Study Packs Menu Toggle. CFA Program Menu Toggle. CFA Level 1 – Study Pack; CFA Level 2 – Study Pack; FRM Program Menu Toggle. FRM Part 1: Study Pack; FRM Part 2: Study Pack; Stock Market Study Pack Menu Toggle. Advance Technical Analysis; 36 Future & Option Strategies; Forex Trading Study Pack; NISM Certifications Menu Toggle. There seems to be alot of choices out there when it comes to third party study guides for FRM part 1 exams. I am okay with the official GARP study materials as I have been putting time into reviewing them each day and I like the books so far.

The questions on the FRM exam are fairly application-based, which means that a thorough understanding of the concepts is quite essential. Ultimately, the quality of preparation would be determined by the number of hours spent, more so on the focus given on practice questions.

In order to pass the FRM exam with surety, you need to have a clear preparation strategy tailored specifically for you. The following points should help you formulate yours:

Knowing your personal short-term goals

Typically, it is believed that the FRM exam requires more than 300 hours of preparation. But this number would vary person-to-person depending on the familiarity one has with the topics covered and their grasping speed. There are about 60 readings in the FRM Part 1 and 101 in the FRM Part 2 exam.

Naturally, some readings would require more time than others. For both the exams, you would want to leave the last 20 days of your preparation for revision (since the FRM syllabus is fairly vast, there is a lot of information that you must be thorough with on the day of your exam).

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You can divide the total number of readings by the number of days you have left after deducting the 20 days for revision. This would give you the number of chapters that you need to do per day.

For most people, it is not possible to study 7 days a week. This is more common for those who’re writing the exam alongside their routine job. They can make a fair estimate of the number of readings they need to do per day based on the ‘true’ number of days that they can devote to studying per week.

Choice of study material

Once you have the ‘number’ of topics that you need to complete on a per-day or a per-week basis, you need to decide on the study resources that you plan on using. There are numerous resources available on the internet – but studying from too many sources would only confuse you more. The most famous preparation providers for the FRM exam include:

• GARP Readings – GARP readings are obviously are the most thorough resource for studying for the exam. However, because of its extensive nature and complex language used, the institute material is not preferred by most – owing to the constraints on the time available for preparation.

• Bionic Turtle – This is a favorite resource for many and one of the most famous preparation providers for the exam. It is believed to have the biggest question bank. The level of questions in the Bionic Turtle is a tad bit above the level of questions asked in the exam. Therefore, a complete practice of these questions would help you easily answer most questions that you would encounter in the exam.

• Kaplan Schweser – One of the most famous FRM preparation providers, Kaplan is widely known for the simplicity with which all the concepts are being explained in the notes. Studying from the Schweser notes would be much easier than most other sources. However, the level of questions you would come across in their question banks may not be sufficient to clear the exam with surety. The questions in the actual exams are a bit tougher.

My Take – Study the concepts from the notes given by Schweser so as to have a good grasp of the concepts. However, to increase the chances of clearing the exam, it is highly advisable to practice the questions from the question banks provided by Bionic Turtle.

Video Classes and Lectures

Depending on your personal preference, some of you may feel more comfortable to have a classroom experience when studying for the exam. There are numerous preparation providers for the FRM. You can find out the trainer that suits you the best. Some of the most popular FRM preparation providers include:

• The WallStreet School – The Wallstreet School is an approved Prep Provider of GARP. The course covers HD Videos, Summarized notes, question banks and Mock tests. Their uniqueness lies in the fact that they also inculcate practical knowledge in the course since the trainers themselves are Risk Managers in renowned companies such as HSBC and Blackrock.
• Kaplan – Kaplan is another approved Prep provider of GARP. It delivers the course in both Recorded and Instructor Led Live format. Their Prep course also include Multiple quizzes and tests. You can retain the access to their material if you fail in the FRM exam, till the time you clear it.
• Wiley – Wiley gives the access to the study material till the time you clear the exam, even if it’s a repeat attempt. Apart from videos and notes, the course comes with an adaptive test planner which will help you make a blueprint of your preparation strategy. Their concepts are covered using bit sized videos which makes them easy to grasp.

How to study?

It is very important to have a comprehensive understanding of most, if not all of the readings in order to pass the exam.

A common problem while preparing is that there are a lot of topics that are interrelated. This could be a problem for those uninitiated. The key here is to not bother too much if there is a term that you come across in one of the chapters that you do not completely understand.

It is quite likely that it would be covered extensively in the subsequent chapters. You uncheck all your doubts while you’re revising, as, at that point, you will not have a problem in understanding certain portions of some chapters that are somewhat interrelated.

Another habit that will go a long way while preparing, specifically towards the time when you’re nearing the date of the exam is making your own summarized notes after you are done studying a chapter. This is essentially important as you will not find time to study each and everything again in the last 20 days that you have earmarked for revision.

Therefore, it shall help if you have kept out a few sheets that contain all the formulas and a few important concepts in your own handwriting and symbolisms (a mind map, if you will) that helps you recall that topic in the shortest span of time possible.

How to practice?

A common mistake that candidates make is leaving practice for later. The level of questions to be practiced is fairly complex and they also supplement your overall understanding of the chapter. This is because the questions are often in the form of situations wherein you may apply something that you have studied.

It is therefore recommended that the practice for one chapter is done right after studying it. In the event that the time is available, one should also try to solve the questions more than once.

GARP also releases a sample paper approximately a month before the exam. Solving this paper should give you a fair idea about the overall level of paper and the type of questions being asked in the exam.

Since the curriculum keeps experiencing changes year after year, it is possible that many questions in the past year question papers do not fall within the ambit of the syllabus relevant for you. This would be more for older years’ papers.

Bottom Line

With a majority of FRM candidates being working professionals, it becomes difficult to stick to a study-routine every day. It is however important to accomplish your short-term goals at least on a weekly basis. There can be numerous permutations as to which days of the week you could to spend in watching videos, and on which days you can study from the book and solve questions.

But the ultimate key to clear the exam lies in being consistent in reaching your short-term goals and making your own notes (in any from) so that they help you recall the chapters quickly during the last days of revision.

How to Pass the FRM Level 1 Examinations

Having a fear of failure? There is nothing wrong with that. It is human nature. However, now that FRM level 1 exams are around the corner, it means that you have to step out of your comfort zone. Such times are associated with anxiety, confusion and high-stress levels. Nevertheless, with the right study tips and information, there is no reason to panic.

Read on to find out the smart approach… from your study room to the test room.

1. Dealing with calculations

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For starters, the part 1 is more quantitative in nature than part 2. You will need to memorize numerous formulas to do well on this paper. Even though the test will also touch on qualitative concepts, part 1 questions require candidates to be comfortable with lengthy calculations.

Still, we like to ask our students to think of things in a different way. Mock questions are there to evaluate your ability to be a great financial risk manager. The arithmetic difficulty level of the first round is what you can expect in any graduate certification course in finance. By and large, you can expect numerous calculations around segments as Quantitative analysis, Risk Models & Valuation and Financial Markets & Products. You may improve your computational skills through practice tests from various options available.

2. Know the average time to spend per question

Proper time management during the sitting is pivotal for success. It would be wise to skim through all the questions and decide how much time to allow each of them. Because of the complex nature of the course, many candidates often make the mistake of spending too much time on some questions only to run out of time to complete the test.

For part 1, you will have four hours to answer one hundred questions. Each question has a different level of difficulty and that is a factor to consider when planning out your time.

Incorporating practice tests into your study routine will give you a better sense of the time management skills needed on the day.

3. Know your calculator inside out

There are specific types of calculators GARP allows into the test room. These are the Texas Instruments BA Plus II models and the Hewlett Packard 10B II, 10B II+, 20B, and 12C models. Be sure to bring your calculator with spare batteries or two calculators.

To improve your chances of success, it would help if you invested time in learning how to work with the official calculators. Be sure to learn about all the necessary functions and shortcuts until you feel extremely comfortable with your instrument.

4. Plan with a calendar and pace yourself

The challenge is unlike any other, in that you simply can’t get through with last minute readings. Ideally, you need to start preparations early and plan your study sessions with a calendar. That is how you will successfully go through all the voluminous materials.

Also, planning with a calendar helps to strike a balance between your studies, family and social activities. You will be able to keep track of topics covered and the pending areas of the course work.

As a result, no matter what happens, you will remain accountable for all the learning goals and objectives you have set. Study plans will certainly help to build your self-discipline and determination.

5. Truly test yourself

To get into the test mode, constantly practicing questions are a must. You will need several self-evaluations before you can confidently walk into that room. Experts recommend creating an exam-like atmosphere when self-testing to ensure maximum benefit. This involves sitting in an isolated place away from distractions and timing yourself.

Taking mock questions are crucial at revealing your areas of need. You can brush up on these weak areas before the actual date only if you know what they are. GARP provides one practice test but for most candidates that will not be enough. We encourage you to use our offerings in order to properly access your preparedness.

6. Multiple choices make things harder

Multiple choice challenges are typically harder than the essay-based ones. You have to identify the right answer spot on from the list of the other answers.

What’s more, GARP makes things a little more complicated by either:

• Making answers look as if they are all similar or
• Writing questions to appear more complex than they actually are

Sharpen your ability to cut through the ambiguity of definitions, comparisons and application of concepts to practical risk situations by using our books. You will also need to have mastered a broad range of materials to discern correct answers from the list that draws from several concepts of financial risk.

7. Aim to be an all-rounder

Develop a schedule that details all the study topics 1 so that you can allow time for all of them. Mark on your calendar those topics you plan to study on which days. That will help you devote enough time for all the topics. Instead of becoming a master in one, you will be well rounded in all concepts.

It is hard to predict which areas of the course materials GARP would test on d-day. It is better to familiarize with all the concepts. Study everything from every corner of the books. One sure way to improve your aptness in all the topics is to use study groups.

8. Know what you can take into the room

As part of your preparation, you need to find out what materials you can carry and which are prohibited. The GARP website is clear on what is allowed with you, and these include a printed version of the ticket, a valid passport or driver’s license and the official GARP calculators.

Candidates are not to bring smart/electronic devices of any type into the testing room. Cell phones are to be turned off.

Be forewarned, if you are found with any non-authorized materials, your paper will not be graded.

9. Arrive much earlier than your scheduled start

Time is a big deal and it can lead to disqualification if you arrive late. The level 1 test is held in the morning and starts at 8.00 a.m. Your test day will be an early one. You are required to get to the site and settle down before 7:45 am. After 7:45 am, the door closes, and candidates that come after that are turned away.

10. Don’t go tired or hungry

The pressure and anxiety of the FRM course can have you spending the entire night reading before the test day. It is not advisable. Alertness is essential for success. Get enough rest and eat a healthy breakfast before you leave the house. It will be four hours of high-adrenaline and quick thinking.

11. Answer ALL questions

There is no negative marking for wrong answers! For that reason, you MUST attempt all questions to better your chances of passing. As a result of this, you will need to manage your time well during the exam.

Even after rigorous preparations, some questions will still be problematic for you. Some questions will be straightforward, while some will not be. Candidates are advised to answer ALL questions to the best of their ability.

12. Guess if you have to

A question left unanswered has a sure value of zero, but a guessed answer gives you a 25% chance. So even if you don’t know the answer, make an educated guess and move on. Before you guess, however, read the question one more time to see if you missed anything. If nothing makes sense, mark an answer and move on. Just don’t spend too much time obsessing over it.

13. Don’t discuss anything before, during or after

Having discussions before the actual test is normally a recipe for unnecessary anxiety. In talking with a fellow candidate before attempting the paper, you might find your confidence deflating if you are unable to remember some concepts. Trust us, just try to avoid this.

On the other hand, talking is strictly prohibited and can be interpreted as cheating. After completing the paper, it would be helpful to relax instead of going over the day again and again. Don’t add more stress on yourself unnecessarily. You did what you could, now have a break.

14. Everyone has a different plan. Stick to yours

Even when you have to share with a like-minded candidate, it is important to remember that what works for them might not necessarily work for you. Everyone studies differently and everyone learns differently. As a result, the number of hours you study will be different from that of your friends. Create a study plan with personal study goals and stick to it.

15. Don’t ignore the official books

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There are lots of third-party study materials out there, but your first revision materials should be the official GARP study books and notes. The part 1 textbooks include Foundations of the Risk Management, Risk Models, Quantitative Analysis, Financial Markets and Products. Apart from the textbooks (which you can also access in soft copy), there are additional required readings that are part of the curriculum.

16. Don’t ignore third-party providers

GARP’s materials are comprehensive, but they often have relatively little practice questions. Then again, we believe that your practice questions must not be of the same difficulty level as the test. They should be much harder. This is where our specially formulated e-books come in. For candidates that need plenty of practice questions for self-testing, work with our materials to improve your preparedness.

17. Be careful about taking advice

As stated earlier, it is unnecessary to engage in academic discussion with other students right before walking into the drill room. Quite simply, everyone has their unique approaches for handling questions. What works for someone else might not work for you. After a long time of preparation, wrong advice at the last minute can lead to confusion, stress and anxiety. Be confident in your preparations and do your best.

18. Practice, Practice, Practice

Did we mention that you must practice questions before attempting the real deal? Sample questions help to test your understanding of concepts and can help you identify the areas that need more attention. It is not sufficient to go through the notes or memorize formulas. You will need regular self-testing in a focused setting. Sample questions can give you a feel of how the actual ones will be structured. They help to boost your confidence.

19. Save the hardest questions for last

Most academic tests usually carry some many low hanging fruits. Easy questions that you can quickly answer and secure points. The financial risk manager challenge is no different. However, if you spend too much time on the difficult questions, you risk end up leaving these easy ones unanswered when time runs out. It is thus advisable to start with easy questions and save the hard ones for last.

20. Understand the curriculum

Even though getting a passing grade is the only way you will get the prestigious certification, being too exam-oriented can make you lose the bigger picture. GARP aims to mold skilled financial risk professionals that can handle challenges in a highly dynamic and risk-laden world.

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The test is only to find out if you have truly understood and internalized concepts necessary to make you the best risk professional in the industry. So, focus on the course curriculum. Aim to learn and you will find success.

In Summary

It takes a lot of planning and preparation to pass the GARP FRM level 1 examination. Try and maintain a good study schedule, stay confident and prioritize the course curriculum. Endeavor to familiarize yourself with the regulations and adopt a smart approach to tackling the questions.

Most importantly, never give up. Please remember to take a look at our Shop Page and download all the great free content that we prepared for you!

Go forth and conquer,

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