Prepare for the FRM® exam, one weak spot at a time.

A short diagnostic finds what you don't know yet. Your study plan, your practice and your reviews are built from it, and every answer you get wrong comes with the reason it was tempting.

Start with the free diagnostic. It needs no card, and your plan is ready the moment you finish.

Start free →

What you get

A plan from a diagnostic

Twelve questions across the topics show where your marks are. Your hours go there first, working back from your exam date.

Every wrong answer explained

Each question says why the right answer is right and what mistake leads to each of the others, so you learn the trap as well as the fact.

A narrated walkthrough for every outcome

Each learning outcome has a short narrated lesson with a diagram and a worked example, so a formula comes with the picture and the numbers behind it.

Flashcards and formula cards

Short cards for what has to be remembered, and a card for every formula that says what each symbol means and when it holds.

Mock exams in the real format

Practise a half or a full paper drawn by topic weight, on a clock, with your result shown by topic and the range it could sit in.

Reviews before you forget

Spaced review brings back what you got wrong just before it slips, and the mistake bank keeps every miss in one place.

What is covered today: all four Part I topics (Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models) and all six Part II topics (Market Risk, Credit Risk, Operational Risk and Resilience, Liquidity and Treasury Risk, Risk Management and Investment Management, and Current Issues in Financial Markets), with six practice questions for every learning outcome.

The exam at a glance

The shape of each part, as its owner publishes it. Charta's practice follows it: the same number of questions, the same four hours and the same four answers on every question.

Part	Questions	Time	Answers
FRM® Part I	100	4 hours	four answers, A to D
FRM® Part II	80	4 hours	four answers, A to D

Plans

Start free and stay free for as long as you like. Pay only when you want the whole course.

Free

No charge For good. No card

The diagnostic and your study plan.
Your progress, measured from your own answers.
Practice questions with every answer explained.

Monthly

£39 a month Billed each month

Everything in the course: all practice, mock exams, spaced review, the walkthroughs, flashcards and formula cards, and the mistake bank.
Tutor on tap, for when an explanation needs a second go.
One plan for every exam on Charta, so you can move on to your next one without paying twice.
Cancel any time in Settings. You keep access to the end of the month you have paid for.

Lifetime

£499 One payment

Everything in the monthly plan.
One payment. Nothing renews and there is nothing to cancel.

Guides

Backtesting VaR: exceptions and the two errors a test can make How banks backtest value at risk by counting exceptions, why the count is binomial, and how a cut-off trades wrongly rejecting a good model against keeping a bad one.
Duration and convexity explained for FRM candidates How Macaulay and modified duration, DV01 and convexity turn a yield move into a price change, with a worked bond example and the mistakes candidates usually make.
Expected loss from PD, LGD and EAD: the credit risk building blocks Expected loss is PD x LGD x EAD. How each input is defined, why capital covers unexpected loss, how correlation matters, and a worked loan book computed in Python.
Fat tails, skewness and kurtosis: why risk models cannot assume a normal world Skewness and excess kurtosis in plain words, and what fat tails do to normal VaR at 99% and above, with a worked example computed on an invented return series.
Value at Risk explained for FRM candidates: three methods and their limits Value at Risk states a loss that should not be exceeded at a chosen confidence level. How the parametric, historical and Monte Carlo methods compute it, with expected shortfall and a worked example.
How the FRM exam is structured: two parts, ten topics and how they are weighted The FRM exam in one place: Part I and Part II, how many questions and how long, the four answers, how the topics are weighted and how much time each question gets.
How to plan your FRM study: hours, topic weights and the last weeks A practical way to turn the FRM exam's topic weights into a study plan: split your hours by weight, shift them to your weak spots, practise early and rehearse on the clock.

Common questions

How long is each part of the FRM exam?

Part I is 100 multiple-choice questions and Part II is 80, each in four hours, sat on a computer. Every question has four answers, A to D.

Is there a penalty for a wrong answer?

No. A wrong answer scores the same as a blank, so answer every question. Charta's practice follows the same rule.

How are the topics weighted?

Part I is Foundations of Risk Management 20%, Quantitative Analysis 20%, Financial Markets and Products 30% and Valuation and Risk Models 30%. Part II is Market Risk 20%, Credit Risk 20%, Operational Risk and Resilience 20%, Liquidity and Treasury Risk 15%, Risk Management and Investment Management 15% and Current Issues in Financial Markets 10%. Charta's practice and mock exams follow these weights.

Does Charta show a pass mark?

No. Your practice result is shown by topic, with the range it could sit in, rather than against a pass line, because Charta will not invent one. Read it as a guide to where to study next, not as a prediction.

Are these GARP's questions or readings?

No. Every question, explanation and study note is written for this course. Nothing is copied from GARP's readings or from any other provider, and GARP's learning objectives are restated in our own words.

Is Charta Learning connected with GARP?

No. Charta Learning is independent. GARP does not endorse, promote or review our products or services, and FRM® and GARP® are registered trademarks of the Global Association of Risk Professionals, Inc.

GARP does not endorse, promote, review, or warrant the accuracy of the products or services offered by Charta Learning, nor does it endorse any pass rates claimed by Charta Learning. Further, GARP is not responsible for any fees or costs paid by the user to Charta Learning. FRM® and GARP® are registered trademarks owned by the Global Association of Risk Professionals, Inc. The questions, explanations and study notes are written for this product and are not GARP curriculum material.