How is FRM Part I structured?

A single computer-based exam: 100 multiple-choice questions over 4 hours, covering foundations of risk, quantitative analysis, financial markets and products, and valuation and risk models. Our mocks replicate that format and timing.

What does the question bank actually cover?

Every Part I topic, mapped LOS by LOS. Each question carries a full explanation of why each wrong answer is wrong, and the bank re-weights toward the LOS you miss.

Yes. Move from Practice to Complete or Forever at any time and pay only the price difference — your progress carries over untouched.

How long will I need to study?

GARP suggests roughly 240 hours for Part I. Our guided plan targets that with weekly pace targets designed around a full-time risk role.

The complete FRM® Part I study package

LOS-mapped notes, an adaptive question bank, and full-length mocks for every Part I topic — built so working risk professionals can pass on a real schedule. One full topic is free, no card required.

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146

Learning outcomes covered

2,000+

Practice questions

~240 hrs

Guided study plan

A financial risk manager reviewing market-risk analytics on a laptop beside a printed risk report in a navy-toned office.

Everything in the Part I package

One source-cited body of material, drilled six ways — so you learn it, retain it, and walk in genuinely ready.

4 topics · 146 LOS

Source-cited study notes

Every Part I reading mapped to its GARP learning objective, with the quant — VaR, duration, option Greeks — worked keystroke by keystroke, not paraphrased.

2,000+ questions

Adaptive question bank

Exam-style questions that re-weight toward your weakest LOS, each with a full explanation of why the wrong answers are wrong — not just which one is right.

4 full mocks

Full-length mock exams

Timed, CBT-style mocks that replicate the real 4-hour, 100-question Part I format and surface where your pace breaks down before exam day.

Keyed to your gaps

Spaced-repetition flashcards

The formulas and definitions that have to be automatic, scheduled by an algorithm keyed to your forgetting curve.

Benchmarked to MPS

Ready-to-Sit analytics

Readiness by topic, benchmarked against the published Part I minimum-passing-score band (~50–55%) — so you know, with evidence, when you are ready.

On every reading

Evidence Panel on every reading

Candidate-reported difficulty, the pitfalls that trip people up, and how often a topic is tested — surfaced on each reading so you spend time where it pays.

Mapped to the real Part I weights

The package follows the published CAIA topic-area weights, so your study time tracks where the marks actually are — not an even split across topics.

Financial Markets & Products30%
Valuation & Risk Models30%
Foundations of Risk Management20%
Quantitative Analysis20%

GARP · FRM Part I Exam Weights

FRM® · P1

Part I curriculum

146 LOS · ~240 hrs

Financial Markets & Products
30%
Valuation & Risk Models
30%
Foundations of Risk Management
20%
Quantitative Analysis
20%

Source: GARP · FRM Part I Exam Weights

See the work, not a claim

Every competitor calls their notes rigorous. Here is one, with the moves that make it different named in the margin.

Valuation & Risk Models · Market riskLOS 21.3

Value at Risk, three ways

Value at Risk answers one question: over a set horizon and confidence level, what loss will not be exceeded? A 1-day 99% parametric VaR of $4.65m on a $2.0m-volatility book means there is a 1% chance of losing more than that tomorrow.¹

Parametric VaR assumes normal returns: VaR = z · σ, with z = 2.326 at 99%.² Historical VaR reads the loss straight off the empirical tail; Monte Carlo simulates it. The three diverge sharply when returns are fat-tailed — which is exactly when it matters.³

1
The interpretation the exam tests
A 99% VaR is breached 1% of the time, not 99%. Candidates lose this mark by stating the confidence level backwards.
2
The z-score, pinned down
One-tailed 2.326 at 99%, 1.645 at 95%. We show the substitution so you never reach for the two-tailed value under pressure.
3
Why three methods, not one
Part I expects you to know when parametric understates tail risk — the setup Part II revisits with expected shortfall.

Choose your Part I plan

Same source-cited content in every tier — pick how far you want the support to go. Move up anytime and pay only the difference.

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Part I questions, answered

Still deciding? These are the things candidates ask before they start.

About the FRM® charter

Helpful but not required. The quantitative-analysis notes build from first principles, and every numerical LOS shows the formula, the substitution, and the calculator keystrokes.

Study notes

See how a real LOS-mapped note is written, with the working shown.

Free practice

Try a real question and start the free diagnostic — no card required.

How it works

The method applied to alternatives, and how the material is sourced.

Try a topic before you decide.

One full Part I topic is free — notes, questions, and the tools — so you can judge the material against how you actually study before paying anything.

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