Syllabus
FRM Part I Exam Prep Course
102 lessons. Online and self-paced.
Risk Management and Governance
Connect financial risk exposures with value creation, governance responsibilities, enterprise risk management, and reliable risk reporting.
- 1Financial Risk Types and Interactions
- 2Risk Measurement and Management Tools
- 3Value Creation Through Risk Management
- 4Risk Appetite and Enterprise Objectives
- 5Enterprise Risk Management Frameworks
- 6Board and Management Risk Responsibilities
- 7Risk Culture and Incentive Design
- 8Risk Limits and Control Assurance
- 9Risk Data Aggregation Principles
- 10Effective Risk Reporting Practices
Risk Transfer and Investment Foundations
Apply risk transfer, asset-pricing models, performance measures, failure analysis, and professional ethics to financial decisions.
- 11Credit Risk Transfer Instruments
- 12Credit Transfer Incentives and Limitations
- 13Portfolio Diversification and Efficient Frontiers
- 14CAPM and Systematic Risk
- 15Multifactor Risk and Return Models
- 16Risk-Adjusted Investment Performance Measures
- 17Risk-Adjusted Capital Allocation Decisions
- 18Trading Losses and Control Failures
- 19Financial Crises and Model Failures
- 20GARP Code and Ethical Decisions
Probability and Statistical Inference
Develop probability, distribution, estimation, and testing skills used to quantify financial uncertainty.
- 21Probability Rules and Conditional Events
- 22Bayesian Probability Updating
- 23Population Moments and Sample Statistics
- 24Discrete Random Variable Distributions
- 25Continuous Distributions and Quantiles
- 26Joint Distributions and Conditional Moments
- 27Parameter Estimation and Estimator Properties
- 28Sampling Distributions and Confidence Intervals
- 29Hypothesis Testing and Decision Errors
- 30Tests of Means and Variances
Regression and Predictive Methods
Use regression, time-series models, simulation, and machine learning while evaluating assumptions and predictive limitations.
- 31Correlation Measures and Dependence
- 32Simple Linear Regression Estimation
- 33Multiple Regression and Indicator Variables
- 34Regression Inference and Forecast Uncertainty
- 35Regression Diagnostics and Specification
- 36Stationary Time-Series Models
- 37Nonstationarity and Forecast Evaluation
- 38Monte Carlo and Bootstrap Simulation
- 39Supervised Machine Learning Methods
- 40Classification Performance and Thresholds
- 41Machine Learning Validation and Overfitting
- 42Clustering and Principal Component Analysis
Institutions, Markets, and Rates
Explain financial intermediation, trading infrastructure, interest-rate conventions, and bond market exposures.
- 43Banks and Financial Intermediation
- 44Insurance and Institutional Investment
- 45Exchange and OTC Market Structures
- 46Clearing, Margin, and Settlement
- 47Repo and Securities Financing
- 48Interest Rate Compounding Conventions
- 49Spot, Forward, and Par Rates
- 50Corporate Bond Contract Features
- 51Corporate Bond Yields and Spreads
- 52Interest Rate Sensitivity Measures
Forwards, Futures, and Swaps
Apply no-arbitrage relationships and hedging mechanics to linear derivatives across major financial markets.
- 53Forward and Futures Cash Flows
- 54Forward Pricing and Cost of Carry
- 55Forward Contract Valuation After Inception
- 56Futures Basis and Hedge Ratios
- 57Equity and Commodity Futures Hedges
- 58Short-Term Interest Rate Derivatives
- 59Bond Futures Delivery Mechanics
- 60Interest Rate Swap Cash Flows
- 61Foreign Exchange Quotes and Parity
- 62Currency Swaps and Exchange Hedges
Options and Mortgage Products
Analyze option contract relationships, derivative hedge structures, and the cash-flow risks of mortgage-backed securities.
- 63Option Rights, Payoffs, and Profits
- 64Option Price Bounds and Relationships
- 65Protective Puts and Covered Calls
- 66Option Spreads and Combination Strategies
- 67Exotic Option Contract Features
- 68Mortgage Contracts and Amortization
- 69Mortgage Pass-Through Security Mechanics
- 70Prepayment Measures and Cash-Flow Effects
- 71Mortgage Tranches and Payment Priorities
- 72MBS Extension and Contraction Risk
Market Risk Measurement Models
Estimate market risk using VaR, expected shortfall, volatility models, correlation estimates, and stress scenarios.
- 73VaR Definitions and Interpretation
- 74Parametric Portfolio VaR
- 75Historical and Simulation VaR
- 76Expected Shortfall and Risk Measures
- 77Portfolio VaR Contributions and Limitations
- 78Historical and Implied Volatility
- 79EWMA and GARCH Volatility Models
- 80Correlation and Covariance Estimation
- 81Stress Testing and Scenario Construction
- 82Reverse Stress and Model Challenge
Valuation and Hedging Models
Value fixed-income securities and options, then use model sensitivities to construct and assess hedges.
- 83Discount Curves and Bond Valuation
- 84Duration and Convexity Price Estimates
- 85Key Rate and Yield-Curve Exposures
- 86Fixed-Income Hedge Construction
- 87Bond Returns and Yield Changes
- 88Binomial Option Valuation
- 89Black-Scholes-Merton Option Valuation
- 90Early Exercise and Model Boundaries
- 91Option Greeks and Local Risk
- 92Dynamic Delta and Gamma Hedging
Credit, Capital, and Operational Risk
Assess credit quality, loss uncertainty, sovereign exposures, operational events, and the role of capital in absorbing risk.
- 93External Credit Ratings and Migration
- 94Internal Credit Assessment Models
- 95Default Probabilities and Recovery Assumptions
- 96Expected Credit Loss Calculations
- 97Unexpected Loss and Credit Dependence
- 98Country and Sovereign Risk Assessment
- 99Sovereign Risk Models and Mitigation
- 100Operational Risk Events and Controls
- 101Operational Loss Measurement and Scenarios
- 102Economic and Regulatory Capital Decisions