How to Pass FRM Level 1 November 2025 on First Attempt: Complete Study Guide

Kateryna Myrko
Oct 5
5 min read

Cracking FRM® Part I on the first try comes down to a realistic plan, disciplined practice, and exam-day execution. With November 2025 approaching, use the guide below to structure your prep, focus on the highest-yield material, and avoid common pitfalls. Everything here is tactical: what to study, how to practice, and exactly how to use the remaining weeks.

Know the exam you’re taking How to Pass FRM Level 1 November 2025 on First Attempt

FRM Part I is a 4-hour, computer-based exam with 100 multiple-choice questions. Expect concise, scenario-style items that test applied understanding rather than rote formulas. Time is ample if you pace well (about 2.4 minutes/question), but you’ll lose that cushion if you overwork a handful of tough items. Build habits that preserve momentum: first pass for bankable points, second pass for marked questions, final sweep to confirm submissions.

Set smart priorities (what moves your score fastest)

Think in terms of score yield per hour:

Ethics & Professional Standards: high leverage and a tiebreaker in close score bands. Learn standards by intent (duties, conflicts, material nonpublic info, suitability) and practice judgment calls.
Financial Statement Analysis (FSA): foundational. Master inventory (FIFO/LIFO effects), long-lived assets, leases, income taxes (DTAs/DTLs), and cash flow interpretation. Know ratios by formula and intuition.
Quantitative Methods: TVM, probability, distributions, sampling, hypothesis testing, and regression basics. Calculator fluency is non-negotiable.
Fixed Income & Equity: pricing/valuation logic, yield measures, duration/convexity, basic DDM/FCF, multiples, index construction implications.
Round out with Corporate Issuers, Economics, Derivatives, and Alternatives, focusing on conceptual through-lines (risk, cash flows, incentives) over encyclopedic coverage.

Eight-week plan to test day

Use this as a template; shift days to match your schedule. Aim for 12–15 hours/week if you’re working full-time; add a light “maintenance” block most days for spaced review.

Week	Primary Focus	Practice Targets	Outcome by Week’s End
1	Ethics + Quant (TVM, probability)	150 Qs (mixed, easy–medium)	Ethics framework memorized; TVM keystrokes locked in
2	Quant (stats, sampling, hypothesis)	180 Qs + 2 mini-mocks (30 Qs)	Hypothesis steps, errors, p-values second nature
3	FSA (revenue, inventories, PP&E)	200 Qs + 1 drill on ratios	Read statements quickly; inventory/PP&E effects clear
4	FSA (taxes, leases, cash flows)	180 Qs + 2 mini-mocks	DTAs/DTLs, lease effects, CFO vs. NI reconciliations
5	Fixed Income (pricing, YTM, duration) + Economics refresh	180 Qs	Price–yield math, duration/convexity intuition
6	Equity (DDM/FCF, multiples) + Corporate Issuers (WACC, NPV/IRR)	180 Qs + 1 half-mock (50 Qs)	Valuation narratives; capital budgeting traps avoided
7	Derivatives (payoffs, parity), Alternatives (drivers/fees), Portfolio basics	160 Qs + Full Mock #1	Close knowledge gaps; refine pacing with mock review
8	Consolidation & Exam Readiness	Full Mock #2 & #3 + targeted drills	Stable timing, error log cleared, formula sheet in head

How to use this table

Practice Targets are minimums. If accuracy >75% and time is comfortable, push volume; if <60%, slow down and do post-mortems.
Mini-mocks (timed 30–50 questions) reveal pacing issues early without burning full exams.
Keep a living error log: concept missed, why you missed it, and the fix (rule, formula, or reading reference).

Build an effective daily routine

Core study block (60–90 min): Learn or revise one subtopic (e.g., lease accounting). Teach it back in your own words; write a 3–5 line “executive summary” per subtopic.
Drill block (45–60 min): Timed questions only. Treat each set as mini-stakes: no peeking at notes.
Maintenance (15–20 min): Spaced repetition—flashcards for Ethics triggers, key formulas (duration approximation, put-call parity), and ratio interpretations.

Technique > memorization

Link concepts: Show how higher inflation expectations shift yield curves (Economics → Fixed Income pricing). Connect payout, reinvestment, and growth in Equity models to Corporate Issuers’ capital budgeting.
Unit consistency and directionality: Before crunching numbers, predict sign and scale. Many errors are direction errors (e.g., mixing up base/price in FX or signs in cash flows).
Calculator mastery: Program muscle memory for N, I/Y, PV, PMT, FV; bonds; uneven cash flows. Replace anxiety with keystroke sequences.

Make practice work for you

Active review over passive reading: Every miss gets a written fix. If you can’t explain the fix in 30 seconds, you haven’t learned it.
Pattern spotting: Group misses by theme (e.g., “conflicts of interest” in Ethics, “deferred taxes from temporary differences” in FSA). Attack themes, not one-off items.
Escalating difficulty: Start medium, sprinkle in hard items by Week 5; by Week 7–8, your sets should mirror exam difficulty and timing.
Mocks with intent: Simulate test conditions, then spend 2–3× the mock time reviewing. Track: percentage correct, average time/question, and top three error themes.

Exam-day strategy

Pacing: First pass for quick wins; mark uncertain items and move. Checkpoints every 60 minutes keep you aligned with the on-screen clock. Reserve 5–10 minutes for final submission checks.
Triaging tough questions: If you’re 60–90 seconds in without traction, guess strategically (eliminate clearly wrong options) and mark it. The goal is maximizing total correct, not perfecting any single item.
Ethics mindset: Read stems carefully; ask “What duty is at risk? What’s the appropriate action?” Subtle wording often distinguishes compliant from non-compliant responses.

Common pitfalls to avoid

Over-reading answer choices (projecting assumptions not in the stem).
Ignoring cash-flow classification in FSA (e.g., classifying interest/dividends incorrectly).
Uncalibrated time—finishing only 85–90 questions because of stubbornness on a few.
Formula hoarding without intuition—know why duration rises with maturity and falls with higher coupons.

Final 72-hour checklist

Two targeted drills/day (mixed topics), then light review only.
Re-read your Ethics summaries and error-log fixes.
Refresh keystrokes and quick conversions (nominal ↔ effective rates, logs, percent changes).
Sleep, hydration, logistics (ID, appointment printout, approved calculator, batteries) squared away.

Bottom line: Prioritize high-yield domains, practice under time, learn from an aggressive error log, and rehearse exam-day pacing. Do that consistently for the next eight weeks and you’ll give yourself the best shot at passing FRM Level I in November 2025 on your first attempt.

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