FRM Exam Part I Study Plan (2025)

Here is the 16-lesson plan i.e. the sequence of readings to be followed in finRGB’s preparation course for FRM® Exam Part I (2025 administrations). All readings mentioned below refer to the official FRM Books (FRM: Foundations of Risk Management, QA: Quantitative Analysis, FMP: Financial Markets and Products, VRM: Valuation and Risk Models).

Click any lesson’s name to expand:

Lesson 1: Probability and Statistics (I) (3 Readings)
  1. [QA-1] Fundamentals of Probability
  2. [QA-2] Random Variables
  3. [QA-3] Common Univariate Random Variables
Lesson 2: Probability and Statistics (II) (3 Readings)
  1. [QA-4] Multivariate Random Variables
  2. [QA-5] Sample Moments
  3. [QA-6] Hypothesis Testing
Lesson 3: Regression, Time Series & Machine Learning (I) (4 Readings)
  1. [QA-7] Linear Regression
  2. [QA-8] Regression with Multiple Explanatory Variables
  3. [QA-9] Regression Diagnostics
  4. [QA-10] Stationary Time Series
Lesson 4: Regression, Time Series & Machine Learning (II) (4 Readings)
  1. [QA-11] Nonstationary Time Series
  2. [QA-12] Measuring Return, Volatility and Correlation
  3. [QA-14] Machine-Learning Methods
  4. [QA-15] Machine Learning and Prediction
Lesson 5: Fixed Income (Introduction) (4 Readings)
  1. [VRM-9] Pricing Conventions, Discounting, and Arbitrage
  2. [VRM-10] Interest Rates
  3. [VRM-11] Bond Yields and Return Calculations
  4. [FMP-16] Properties of Interest Rates
Lesson 6: Portfolio Theory, Misc. (4 Readings)
  1. [FRM-5] Modern Portfolio Theory (MPT) and the Capital Asset Pricing Model (CAPM)
  2. [FRM-6] Multifactor Models of Risk-Adjusted Asset Returns
  3. [FRM-1] The Building Blocks of Risk Management
  4. [FRM-11] GARP Code of Conduct
Lesson 7: Derivatives Markets (4 Readings)
  1. [FMP-4] Introduction to Derivatives
  2. [FMP-5] Exchanges and OTC Markets
  3. [FMP-6] Central Clearing
  4. [FMP-7] Futures Markets
Lesson 8: Investing in Bonds (4 Readings)
  1. [FMP-17] Corporate Bonds
  2. [FMP-18] Mortgages and Mortgage Backed Securities
  3. [VRM-4] External and Internal Ratings
  4. [VRM-5] Country Risk
Lesson 9: Futures, Forwards and their Applications (4 Readings)
  1. [FMP-8] Using Futures for Hedging
  2. [FMP-10] Pricing Financial Forwards and Futures
  3. [FMP-11] Commodity Forwards and Futures
  4. [FMP-9] Foreign Exchange Markets
Lesson 10: Interest Rate Risk (4 Readings)
  1. [VRM-12] Applying Duration, Convexity and DVO1
  2. [VRM-13] Modeling and Hedging Non-parallel Term Structure Shifts
  3. [FMP-19] Interest Rate Futures
  4. [FMP-20] Swaps
Lesson 11: Options(I): Products and Strategies (4 Readings)
  1. [FMP-12] Options Markets
  2. [FMP-13] Properties of Options
  3. [FMP-14] Trading Strategies
  4. [FMP-15] Exotic Options
Lesson 12: Options(II): Valuation and Risk Management (4 Readings)
  1. [VRM-14] Binomial Trees
  2. [VRM-15] The Black-Scholes-Merton Model
  3. [VRM-16] The Greek Letters
  4. [QA-13] Simulation and Bootstrapping
Lesson 13: Financial Institutions and Risk Management (4 Readings)
  1. [FRM-2] How Do Firms Manage Financial Risk?
  2. [FMP-1] Banks
  3. [FMP-2] Insurance Companies and Pension Plans
  4. [FMP-3] Fund Management
Lesson 14: Risk Management in Banks + Failures (4 Readings)
  1. [FRM-3] The Governance of Risk Management
  2. [FRM-8] Enterprise Risk Management and Future Trends
  3. [FRM-9] Learning from Financial Disasters
  4. [FRM-10] Anatomy of the Great Financial Crisis of 2007-09
Lesson 15: Market Risk, Stress Testing (4 Readings)
  1. [VRM-1] Measures of Financial Risk
  2. [VRM-2] Calculating and Applying VaR
  3. [VRM-3] Measuring and Monitoring Volatility
  4. [VRM-8] Stress Testing
Lesson 16: Credit Risk, Operational Risk (4 Readings)
  1. [VRM-6] Credit Risk and Capital Modeling
  2. [FRM-4] Credit Risk Transfer Mechanisms
  3. [VRM-7] Operational Risk
  4. [FRM-7] Risk Data Aggregation and Reporting Principles

Please follow the link below for more details about the FRM Exam Part I preparation course: