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Risk Management
FRM Part I Exam Preparation Course
Study all four FRM Part I domains in one integrated learning hub, with detailed summaries, active recall, searchable reference material, timed practice and a grounded AI tutor.
400 Unique Questions · 5 Mocks × 100 Detailed Study Notes Realistic mock exams
Course syllabus information reviewed for 2026. Always check the awarding body’s latest official syllabus and candidate updates before booking or sitting your exam. Exams Academy is an independent education provider and is not affiliated with GARP.
Exactly what is included
- 5 mock exams × 100 questions · 400 unique questions · 500 total question slots · unlimited retakes
- Focus Learn · key areas, pitfalls, exam traps & key numbers
- Flashcards · fun, fast and effective recall
- Exam cheat sheet · key facts, rules and numbers by chapter
- Audio Learning · every chapter in audio
- AI Analyzer & Mentor · pinpoints your weak areas
- Study Mode Exams · learn while you train
- AI Chat trained specifically for this exam
- Community-polished data, improved every day
- Up-to-date, accuracy-checked content
AI Audio Summaries New
Listen to course modules on the go. Perfect for studying while driving or commuting.
🎧 Audio
* This is a chapter sample. All audio is available in the full version.
Syllabus
Module 1: Foundations of Risk Management 20% syllabus weight
🎧 Audio
Risk types, governance, enterprise risk management, portfolio theory, financial crises and professional conduct.
- • Risk frameworks
- • Governance and ERM
- • Portfolio theory
- • Financial crises and conduct
Module 2: Quantitative Analysis 20% syllabus weight
Probability, distributions, statistical inference, regression, time series, simulation and machine learning.
- • Probability and statistics
- • Regression
- • Time series
- • Simulation and machine learning
Module 3: Financial Markets and Products 30% syllabus weight
Financial institutions, derivatives, clearing, foreign exchange, fixed income, mortgages and swaps.
- • Market institutions
- • Futures and forwards
- • Options
- • Bonds, mortgages and swaps
Module 4: Valuation and Risk Models 30% syllabus weight
VaR, volatility, credit and operational risk, stress testing, fixed income valuation and option models.
- • VaR and volatility
- • Credit and operational risk
- • Fixed-income risk
- • Option valuation and Greeks
Interactive preview
Free GARP FRM Part I Exam Preparation Practice Questions & Exam Preview
Try 15 GARP FRM Part I Exam Preparation practice questions from Foundations of Risk Management
Practice GARP FRM Part I Exam Preparation exam questions with answers and explanations. The full course includes 5 mock exams and complete syllabus coverage.
Exam Preview
Foundations of Risk Management
Which risk-management term is best described by this statement? The risk of loss from movements in market variables such as interest rates, exchange rates, equity prices and commodity prices.
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Flashcards
Card 1 of 10Foundations of Risk Management · Chapter 1
Question
What should an FRM candidate recall about Market risk?
Tap to reveal answer
Focus Learn
- Differentiate market, credit, funding liquidity, market liquidity, operational, business, strategic and reputation risk.
- Apply the identify–measure/assess–manage–monitor risk-management process.
- Distinguish expected loss, unexpected loss and tail loss, including EL = EAD × LGD × PD.
- Compare VaR with expected shortfall and identify their model limitations.
- Explain known risks, known unknowns, unknown unknowns and ambiguity.
- Explain risk aggregation, changing correlations, systemic escalation and RAROC.
Chapter 1: The Building Blocks of Risk Management
Risk is the possibility that an adverse outcome may occur, while risk taking is the deliberate acceptance of uncertainty in pursuit of reward. Risk management does not aim to eliminate every risk. It creates a repeatable process for identifying exposures, measuring or assessing them, choosing a response, and monitoring whether the response remains appropriate. The book groups common responses into avoiding an activity, retaining risk within appetite, mitigating frequency or severity, and transferring risk to another party. A sound process also asks whether the expected reward remains proportionate to the risk retained.
The principal risk classes are connected rather than isolated. Market risk comes from movements in prices and rates. Credit risk concerns failure or deterioration of a borr…
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Realistic exam simulation
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Preparation Package at a Glance
| Feature | Exams Academy | Details |
|---|---|---|
| Access Period | Lifetime Access | One-time enrollment with no recurring fee |
| Practice Exams | Unlimited Retakes | Four internal curriculum modules |
| Study Support | Instant 24/7 AI Tutor | Self-service AI support; live instructor support is not included |
| Cost | $199 (One-Time) | One-time payment with no recurring subscription |
Frequently Asked Questions
It includes the preparation content for all four Part I curriculum domains inside one course: Foundations, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models.
No. The four books are internal modules of this single FRM Part I course, with one purchase and one progress dashboard.
GARP describes Part I as 100 equally weighted multiple-choice questions completed in four hours across all four Part I domains.
Each of the five full-length mocks contains 100 multiple-choice questions in four hours and follows the published Part I domain weights: 20%, 20%, 30% and 30%. Every answer includes an explanation.
No. GARP does not publish a fixed percentage pass mark. The percentage shown inside the platform is an internal study target.
No. Exams Academy is an independent education provider and is not affiliated with or endorsed by GARP.
You receive lifetime access to the complete Part I course with no recurring subscription fee.
Yes! Test your knowledge and review detailed explanations with the free GARP FRM Part I Exam Preparation Mock Exam Preview below. It contains 15 exam-style questions from one named topic; the full course provides complete mock exams and syllabus coverage.
Key Benefits
One Part I Learning Path
Move through all four curriculum domains without purchasing or switching between separate book courses.
- ✓ One checkout and one course entitlement.
- ✓ One progress dashboard across 62 chapters.
- ✓ One completion certificate for Part I preparation.
Four Structured Modules
Keep the official domain structure while studying inside one course.
- ✓ Foundations of Risk Management.
- ✓ Quantitative Analysis.
- ✓ Financial Markets and Products.
- ✓ Valuation and Risk Models.
Integrated Practice
Practise all four domains through five full-length mocks matching GARP's published Part I format.
- ✓ 100 multiple-choice questions in four hours per mock.
- ✓ Official 20%, 20%, 30%, 30% domain weighting.
- ✓ Detailed explanations for every answer.
- ✓ A platform mastery target for progress tracking.
Cross-Domain AI Tutor
Ask questions across the complete Part I learning library in one conversation.
- ✓ Grounded in all four module libraries.
- ✓ Step-by-step support for formulas and calculations.
- ✓ Connections between concepts across domains.
Exam Format & Details
| Assessment | The official FRM Part I assessment contains 100 equally weighted multiple-choice questions across all four Part I domains. |
| Duration | 240 Minutes |
| Total Qualification Time | 240 hours |
One course for the complete FRM Part I curriculum
FRM Part I is assessed as one examination across four knowledge domains. This course therefore gives you one purchase and one learning hub, while retaining the official book structure as four internal modules: Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models.
Work through 62 detailed chapter summaries, 700 active-recall flashcards and a 612-item searchable reference sheet. The AI tutor uses the combined course materials to explain concepts, formulas, assumptions and relationships across all four modules.
Real-exam format practice across all four domains
The five timed mock exams combine questions from every module in one paper, so practice is no longer split across four separate products. Every mock matches GARP's published Part I structure: 100 multiple-choice questions in four hours, weighted 20% Foundations of Risk Management, 20% Quantitative Analysis, 30% Financial Markets and Products, and 30% Valuation and Risk Models. The 70% platform result is an internal mastery target, not an official GARP pass mark.
Who Is This For?
✓ Candidates preparing for the GARP FRM Part I examination
✓ Learners who want one structured course instead of four separate book purchases
✓ Risk professionals revising quantitative, market, valuation and governance concepts
✓ Candidates who want integrated practice across every Part I domain
Preparation centre
GARP FRM Part I Exam Preparation Exam Guides
Use these connected guides for the syllabus, exam format, booking and revision strategy.
Practice
FRM Part I 240-Hour Study Plan: Four Books to Mock Readiness
Turn GARP's average 240-hour FRM study commitment into a practical four-book plan with weekly targets, question practice and clear mock-readiness checks.
Exam guideGARP FRM Part I Foundations of Risk Management Study Guide
Plan your FRM Part I Foundations study with the official four-book context, 100-question exam format, 11 chapter themes and a practical revision sequence.
Exam guideGARP FRM Part I Financial Markets and Products Study Guide
Study FRM Part I Financial Markets and Products with a direct 20-chapter plan covering derivatives, clearing, FX, options, bonds, MBS and swaps.
Exam guideGARP FRM Part I Quantitative Analysis Study Guide
Plan FRM Part I Quantitative Analysis study across probability, regression, time series, simulation and machine learning within the official four-book exam structure.
Exam guideGARP FRM Part I Valuation and Risk Models Study Guide
Study FRM Part I Valuation and Risk Models through VaR, volatility, credit risk, fixed income and options with a direct 16-chapter revision plan.
Ready to Pass Your Exam?
Prepare for FRM Part I across all four domains with five 100-question, four-hour mock exams, active recall and a course-grounded AI tutor.
GARP FRM Part I Exam Preparation
$199 $880
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