FRM Part I Exam Blueprint: Topics, Weights and Format
Map the 2026 GARP FRM Part I curriculum to four topic areas, the 100-question exam format and focused Finance Prep practice.
Exam format and scope
FRM Part I assesses the foundations and tools used in financial risk management. GARP’s program page identifies 100 equally weighted multiple-choice questions and four hours. Passing Part I is one part of the FRM certification process, not the certification itself.
Use the 2026 Learning Objectives and study guide linked from GARP’s study materials as the controlling scope. The table below summarizes topic weights; the practice examples are editorial descriptions of useful learner work.
| Topic | Approximate official weight | Work to check in your preparation |
|---|---|---|
| Foundations of Risk Management | 20% | Risk governance and appetite; portfolio theory; risk-adjusted performance; conduct and risk lessons. |
| Quantitative Analysis | 20% | Probability and random variables; estimation and testing; regression; time-series and machine-learning evidence within Part I. |
| Financial Markets and Products | 30% | Market participants and instruments; cash-flow mechanics; bonds; derivatives; hedging and contractual exposures. |
| Valuation and Risk Models | 30% | Valuation relationships; interest-rate and credit risk; loss distributions; stress and model limitations. |
Source check: October 7, 2026. Confirm the curriculum for your actual registration before using a later year’s study material. This practice does not extend the scope to all Part II topics.
Turn the blueprint into practice
Use topic sessions to isolate a gap, then mix subjects to test whether you can choose the method without a topic cue. A successful calculation should include correct units and interpretation. A supported judgment should explain which case fact rules out the closest alternative.
Finance Prep’s 600-question bank has 120, 120, 180 and 180 questions in the four areas respectively. The public practice exam uses 20, 20, 30 and 30 questions. These are practice allocations following the topic weights, not a promise of the precise topic sequence you will see on exam day.