FRM Part 1
Financial Risk Manager
FRM Part 1 builds your risk management foundation, covering financial markets, risk analysis, and quantitative methods. Start your career in risk management today.
Syllabus & Subject Weights
Understand the exam weightage across all subjects
Foundations of Risk Management
20%Quantitative Analysis
20%Financial Markets and Products
30%Valuation and Risk Models
30%| Subject | FRM P-1 | FRM P-2 |
|---|---|---|
| Foundations of Risk Management | 20% | — |
| Quantitative Analysis | 20% | — |
| Financial Markets and Products | 30% | — |
| Valuation and Risk Models | 30% | — |
| Market Risk | — | 20% |
| Credit Risk | — | 20% |
| Operational Risk | — | 20% |
| Liquidity Risk | — | 15% |
| Investment Risk | — | 15% |
| Current Issues | — | 15% |
* Ethics and Derivatives in Level 3 are included in the broader curriculum modules.
Career Opportunities
Job roles you can pursue with this certification
Risk Analyst
Analyzes and evaluates potential financial risks for an organization to mitigate exposure and enhance decision-making.
Financial Analyst
Assesses financial data, prepares reports, and helps organizations make informed investment decisions.
Portfolio Risk Manager
Manages and assesses risk within investment portfolios to ensure alignment with the client’s risk tolerance.
Credit Risk Analyst
Evaluates the creditworthiness of individuals or institutions to determine potential credit risks.
Investment Analyst
Researches and analyzes investment opportunities, assisting in making recommendations for investment strategies.
Market Risk Analyst
Monitors and analyzes financial market trends to identify and manage exposure to market risks.
Compliance Officer
Ensures that an organization adheres to regulatory requirements and internal policies, reducing legal and financial risks.
Quantitative Analyst
Develops complex mathematical models to assess financial risk and guide investment strategies.
Where FRM Charterholders Work
Trusted by leading organizations worldwide
Exam Structure
Understanding the exam format and requirements
Exam Format
- Multiple-choice questions (MCQs)
- 4 hours duration
- Total: 100 MCQs
Question Format
- 4 options per question, with one correct answer.
- Covers foundational topics in risk management, financial markets, and quantitative methods.
- Designed to assess knowledge and application of core financial risk management concepts.
Key Details
- Average pass rate: 40-45% (2015–2024).
- No penalty for incorrect answers—attempt every question
- Results available within 6 weeks after the exam.
Deadlines & Fees
Registration windows and exam fees for 2026
Important Details
Quick access to essential course information
