FRM Part II Curriculum Changes 2026 vs 2025
A subject-by-subject view of what changed, what stayed stable, and what you should do next for 2026 prep. Exam weights are unchanged, but IM and CI need a full refresh.
Your 2026 Prep Map
Executive Summary
Topline shifts for 2026
Jump to sectionVideo Walkthrough
Quick overview of 2026 changes
Jump to sectionExam Weights
No change in allocations
Jump to sectionChange Framework
How updates are tagged
Jump to sectionSubject Breakdown
Module-by-module detail
Jump to sectionAction Plan
How to adjust prep
Jump to sectionFocus your effort where it matters most
2026 is not a full rewrite. MR, CR, and ORR are stable, while the most important changes sit inside Investment Management and Current Issues. LTR has a few targeted edits.
Total readings
104 → 107
Net +3 readings
Exam weights
Unchanged
All 6 subjects stable
Biggest expansion
IM +6 readings
11 → 17 readings
Largest rotation
CI annual refresh
8 readings (5 new, 3 retained/renumbered)
Watch the 2026 changes walkthrough
A quick video overview of the 2026 Part II curriculum changes and how to plan your prep.
Exam weights: still the same
Keep your time split across subjects, but shift your coverage inside IM and CI for 2026.
Market Risk (MR)
Unchanged; 1 minor LOS wording edit
Credit Risk (CR)
Unchanged; 1 LOS refinement
Operational Risk & Resilience (ORR)
Unchanged; no curriculum / LOS changes
Liquidity & Treasury Risk (LTR)
Exam weight unchanged; content streamlined
Investment Management (IM)
Unchanged weight; major content expansion
Current Issues (CI)
Exam weight unchanged; annual refresh
How we classify updates
Reading Added
New examinable content introduced.
Reading Removed
Removed entirely from Part II.
Reading Moved
Relocated to a different subject area.
Reading Replaced
Old source swapped for a new one.
Renumbered
Same content; codes updated due to list changes.
LOS Edit
Learning objective text revised/added/deleted.
Subject-by-subject student guidance
What changed, why it matters, and how to study each subject for 2026.
Investment Management (IM)
11 → 17 readings (+6; ~55% increase)
- New focus on private markets, governance, and applied risk tools
- Private credit moved in from Current Issues
- Illiquid Assets (Andrew Ang) moved in from LTR
- Stronger practitioner framing: due diligence, monitoring, stress testing
What you should do
Start IM early and rebuild notes using the 2026 list. Avoid using 2025 notes as your primary source.
Current Issues (CI)
8 readings total (5 new, 3 retained/renumbered)
- AI & financial stability / AI in markets
- Geopolitical risk and fragmentation
- Tokenization and crypto regulation
- Private credit rotated out of CI (relocated to IM)
What you should do
Treat CI as new for 2026. Build fresh notes from the official reading list each year.
Liquidity & Treasury Risk (LTR)
19 → 17 readings (−2)
- Removed: "Managing and Pricing Deposit Services"
- Moved out: Illiquid Assets (Andrew Ang) → IM
- One LOS deleted within Liquidity & Reserves Management
What you should do
Update only the affected readings and LOS. Keep most 2025 notes.
Market Risk (MR)
18 readings unchanged
- No reading moves/additions/removals
- LOS wording: VaR from "return distributions" → "asset price distributions"
- Concept remains the same; align terminology in notes/questions
What you should do
Keep your existing notes and adjust LOS wording only.
Credit Risk (CR)
23 readings unchanged
- No reading moves/additions/removals
- Altman Z-score LOS refines emphasis toward describing & applying methodology
- Less emphasis on explicitly naming the underlying statistical technique
What you should do
Retain 2025 notes and update the LOS emphasis.
Operational Risk & Resilience (ORR)
24 readings unchanged
- No reading moves/additions/removals
- No LOS edits detected
- 2025 materials fully reusable
What you should do
Reuse 2025 notes without changes.
Candidate action plan
Your 2026 study plan
Keep the same subject weight allocation, but rebuild IM and CI. Update LTR selectively and align LOS wording in MR and CR.
Must update completely
Targeted updates required
No change required
Key takeaway: Use 2025 notes only where the curriculum is stable. Rebuild IM and CI, update LTR where readings moved or changed, and do minor LOS wording edits for MR and CR.
IM priority
Start early and rebuild notes from the 2026 list.
CI priority
Build fresh notes for 2026 and review annually.