Introduction

The article is a guide for FRM aspirants who wants to approach the exam while “Learning at their own pace”. The key approach highlights the best sequence to be followed while approaching the “FRM” designation.

 FRM-Very brief overview

The FRM is a designation that demonstrates exceptional risk management ability and is a gateway to achieving new career heights in the risk profession. In short “FRM is the gold standard in Risk Management and is globally accepted as a “Benchmark of Excellence” in risk management.     

Self-Study Schedule (Key pointers)    

1. Choose a Quality preparation provider. [Stage 1]

The first step should be to choose the prep provider based on expertise in FRM training and with a decent past success ratio. You should also be clear apart from these two criteria the provider is also offering an advantage in terms of its Ease of Conceptual understanding, Study material, Question Bank, Frequent Practice Tests, and Mocks. The quality & quantity of material is of utmost importance in these parameters. For example, MidhaFin (MF) FRM prep provider, one of the leading platforms gives an advantage in terms of all these parameters specifically “Ease of Understanding” wherein the instructor is known for his easy-to-grab explanation methodology. 

2. Start your preparation and start analysing your key variables. [Stage 2]

As you choose the best provider [as per you], start your preparation, and stick to a daily routine of studying the specific no of hours as per your time limit. During the few weeks of preparation take note of your understanding level and monitor the rate at which you are understanding. Start using a BA II plus calculator and gain proficiency in vital functions. These pointers along with your personal & professional commitments, make a decision on your expected timeline within which you are confident to set a deadline for completion of the syllabus and keep an extra month [buffer period] for Practice Questions, Revision, and Mocks.  

3. Pick a date for your FRM level 1 exams. [Stage 3]

At this stage you are clear with your understanding level and had set a deadline, Now based on this judgment pick the month and exact date on which you would like to sit for the exam. There is one thing that makes this approach better as in the majority of cases candidates do the opposite [Set the exam date first and then start preparing]. This approach fires back when your “prior knowledge of understanding rate” [in FRM context] does not match with your realistic observation. In simple terms, you “Register for the FRM exam and start preparing, but eventually, you realize the syllabus is too broad or the difficulty level is much more, and this creates pressure on you that impacts your Learning Quality, and you are placed in a vicious circle wherein the pressure of performance take over you.

4. Discipline, Consistency & Practice. [Stage 4 – The process]

At this stage your vision is clear, and you just need to follow a daily self-study routine and just stick to it. Make a habit of being consistent daily. The idea of extremes is not applicable [Studying 8 hours one day and then no show for 4 days], studying 2 hours daily is highly efficient than one day of 8 hours and a gap of 4 days. Solve as many questions as you can. FRM is a practice-oriented exam and retention levels can only be sustained through practice. Set goals daily and strive to achieve them and make a planner preferably weekly to see your progress. In short, make a Customized study plan and track it or let the FRM prep provider do it for you. [MidhaFin (MF) FRM prep provider creates a Customized plan and gives updates along the learning journey]

5. Work Smarter than Harder. [Stage 4-The strategy]

Be smart with your preparations and in the case of FRM, you need to be in your A-game. In the case of FRM the Book-wise module is completely not at all advisable. The flow of chapters should have an Interlink and logical flow that makes concepts clear as you flow with readings, this is called the “Smart Design” which is one of the Features of MidhaFin FRM preparation programs. If you are already with any such prep provider, then you don’t need to worry about it is already created by default and you are already smart for having such a plan created by the prep provider. 

So, in between just follow the recommended flow of chapters and stick to this flow.   

6. Revision & Mocks. [Stage 5 -The Final stage]

At this stage, you have completed the syllabus and practiced a lot of questions with different difficulty levels and across different question banks [There should not be any restriction over being specific to only prep-provided question bank in fact, it is advisable to solve across as many as you can]. However, in this stage, you have a month in hand, and your focus should be on “Revision & giving Mock Test [At least 5]” and identifying your “Accuracy & Speed”.

You need to be time efficient and devise a strategy that suits your “Strengths & Weaknesses”. Also with each Mock, you need to tighten loopholes [weakness areas] and increase efficiency which can leverage your performance to the next level. In between Mock Tests revise the content again & again. This will have an Exponential effect on retention levels. 

       [Note: Important work should not be neglected alongside Physical & Mental Health, these things are priorities alongside preparation so the FRM preparation journey should have a Sense of balance with optimum rest and other Work-Life priorities.] 

The Final Advice [Exam Day] 

Be confident as you have undergone the process and rather than worrying just relax and trust the process, just focus on the present and give your best that is within your control. Just a few pieces of advice, a day prior to the exam you should be much more relaxed, and the mind should be well relaxed with optimum rest. 

Cheers to your FRM journey.