Introduction

The amount of time required to prepare for FRM Part 1 exam is very subjective and dependent upon your background and personal circumstances. Irrespective of whether you are a working professional or a student, I would suggest 500-600 hours of personal study time to be well prepared in each module for the FRM Level 1 Exam.

Education Background

Your educational background plays a role here. For example, if you are from a mathematical or engineering background, you are quite familiar with the concept of differential calculus. This can reduce the time it takes to grasp some concepts like valuation of fixed income securities or derivatives, along with some quant-intensive chapters of module 2.

Commerce Background

But if you have a commerce or business background, then do not lose hope. You will probably have built up a sound understanding of financial markets and products already, and that will help. Of course, you will need to spend a little more time on the quantitative parts of the curriculum. 

Practice

The most important part of your preparation would involve solving practice questions. It is not just sufficient to understand concepts without solving related questions. Working through chapter-wise questions should help you highlight your weak areas and strengthen your areas of understanding. The FRM Part 1 exam is known for its unpredictability, and this can make the exam day feel daunting if you haven’t prepared thoroughly. The more questions you work through, the fewer surprises you’ll face on exam day, ensuring you’re not caught off guard and are confident in your ability to handle whatever the test throws at you.

Mock Test

Toward the tail end of your study period, I would suggest that you should definitely take at least five full-length mock tests. These tests should be conducted in exam-like conditions to gauge readiness and time management skills. Take these mock exams under timed conditions to get as close as possible to feeling some of that real pressure. This will help increase your stamina and give you the best possible idea of how prepared you really are, and also become comfortable with the format and question difficulty level. 

Conclusion

Many candidates that are not able to clear the FRM Part 1 exam will readily admit that underestimating how much time and effort it takes to prepare was a massive mistake. Avoid making that mistake by giving yourself adequate time to study properly, solve enough practice questions, and attempt enough mock tests before the test.

If you have any further questions or need more personalized advice, please don’t hesitate to reach out to the MidhaFin team.