FRM Level 2 Coaching Program

Program Highlights

FRM Course Overview

The full form of FRM is Financial Risk Manager, i.e. FRM stands for Financial Risk Manager. The FRM Program is a course offered by the Global Association of Risk Professionals (GARP, USA).With 2008 subprime crisis, 2013 recession in Europe, 2020 when it was the Covid year and biggest brunt was borne by the financial institutions, 2023 when many of the US banks collapsed, the risk management has never been as pivotal and critical in these complex an uncertain times.

FRM is perhaps the most recognized degree in the world for all those who want to pursue a career in Risk Management.

This course is designed to help professionals better equip themselves to understand and manage risks faced by businesses which leads to a career specialized in Risk Management. Financial Risk Managers hold the expertise and are committed to better risk management practices, thus standing apart in their respective organizations.

GARP® provides the FRM® course in 195 countries and territories and has over 279,000 Members. GARP® offers Continuing Professional Development (CPD) program for risk professionals to access the latest updates in risk education

The Wall Street School is an approved Training Partner of GARP with success rate of more than 90% in FRM Examination.

FRM Exam Pattern

The FRM exams (Both Parts) are held twice a year – on the third saturday of May and November. One can appear for both the parts on the same day. However, it is not recommended due to enormity of syllabus. In essence, a candidate can clear both levels of the examination within one year minimum.Given below is a table reflecting the exam pattern of the two parts of FRM Examination –

Particulars	FRM Part I	FRM Part II
No. of Questions	100 MCQs	100 MCQs
Duration	4 Hours	4 Hours
Timings	Morning	Afternoon

FRM Course Fees of GARP

The Exam Fees depends on the level and as is common with several International Programs, offers a varied fee depending upon the deadline opted for – Early, Standard or Late. When you enroll for Part I exam, you need to pay a one-time enrollment amount of $400, which is not applicable in Part II.

Exam Level	Enrollment Fees	Early	Standard	Late
Part I	$400	$425	$550	$725
Part II	0	$350	$475	$650

Job Profiles and Salary Of FRM Charter

Any profile that a FRM Charterholder gets into, will involve calculation of risk, some way or the other.

Take an example of a Risk Manager of an Insurance company. The Risk Manager would determine whether or not to extend an insurance cover to a particular asset, person or a business . He uses various quantitative tools to arrive at the decision. The FRM course teaches you such tools to arrive at such decisions.

Upon completion of the certification, regardless of the title given to you, your basic job profile would focus around Risk Analysis, Risk Identification and Risk Management for various investments and projects that you work on.

Job profiles – Risk Analyst, Operation Risk officer, Risk consultant, Portfolio Manger, Credit risk specialists etc.
Average Salary – The Salary of FRM Charter depends upon the work experience, Job profile and the recruiter. Average salary of FRM is $99,000 in USA and INR 10,00,000 in India

Recruiters – Recruiters Include Investment Banks, Commercial Banks, Insurance companies and consulting firms such as HSBC, CITI, Goldman Sachs, JP Morgan, Allianz, Blackrock etc.

Why Choose The Wall Street School for the

Essential Features

FRM Course Eligibility

There is no basic criteria to undertake the FRM Examinations. A student in first year of Graduation is also eligible to appear for the FRM Part 1 exam.

Who can take up this course?

In the Wall Street School we have had 12^thPassouts who want to pursue a career in Risk. We have also had retired bankers who are 65 +who undertake FRM program who want to use their years of experience substantiating with a professional degree recognized Globally. So Age group is quite diverse and broad.

However, In order to be eligible to get CERTIFIED as a Financial Risk Manager, the following criteria need to be satisfied:

Watch FRM Related videos on our Youtube Channel

FRM Level 1 Coaching Curriculum

Part 1 Curriculum

Section - 1 Quantitative Analysis

Understanding of Descriptive and Inferential Statistics.
A flavor of probability, distribution like Normal distribution, lognormal distribution, Chi-square distribution etc. for statistical testing and application.
Understanding of how to apply regression and time series analysis in risk management and forecasting ex-ante risk..
Weightage of this section is 20%

Section - 2 Foundation of Risk Management

Portfolio construction : Here, we’ll learn to construct an efficient portfolio. We’ll discuss the concept like Harry Markowitz’s efficient frontier and Capital asset pricing model. This subsection gives a glimpse of risk – return trade off with different financial ratios like Sharpe Ratio, Treynor ratio and others.
GARP code of conduct (Ethics) : Ethics is a very important ingredient of financial risk manager. GARP code of conduct helps candidates to understand the do’s and don’ts in the financial world.
Financial disasters and case study : This subsection highlights some past mishappening in the financial world, helps students to understand each case to save the financial world from future financial disasters like ENRON and LTCM. Understanding of the Ponzi scheme and incorrect approach in financial risk management is also covered.
Arbitrage pricing theory : It is an important concept to price any financial instrument on the planet. Once understood properly this will be leveraged in pricing of derivative and bonds in other sections of FRM level 1.

Section - 3 Financial market and Products

It’s one of the most complex and voluminous sections. It stands at a whooping weight of 30%. As the name suggests, this section helps to understand the basics of Financial market instruments like future, forward, equity options, swaps and fixed Income.
This section does not talk much about equity but delves in the discussion of the derivative products on equity and other instruments.
Candidates need to understand the pricing, payoffs and features of the financial instruments properly to score well in this section.

Section - 4 Valuation and Risk Models

What you learn:

This section is all about Value at risk and extreme measure of risk like Expected shortfall and unexpected loss. Candidates will develop a good understanding of stress testing, scenario analysis, which is one of the key features in calibrating regulatory risk and Enterprise level risk.

This section is also embedded with the concept of bond and option valuation. The weightage to this section is 30%.

This section can further be segregated into the following –

- - Valuation : Discuss some of the most interesting valuation concept of options like binomial model, BSM model etc. This section gives you a glimpse of Greeks in option and bond valuation.
  - Risk management: Make you familiar with the concept like VAR, Estimated Shortfall and Stress testing. This subsection is discussed in FRM level 2 in a very exhaustive manner.

Part 2 Curriculum

Section - 1 Market Risk Measurement and Management

Market Risk is the most dynamic and interesting section of the entire FRM part II curriculum. Candidate must understand the VAR and ES calculation from Parametric and Non Parametric approach. Back-testing of these approaches are thoroughly discussed. As a risk manger one should understand the impact of correlation, properties and behavior of correlation in different market scenario. The four chapters discussed in this section on interest rate modeling will put you at par with industry veterans. FRTB, newly added capital requirement framework has been well explained in this section.
The key points covered in Market Risk and Management are:
- VaR and other risk measures (parametric and non-parametric methods of estimation, VaR mapping, Backtesting VaR, ES and other coherent risk measures, Extreme Value Theory (EVT))
- Modeling dependence: correlations and copulas.
- Term structure models of interest rates.
- Volatility: smiles and term structures.
- Fundamental Review of the Trading Book (FRTB).

Section - 2 Credit Risk Measurement and Management

The most relevant discussion from the job perspective is credit risk. This section has highlighted all the possible modeling of Probability of Default (structural, reduced, factor model or credit scoring model). Counterparty risk which is the most prevalent job in the risk domain has thoroughly been discussed. Securitization and securitized product has also been discussed from the credit risk perspective.
The key points covered in readings related to Credit Risk Measurement and Management includes the following:
- Credit analysis
- Default risk: quantitative methodologies
- Expected and unexpected loss
- Credit VaR
- Counterparty risk
- Credit derivatives
- Structured finance and securitization

Section - 3 Operational Risk and Resiliency

Where firms undermine the importance of operation risk, FRM curriculum explains how to set proper risk culture and conduct in the firm. This section also discusses the implementation of ERM program, and principles for risk appetite frameworks. Candidate should also understand analytical discussion of operational risk measurement and reporting operational losses. Capital planning and recommended practices for stress testing are well explained in the latter half of the section.
The key points covered in Operational Risk and Resiliency includes the following:
- Principles for sound operational risk management.
- Risk appetite frameworks and enterprise risk management (ERM)
- Risk culture and conduct
- Analyzing and reporting operational loss data
- Model risk and model validation
- Risk-adjusted return on capital (RAROC)
- Economic capital frameworks and capital planning
- Stress testing banks
- Third-party outsourcing risk
- Risks related to money laundering and financing of terrorism
- Regulation and the Basel Accords
- Cyber risk and cyber resilience
- Operational resilience

Section - 4 Liquidity Risk and Treasury Risk

This section is a new entry in the curriculum after understanding the importance of liquidity. A lesson well learnt form 2007-08 financial crisis and recessionary period. Discussion is primarily on the transaction liquidity risk, funding liquidity risk, liquidity stress testing, reporting, deposits, repos and ALM.

The key highlight of Liquidity Risk and Treasury Risk includes the following:

What you learn:

Liquidity risk principles and metrics
Liquidity portfolio management
Cash-flow modeling, liquidity stress testing, and reporting
Contingency funding plan
Funding models
Funds transfer pricing
Cross-currency funding
Balance sheet management
Asset liquidity

Section - 5 Risk Management and Investment Management

Now a day where factor investing is the norms across the Investment domain, a risk manger should understand the factors as the drivers of risk. This section make you well versed with single factor and multifactor model used to determine risk premium and alpha, and how one can construct optimum portfolio with different investment constraints and compare it against the benchmark.

The key points covered in Risk Management and Investment Management includes the following:

What you learn:

Factor theory
Portfolio construction
Portfolio risk measures
Risk budgeting
Risk monitoring and performance measurement
Portfolio-based performance analysis
Hedge funds

Section - 6 Current Issues in Financial Markets

Discuss the most pressing and relevant issues in the Risk domain. Include readings and research paper of practitioner and scholars. Highlight the challenges faced by Financial institution due transition of LIBOR and climate risk. Explains the importance of Machine learning and Big data for Risk Mangers. The sections also contain the most discussed issues of Covid19 from the perspective of financial risk management.

The key highlight of Current Issues in Financial Markets includes the following:

What you learn:

Reference rates
Artificial intelligence (AI)
Machine learning, and “big data”
Risk management implications of COVID-19 Phasing out of LIBOR
Climate risk
Cyber resiliency in the wider financial system

Financial Modeling and Valuations Certification

Once candidates are through with the FMVA Training, Candidates get certificate from The Wall Street School in Financial Modeling and Valuations. Certification from The Wall Street School is a revered Certificate in the Finance Industry recognized by Many Corporate and Financial Institutions. Sample Certificate is attached for reference

The Wallstreet School's

Placement Assistance Services

There are many FRM Students who pursue the Financial Modeling and Valuations Program offered by The Wall Street School simultaneously or (Post FRM) to learn the practical skillsets in the domain of finance . The Students who are FRM Level I / FRM Level 2 and certified in Financial Modeling and valuations skills get placed in the under mentioned companies.

For more details on the combo packages being offered by The Wall Street School, Please refer here

FRM Course
Fees of GARP

Live Online

Self Paced Pre Recorded (FRM Level 1)

Self Paced Pre Recorded (FRM Level 2)

Live Online

Self Paced Pre Recorded (FRM Level 1)

Self Paced Pre Recorded (FRM Level 2)

Finance Education. Reimagined.

Trusted by a Hundred Thousand+ Students, Professionals & Leading Organizations

Where Our Alumni Work

Our Corporate and Placement Network Spans Across 250+ Leading Global Firms

CFA ® Coaching Fees and Timings

The program is meant for all candidates seeking to appear for CFA exams conducted by the CFA^® Institute in the current or next year.

Live Classroom / Live Online

Live Classroom / Live Online (Instructer Led)

Saturday and Sunday
Morning : 8:30 am to 12:30 pm
~5 Months
180 +Hours
Course Fee: Rs 33,000/-

Self Paced Pre Recorded

Plug and Play
Watch anytime per convenience
150 +Hours
Course Fee: Rs 29500 onwards (depending upon the attempt)

Learn from Experienced Finance Professionals

Financial Modeling and Valuations Certification training is conducted by Full Time industry experts who have themselves worked in major Investment Banks, consulting private equity and equity research firms.

Hear from our students

Explore firsthand accounts of student experiences. Hear their stories, triumphs, and insights that make our community exceptional. Real voices, real impact.

As a CA dropout who had interest in finance & want to pursue a career in it but didn’t know where to start with, The Wall street school’s Investment banking program : Financial modeling & Valuation Course was the best choice I made, All the faculties are really professional & the case studies , financial models, valuations we did were as per industry standards, This Course has marked a new beginning to my career as it’s placement helped me get the job role I desired.

Soumya Jaiswal Placement: USP House - Investment Banking analyst

I had an exceptional experience at TWSS during my FMV courses. The faculty’s expertise and teaching methods were top-notch, providing a comprehensive understanding of complex financial concepts. One of the highlights was the workshop on valuation techniques, which not only provided valuable insights but also served as a stepping stone for those interested in pursuing a career in Investment Banking. TWSS’s placement cell was instrumental in securing placements for many candidates, and their support extended beyond initial placement, which is truly commendable. I am grateful to TWSS for helping me kickstart my career in Investment Banking.

CA Himanshu Hemant Placement: IAPL-KW Capital Advisors LLP

TWSS helped me finding the way in the world of finance in which I am having keen interest in learning and exploring the way how things work. It was a great learning experience for me. Every teacher here is experienced and expert in imparting the knowledge to the students, Manoj sir and Himanshu sir were of great help during the course and placement. I am grateful for their support and mentorship.

Jaspreet Kaur Placement: Infra Advisors, Assistant Manager

This course was instrumental in securing my placement. It provided a comprehensive understanding of key concepts, practical applications, and industry insights. The hands-on projects enhanced my skills, making me well-prepared for the competitive corporate world. Thank you so much to the team for guidance throughout in navigating the placement process. The team’s insights and support have been invaluable, and I truly appreciate the time and expertise. Grateful for your assistance in shaping my career path. Overall, a highly recommended investment in both knowledge and career advancement.

Pashmeen Kaur Placement : IDFC First Bank-Credit Analys

Throughout my journey with TWSS, I have been continuously impressed by the depth and breadth of the curriculum, as well as the dedication and expertise of the instructors. The hands-on approach to learning, combined with real-world case studies and practical exercises, has allowed me to develop a strong foundation in financial modeling and valuation.Moreover, the supportive and collaborative learning environment at TWSS has fostered personal and professional growth, enabling me to challenge myself, expand my horizons, and push the boundaries of my capabilities

Prajwal R Bharadwaj Placement: Adrasti - Investment Analyst

My journey with The Wall Street School has been a transformative experience. Through their comprehensive financial modeling and valuation classes, I gained invaluable skills and knowledge that prepared me for the finance industry. Also the placement process is very smooth and transparent. I’m incredibly grateful for the opportunities and support provided by The Wall Street School.

Sagar Rana Placement: FAB Analytics - Financial Analyst

FAQ's

How one can earn FRM Charter ?

To earn the FRM Certification, you must complete the following steps:
Successfully clear the FRM Exam Part I.
Pass the FRM Exam Part II by the end of the fourth year after passing FRM Part I.
Provide evidence of two years of full-time work experience in a relevant financial risk management role.

What's subject we have in FRM curriculum ?

FRM Part I focuses on understanding of risk and financial risk. It covers:

Foundations of risk management concepts
Quantitative analysis
Financial markets and products
Valuation and risk models

The FRM Exam Part II cover in-depth concepts of Market Risk, Credit Risk , Liquidity Risk , etc . It covers:

Market risk measurement and management
Credit risk measurement and management
Operational and integrated risk management
Liquidity and treasury risk measurement and management
Risk management and investment management
Current issues in financial markets

What are pre-requite for FRM program ?

Before enrolling in the FRM Program, no specific educational or professional prerequisites are required. You can register for the program without needing any specific qualifications or prior experience.

How many hours I need to dedicate for FRM exam ?

The amount of time required to prepare for the FRM (Financial Risk Manager) examination can vary significantly from person to person based on factors such as your background knowledge, experience, study habits, and familiarity with the material.

However, GARP (Global Association of Risk Professionals) recommends that candidates devote approximately 200-240 hours of study time for each part of the FRM Exam. This is a rough guideline and the actual time needed may vary.

Keep in mind that the FRM Exam covers a comprehensive range of topics related to financial risk management, including quantitative analysis, risk management foundations, risk modeling, market risk, credit risk, operational risk, and more. It’s important to allocate sufficient time for both reviewing the study materials and practicing with mock exams and practice questions to ensure a thorough understanding of the concepts and a successful exam outcome.

How difficult or complex the FRM exam ?

The FRM Exam incorporates a moderate level of quantitative content. The mathematical complexity of the exam is akin to that of an advanced undergraduate or an introductory graduate-level finance course commonly taught at universities. While the FRM Exam emphasizes conceptual understanding, candidates are expected to be familiar with essential formulas and calculations and should be capable of their accurate application. It’s important to note that formula sheets are not provided during the exam.

What is the frequency of the update in curriculum ?

GARP (Global Association of Risk Professionals) aims to uphold a high-quality curriculum and the related study materials for their program. To ensure that the content remains current and precise, GARP conducts an annual review of the curriculum. Revisions and updates are implemented, and new study materials are typically made available on December 1st for the subsequent calendar year. This practice ensures that the FRM program’s content remains up-to-date and in line with the evolving field of financial risk management.

How one can defer the exam if not prepared properly?

To postpone an upcoming FRM Exam to the next available session, follow these steps:

Log in to your GARP account on the designated platform.
Navigate to the “My Programs” section.
Locate and select the “Exam Setup” button for the FRM Program.
Please note that switching exam months requires a paid registration.
You can change your exam date once for a fee of USD 250.
The deadlines for switching your exam month are as follows:
- For May’s Exams, the last day to switch is March 31.
- For the August Exam, the last day to switch is June 30.
- For November’s Exams, the last day to switch is September 30.
Remember, you can defer your exam date within the specified periods and for a fee, but make sure to complete the process before the respective deadline for the desired exam session.
This is information is as per the GARP current guideline, may change in future.

Why one should opt for FRM ?

Opting for the FRM (Financial Risk Manager) certification can offer several compelling benefits for individuals interested in the field of financial risk management. Here are some reasons why you might consider pursuing the FRM designation:

Career Advancement: The FRM certification is highly regarded in the financial industry and can enhance your career prospects. It demonstrates your expertise and commitment to risk management, making you a more attractive candidate for job opportunities and promotions.
Global Recognition: The FRM designation is recognized worldwide, allowing you to stand out in the competitive global job market. It signifies your proficiency in risk management principles and practices, which can be valuable in both local and international job roles.
Specialized Knowledge: The FRM curriculum covers a wide range of risk management topics, providing you with in-depth knowledge and skills in areas such as quantitative analysis, risk modeling, market risk, credit risk, and more. This specialized expertise can set you apart in roles that require a deep understanding of financial risk.
Career Flexibility: The skills gained through the FRM program are applicable across various sectors of the financial industry, including banking, asset management, hedge funds, consulting, and regulatory agencies. This versatility enables you to explore different career paths within finance.
Higher Earning Potential: FRM-certified professionals often command higher salaries due to their specialized knowledge and the added value they bring to organizations. The certification can lead to better compensation and financial rewards.

Ultimately, the decision to pursue the FRM certification depends on your career goals, interests, and aspirations within the financial industry. If you have a strong inclination toward risk management and want to excel in this specialized field, the FRM designation can be a valuable investment in your professional future.

What is the fees of the FRM exam ?

For Early registration : $600
For standard Registration $800

#Exclude the transaction cost.

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