What is the best way to prepare for FRM?

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20 Answers

Sriniwas Mahapatro, Risk management consultant for Hedge Funds
Written Jun 29, 2016
Hi,

I have cleared FRM part I (pass, 1111) and II (pass, 11111), and all topics in the top quartile,
in my first attempt. I have also been involved in some part time coaching for FRM. Here is
my 2 cents:

FRM part I (90 days, 270 hours)

 Foundations of risk managemnt - study it from scweser, and practice the
questions from schweser Question bank. - 10 days
 Quantitative methods - study it from schweser, and do all the question from BT.
If you are an engineer or a quants guy, than you can try studying from the GARP
material. But if you are a commerce guy with little interest in the mats/statistics,
than schweser is enough, provided you practice enough questions. - 25 days
 Financial Markets and products - study it from GARP provided study material.
And attend all the questions from BT. You can also practice the questions from
schweser qsn bank or may be from John c Hull. - 25 days

Valuation & risk models: I would recommend you to study this part from the
GARP books. But if you find the terminology and the content too heavy to
comprehend, than please study the Bruce Tuckman and John Hull chapters from
the original GARP books. These topics are the only ones which are difficult and
heavily tested. the rest topics on Var, stress testing, measures f risk etc. are
important, but can be studied from schweser to save time. - 25 days
Appear the Schweser mock exam and GARP practice exam. And revise the concepts for 5
days before the exam.
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Anonymous
Written Aug 22, 2014
I failed in FRM L1 which i attempted on may,14 and am attempting again this november . I
have a pretty good idea how NOT to prepare.
Things NOT to do :
1) Read course like a novel .
one should not read whenever he gets time , like for 10 mins or 30 mins in a break .
2)Reading all theory first and practicing it later .

Things to DO :
1) study for hours at a stretch .
sit with your material continuously for 2-3 hours .
2) It doesn't matter if you practice after each chapter as you wont be remembering any of it
by the end of the preparation so keep practicing all at once after 1 full reading .
3) Few online courses which costs around 7K INR gives video lectures and interactive
webinars , that will be helpful .
4) Practice more . If you start solving problems from day 1 then you dont need to study
theory at all . You will understand concept while you practice problems.
ALL THE BEST
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Pankaj Rajput, Certified FRM, GARP
Updated May 2, 2016
Hi, I am repeating my answer from a similar question on quora.

If you have no clue, follow pagalguy forums. Its a must for a novice. Be it MBA CFA FRM
and other post graduate competitive exams, it has an extremely rich content and large
number of experienced guys post in here from India for the last 10 years+.
I will provide you with a gist how you should go about.

Start with Schwesars notes, read all books once even if you can't grasp much. Then go for
the FRM handbook by Philippe Jorion, its a super must and suggested by GARP itself! Its
too tough to drill through but you will enjoy it. Repeat this cycle until you know you
understand quite a lot now. There are several questions in between chapters those will help
you learn a lot.

After say 2 such cycles, start giving tests on schwesars question bank, its a software
basically. Again very very helpful as there are 1500 such questions. You can prepare you
own tests from simple medium and difficult category questions.

Take 2 weeks off before exam and solve only schwesars exam booklets, there are two I guess.

That's it! However these are my views, I used them and they worked well for me. I did it
with my regular job so it should br easier for students. Also there are other new players in
the market like bionic turtle, etc. But I think its better to keep it simple.

All the best!
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Amandeep Chandna, A code monkey interested in Quantitative Finance and Product
Management
Written Jun 6, 2016
It really depends on how much time you have . If you have non-finance background you
need to spend at least 300 hours for each level. Assuming you have lots of time (which I
doubt !) you should do the following :

Path 1 : If you have more time

1. Read core readings from GARP
2. Read the books for each topics suggested in the syllabus
3. Schweser notes
Path 2 : If you have less time

1.
Jump to Schweser notes directly
2.
Also watch video lectures by David Harper (available on youtube) on channel
bionicturtle : Bionic Turtle , It is really helpful
3. You can also read notes of bionic turtle (Bionic Turtle | Acquire Expert Finance
Skills, Pass the FRM Exam) to revise your concepts in the end .
In the end keep time for solving practice papers from GARP , you can also purchase papers
from previous years.
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Bert Ji, Python + FRM @ a hedge fund
Written Jun 12, 2016
In my opinion, the best way to study for the FRM is to tailor the preparation based on your
ability. If you have a background in finance and have a general understanding of the
mathematics behind the concepts, you could quickly browse through the chapters from the
FRM reading material and hone in on your weaknesses.

If you are new to financial jargon and/or are not as strong in math, then you may want to
rely on a more regimented study schedule.

Key is to be strategic and identify areas of concern quickly and attack them so they don't
become a problem during the exam.

Many point to Schweser notes, but in my experience the text coverage is very shallow and
may put you in trouble during the exam. Also, the sample questions from Schweser were
dramatically easier than the actual exam questions, so it may give you a false sense of
confidence.

On the other hand, I find the Bionic Turtle material to be of the best quality and quantity for
a wide spectrum of candidates. To take full advantage of the service, download and absorb
all of his videos and reading materials and also communicate via the forums for any detailed
questions you want to clarify.

I can't speak for other more involved study courses but in my opinion, you should be able to
pass the FRM through a rigorous self study schedule.

As many mentioned, a good rule of thumb for hours of studies is about 300 hrs per exam.
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Susane Bell
Written Apr 25, 2016
First of all you need to be thorough with the FRM curriculum.

1. Make sure you have the right resources with you. I would suggest you to go
for GARP FRM, nothing beats the original. Schweser would also work for you.
2. Practice a lot of questions once you are finished with the topic. There are lot of
online practicing tools available online. I personally would
recommend Prepsmarter.com
3.
When you are 2 months away from the exam, take a mock every two weeks and
after taking the mock, analyse your weak topics and work upon them.
4. when you are 1 month away from the exam just make sure you only take the
mocks.
After that you are good to go. :)
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Aaditya Malpani, A curious student, a voracious reader!
Written May 25, 2015
Currently, there are two global risk certifications, offered by GARP and PRM by PRMIA.
These two are different in many aspects. Many people even give both of the exams. FRM has
been divided into two parts. You will have to devote 100-400 hours of studying.

The first thing you need to do is to understand the syllabus corresponding to your part.
Really understand it.

Next, find a partner. Someone who is in the same situation as you are and is comfortable
with your study schedule. This won't be difficult considering that we have websites
like StudyPal, where you can narrow down your search based on criteria important to you
such as study time preference, level of preparedness etc.

You can't find an all-inclusive study material for FRM. You will have to study the list of
readings released by GARP. Read the recommended books, and see online videos. if you
need.

Of course, the key is practice. You and your study partner should be finished with your
course before one or two months of the exam. Spend this time practicing with your partner
and reviewing your material.
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Masthan Thanniru, Certified FRM
Written Mar 1, 2016
I have cleared both levels of FRM in 2014. Like any other course, best way to prepare for
FRM is understanding the concepts first. When I prepared for FRM level I, using Schweser
material, I stressed mainly on solving the problems using the given values and formulae I
know. But, after giving the exam(fortunately I cleared it), I understood that I was very weak
at basics. Because, FRM exam questions are of a different league to what I have practiced.
They looked like real world problems...complex and confusing. So understanding the
concepts well is the first priority.

To understand the concepts you have to read as much as you can. Sitting for long
stretches(2 hrs minimum) will help you in studying as well as practicing at the same time so
that you understand evertything well. Practicing problems using calculator is very important
as maximum questions in the exam require you to use your calculator. Frankly speaking,
these are the easier ones because questions based on theory require very deep
understanding of the concepts and can be confusing.

I felt Level II curriculum is very difficult compared to level I. I had to send away my family
for a month to get some time to study. I increased my preparation level aswell just to be sure
I am strong in everything.
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Bhuvnesh Khurana, Financial Engineering + Financial Risk Mgmt Trainer at finRGB | CFA,
FRM |
Written May 9, 2016
Hello. Here is one possible path that you may follow. Although I gave the FRM back in 2005
when it was still an integrated single exam, it helped me then. I have redesigned certain
aspects of this path now after having started to train candidates for the exam in it’s current
format.

What is the 'best' way to prepare for FRM exam?

Best regards,

Bhuvnesh
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Nitesh Jain, Need Credits? Ask for it...!
Written Jan 5, 2015
FRM, as the name suggests is all about managing risk.
Risks can be managed only when you can measure it.
There it is... Risk Measurement.
The curriculum involved hell lot of formulas.
There are formulas in almost every chapter.
There are various methods to every measurement type.
All said and done, you practice it today and you are most likely to forget it in a week. The key
is to keep practicing. Going through the notes is just a small part of the preparation. Go
online Bionic Turtle: Acquire Expert Finance Skills, Pass the FRM Exam and solve as many
questions as possible. Expect the GARP guys to take you for a ride.

Solve atleast 20-30 questions of every type of calculation.
Start 3 months in advance (atleast) if you are already in the finance field.
If you are a student, start 6 months in advance.

You cannot ignore any formula from any corner of the books.
LEARN EACH AND EVERY THING.
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Alumalla LohithReddy, cleared both parts of FRM.
Written Jul 11, 2016
1. On an average FRM aspirant gives 240 hrs for each part depending on his/her
skill.
2. Sit for long hours/ give time to finish atleast single chapter at a time.
3. Solve the problems just after completing the chapter, never think of postponing.
Questions from BT are more representative in the exams.
4. Prepare from GARP core reading for concepts. Eventhough they are vast they
help us understand the concepts quite easily. Preparing from GARP readings for
part 1 makes part 2 comparitively easy as all the concepts from the part 1 willl be
taken as basics in part 2.
5. Start preaparation early.
6. Give atleast one model exam.
7. Time is constraint in both the parts. so, practise more problems.
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Rupinder Monga, FRM, VP - Content Developer at www.edupristine.com
Written Jul 13, 2015
FRM is not as difficult as often projected. If you have Maths/engineering background, then
go for Schweser, and if not then go for GARP material. You can definitely take help from
some paid videos or even go for a tuition for better guidance. But if you want to self study,
you can start studying the book and as soon as a chapter ends practice problems. Keep
noting down the ones you don't get correct, try to understand why. Then when you complete
your full material, just read the summary given at end of each chapter and then do those
problems which you got incorrect at first time. If you are still getting more than 50% wrong,
revise the concept fully and move to mock exams.
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Aditya Soni, Finance Professional, Fitness Enthusiast
Written Jul 10, 2015
Most of the people I know who cleared FRM did it through self study.
But you can always take assistance from Agencies like EduPristine (EduPristine: Classroom
and Online Training for Certifications) as they conduct lectures on weekends and give
strategy to crack the exam. You can inquire about fee structure from them.

Hope it helps.

Thanks for A2A

Aditya
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FinTree, Training for various certifications for Finance Professionals (CFA®, FRM, CFP)
Updated Jul 28, 2016
Hi..!

Here is a brief description about FRM - What is FRM? |

You can prepare for the FRM certification by joining prep classes (or online courses) as this
would be a smart option if you are working or doing other full time degree education.

In case you are not doing anything else, the studies can be managed by yourself. But if you
have any doubts, then you will have to find a solution yourself which could eat up a
significant amount of time. Then, it will be too late and could prove to be a costly mistake.

Study smart!

All the best! :)

FRM |
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Shruti Gupta, MFA Finance, Institute of Chartered Financial Analysts of India University
Written Jul 28, 2016
Well! I haven't appeared for FRM exam till yet, but still since have cleared a few professional
exams, would suggest you to read the curriculum provided by the institute throughly and
practise enough questions to check if you are getting the concepts right.

Do remember, for any professional exam, “Quality studying is more important than
Quantity studying”.

Do read my blog:https://myfirstfinancial.blogspo...
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Chintan Taunk, studied at Financial Risk Management
Written Jun 19, 2016
Hi, This is a very subjective question and depends on your background. If you have done
your graduation /PG in finance then it is less tougher for you.

However, I would like to clarify that it certainly does not make it easy for you .

The best way to prepare for it is to read the core readings first and supplement it with a prep
course such as bionic turtle. I reckon Schweser is very basic so Bt does it for you.

FRM requires you to sincerely devote 2–3 hours everyday for 4 months (again depends on
your background) and on weekends you should stretch it to 8- hours. As the course is really
vast, you should also get all your doubts clarified as the question rivets around a lot of
CONCEPTS. This examination really tests your concepts.

You need to ensure that all your readings are over 3 weeks before the exam so that you have
ample time for solving test papers. Expect the unexpected in the paper but do the simple
things really well.

I hope that helps!!!
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Tarun Sharma, studied at ICFAI University, Hyderabad
Written Mar 10, 2016
I suppose u hav good finance know ledge in MBA. If ur referring schweser notes, they may b
enough if done thoroughly. Can solve hull problems gievn at end of chapters. Study daily
don't give day break unless u need a break. Make notes even if in book, mark them as
difficult / to review again / imp
This wud b helpful during last few days. Revise any imp topic whenever u feel any doubt.
Can make a chart mentioning imp formulaes concepts tricky concepts for quick reference.
That shd b gud. Gud luck
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Deep Saklani, works at Gradestack
Written Nov 20, 2014
In case if you are preparing for FRM they can try using highly rated FRM Course:

iOS Link : https://itunes.apple.com/us/app/...

Web Link: Get FRM Part 1 by Edupristine by Gradestack

Android Link : FRM and CFA Level 1 Exam Prep
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Sachin Devatraj, works at Maya Academy of Advanced Cinematics
Written May 12, 2016
ApnaCourse provides Online FRM Certification Training with extensive course materials
and its been approved by GARP for 2016 examination. Kindly go through the link to enroll
for FRM Certification - Financial Risk Manager - Part I | FRM Online Training |
ApnaCourse
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Akhilesh Verma, studied Financial Risk Management at GARP FRM
Written Jun 14, 2016
Bionic Turle! I have been using that and it's good based on my part 1 exam experience!