FRM Level 1 Training

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About the course

Why take FRM Level 1 Training?

The Financial Risk Manager (FRM) certification from the Global Association of Risk Professionals (GARP) is widely recognised in banking, asset management, consulting and regulation. Candidates must pass two exams, Part I and Part II, and also demonstrate at least two years of relevant work experience to earn the FRM designation.

This course prepares you for FRM Part I, which GARP describes as 100 multiple-choice questions covering Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models. You will study risk governance, risk frameworks and the lessons of financial crises; probability, statistics, regression and simulation; banks, derivatives, bonds and other products; and valuation, Value at Risk, volatility and correlation models, with a first look at credit, operational and stress-testing ideas.

Teaching is tied closely to the GARP curriculum, with a strong emphasis on numerical practice and formula application, because Part I is a demanding exam with a significant quantitative load. GARP offers the exam in May, August and November, and the trainer will help you plan your schedule and revision. We follow the curriculum for your exam year; check garp.org for the latest readings.

Who should attend

● Graduates and professionals in banking, treasury and risk
● Risk analysts in banks, NBFCs, asset managers and insurers
● Audit, compliance and consulting professionals in financial services
● CFA, CA and MBA (finance) candidates adding a risk credential
● Quantitative analysts and data professionals moving into risk

Prerequisites

● GARP requires enrolment in the FRM Program but sets no prior experience requirement to sit Part I; two years of relevant work experience are needed to earn the designation
● Working knowledge of finance, basic statistics and algebra is strongly recommended
● Comfort with a financial calculator and Excel

What this certification does for you

Recognised risk credential

FRM is well known among banks and risk functions globally.

Broad risk coverage

Covers market, credit, operational and liquidity risk across the two parts.

Quantitative rigour

Builds skills valued in risk modelling roles.

Global community

GARP offers networking and professional development resources.

Curriculum

9 modules, step by step

MODULE 1

Foundations of Risk Management I

Understand risk and its management.

› Role of risk management and risk types
› Risk governance and culture
› Enterprise risk management and risk appetite
› Lessons from financial crises

MODULE 2

Foundations of Risk Management II

Apply theory to practice.

› CAPM, APT and multifactor models
› Performance measures
› Risk data aggregation and reporting
› GARP Code of Conduct and ethics

MODULE 3

Quantitative Analysis I: Probability and statistics

Build the statistical toolkit.

› Probability, Bayes and distributions
› Moments, covariance and correlation
› Sampling and hypothesis testing
› Confidence intervals

MODULE 4

Quantitative Analysis II: Regression, time series and simulation

Model financial data.

› Linear regression and diagnostics
› Time series: AR, MA, stationarity
› Volatility models overview
› Monte Carlo simulation and bootstrapping

MODULE 5

Financial Markets and Products I

Understand institutions and basic products.

› Banks, insurance and fund management
› Futures, forwards and hedging
› Options: properties and strategies
› Swaps and exchange mechanisms

MODULE 6

Financial Markets and Products II

Cover pricing and market structure.

› Interest rates, FX and commodities
› Central clearing and margining
› Mortgages, securitisation and structured products
› Corporate bonds and credit derivatives overview

MODULE 7

Valuation and Risk Models I

Value fixed income and measure risk.

› Bond pricing, duration and convexity
› Term structure and forward rates
› Option pricing: binomial trees and Black-Scholes-Merton
› The Greeks

MODULE 8

Valuation and Risk Models II

Apply risk measurement models.

› Value at Risk: historical, parametric, Monte Carlo
› Expected shortfall and backtesting
› Credit, operational and country risk basics
› Stress testing and capital under Basel

MODULE 9

Exam strategy and mock exams

Prepare for the 4-hour exam.

› Question practice by topic
› Timed mock exams and review
› Formula sheet and calculator usage
› Final revision plan

Certification exam

FRM Exam Part I

Awarded by	GARP (Global Association of Risk Professionals)
Format	Multiple choice, computer-based
Questions	100
Duration	4 hours
Passing score	GARP does not publish a fixed passing percentage; see the current figure on garp.org
Exam fee	One-time enrolment fee of US$400 plus an exam fee of US$600 (early) or US$800 (standard) per GARP's fee page; taxes extra
Where	Testing sites worldwide, offered in May, August and November
Validity	FRM designation requires two years of relevant work experience after passing both parts; see garp.org for ongoing certification requirements

Your path to certification

1
Enrol in an FRM Part I batch and begin the structured study plan
2
Enrol in the GARP FRM Program and register for your chosen exam window
3
Complete practice questions and mock exams
4
Sit and pass FRM Part I
5
Proceed to Part II and submit your work experience to GARP to earn the designation

Skills you will gain

Risk management foundations

Explain risk frameworks, governance, risk culture and lessons from financial crises.

Portfolio theory and asset pricing

Apply CAPM, APT and factor models to risk and return.

Probability and statistics

Use distributions, hypothesis tests and confidence intervals in financial contexts.

Regression and time series

Estimate and interpret regression and basic time-series models.

Derivatives and financial products

Value and understand futures, forwards, options and swaps.

Fixed income valuation

Price bonds, measure duration and convexity, and model the term structure.

What you get