Becoming a financial risk manager is an excellent move for your career success, but it’s no walk in the park. With a pass rate that hovers between 45 and 55% for either part, you have an uphill battle ahead of you. However, the right study materials can make a huge difference in how you do on exam day.
The only question left is: Which FRM prep courses are out there—and how do I choose the right one for me?
Today, I will break down your top options, discussing quality, pricing, video lectures, study notes, and everything in between. That way, you can make informed decisions and choose your perfect prep course.
Best FRM Study Materials
Best Overall FRM Course: AnalystPrep
AnalystPrep is the #1 pick for FRM prep, thanks to its engaging instruction videos, high-quality (and quantity) practice questions, and it’s surprisingly affordable packages.
Best Study Notes: Kaplan-Schweser
Both Kaplan and Schweser have a long track record of success, and their SchweserNotes™ are invaluable to reading-based learners.
Best Quantitative Analysis Resources: Bionic Turtle
Bionic Turtle has flaws, but they excel in teaching mathematics and quantitative analysis thanks to their learning spreadsheets housed in Excel.
| Course |  |  |  |
|---|---|---|---|
| Price Range | $499-$999 | $499-$1,698 | $399-$1,398 |
| Best For | Learners on a budget who learn best from video lessons | Students who learn best from reading | Candidates who struggle the most with quantitative analysis |
| Key Differentiator | Top-notch video lessons from Prof. James Forjan | SchweserNotes™ study notes | Learning spreadsheets for math and formulas based in Excel |
| Practice Questions | 4,000+ MCQs | 700-900 MCQs | 4,000+ MCQs |
| Video Lessons | Yes, 93+ hours | Yes | Yes |
| 1-on-1 Support | Unlimited (Complete package) | Unlimited (InstructorLink) | Somewhat (via “Forum Experts”) |
| Guarantees | No | PassProtection™ | No |
| Get Started | START NOW | START NOW | START NOW |
1. AnalystPrep: Best Overall
AnalystPrep is newer, and it’s rapidly growing in popularity. One reason may be that their excellent instructional videos are led by Professor James Forjan.
AnalystPrep offers three unique packages for FRM candidates:
| Feature | Unlimited Package | Learn + Practice Package | Practice Package |
|---|---|---|---|
| Price (Sale Price) | $999 ($799) | $799 ($699) | $599 ($499) |
| Access Period | Lifetime Access | 12 months | 12 months |
| Video Lessons | Yes, 93+ hours | Yes, 93+ hours | Not included |
| 1-on-1 Support | Unlimited questions | 5 questions | 5 questions |
| Guarantees |  | | |
AnalystPrep’s Course Features
The basic study materials you’ll find in every package include AnalystPrep’s online and printable question banks with 4,000+ practice questions, mock exams for each exam part, formula sheets, five Ask-A-Tutor questions, technical support, and performance tracking tools.
As you graduate from the Practice Package, you’ll gain access to materials such as:
- Online or offline (printable) study notes to enrich your understanding of the exam content
- 93+ hours of instructional videos with Professor James Forjan
- Unlimited Ask-A-Tutor questions, for endless support
By far, AnalystPrep’s best asset is its lead instructor, James Forjan, who is a delight to learn from and listen to. He breaks down complex topics into simple concepts that are easy to understand. He’s engaging, passionate about his work, and he truly wants to see you succeed. Further, at such an affordable price, it’s difficult to go wrong with AnalystPrep.
Check out my analysis of all AnalystPrep’s FRM courses in this review.
Pros
- Top-Notch Teaching: With an engaging instructor, you’ll be able to learn the content the first time—without dozing off and having to replay the lesson.
- Printable Materials: Some FRM candidates prefer the ol’ pen-and-paper method, and AnalystPrep is one of the rare FRM prep course companies to offer a printable test bank.
- Affordable For Everyone: Compared to competitors, AnalystPrep offers a top-notch experience at a price that won’t break the bank.
- Unlimited Support: In their Unlimited Package (which is less than $800 on sale) you can have all of your questions answered in a short time frame, whether you have one question or 100.
- Excellent, Unbiased Reviews: AnalystPrep is transparent with their reviews, which they garner from websites like Trustpilot, Facebook, and Google. They can’t manipulate these reviews like they could if they were on their own website, so you know their 4.7-star rating was truly earned.
Cons
- No Guarantees: AnalystPrep lacks an access-until-you-pass guarantee; instead, they offer lifetime access in their Unlimited Package. However, access is short in their lower-tier packages.
Reviews
“Just reaching out to staff at Analyst Prep to say thank you so very much. I passed Level 1 FRM at my first sitting. I am especially grateful because I am an adult learner and have not done any studies since my masters degree more than 15 yrs ago. Additionally,I work full time, thanks a lot for your support. Heartfelt appreciation . The material was easy to follow and the notes as well as the videos and the question bank really help cemented my understanding. I was very impressed by the feedback from the online tutors who were very responsive . Thanks again”
Desta Francis-Salazar (Trustpilot)
“Analyst Prep has actually been my soul guide towards this journey of FRM.I really appreciate the videos ad they are ALIGNED , good speed, and the Professor just keeps everything Super CASUAL.“
Priyanka (Trustpilot)
Bottom Line
AnalystPrep is an excellent option, whether you’re on a budget or not. They have everything you need to pass the FRM exam, including unparalleled video classes and instruction. Plus, the Unlimited Package offers not only unlimited access, but also unlimited support from tutors to help you learn the content. I feel confident in recommending AnalystPrep as the best FRM prep provider on the market.
2. Kaplan-Schweser: Best Study Notes
Kaplan-Schweser is the result of two test prep giants merging. They promote their 3-part methodology as the backbone of their program: Prepare • Practice • Perform®. And it’s pretty safe to say it works, with a legacy spanning over 30 years and a recommendation rate of 92%. Kaplan FRM Review offers two packages, though each package only caters to one part of the exam (so, if you want both parts for a given package, double the price):
| Feature | Premium Package | Essential Package |
|---|---|---|
| Price (Price for Both Parts) | $849 ($1,698) | $449 ($898) |
| Access Period | Expires ~2 Months After the Exam | Expires ~2 Months After the Exam |
| Video Lessons | Yes | Not included |
| 1-on-1 Support | InstructorLink | InstructorLink |
| Guarantees | PassProtection™ | PassProtection™ |
Kaplan-Schweser’s Course Features
Regardless of which Kaplan package you purchase, you’ll have access to their test prep resource library, topic quizzes to gauge your knowledge level, two checkpoint exams, two practice exams, a QuickSheet for easy access to formulas and definitions, InstructorLink to ask questions to your instructors, a quiz bank with 900+ practice questions for exam part I and 700+ for exam part II, and of course, their SchweserNotes™.
If there is a single reason to purchase one of Kaplan-Schweser’s packages over one of AnlaystPrep’s, it’s the SchweserNotes™. These notes are succinct and easy to understand, with great examples to help candidates master every learning objective. They’re tied into the Qbank, so you can test your knowledge after reading through each set of notes.
Meanwhile, the Premium Package offers additional study materials, including:
- FRM OnDemand Course: Cover every learning objective over the course of 15 sessions within these video lessons.
- OnDemand Review Lessons: If you want other review materials outside of notes and summaries, Kaplan-Schweser offers eight additional hours studying key topics, questions, and top test tips.
- Schweser’s Secret Sauce®: This quick guide, available in eBook or print format, gives exclusive test-taking strategies so you can conquer each exam part with confidence.
Pros
- Great Study Notes: If you learn best from reading, you’d likely benefit from SchweserNotes™. You can even buy them a la carte.
- Ask Your Instructors: I love that Kaplan-Schweser gives students a direct line to their instructors to ask questions on the topics they’re struggling with.
- Review Lessons: I appreciate the attention put into teaching test-taking strategies and key topics for review.
- Schweser’s PassProtection™: This guarantee ensures you can access your study and review materials again if you fail, though terms and conditions apply.
Cons
- Worse Videos than AnalystPrep: If video content matters to you, stick with AnalystPrep. Kaplan’s videos aren’t bad, but they’re not nearly as good.
- Small Qbanks: A total of less than 2,000 FRM exam questions is low compared to competitors. AnalystPrep has more than double the number of practice questions.
Reviews
Positive
“I purchased the programs for both parts of FRM exam prep. Have passed part one and in process of completing part two. Well organised and structured learning process by Kaplan.”
Lynn Li (Trustpilot)
Negative
“The instructor speaks very fast and looks like he merely reads from script rather than explain the topic. Also the text book makes the formula for sections 2-4, 2-5 and 2-6 very difficult. You need to show the calculation steps using the calculator’s keys.”
Mahmoud Ismail (Trustpilot)
Bottom Line
Compared to AnalystPrep, Kaplan-Schweser lacks in some key areas. Their video lessons aren’t as good, their pricing is much higher, and they have a smaller test bank.
However, they are more well-known, which may make them a more comforting option for anxious course buyers. Further, SchweserNotes™ are a fantastic resource for learners who prefer to read their material.
3. Bionic Turtle: Best Quantitative Analysis Resources
Unlike their competitors, Bionic Turtle focuses solely on FRM exam prep. With a focus on intelligent, adaptive study materials and unique offerings like their learning spreadsheets, Bionic Turtle has successfully carved out their own niche in the world of FRM exam prep courses.
Like Kaplan-Schweser, BT doesn’t have an offer that combines both exam parts into one package. Instead, they offer three FRM courses per exam part:
| Feature | Professional Package | Advanced Package | Basic Package |
|---|---|---|---|
| Price (Price for Both Parts) | $699 ($1,398) | $499 ($998) | $399 ($798) |
| Access Period | 12 months | 12 months | 12 months |
| Video Lessons | Yes | Yes | Not included |
| 1-on-1 Support | Forum support | Forum support | Not included |
| Guarantees | X | X | X |
Bionic Turtle’s Course Features
In Bionic Turtle’s Basic Package, you’re truly getting just the basics, including PDF practice question sets organized by topic, study notes, basic access to community forums, and practice exams. Bionic Turtle’s Qbanks contain over 4,000 practice problems.
In the higher two tiers, you’ll receive resources such as:
- Interactive Practice Problems: A testing resource that mimics the actual FRM exam.
- Video Lectures: Video instruction to complement your reading and practice exams
- Forum Access and Support: Get additional support from faculty via the forums.
- Review Videos: Once you’ve mastered the exam content, quickly review the need-to-know info to pass the exam with this video series.
- Learning Spreadsheets: Become a numbers whiz with BT’s exclusive resource and master crucial concepts like quantitative analysis and formulas.
Pros
- Learning Spreadsheets: I love Bionic Turtle’s innovative Excel spreadsheets that help candidates master their mathematics and quantitative concepts.
- Interactive Test Bank: BT’s real-time dynamics help you learn the content and your weaknesses for efficient study sessions.
- FRM Focus: Unlike competitors, BT focuses solely on the FRM, for truly focused materials.
Cons
- Slow Updates: It takes the team a long time to update the materials to the current FRM curriculum, which can be extremely risky for candidates hoping to pass.
- Questions Are Lacking: The questions are often poorly written and frequently contain mistakes. They’re also dissimilar from the questions on the FRM exams, in both content and format.
- Expensive for the Quality: Bionic Turtle has the lowest quality on this list, but their pricing is higher than AnalystPrep and comparable to Kaplan-Schweser.
Reviews
Positive
“highly recommend anyone taking the FRM to use Bionic Turtle. I was a CFA charter holder was used to the schwezer notes for passing all 3 levels, the FRM material is a bit trickier to tackle and the schwezer notes are okay too, but David does a pretty great job in the videos and notes to help you digest the material.”
David Law (Facebook)
Negative
“This is just a kind recommendation, not to spend any money on BT, especially not if you are going for May exams. The materials they provide are EXTREMELY outdated, they are incredibly slow in updating the question bank and the notes/videos to the current curriculum, and the tasks and questions they provide are often not following the curriculum that closely.”
Ok-Alfalfa-2138 (Reddit)
Bottom Line
Though Bionic Turtle is in the top three, it’s not because it’s a good choice as much as because it’s one of the few choices available. Though other courses certainly exist, they don’t exist in the same capacity as this trio.Its competitors supersede BT in nearly every way, including timely updates, questions that closely follow the FRM curriculum, better video lessons, and better pricing for the quality.
FRM Prep Course Comparisons
AnalystPrep vs Kaplan-Schweser
Though both are good choices, AnalystPrep comes out on top thanks to its affordability, video lesson quality, question quality, and accuracy of the exam, as well as its larger test bank.
However, SchweserNotes™ are a huge plus to Kaplan’s FRM program, particularly for students who learn best from reading their study materials.
AnalystPrep vs. Bionic Turtle
AnalystPrep doesn’t just come out on top with BT; they crush the competition.
AnalystPrep is excellent and nearly flawless as far as FRM exam prep courses go. In every area, from pricing to quality to instruction, AnalystPrep is the Mario to Bionic Turtle’s Koopa Troopa.
Kaplan-Schweser vs Bionic Turtle
Though I feel confident ranking Kaplan-Schweser beneath AnalystPrep, KS is still far superior to Bionic Turtle.
Practicing MCQs is one of the most important parts of exam preparation, and when your questions have errors and dissimilarities to the questions found on the exam, FRM students are taking a huge risk in using Bionic Turtle over its competitors.
Final Verdict
Ultimately, though Kaplan-Schweser isn’t a bad choice, AnalystPrep is my #1 pick for the best FRM prep course due to its shocking affordability, high quality and quantity question banks, and excellent and engaging learning environment, thanks to Professor James Forjan.
Kaplan-Schweser isn’t a bad pick, it just isn’t the best—especially when its superior, AnalystPrep, is so much cheaper. However, it may be worthwhile to purchase the SchweserNotes™ separately for reading-driven candidates.
Meanwhile, Bionic Turtle’s processors went haywire, and it now finishes the race last due to its poor question quality and lack of timely updates. Use those risk management skills and choose a different prep course.
FAQs
AnalystPrep is generally recommended for beginners due to its high-quality video instruction, affordability, and accessible teaching style, especially in the Unlimited Package.
SchweserNotes™ are concise, well-organized study notes that cover all exam topics, ideal for reading-focused learners who prefer structured summaries with practical examples.
For students needing to master quantitative aspects of the FRM, Bionic Turtle’s exclusive learning spreadsheets can be invaluable tools, especially for practicing complex calculations.
AnalystPrep is considered the most affordable option for comprehensive FRM preparation, offering extensive resources, quality instruction, and support at competitive price points.
The FRM exam includes quantitative analysis, market risk measurement, credit risk, operational risk, and investment management to assess comprehensive risk management knowledge.
