A structured 18-week plan that maps 250 study hours across all four GARP domains. Pick your exam window, follow the weekly breakdown, and walk into exam day prepared.
Updated for the 2026 FRM curriculum • 18 weeks • 250 total hours
Step 1
GARP offers three FRM Part 1 windows in 2026. Select yours below to see the recommended start date, registration deadline, and week-by-week schedule.
Part 1 Exam Date
Nov 14–Nov 20, 2026
Start Studying
mid-July 2026
Registration Deadline
Sep 30, 2026
The 5 Phases
Each phase builds on the last. The order is intentional — Foundations and Quant give you the toolkit, FMP and VRM apply it, and the final phases lock it in under exam conditions.
Build the conceptual bedrock. Risk governance, ERM, performance metrics (Sharpe, Treynor, Jensen's alpha), probability, hypothesis testing, and regression analysis. These topics underpin everything that follows.
The largest domain by weight (30%). Cover bonds, forwards, futures, options, swaps, securitization, and credit derivatives. Master pricing mechanics and hedging applications — expect heavy calculation questions.
The other 30%-weight domain. VaR (parametric, historical, Monte Carlo), Expected Shortfall, stress testing, Black-Scholes, Greeks, credit risk models (PD/LGD/EAD), and GARCH volatility. High calculation density.
Take a full diagnostic exam to expose gaps. Categorize every mistake — conceptual, calculation, or misread question — then deep-dive your weakest 2–3 topics. Build cross-topic connections you missed on the first pass.
Two full timed mock exams under realistic conditions. Review every answer the same day. Final week: formula review, rapid-fire drills, and rest. No new material in the last 3 days.
Time Allocation
GARP publishes domain weights that determine how many exam questions come from each area. Allocate your study hours proportionally.
| Domain | GARP Weight | Hours | Share |
|---|---|---|---|
| Foundations of Risk Management | 20% | 50 | 20% |
| Quantitative Analysis | 20% | 50 | 20% |
| Financial Markets and Products | 30% | 75 | 30% |
| Valuation and Risk Models | 30% | 75 | 30% |
| Total | 100% | 250 | 100% |
For Working Professionals
Most FRM candidates work full-time. These six strategies help you fit 250 hours around a demanding schedule.
Block 60–90 minutes before your workday starts. Your mind is freshest for complex topics like option pricing and regression analysis. Consistency beats cramming — 5 early mornings per week outperforms one 8-hour Saturday session.
Run mental flashcard drills on the train or bus. Quiz yourself on formulas, Greek definitions, or the assumptions behind VaR methods. Even 20 minutes of spaced retrieval each way compounds over 18 weeks.
Dedicate 3–4 hour weekend blocks for calculation-heavy topics: bond math, BSM pricing, EWMA/GARCH models. Weekend sessions are where you build fluency with multi-step problems that mirror exam questions.
Use the TI BA II Plus or HP 12C for every calculation — even simple ones. Muscle memory with your calculator saves critical seconds on exam day. Learn the bond worksheet, CF worksheet, and statistics functions.
Keep an error log. After each practice session, write down what you got wrong and why. Revisit these errors weekly. The questions you get wrong teach you more than the ones you get right.
Take 2+ full mock exams under strict conditions: 100 questions, 4 hours, no phone, no notes. Practice managing time pressure — you have ~2.4 minutes per question. If you finish a mock with time to spare, you're on track.
PrepAscend builds your study plan automatically — adaptive scheduling, spaced repetition, 1,100+ practice questions, and an AI coach that explains anything you don't understand.
Also check out the free FRM practice questions and Part 1 formula sheet to complement this plan.
Start FRM Level 1 PrepPrepAscend is not affiliated with, endorsed by, or associated with the Global Association of Risk Professionals (GARP). FRM®, GARP®, and Financial Risk Manager® are trademarks owned by GARP.