Changes to the 2020 FRM® Exam and Study Materials

Changes to the 2020 FRM® Exam and Study Materials:

Financial risk managers work in environments that can be uncertain, complex and volatile. Staying current with risk topics and maintaining critical analytical skills are import for adding value to a firm’s risk management program.

The FRM’s curriculum is dynamic and responsive to changing markets and their demands on global risk managers. Its coverage is regularly updated to address emerging risks and probe current hot topics.

For 2020, we’ve again updated our study materials to help candidates better prepare for the exam and increase their chance of success. This year’s changes were informed by input received from risk managers like you in their responses to the GARP Global Practice Analysis, a comprehensive triennial survey that investigates where risk managers work, what they do and what they need to know. They reflect the essential knowledge and skills required of a risk management professional, and which are necessary for long-term success.

Noteworthy revisions include:


    • Updating and revising of some knowledge areas, particularly in the Foundations of Risk Management and Quantitative Analysis sections
    • End-of-chapter questions and answers to enrich preparation and learning


  • A new section on Liquidity and Treasury Risk, with the section on Operational Risk now refocused as Operational Risk and Resiliency
  • Adjusted weighting of sections to reflect the above changes
  • Review and rationalization of readings throughout Part II to maintain appropriate reading volume


The FRM consists of two paper-and-pencil, multiple choice exams. The FRM Exam Part I consists of 100 equally weighted questions,
and the FRM Exam Part II consists of 80 equally weighted
questions. Candidates are allotted four hours to complete each
Exam. The Exams are offered in person in American English twice a year, in May and November, at more than 100 Exam sites around the world. The Exams are comprehensive, practice-oriented assessments that cover the fundamental tools and techniques used in risk management, their underlying theories, and the major subareas of risk.


“Earning the FRM helped
me get my current
job assignment. Our
business went through
a transformation and
needed to establish
an ALM risk function.
I had seven years’
experience in
Credit Risk, but the
FRM was proof that
I had knowledge of all
types of risk and could
continue to learn
and master new
risk functions.”

Four guides will be available December 1, 2019 at and are free to download for all candidates prior to registration:

●    Candidate Guide

●    Study Guide

●    Study Guide Changes

●    Learning Objectives