Best FRM study materials – quick summary:
- GARP official curriculum: free with Part 1 registration only, comprehensive but dense. Good reference, tough as primary study tool
- Kaplan Schweser: best all-rounder especially for Part 1. Structured notes, printed books included, solid question bank, widely used, reputable quality.
- Bionic Turtle: better for Part 2 and quant-heavy topics. Harder questions than actual exam, which may work for some candidates and demoralize others.
- AnalystPrep: best budget option. Good video content, good question bank, lower cost only with discount, less proven track record.
- Most successful candidates combine one primary provider with GARP practice exams for final prep
- Total study material cost: $349-$949 per part depending on provider and package
Choosing the right FRM study materials matters more than most candidates expect. With around 250 hours of study per Part, a poor choice may costs you time as well as money. The opportunity cost of choosing FRM study materials unsuitable for your learning style is simply too high.
The FRM exam prep market has three main providers – Kaplan Schweser, Bionic Turtle, and AnalystPrep – plus GARP’s own official curriculum. Each takes a different approach, and the best choice depends on your study style, budget, and whether you are sitting Part 1 or Part 2.
This guide cuts through the noise with an honest assessment of each option, based on our reviews, candidates feedback and what actually works for passing. No sponsored rankings here.
What study materials do you get with GARP FRM registration?
When you register for the FRM exam, GARP includes the following at no extra cost:
- Two official practice exams per part (available in your GARP candidate portal)
- Access to learning objectives and topic outlines
- GARP curriculum readings ebook (only for Part 1 but not Part 2, oddly enough)
What is NOT included by default:
- Physical curriculum books ($300 + shipping per Part)
- Any third-party prep materials
Most candidates find GARP’s two practice exams useful as final-stage mock tests, but they are consistently easier than the actual exam – so don’t use them as your main benchmark. Aim for 65%+ on GARP practice exams before sitting.
The four main FRM study material options
1. GARP official curriculum
Best for: Conceptual depth on complex topics. Useful as a reference, not as your primary study tool.
GARP is the FRM exam administrator, so their curriculum is the authoritative source. Everything tested is derived from it. The problem is that it is dense, verbose, and not designed for efficient exam preparation.
Working through it front to back is time-consuming and most candidates find it harder to extract the key testable concepts versus condensed third-party notes.
Where it works well:
- Part 2’s Current Issues section (changes annually – only GARP’s materials are fully current)
- Complex credit risk and operational risk topics where you need deeper conceptual grounding
- Checking third-party notes against the source when something doesn’t make sense
Where it falls short:
- As a standalone primary study tool for candidates with limited time
- For candidates who prefer structured, exam-focused preparation
Cost: $250 for Part 2 eBook (as oddly enough GARP does not include Part 2 curriculum in registration fees), $300 per Part (physical). These are already included if you purchase via certain third-party providers.
Personally, I found it strange, inconsistent and annoying that GARP FRM Part II does NOT include a digital curriculum in its registration fee by default. Unlike the CFA Program.
This forces candidates to spend money on a third party prep provider especially for Part 2 at a higher, additional cost.
GARP curriculum is great as a backup, complete reference, especially if it comes as part of the registration fee for Part 1.
However, for Part 2, I would recommend not spending $250 on GARP curriculum, focusing the budget on a reputable third party prep provider that adds value through summarizing the core concept to ensure that you cover the curriculum sufficiently (not perfectly) to move on to practice questions where learning gains are made.
2. Kaplan Schweser
Best for: Part 1. Structured learners who want a comprehensive, well-organized study system.
Schweser is the best-known name in FRM prep and has the largest user base. Their SchweserNotes condense the GARP curriculum into readable, exam-focused chapters with clear learning objectives. The question bank (SchweserPro QBank) has strong volume and good coverage of Part 1 topics.
Strengths:
- Best-organized study notes of any provider – logical structure, clear summaries
- Large question bank with good topic coverage for Part 1
- Mock exams well-calibrated especially for Part 1 difficulty
- Live and on-demand instruction available in premium packages
- Large community of users means good peer support forums
Weaknesses:
- Part 2 coverage is good but condensed – some candidates find it insufficient for harder topics like credit risk modeling and liquidity risk
- Questions can feel slightly easier than actual exam difficulty, particularly for Part 2
Here’s how Kaplan Schweser 2026 FRM Packages compare:
| Package Features | Essential | Premium |
|---|---|---|
| Study notes | Yes Printed, ebook or online version included. | Yes Printed, ebook or online version included. |
| Formula sheet | Yes Printed, ebook or online version included. | Yes Printed, ebook or online version included. |
| Video lectures | No | Yes On-demand. |
| Question bank | Yes | Yes |
| Mock exams | Yes 2 full-length mock exams | Yes 2 full-length mock exams |
| Review lessons | No | Yes On-demand videos |
| Review notes | No | Yes Secret Sauce |
| Instructor access | No | Yes |
| Pass Protection | Yes | Yes |
| FRM Part 1 Price | $499 | $899 |
| FRM Part 2 Price | $549 | $949 |
Verdict: The safe, reputable, reliable choice especially for Part 1. Good coverage for Part 2 as well for most candidates. Especially great for those who prefer printed book options at the same price. For those who prefer more details it is worth supplementing with GARP readings for Part 2’s harder topics.
Overall, Schweser FRM packages seem to offer the best balance of solid prep provider reputation/experience, quality notes and question bank at a competitive price.
3. Bionic Turtle
Best for: Part 2. Quantitatively strong candidates. Anyone who wants exam-level question difficulty.
Bionic Turtle (BT) has a devoted following among serious FRM candidates, particularly for Part 2. Their materials are more rigorous and more demanding than Schweser, which makes them harder to use but more effective preparation for the actual exam. Their practice questions are widely regarded as the closest available approximation to real FRM exam difficulty.
Bionic Turtle have been acquired by CeRiFi (private equity-backed firm) in 2021 and has since made a few changes, such as understandably removing the downloadable PDF option which can make offline studying and printing harder.
Strengths:
- Question bank is more quantitative and closer to actual exam-level difficulty
- Particularly strong for quantitative topics (VaR, option pricing, regression models) that trip up Part 1 candidates
- Excellent for Part 2 – application-focused questions match the exam’s integrated, multi-topic approach
- Detailed video explanations for complex problems
- Active community forum with years of archived quantitative discussions – free to access
Weaknesses:
- Steeper learning curve – less structured than Schweser, requires more self-direction
- Study notes are more verbose and dense
- Interface and user experience less polished than competitors
- Can feel overwhelming for candidates new to quantitative finance
- Slow study material updates reported
- A tad more expensive than Schweser
Here’s how Bionic Turtle’s 2026 FRM Packages compare:
| Package Features | Foundation | Mastery |
|---|---|---|
| Study notes | Yes eBook PDF version included. | Yes eBook PDF version included. |
| Formula sheets | No | Yes |
| Video lectures | Yes. On-demand | Yes On-demand |
| Question bank | Yes | Yes |
| Mock exams | Yes 2 full-length mock exams | Yes 2 full-length mock exams |
| Review lessons | No | Yes Live, online reviews and on-demand videos. |
| Review notes | No | No |
| Instructor access | Yes Forum support | Yes Forum support |
| Pass protection | No | No |
| FRM Part 1 Price | $519 | $949 |
| FRM Part 2 Price | $549 | $949 |
Verdict: Probably the better choice for Part 2 and/or for candidates with strong quant backgrounds. Challenging but highly effective for those who are more quantitative and can study with less structure. Worth watching out for quality consistency and value proposition for candidates post CeRiFi acquisition.
4. AnalystPrep
Best for: Budget-conscious candidates (when discounts are applied). Candidates who learn well through video.
AnalystPrep has grown significantly since 2022. Their video lectures are well-produced, their question bank covers the curriculum competently, and their platform is very user-friendly. Even though their headline pricing is on-par with other more established prep providers, and they frequently do 20-40% discounts.
AnalystPrep was recently acquired by Career Certified in 2024. Worth paying attention to how (if any) changes happens to the product in the near to medium term.
Strengths:
- Most affordable of the main providers (when discounts are applied), especially bundled pricing of Part 1 & 2 with lifetime access, if you’re willing to commit upfront to this prep provider.
- Good video lecture quality – structured, clear explanations by credentialed instructors
- Performance tracking dashboard is genuinely useful for identifying weak topics
- Clean, intuitive platform interface
- Good for Part 1 coverage
Weaknesses:
- Question bank is smaller and deemed less challenging vs. exam difficulty
- Part 2 coverage less comprehensive than other prep providers
- Less established track record than other prep providers
Here’s how AnalystPrep’s 2026 FRM Packages compare:
| Package Features | Practice | Learn & Practice | Unlimited (Part 1 & 2 bundle) |
|---|---|---|---|
| Study notes | No | Yes Online version included. | Yes Online version included. |
| Formula sheets | Yes | Yes | Yes |
| Video lectures | No | Yes. On-demand | Yes On-demand |
| Question bank | Yes | Yes | Yes |
| Mock exams | Yes 2 full-length mock exams | Yes 2 full-length mock exams | Yes 2 full-length mock exams |
| Review lessons | No | No | No |
| Review notes | No | No | No |
| Instructor access | No | No | Yes |
| Pass protection | No | No | No |
| FRM Part 1 Price | $349 | $499 | $799 (bundle P1 & P2 price) |
| FRM Part 2 Price | $349 | $499 | $799 (bundle P1 & P2 price) |
Verdict: Best budget option for Part 1, with discount applied. May need to supplement with other question banks for the final 4-6 weeks of prep.
How to choose FRM study materials: a quick decision guide
| Kaplan Schweser | Bionic Turtle | AnalystPrep | |
|---|---|---|---|
| Best for | Part 1 | Part 2 | Budget prep |
| Study notes quality | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐ | ⭐⭐⭐⭐ |
| Question bank difficulty | ⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐ |
| Video content | ⭐⭐⭐⭐ | ⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
| Value for money | ⭐⭐⭐⭐ | ⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
| Quant topic depth | ⭐⭐⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐ |
| Cost (per Part) | $499-$949 | $519-$949 | $349-$499 |
Choose Kaplan Schweser if: You want a structured, comprehensive system from the most established prep provider. Or if you prefer printed study notes as they are the only prep provider doing it and including it in the price. Particularly good for Part 1, decent coverage for Part 2.
Choose Bionic Turtle if: You are sitting Part 2, have a quantitative background, or want the hardest practice questions available. Also good for Part 1 quant topics.
Choose AnalystPrep if: Budget is a constraint or you learn primarily through video. Solid for Part 1; supplement with others like Bionic Turtle for Part 2.
Note that Bionic Turtle was acquired by CeRiFi in 2021 and AnalystPrep by Career Certified in 2024. Both continue to operate independently but it is worth monitoring product quality and pricing changes as ownership transitions settle.
What most successful FRM candidates actually do
Based on candidate feedback across our forum and reader community, the most common winning combination for FRM study materials is:
For Part 1:
- Primary: Schweser notes + QBank for structured learning, or AnalystPrep for best value
- Supplement: Bionic Turtle question bank for the final 4-6 weeks to increase the difficulty
- Final stage: GARP practice exams as mock tests
For Part 2:
- Primary: Bionic Turtle for notes and questions, or Schweser
- Supplement: GARP curriculum readings for Current Issues and complex credit/operational risk topics
- Final stage: GARP practice exams
The principle is to use one provider’s notes as your primary curriculum anchor, then add a second provider’s question bank in the final 4-6 weeks to raise your exposure and diversity of exam-level difficulty.
Free FRM study resources worth using
Not everything useful costs money, thankfully! These free FRM resources are worth knowing about:
- GARP practice exams (2 per part, included with registration): Good baseline but easier than the actual exam. Use as a confidence check, not a difficulty benchmark. Aim for at least 65% score before actual exams.
- 300Hours FRM study planner: Free personalized study planner used by 100,000+ candidates. Tracks curriculum progress, benchmarks your mock scores, and predicts exam performance.
- 300Hours FRM minimum passing score estimates: Know what score you actually need to pass
- 300Hours FRM pass rates analysis: Historical pass rates and what they mean for your preparation
- Bionic Turtle forum: Free access to years of detailed quantitative discussions. Excellent for understanding complex topics that aren’t clearly explained elsewhere
FRM study materials FAQs
No single provider is best for everyone. Schweser is the most reliable all-rounder for both Parts. Bionic Turtle is particularly effective for Part 2 and for candidates who want harder practice questions. AnalystPrep offers the best value if there is budget constraint.
Most successful candidates use one primary provider for notes and add a second provider’s question bank in the final 4-6 weeks before the exam.
Technically yes – everything tested comes from it.
In practice, most candidates find GARP’s curriculum too dense and verbose to use as their sole study tool within a typical 5-6 month timeline. It works best as a reference source alongside condensed third-party notes, particularly for Part 2’s more complex topics and the Current Issues section which changes annually.
Third-party study materials cost $349-$949 per part depending on provider and package.
– Schweser’s Premium Package runs to $899-$949 per Part, their essential package $499-$549. Schweser occasionally runs 20% discount on their FRM Premium Package.
– Bionic Turtle’s FRM packages ranges from $519-$949 per Part.
– AnalystPrep both run approximately $349-$499 per Part. AnalystPrep frequently runs 20-40% discount on their exam prep packages throughout the year.
– GARP’s own curriculum costs $250 for Part 2 (complimentary for Part 1) or $300 per Part (physical books).
Total study material cost for both Parts typically ranges from $699-$1,898 on top of FRM registration fees.
Bionic Turtle’s questions are intentionally designed to be at or slightly above actual exam difficulty. Candidates who score consistently above 65% on Bionic Turtle practice questions are generally well-positioned to pass.
GARP’s own practice exams are easier than the actual exam, so don’t use them as your difficulty benchmark. Aim for 65%+ on Bionic Turtle and 70%+ on GARP practice exams before sitting.
Difficult but possible for well-prepared candidates, particularly for Part 1. GARP’s free practice exams, the Bionic Turtle forum, and open-access quantitative resources can get you a long way. Most candidates find that a structured question bank with tracked performance is worth the investment given the time cost of failing and retaking. Retake fees alone ($600-$800) exceed the cost of most study packages.
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