FRM Part 1 Syllabus 2026 — Topics, Weights & Chapters
The complete GARP FRM Part 1 2026 syllabus — all four topics with official exam weights, every chapter, the 2026 changes, recommended study hours and an expert preparation strategy by Deepak Goyal, CFA & FRM Charterholder.
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The FRM Part 1 2026 syllabus covers four topics published by GARP: Foundations of Risk Management (20%), Quantitative Analysis (20%), Financial Markets & Products (30%), and Valuation & Risk Models (30%). The exam has 100 equally weighted MCQs in 4 hours and is computer-based. The same syllabus applies to the May, August, and November 2026 exam windows.
What Is the FRM Part 1 Syllabus 2026? Official GARP Guide
The FRM Part 1 syllabus is the foundational stage of the Financial Risk Manager certification, published annually by the Global Association of Risk Professionals (GARP). It introduces the core tools used to measure and manage financial risk — the building blocks every risk professional must master before progressing to the applied topics of Part 2.
For 2026, the FRM Part 1 curriculum is organised into four topic areas tested across 100 equally weighted multiple-choice questions in 4 hours. The two highest-weight topics — Financial Markets & Products and Valuation & Risk Models — together make up 60% of the exam and are the most calculation-intensive.
The 2026 syllabus applies to all three exam windows — May, August, and November — so candidates targeting any 2026 sitting study the exact same topics, weights, and learning objectives. GARP releases the official Study Guide and learning objectives at the start of each calendar year.
This page breaks down the complete FRM Part 1 2026 syllabus in detail — every topic, every chapter, exam weights, study hours, the 2026 changes, and a phase-by-phase strategy from Deepak Goyal, CFA & FRM Charterholder. See also: Full FRM Syllabus 2026, FRM Coaching Plans, and FRM Career Opportunities.
FRM Part 1 Syllabus 2026 — Complete Topic & Weight Breakdown
Official GARP FRM Part 1 syllabus — 4 topics, 100 MCQs, 4 hours. The same weights apply for May, August & November 2026.
FRM Part 1 — 2026 Exam Overview
Focus: Foundational risk tools — governance, quant methods, instruments & valuation
Topic Weight Distribution — FRM Part 1 2026
This topic establishes the conceptual and governance framework for risk management — why firms manage risk, how risk functions are structured, and the lessons drawn from real financial disasters. Although it looks qualitative, GARP asks analytical, judgment-based questions that require you to evaluate governance decisions and case-study outcomes rather than memorise definitions.
- The Building Blocks of Risk Management
- How Do Firms Manage Financial Risk?
- The Governance of Risk Management
- Credit Risk Transfer Mechanisms
- Modern Portfolio Theory and the CAPM
- Arbitrage Pricing Theory & Multifactor Models
- Risk-Adjusted Performance Measurement
- Enterprise Risk Management (ERM) & Trends
- Learning from Financial Disasters
- Anatomy of the Great Financial Crisis 2007–09
- GARP Code of Conduct & Professional Standards
- Risk Data Aggregation & Reporting
This topic covers the mathematical and statistical foundations underpinning every risk-measurement technique in the FRM curriculum. For 2026, two chapters were updated — Hypothesis Testing and Stationary Time Series — with learning objectives revised to emphasise applied calculation and scenario interpretation, slightly increasing the likelihood of numerical questions in these areas.
- Fundamentals of Probability
- Random Variables & Probability Distributions
- Common Univariate Random Variables
- Multivariate Random Variables & Copulas
- Sample Moments & Properties
- Hypothesis Testing (Updated 2026)
- Linear Regression: Single-Factor Models
- Linear Regression: Multiple-Factor Models
- Regression Diagnostics & Modelling Issues
- Stationary Time Series (Updated 2026)
- Non-Stationary Time Series
- Measuring Returns, Volatility & Correlation
- Simulation & Bootstrapping
- Machine Learning Methods (Overview)
One of the two highest-weight and most calculation-intensive sections of Part 1. It covers the full range of financial instruments — equities, bonds, derivatives, FX, and securitised products — along with their pricing, risk characteristics, and real-world applications. A deep command of derivatives (options, futures, swaps, forwards) is essential here.
- Introduction to Derivatives
- Exchanges, OTC Markets & Clearing Houses
- Forwards & Futures: Pricing and Valuation
- Hedging with Futures & Forwards
- Interest Rate Futures
- Swaps: Interest Rate, Currency & Equity
- Options on Futures & Exchange-Traded Options
- Properties of Options & Put-Call Parity
- Trading Strategies Using Options
- Exotic Options
- Properties of Interest Rates & Term Structure
- Fixed Income: Bond Pricing & Duration
- Fixed Income: Convexity & DV01
- Mortgages & Mortgage-Backed Securities
- Foreign Exchange Risk & FX Forwards
- Introduction to Commodities & Commodity Markets
- Corporate Bonds & Credit Risk Transfer
This section bridges instrument valuation with quantitative risk measurement. It introduces the core risk tools applied throughout Part 2 — VaR, Expected Shortfall, the Black-Scholes-Merton model, option Greeks, and introductory credit and operational risk frameworks. It is the most technically demanding section of Part 1 and connects directly to Part 2.
- Measures of Financial Risk: VaR & Expected Shortfall
- Estimating Market Risk: Historical Simulation
- Estimating Market Risk: Parametric Methods
- Estimating Volatility & Correlation
- Operational Risk: Definition & Approaches
- Pricing Conventions, Discounting & Arbitrage
- Interest Rate Risk in the Banking Book (IRRBB)
- Hedging with Interest Rate Futures & Duration
- Binomial Trees for Option Pricing
- The Black-Scholes-Merton (BSM) Model
- The Greek Letters: Delta, Gamma, Vega, Theta, Rho
- Options on Indices, Currencies & Futures
- Bonds: Spot Rates, Duration & Convexity
- Introduction to Credit Risk: PD, LGD, EAD
- Country & Sovereign Risk Models
FRM Part 1 2026 Syllabus Changes — What's New vs 2025
Part 1 changes for 2026 are minor and confined to Quantitative Analysis. Here is exactly what changed.
Quantitative Analysis — 2 chapters revised
Hypothesis Testing (1 learning objective revised) and Stationary Time Series (5 learning objectives revised). The emphasis moves toward applied interpretation, diagnostics, and scenario-based reasoning, so expect slightly more numerical questions in these chapters.
Foundations of Risk Management — stable
No chapters added or removed. The focus remains on governance frameworks, CAPM and multifactor models, and lessons from historical financial failures.
Financial Markets & Products — stable
No structural changes. Continue to master instruments and derivatives — pricing, hedging, and the mechanics of forwards, futures, swaps, and options.
Valuation & Risk Models — stable
Core valuation and risk-measurement techniques are unchanged. Emphasis remains on VaR, Expected Shortfall, BSM, the Greeks, and introductory credit and operational risk.
Always confirm the latest readings in GARP's official 2026 Study Guide at garp.org/frm.
FRM Part 1 2026 — Exam Pattern, Dates & Fees
Everything you need to plan your FRM Part 1 2026 registration and exam day.
📝 FRM Part 1 Exam Format
| Parameter | FRM Part 1 2026 |
|---|---|
| Number of questions | 100 MCQs |
| Duration | 4 hours |
| Question type | Multiple-choice, equally weighted |
| Delivery | Computer-based (Pearson VUE) |
| Formula sheet | Not provided |
| Calculator | Yes (GARP-approved) |
| Negative marking | No |
| Exam windows | May / Aug / Nov |
| Global pass rate | ~45% |
💰 GARP Fees 2026 (Part 1)
| Fee Component | USD | ~INR |
|---|---|---|
| Enrollment (new, one-time) | $400 | ~₹33,600 |
| Part 1 — Early registration | $600 | ~₹50,400 |
| Part 1 — Standard registration | $800 | ~₹67,200 |
| Total (early, first-time) | ~$1,000 | ~₹84,000 |
| Total (standard, first-time) | ~$1,200 | ~₹1,00,800 |
INR approximate at 1 USD = ₹84. Always confirm at garp.org/frm/fees-payments
📅 FRM Part 1 2026 Exam Dates
| Window | Exam Dates | Early Registration | Standard Deadline |
|---|---|---|---|
| May 2026 | May 2026 (concluded) | Jan 31, 2026 | Mar 31, 2026 |
| August 2026 ▶ | August 7–8, 2026 | Not offered | June 30, 2026 |
| November 2026 ▶ | November 14–20, 2026 | July 31, 2026 | September 30, 2026 |
FRM Part 1 Study Hours — Topic-Wise Recommended Hours
Recommended study hours per topic — based on GARP guidance and RBei student data.
FRM Part 1 Preparation Strategy — Phase-by-Phase Plan
The framework behind RBei's strong FRM Part 1 results — 89–91% pass rates across the 2025 windows.
FRM Part 1 rewards a structured, calculation-first approach. Map your study to the topic weights — the two 30% topics deserve roughly 60% of your time — and practise questions as you finish each chapter, not at the end.
Phase 1 — Foundations (Weeks 1–6)
- Start with Foundations of Risk Management to understand the why of risk management
- Complete Quantitative Analysis — the mathematical backbone of everything else
- Pay special attention to the 2026 updates in Hypothesis Testing and Stationary Time Series
- Do chapter-level practice questions immediately after each topic
Phase 2 — Deep Dive (Weeks 7–14)
- Go deep on Financial Markets & Products — derivatives pricing and hedging
- Master Valuation & Risk Models — VaR, ES, BSM, and the Greeks are exam favourites
- These two sections carry 60% of the exam, so give them 60% of your time
- Attempt a sectional test after completing each topic
Phase 3 — Mocks & Revision (Weeks 15–18)
- Take at least 3 full-length CBT mock exams under timed conditions
- Analyse every wrong answer — understand why, not just the correct option
- Prioritise high-weight topics for final revision: FMP + VRM = ~60 questions
- Use formula recall sheets and mind maps in the final week
Learn FRM Part 1 from Deepak Goyal, CFA & FRM
Every FRM Part 1 session at RBei Classes is taught personally by Deepak Sir — no junior faculty, no outsourcing.
Deepak Goyal is one of the few professionals in India to hold both the CFA and FRM charters. He brings around 10 years of investment-banking experience across India, the US and Dubai, and currently manages funds for HNI clients in the UK and Europe. Over 8 years of teaching, he has personally mentored 17,000+ CFA and FRM students, with a concept-first, application-driven approach built for the FRM Part 1 exam.
What Can FRM Part 1 Lead To? Roles, Salary & Where Alumni Work
Clearing FRM Part 1 is the first step toward risk-management roles in banking, asset management and consulting.
RBei alumni work at firms including JPMorgan, Goldman Sachs, HSBC, Deloitte and HDFC Bank, with several placed in Dubai, the US, Canada and Singapore. Read the full FRM Career Guide for roles and salary detail.
Salary ranges are indicative of the Indian market and vary by role, employer and experience.
FRM Part 1 Syllabus 2026 — Frequently Asked Questions
The questions students ask most about the FRM Part 1 2026 syllabus — answered by Deepak Sir.
Related FRM Resources
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