FRM Part I study plan for May 2027

The plan at a glance

Sixteen weeks from 11 January to the May 2027 window (Part I runs 8–13 May). Time follows the topic weights: the two 30% topics get four weeks each, and the last fortnight is for review and full-length mocks. GARP reports that candidates study about 240 hours on average; this plan budgets about 240 hours for Part I, roughly 15 a week.

Deadlines to put in your calendar

• 1 December 2026 – 31 January 2027: early registration for May 2027 (USD 600).
• 1 February – 31 March 2027: standard registration (USD 800). New candidates also pay the one-time USD 400 enrolment fee.
• 23 April 2027: scheduling closes for the May window.
• 8–13 May 2027: Part I exam window.

Prefer August? The same plan works for the 13–14 August window if you start in late April. See all FRM dates.

How to run each week

• Read, then do questions the same day. Ten to twenty questions after each reading fixes it far better than rereading.
• Keep a formula page. Add each formula as you meet it, and reread the page weekly. Start from our FRM Part I formula sheet.
• Learn the calculator early. Part I has plenty of time value, bond pricing and statistics; the BA II Plus keystrokes save minutes per question.
• Review on a schedule. Come back to missed questions after a day, then a few days, then a week.
• Sit two timed mocks in the review weeks: 100 questions in four hours, as on the day.

What each topic covers

Foundations of Risk Management (20%)

Risk taxonomy, governance, CAPM, multifactor models, financial disasters.

• Risk types, and the tools used to measure and manage them
• Risk governance: board and audit responsibilities, risk appetite, ERM
• Credit risk transfer mechanisms
• CAPM and risk-adjusted performance measurement
• Multifactor models
• Risk data aggregation and risk reporting
• Financial disasters and case studies; lessons of the global financial crisis
• GARP Code of Conduct

Quantitative Analysis (20%)

Probability, hypothesis testing, regression, time series, volatility, simulation.

• Probability, Bayes' rule, random variables and common distributions
• Sample moments and hypothesis testing
• Linear regression; multiple regression and regression diagnostics
• Stationary and non-stationary time series
• Measuring volatility and correlation
• Simulation methods and bootstrapping
• Machine learning and prediction

Financial Markets & Products (30%)

Institutions, market structure, futures, swaps, options, rates, FX, MBS.

• Financial institutions and their risks: banks, insurers, pension funds, mutual and hedge funds
• Economic vs regulatory capital; insurance company ratios
• Exchange-traded and OTC market structure, central counterparties
• Forwards and futures: mechanics, margin, hedge ratios, basis risk
• Swaps: cash flows and valuation
• Options: mechanics and payoffs
• Interest rates and interest-rate products
• Foreign exchange risk
• Corporate bonds; mortgages and mortgage-backed securities
• Commodity forwards and futures

Valuation & Risk Models (30%)

VaR and ES, option valuation, bond risk, stress testing, credit and op risk.

• Value-at-Risk and Expected Shortfall; coherent risk measures
• Volatility and correlation estimation
• Economic and regulatory capital
• Stress testing and scenario analysis
• Option valuation; the binomial model and Black–Scholes–Merton
• Fixed-income valuation, duration, convexity and hedging
• Country and sovereign risk; external ratings and rating transition matrices
• Credit risk: expected loss, unexpected loss, credit VaR
• Operational risk: loss distributions, capital approaches, Monte Carlo estimation

Modules follow GARP's 2026 Learning Objectives; GARP had not published the 2027 objectives when this page was written. Check them once released.

Tools for the plan

• FRM Part I practice questions20 questions with explanations.
• FRM Part I formula sheetCore formulas by topic.
• FRM Part I topic weightsWhat each topic counts.
• Worked guidesVaR, duration, swaps, CVA and more.
• CalculatorsCheck your answers.