Save 10% on All AnalystPrep 2024 Study Packages with Coupon Code BLOG10.

FRM Curriculum Changes 2024/2025

10 Feb 2025

Are you thinking of taking the Financial Risk Manager (FRM) exam? Smart move.

This certification isn’t just a fancy title—it’s your ticket into the elite world of risk management.

But here’s the deal: The FRM curriculum isn’t static. It shifts. It evolves. And if you’re serious about passing, you need to keep up.

That’s exactly why we’re here.

The GARP FRM syllabus 2025 has undergone some tweaks. Some big, some small. If you’re aiming for FRM Part 1, you can breathe easy—no drastic changes. But FRM Part 2? That’s where things get interesting. Expect updates in Market Risk (FRM 2025) and Current Issues (FRM 2025) that could reshape your study strategy.

So, what’s changed? What’s stayed the same?

And most importantly—what does this mean for you? We’re breaking it all down. Stay with us.

Table of Contents

Overview of FRM Part 1 Changes (2025 vs. 2024)

No surprises here.

Good news: FRM Part 1 curriculum update for 2025 is minimal. No major shake-ups. No curveballs.

If you’ve been prepping with 2024 materials, keep going—you’re still on the right track.

This is a big win for candidates who’ve already invested in study resources. The core concepts, formulas, and frameworks? Unchanged. The FRM exam updates 2025 won’t throw you off balance.

Exam Weightage & Topics: Same Game, Same Rules

The weightage across topics stays rock solid:

Foundations of Risk Management – 20%
Quantitative Analysis – 20%
Financial Markets and Products – 30%
Valuation and Risk Models – 30%

No shifts here. No need to overhaul your study strategy. What worked in 2024? Still works in 2025.

Specific Learning Objective (LOs) Changes: Small Tweaks, Nothing Drastic

A couple of learning objectives (LOs) have been adjusted, but these aren’t game-changers:

Removed: The LO covering the “Difference between normal and inverted futures markets” is gone.
Added: A new LO on bond valuation—likely refining how candidates analyze fixed-income securities.

What does this mean? A slight reallocation of focus, but nothing that should derail your progress.

Impact on Candidates: Stick to Your Plan

Should you swap out your 2024 study materials for brand-new ones? No! The FRM Part 1 curriculum update is minor. If you already have solid resources, keep using them. Just be aware of the new LO on bond valuation, and you’re golden.

So, the bottom line? Keep studying. Stay sharp. Pass the exam.

Overview of FRM Part 2 Changes (2025 vs. 2024)

FRM Part I & Part II Complete Course

General Update: Now We’re Talking

If FRM Part 1 curriculum update was all quiet on the western front, FRM Part 2? A whole different story.

The GARP FRM syllabus 2025 has gone through some serious fine-tuning. The total number of readings has jumped from 103 to 104, and two key sections—Market Risk and Current Issues—have been revamped.

This isn’t just a minor facelift. If you’re sitting for Part 2, you’ll want to pay attention.

Market Risk Updates: Fresh Chapters, Big Changes

Market Risk has seen some notable shifts:

Removed: The chapter on Messages from Academic Literature is gone.
Added: Three new chapters make their way in:
- Validating Bank Holding Companies’ VAR Models – A deep dive into stress testing and validation techniques.
- Beyond Exceedance-Based Backtesting – A new perspective on evaluating risk models.
- Vasicek and Gauss+ Models – Refining quantitative approaches to interest rate modeling.
Renamed: Science of Term Structure Models is now called Arbitrage Pricing with Term Structure Models.

What’s the takeaway?

Market Risk FRM 2025 now demands a stronger grasp of model validation, quantitative risk assessment, and pricing structures.

Current Issues Updates: Less Climate, More AI and Interest Rate Risk

The Current Issues FRM 2025 section has been streamlined. Here’s how:

Chapters reduced from 10 in 2024 to 9 in 2025.
Climate Risk? Axed. Three chapters covering climate-related risk are out.
New Topics:
- AI in Risk Management – Machine learning, automation, and their role in risk modeling.
- Interest Rate Risk Management – A crucial topic, given today’s volatile rate environment.
- Digital Resilience stays in focus – Cyber risk isn’t going anywhere, and GARP knows it.

What This Means for You

The FRM exam updates 2025 aren’t just cosmetic—they reshape the way you should prepare for Part 2. If Market Risk and Current Issues were your comfort zones before, it’s time to get comfortable with new material.

Expect deeper analytics. Expect more model-heavy questions. And if AI wasn’t on your radar yet? It should be now.

What These Changes Mean for FRM Candidates

If you’re tackling FRM Part 1, congratulations—you just dodged a bullet.

Your 2024 materials are still solid. The FRM 2025 changes barely touch Part 1, so you don’t need to scramble for new resources. Just brush up on the minor tweaks (like bond valuation), and you’re good to go.

But if you’re a Part 2 candidate? Buckle up.

Market Risk and Current Issues have shifted significantly, and you can’t afford to ignore the updates. The FRM Part 2 curriculum update brings in new models, fresh AI-related content, and an evolving approach to interest rate risk. Translation? Your 2024 materials won’t cut it.

So, what’s the game plan?

Prioritize Market Risk – The new chapters demand a firm grasp of VAR validation, backtesting methods, and arbitrage pricing models.
Stay Ahead on Current Issues – AI and digital resilience are reshaping risk management. If you’re not studying these topics, you’re behind.
Don’t waste time on Climate Risk – Those chapters are history. Focus on what actually matters for 2025.

Bottom line?

FRM syllabus comparison 2024 vs 2025 shows that Part 2 candidates need new study materials and a fresh strategy. If you want to pass, adapt now.

FAQs on FRM 2025 Curriculum Changes

Can I still use my 2024 study materials?

FRM Part 1: Absolutely. The FRM Part 1 curriculum update is minimal, so your 2024 resources remain relevant.
FRM Part 2: Not a great idea. The FRM 2025 changes introduce key updates, especially in Market Risk and Current Issues. You’ll need the latest study materials to stay on track.

How do these changes impact exam difficulty?

The overall difficulty remains steady, but don’t let that fool you.

New topics = new challenges.

If you’re not familiar with AI in Risk Management or advanced VAR validation techniques, you could hit roadblocks. The trick? Adjust early and master the updates.

Which new topics should I prioritize?

For FRM Part 2, shift your focus to:

Market Risk FRM 2025 updates, including VAR validation, backtesting methods, and arbitrage pricing models.
Current Issues FRM 2025, particularly AI in Risk Management and Interest Rate Risk Management.
Digital Resilience—it’s not new, but it’s becoming even more critical.

Want to stay ahead? Prioritize what’s fresh. Ignore what’s gone.

Conclusion & Final Recommendations

So, what’s the bottom line?

Key Changes: The FRM Part 1 curriculum update is a non-event—business as usual. But FRM Part 2? That’s where the action is, with Market Risk and Current Issues FRM 2025 bringing major updates.
Study Tips: If you’re taking FRM Part 2, it’s time to adjust your strategy. With major updates in Market Risk FRM 2025 and Current Issues FRM 2025, you can’t afford to rely on outdated materials. Topics like VAR validation, AI in Risk Management, and Interest Rate Risk Management aren’t just minor tweaks—they’re game changers.
This is where AnalystPrep comes in. Our FRM exam updates 2025 study packages are designed to keep you ahead of the curve. You’ll get:
Up-to-date study notes that align with the latest GARP FRM syllabus 2025
High-quality practice questions tailored to new and existing topics
In-depth video lessons breaking down complex concepts in Market Risk and beyond
Adaptive learning tools to strengthen weak areas and maximize retention

Don’t just prepare—prepare smart. With AnalystPrep, you’re not just studying for the exam; you’re building real-world risk management expertise.
Stay Updated: The GARP FRM syllabus 2025 evolves, and so should your preparation. Keep an eye on official materials to ensure you’re working with the most relevant content.

At the end of the day, the FRM exam isn’t just about passing—it’s about mastering risk management. Adapt, stay sharp, and give yourself the best shot at success.