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Financial Risk Manager (FRM®) Certification
90+ Countries Recognise FRM Certification
90,000+ FRM Professionals Worldwide
₹22 LPA Average Salary
Unlock Careers at Big 4s and MNCs
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8-9 Months
Live Online + Session Recordings
No pre-requisites required
Master Financial Risk Management with Industry-focused Preparation
Prepare for the FRM Certification with expert-led training, globally trusted study material, personalized mentorship, and extensive practice. Build in-depth knowledge of financial risk management, sharpen your problem-solving skills, and develop the confidence needed to clear the exam and advance your career.
Prepare for the FRM Certification with expert-led training, global study resources, mentorship, and practice to master risk management and clear the exam.
200+ Hours of Expert-led Training
Learn from industry experts through interactive live sessions.
One to One Mentorship & Doubt Resolution
Receive personalised guidance and clear doubts with expert mentors.
Career Bootcamp, Resume Building & Interview Prep
Boost your career with professional resume support and interview coaching.
Kaplan Prep Study Material
Get access to globally recognised study resources for in-depth learning.
Pass Protection & Exam Support
Comprehensive exam preparation with personalised mentorship and pass protection.
800+ Practice Questions & 8 Full-length Mocks
Strengthen your preparation with extensive practice and exam simulations.
Trusted by millions of users worldwide
Top global companies that hire FRM® professionals
Financial Risk Manager (FRM®) – The gold standard in risk management
The Financial Risk Manager (FRM®) Certification by GARP® is the gold standard in financial risk management, validating market, credit, and operational risk expertise. The certification consists of two exam levels covering risk assessment, valuation, and financial analytics. FRM is highly valued by top banks, investment firms, and regulatory bodies worldwide. The program equips professionals with advanced risk management skills and quantitative analysis expertise. FRM-certified individuals are sought after for roles in risk consulting, treasury, and portfolio management.
Curriculum
The FRM® Certification consists of two computer-based exams designed to assess practical risk management skills.
Part I: 100 questions
4 hours per exam
Part II: 80 questions
Covers risk management tools, theories, and applications.
Part I
Part II
Foundations of Risk Management | 20%
This area focuses on foundational concepts of risk management and how risk management can add value to an organization. The broad knowledge points covered in Foundations of Risk Management include the following:
Topics covered
Basic risk types, measurement, and management tools
Creating value with risk management
Risk governance and corporate governance
Credit risk transfer mechanisms
The Capital Asset Pricing Model (CAPM)
Risk-adjusted performance measurement
Multifactor models
Data aggregation and risk reporting
Financial disasters and risk management failures
Ethics and the GARP Code of Conduct
Enterprise risk management (ERM)
Quantitative Analysis | 20%
This area focuses on basic probability and statistics, regression and time series analysis, and various quantitative techniques useful in risk management. The broad knowledge points covered in Quantitative Analysis include the following:
Topics covered
Discrete and continuous probability distributions
Estimating the parameters of distributions
Population and sample statistics
Bayesian analysis
Statistical inference and hypothesis testing
Measures of correlation
Linear regression with single and multiple regressors
Time series analysis and forecasting
Simulation methods
Machine learning
Financial Markets and Products | 30%
This area focuses on financial products and the markets in which they trade, more specifically, the following knowledge areas:
Topics covered
Structures and functions of financial institutions
Structure and mechanics of over-the-counter (OTC) and exchange markets
Structure, mechanics, and valuation of forwards, futures, swaps, and options
Hedging with derivatives
Interest rates and measures of interest rate sensitivity
Foreign exchange risk
Corporate bonds
Mortgage-backed securities
Valuation and Risk Models | 30%
This area focuses on valuation techniques and risk models. The broad knowledge points covered in Valuation and Risk Models include the following:
Topics covered
Value-at-Risk (VaR)
Expected shortfall (ES)
Estimating volatility and correlation
Economic and regulatory capital
Stress testing and scenario analysis
Option valuation
Fixed-income valuation
Hedging
Country and sovereign risk models and management
External and internal credit ratings
Expected and unexpected losses
Operational risk
Foundations of Risk Management | 20%
This area focuses on foundational concepts of risk management and how risk management can add value to an organization. The broad knowledge points covered in Foundations of Risk Management include the following:
Topics covered
Basic risk types, measurement, and management tools
Creating value with risk management
Risk governance and corporate governance
Credit risk transfer mechanisms
The Capital Asset Pricing Model (CAPM)
Risk-adjusted performance measurement
Multifactor models
Data aggregation and risk reporting
Financial disasters and risk management failures
Ethics and the GARP Code of Conduct
Enterprise risk management (ERM)
Quantitative Analysis | 20%
This area focuses on basic probability and statistics, regression and time series analysis, and various quantitative techniques useful in risk management. The broad knowledge points covered in Quantitative Analysis include the following:
Topics covered
Discrete and continuous probability distributions
Estimating the parameters of distributions
Population and sample statistics
Bayesian analysis
Statistical inference and hypothesis testing
Measures of correlation
Linear regression with single and multiple regressors
Time series analysis and forecasting
Simulation methods
Machine learning
Financial Markets and Products | 30%
This area focuses on financial products and the markets in which they trade, more specifically, the following knowledge areas:
Topics covered
Structures and functions of financial institutions
Structure and mechanics of over-the-counter (OTC) and exchange markets
Structure, mechanics, and valuation of forwards, futures, swaps, and options
Hedging with derivatives
Interest rates and measures of interest rate sensitivity
Foreign exchange risk
Corporate bonds
Mortgage-backed securities
Valuation and Risk Models | 30%
This area focuses on valuation techniques and risk models. The broad knowledge points covered in Valuation and Risk Models include the following:
Topics covered
Value-at-Risk (VaR)
Expected shortfall (ES)
Estimating volatility and correlation
Economic and regulatory capital
Stress testing and scenario analysis
Option valuation
Fixed-income valuation
Hedging
Country and sovereign risk models and management
External and internal credit ratings
Expected and unexpected losses
Operational risk
Foundations of Risk Management | 20%
This area focuses on foundational concepts of risk management and how risk management can add value to an organization. The broad knowledge points covered in Foundations of Risk Management include the following:
Topics covered
Basic risk types, measurement, and management tools
Creating value with risk management
Risk governance and corporate governance
Credit risk transfer mechanisms
The Capital Asset Pricing Model (CAPM)
Risk-adjusted performance measurement
Multifactor models
Data aggregation and risk reporting
Financial disasters and risk management failures
Ethics and the GARP Code of Conduct
Enterprise risk management (ERM)
Quantitative Analysis | 20%
This area focuses on basic probability and statistics, regression and time series analysis, and various quantitative techniques useful in risk management. The broad knowledge points covered in Quantitative Analysis include the following:
Topics covered
Discrete and continuous probability distributions
Estimating the parameters of distributions
Population and sample statistics
Bayesian analysis
Statistical inference and hypothesis testing
Measures of correlation
Linear regression with single and multiple regressors
Time series analysis and forecasting
Simulation methods
Machine learning
Financial Markets and Products | 30%
This area focuses on financial products and the markets in which they trade, more specifically, the following knowledge areas:
Topics covered
Structures and functions of financial institutions
Structure and mechanics of over-the-counter (OTC) and exchange markets
Structure, mechanics, and valuation of forwards, futures, swaps, and options
Hedging with derivatives
Interest rates and measures of interest rate sensitivity
Foreign exchange risk
Corporate bonds
Mortgage-backed securities
Valuation and Risk Models | 30%
This area focuses on valuation techniques and risk models. The broad knowledge points covered in Valuation and Risk Models include the following:
Topics covered
Value-at-Risk (VaR)
Expected shortfall (ES)
Estimating volatility and correlation
Economic and regulatory capital
Stress testing and scenario analysis
Option valuation
Fixed-income valuation
Hedging
Country and sovereign risk models and management
External and internal credit ratings
Expected and unexpected losses
Operational risk
Foundations of Risk Management | 20%
This area focuses on foundational concepts of risk management and how risk management can add value to an organization. The broad knowledge points covered in Foundations of Risk Management include the following:
Topics covered
Basic risk types, measurement, and management tools
Creating value with risk management
Risk governance and corporate governance
Credit risk transfer mechanisms
The Capital Asset Pricing Model (CAPM)
Risk-adjusted performance measurement
Multifactor models
Data aggregation and risk reporting
Financial disasters and risk management failures
Ethics and the GARP Code of Conduct
Enterprise risk management (ERM)
Quantitative Analysis | 20%
This area focuses on basic probability and statistics, regression and time series analysis, and various quantitative techniques useful in risk management. The broad knowledge points covered in Quantitative Analysis include the following:
Topics covered
Discrete and continuous probability distributions
Estimating the parameters of distributions
Population and sample statistics
Bayesian analysis
Statistical inference and hypothesis testing
Measures of correlation
Linear regression with single and multiple regressors
Time series analysis and forecasting
Simulation methods
Machine learning
Financial Markets and Products | 30%
This area focuses on financial products and the markets in which they trade, more specifically, the following knowledge areas:
Topics covered
Structures and functions of financial institutions
Structure and mechanics of over-the-counter (OTC) and exchange markets
Structure, mechanics, and valuation of forwards, futures, swaps, and options
Hedging with derivatives
Interest rates and measures of interest rate sensitivity
Foreign exchange risk
Corporate bonds
Mortgage-backed securities
Valuation and Risk Models | 30%
This area focuses on valuation techniques and risk models. The broad knowledge points covered in Valuation and Risk Models include the following:
Topics covered
Value-at-Risk (VaR)
Expected shortfall (ES)
Estimating volatility and correlation
Economic and regulatory capital
Stress testing and scenario analysis
Option valuation
Fixed-income valuation
Hedging
Country and sovereign risk models and management
External and internal credit ratings
Expected and unexpected losses
Operational risk
Download Curriculum
FRM exam structure
The FRM® Certification consists of two computer-based exams designed to assess practical risk management skills. Part I includes 100 questions, while Part II has 80 questions, both equally weighted. Candidates get 4 hours per exam, covering key risk management tools, theories, and applications.
*Note: For the latest update on exam fee check the GARP website.
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Know your faculty
Amit Parakh
Lead Trainer - CFA, FRM
Amit Parakh is a seasoned finance educator with extensive experience in banking and equity research. Formerly with ICICI Bank and JP Morgan, he specializes in valuation, risk management, and financial analysis. He conducts CFA, FRM, CA, and MBA programs, offering deep industry insights through expert-led workshops and training sessions.
Shivram Das
Finance Educator & Mentor
With 17+ years of experience in investment banking, finance, accounts, audit, and taxation, Shivram Das is a dynamic professional and skilled trainer. He specializes in BFSI content development, financial modeling, GST training, and curriculum design, with expertise in financial reporting, working capital management, and internal financial controls.
Prof. Vinit Mehta
Founder| The Capstone Learnings
With 12+ years in finance and 5+ years as an educator, Prof. Vinit Mehta brings expertise in investment, corporate, and international banking. Having worked across Europe, Asia, the Middle East, and Africa, he offers a holistic financial perspective, blending global insights with Indian market expertise to deliver impactful, real-world learning.
Nilay Arun
Founder at Alaavo & Finesga
Nilay Arun is an experienced professional in start-up consulting, market entry advisory, and venture building. He has led analytics and risk teams, corporate financial training, and client relationships across Asia, Europe, and the US. Passionate about technology, education, finance, endurance sports, and community building, he brings a dynamic, multidisciplinary approach.
Anand Jhanwar
Finance Consultant and Trainer
Anand Jhanwar, a CFA Charterholder, FRM, and MBA (Finance), brings 19+ years of industry experience as a freelance analyst, consultant, and trainer. He has delivered 1,500+ programs across UAE, Africa, Vietnam, Qatar, and India, specialising in financial modelling, valuation, M&A analysis, investment research, and corporate training.
FRM career tracks
Whether it's risk analysis, market strategy, financial consulting, or portfolio management, FRM® is the ultimate certification to learn from industry experts and become a leader in financial risk.
A risk analyst, also referred to as a risk assessor, evaluates potential business impacts and assists companies in managing risks. By leveraging data analysis, modeling, and reporting, they provide insights that enable businesses to make well-informed decisions.
Avg. Salary in India:
₹7.8 lakhs per year
Avg. Salary Abroad:
$87,001 per year
See yourself in one of these roles?
Enrol Now
How to become an FRM® certified professional?
Your step-by-step roadmap to success with Imarticus Learning
Pass the FRM® Exam
Successfully clear both levels of the FRM® exam, a prerequisite for applying for the charter.
Gain Relevant Work Experience
Acquire two years of full-time experience in financial risk management or a related field.
Apply for the FRM® Charter
Submit your membership application to GARP® along with proof of your work experience.
Receive Your FRM® Designation
Once approved, you will earn the prestigious FRM® designation, enhancing your professional credibility.
Enrol Now
Certification of excellence
Earn a prestigious credential that validates your expertise and enhances your credibility in financial risk management.
Program fee
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Frequently asked questions
The Financial Risk Manager (FRM) certification, awarded by GARP, is the global standard for risk management professionals. It validates expertise in market risk, credit risk, operational risk, and investment risk management.
The FRM focuses on risk management, covering topics such as valuation, risk models, and integrated risk management. The CFA provides a broader finance perspective but does not delve as deeply into risk. Many professionals pursue both certifications for a competitive edge in finance.
The FRM certification is globally recognised, with 90,000+ certified professionals working at leading banks, asset managers, hedge funds, consultancies, and regulatory bodies. It enhances career opportunities in risk management and finance.
No, membership is not required to register for the exam. However, enrolling in the FRM Program includes a one-year Individual Membership, which can be renewed. Certified professionals receive a discounted membership rate.
No, but GARP recommends CPD participation to maintain the value of certification. The program requires earning 40 credits every two years, with one credit per hour of relevant learning.
There are no eligibility requirements for this exam; even individuals who have just completed their 12th grade can take it.
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