Use updated handouts or additional practice questions where required

Preparing for FRM Part 1 (2026)?

The syllabus stability makes 2026 an excellent year to prepare strategically and confidently. The first exam month in 2026 is May. If you're not sure about when to start, attend the FRM lecture, then use the 'When to Register?' tool to decide your exam month.

Explore structured FRM Part 1 preparation with expert guidance under Aswini Bajaj.

FRM Part 2 2026 Syllabus Changes: Exam-Oriented Summary

Unlike Part 1, FRM Part 2 (2026) sees meaningful curriculum changes, which is consistent with historical trends. The most significant updates are concentrated in Investment Risk and Current Issues, while Credit Risk and Liquidity Risk see only minor adjustments.

Overall, the changes are a restructuring of content rather than an increase in difficulty, with a stronger emphasis on private markets, hedge funds, and real-world risk scenarios. For a detailed understanding, attend the lecture on FRM Part 2 changes.

Key Highlights for FRM Part 2 (2026) Changes

1. • 12 new chapters added, 9 chapters deleted
   • Majority of changes in: Investment Risk and Current Issues
   • Minimal changes in: Credit Risk (1 LOS modified) and Liquidity Risk (1 LOS deleted + 1 chapter deleted)
   • Core structure and exam format remain unchanged
   • Several large chapters have been removed, while many of the new additions are shorter, focused chapters, keeping the overall workload balanced.

Subject-Wise FRM Part 2 2026 Changes

1. Investment Risk – Major Updates

Investment Risk sees the maximum number of additions and deletions.

Additions (7 New Chapters):

1. • Hedge Funds (updated/replaced version)
   • Private Market Investing
   • Distress Symptoms and Remedies
   • Red Flags in Investments
   • Other private-market–focused risk themes

Deletions:

1. • 3 older chapters removed
   • Two of the deleted chapters were relatively large (8–10 LOS each)

2. Current Issues – Annual Refresh Continues

The Current Issues section is updated almost every year, and 2026 is no exception.

Changes in 2026:

1. • 5 chapters deleted
   • 5 new chapters added
   • 3 chapters remain unchanged
   • Continued emphasis on Artificial Intelligence

New focus areas include:

1. • Private Credit
   • Tokenization
   • Global Financial Stability
   • Evolving market structure risks

3. Credit Risk – Minor Change

1. • One LOS modified in the chapter on Estimating Default Probabilities
   • Change appears to be rewording, not conceptual
   • Content is expected to remain largely the same once official books are released

4. Liquidity Risk – Minimal Impact

1. • One LOS deleted from a small chapter
   • One minor chapter removed
   • Deletion does not disrupt chapter flow

FRM Part 2: 2025 vs 2026 Comparison Table

How to Prepare for FRM Part 2 (2026) – Strategy Guidance

Do NOT wait for new books to begin preparation. You can safely complete:

1. • Market Risk
   • Credit Risk
   • Liquidity Risk
   • Unchanged chapters in Investment Risk & Current Issues

1. • Skip deleted chapters
   • Wait for new chapters to study with new books, be officially released (Jan–Feb)
   • Updated notes and coverage for new chapters can be added smoothly once available

Serious About FRM Part 2 (2026)?

With significant updates in Investment Risk and Current Issues, expert guidance becomes even more critical. The first exam month in 2026 is May. If you're not sure about when to start, attend the FRM lecture, then use the 'When to Register?' tool to decide your exam month.

Explore advanced FRM Part 2 preparation with expert mentorship.

Conclusion

The FRM 2026 syllabus changes bring stability in Part 1 and meaningful updates in Part 2. While FRM Part 1 remains largely unchanged with a slightly higher focus on numericals in Quantitative Analysis, FRM Part 2 reflects evolving market realities through updated content in Investment Risk and Current Issues. The addition of topics like AI in risk management, private market investing, and the focus on advanced risk models are clear indicators of how risk management is adapting to global financial changes.

For candidates, the strategy is simple: begin preparation early, focus on concept clarity and application, skip deleted content, and integrate new chapters once they are released. Best of luck with your FRM 2026 preparation! Stay disciplined, keep practicing, and use your updated resources wisely. You'll be well on your way to becoming a Financial Risk Manager.