FRM 2026 Syllabus Update: What Changed from 2025

FRM 2026 Syllabus Update: What Changed from 2025

The Global Association of Risk Professionals (GARP) has finalized its curriculum updates for the FRM Exam 2026 cycle, applicable across all three exam windows — May, August, and November. As with most years, GARP kept Part I stable while concentrating change in Part II.

Part I: Minimal Change Out of 62 total chapters, none were added or removed. The only edits were wording-level revisions to two Quantitative Analysis topics: Hypothesis Testing (1 Learning Outcome Statement revised) and Stationary Time Series (5 LOS revised), with verbs expanded to emphasize calculation and application rather than pure conceptual recall. Candidates can safely begin with 2025 Part I materials, layering in a review of these two topics once updated books are available.

Part II: Substantial Revision Part II saw 12 new chapters added and 9 removed, with total required readings rising from 104 to 107. The heaviest overhaul hit Investment Risk, which added seven new chapters covering private market investing, hedge fund risk management, and distress-signal identification in alternative investments — while removing three older chapters, including two large ones with 8–10 LOS each. The Current Issues section, which GARP revises almost every year, was rebuilt to reflect AI in risk management, model validation, and systemic risk. Market, Credit, and Operational Risk saw only minor adjustments, and Liquidity & Treasury Risk remained largely stable. Illiquid Assets was also reassigned, moving into Book 5 (Risk Management and Investment Management).

Bottom line: Part I candidates can prep now with minimal risk of using outdated material. Part II candidates — especially those studying Investment Risk or Current Issues — should wait for or cross-check 2026-updated materials before relying on older prep books.

Sources:

• GARP, FRM Study Materials — garp.org/frm/study-materials
• Aswini Bajaj Classes, FRM 2026 Syllabus Changes: Part 1 & Part 2 Updates — aswinibajajclasses.com
• AnalystPrep, FRM Curriculum Changes 2025–2026 — analystprep.com/blog/frm-curriculum-changes-2025-2026
• SwiftIntellect, FRM 2025 vs 2026 Curriculum Updates — swiftintellect.com