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FRM Study Plan 2025: Complete Guide with 3, 4 & 6-Month Schedules

Build an effective study plan for FRM Part I and Part II with our detailed schedules, topic priorities, and proven strategies used by successful candidates.

📅 Updated January 2025 ⏱️ 22 min read 📚 Study Guide
📋 Table of Contents

Success on the FRM exam requires more than just intelligence—it requires a structured study plan that accounts for the breadth of the curriculum, your available time, and your learning style. Many candidates underestimate the preparation required and find themselves unprepared on exam day.

This comprehensive guide provides everything you need to create an effective study plan, whether you have three months or six months to prepare. We've analyzed patterns from successful candidates to identify what works and what doesn't.

Study Hours Overview

Before diving into specific schedules, let's establish how much time you'll need to invest.

200-300
Hours for Part I
200-250
Hours for Part II
15-20
Hours per Week (Typical)
3-6
Months Preparation
📊 GARP's Official Recommendation

GARP recommends 200-240 hours of study per part. Based on candidate surveys, most successful candidates report studying 200-300 hours for Part I and 200-250 hours for Part II. Your actual needs depend on your background—candidates with strong quantitative training may need less time, while career changers may need more.

Factors That Affect Study Time

Factor Less Time Needed More Time Needed
Educational Background Quantitative degree (math, finance, engineering) Non-quantitative background
Work Experience Risk management or trading experience No finance experience
Other Certifications CFA, actuarial, or similar No prior certifications
Math Comfort Strong statistics/calculus background Math anxiety or weak foundation
Study Efficiency Good study habits, focused sessions Easily distracted, inefficient study

Part I Topic Weights & Study Priorities

FRM Part I covers foundational risk management concepts. Understanding the topic weights helps you allocate study time effectively.

Financial Markets and Products 30%
~60-90 hours | Fixed income, derivatives, FX, commodities
Valuation and Risk Models 30%
~60-90 hours | VaR, option pricing, Greeks, fixed income valuation
Foundations of Risk Management 20%
~40-60 hours | Risk governance, CAPM, APT, ethics
Quantitative Analysis 20%
~40-60 hours | Probability, statistics, regression, time series
🎯 Part I Study Priority

Recommended study order: Start with Quantitative Analysis (foundational for everything else), then Foundations of Risk Management (conceptual framework), followed by Financial Markets and Products (instruments), and finally Valuation and Risk Models (applies all prior knowledge). This sequence builds concepts progressively.

Part II Topic Weights & Study Priorities

FRM Part II focuses on practical application of risk management concepts across different risk types.

Market Risk Measurement & Management 20%
~40-50 hours | VaR approaches, backtesting, stress testing, FRTB
Credit Risk Measurement & Management 20%
~40-50 hours | PD, LGD, EAD, credit derivatives, CVA, Basel IRB
Operational Risk & Resiliency 20%
~40-50 hours | OpRisk frameworks, Basel, model risk, cyber risk
Liquidity and Treasury Risk 15%
~30-40 hours | LCR, NSFR, funding risk, IRRBB
Risk Management & Investment Management 15%
~30-40 hours | Portfolio risk, hedge funds, performance attribution
Current Issues in Financial Markets 10%
~20-25 hours | Emerging risks, regulatory updates, industry trends

3-Month Study Plan (Intensive)

⚡ 3-Month Intensive Plan High Intensity
Duration: 12-13 weeks
Weekly Hours: 20-25 hours
Total Hours: ~250-300 hours
✅ Best For:
  • Strong quantitative background
  • Prior finance/risk experience
  • Full-time students
  • Highly disciplined studiers
⚠️ Not Recommended For:
  • Career changers to finance
  • Weak math background
  • Heavy work schedules (50+ hrs/week)
  • First-time certification candidates

Part I: 3-Month Schedule

Week 1-2 Quantitative Analysis (all chapters) ~25 hrs/week
Week 3 Foundations of Risk Management ~22 hrs
Week 4-5 Financial Markets and Products ~25 hrs/week
Week 6-7 Valuation and Risk Models ~25 hrs/week
Week 8-9 Practice questions + weak area review ~20 hrs/week
Week 10-11 Mock exams + targeted review ~20 hrs/week
Week 12 Final mock + light review (don't cram!) ~15 hrs

4-Month Study Plan (Recommended)

✅ 4-Month Balanced Plan Recommended
Duration: 16-17 weeks
Weekly Hours: 15-18 hours
Total Hours: ~250-280 hours
✅ Best For:
  • Working professionals (40-50 hr/week jobs)
  • Moderate quantitative background
  • Most first-time FRM candidates
  • Those wanting work-life balance
📅 Ideal Timeline:
  • January start → May exam
  • April start → August exam
  • July start → November exam

Part I: 4-Month Schedule

Week 1-2 Quantitative Analysis ~17 hrs/week
Week 3 Foundations of Risk Management ~17 hrs
Week 4-7 Financial Markets and Products ~16 hrs/week
Week 8-11 Valuation and Risk Models ~16 hrs/week
Week 12-13 Practice questions + formula review ~17 hrs/week
Week 14-15 Mock exams + targeted review ~17 hrs/week
Week 16 Final mock + rest before exam ~12 hrs

6-Month Study Plan (Extended)

📅 6-Month Extended Plan Sustainable Pace
Duration: 24-26 weeks
Weekly Hours: 10-12 hours
Total Hours: ~250-300 hours
✅ Best For:
  • Career changers new to finance
  • Very demanding jobs (60+ hr/week)
  • Parents with young children
  • Those who prefer slow, steady progress
  • Candidates with weak math backgrounds
⚠️ Watch Out For:
  • Forgetting early material
  • Losing momentum mid-way
  • Schedule more review cycles
  • Stay consistent—don't skip weeks

Part I: 6-Month Overview

Months 1-2: Quantitative Analysis + Foundations of Risk Management
Months 3-4: Financial Markets + Valuation and Risk Models
Month 5: Full curriculum review + practice questions
Month 6: Mock exams + final preparation

⚠️ 6-Month Plan Warning

The biggest risk with a 6-month plan is forgetting early material. Combat this by scheduling weekly mini-reviews of prior topics (15-30 minutes). Use spaced repetition with flashcards for formulas.

Daily & Weekly Study Routines

📅 Sample Weekday Study Session (2-2.5 hours)
0:00-0:10
Warm-up Review
Review flashcards or formulas from previous sessions
0:10-1:00
New Material
Read new chapter content, watch video lectures, take notes
1:00-1:10
Short Break
Step away, stretch, grab water—avoid phone/social media
1:10-2:00
Practice Problems
Work through end-of-chapter questions or question bank
2:00-2:15
Review & Wrap-up
Note what you learned, identify questions for next session

Weekly Study Distribution (16 hours)

Day Hours Focus
Monday2.0 hrsNew content + practice
Tuesday2.0 hrsNew content + practice
Wednesday2.0 hrsNew content + practice
Thursday2.0 hrsNew content + practice
Friday1.5 hrsLight review or catch-up
Saturday4.5 hrsDeep dive + practice questions
Sunday2.0 hrsWeek review + next week planning

Study Materials & Resources

📘 GARP Official Materials
The official curriculum books from GARP. Comprehensive but dense. Essential as a reference.
Cost: ~$250-350Essential
📚 Third-Party Study Guides
Providers like Schweser, Bionic Turtle, AnalystPrep. More concise, exam-focused summaries.
Cost: $300-800Highly Recommended
📝 Question Banks
Practice questions are critical. Aim for 2,000+ questions across your preparation.
Cost: $100-400Essential
📊 Mock Exams
Full-length practice exams under timed conditions. Plan for 4-6 mocks minimum.
Cost: Often includedEssential

Proven Study Strategies

Active Learning Techniques

  • Teach-back method: Explain concepts aloud as if teaching someone else
  • Problem-first approach: Try practice problems before reading the chapter
  • Handwritten notes: Write key formulas and concepts by hand—improves retention
  • Spaced repetition: Review material at increasing intervals (1 day, 3 days, 1 week)
  • Interleaving: Mix topics during practice sessions rather than blocking
✅ Effective Practice Approach
✓Quality over quantity: Understanding why you got a question wrong matters more than volume
✓Review all wrong answers: Create an "error log" noting the concept you missed
✓Time yourself: Practice under exam conditions (2.4 minutes per question)
✓Track progress: Monitor your accuracy by topic to identify weak areas

Common Mistakes to Avoid

❌Starting Too Late
Many candidates underestimate the curriculum breadth and start just 6-8 weeks before the exam.
Solution: Start at least 3-4 months before your exam. Register early to create commitment.
❌Reading Without Practicing
Passive reading feels productive but doesn't build exam skills.
Solution: Allocate at least 40% of study time to practice questions.
❌Ignoring Weak Areas
It's tempting to practice topics you're good at, but avoiding weak areas is a recipe for failure.
Solution: Track accuracy by topic. Spend extra time on areas where you score below 70%.
❌No Mock Exams
Some candidates do thousands of questions but never simulate the actual 4-hour exam experience.
Solution: Take at least 4-6 full-length mock exams under timed, realistic conditions.
❌Neglecting the Calculator
The BA II Plus or HP 12C takes practice. Fumbling with calculator functions wastes exam time.
Solution: Use your approved calculator for ALL practice problems until it's automatic.

Study Tips for Working Professionals

  • Morning sessions: Study before work when your mind is fresh. Even 45-60 minutes adds up
  • Lunch breaks: Use 20-30 minutes for flashcard review or light reading
  • Commute time: Listen to audio lectures on public transit
  • Protect weekends: Block dedicated study time on Saturday/Sunday
  • Reduce other commitments: Temporarily scale back social activities—this is a 4-6 month sprint
✅ Key Takeaway

The most successful working professionals treat FRM preparation like a second job—with scheduled hours, accountability, and commitment. Consistency beats intensity: studying 2 hours daily for 4 months is more effective than 8-hour sessions on random weekends.

Frequently Asked Questions

How many hours should I study per day for FRM?

For most candidates, 2-3 hours on weekdays and 4-5 hours on weekends is effective and sustainable. This totals approximately 15-20 hours per week. Quality of study matters as much as quantity.

Can I pass FRM with just 2 months of study?

It's possible but risky. You would need 25-30+ hours per week, strong quantitative background, and prior finance experience. Most candidates who attempt this short timeline fail. We recommend at least 3 months minimum.

How many practice questions should I do?

Aim for 1,500-2,500 practice questions across your preparation. Quality matters as much as quantity—always review wrong answers thoroughly.

When should I start taking mock exams?

Start mock exams 3-4 weeks before your exam date. You should have completed the entire curriculum at least once before your first mock. Plan for 4-6 full-length mock exams.

How do I know if I'm ready for the exam?

Good indicators: (1) Scoring 70%+ consistently on mock exams, (2) No major topic areas where you score below 60%, (3) Comfortable with time management, (4) Can explain core concepts without looking at notes.

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