2024年12月1日GARP协会公布了2025年FRM最新考纲，25年FRM二级变动最大的科目：（Market Risk Measurement&Management）市场风险管理和（Currentlssues）金融案例，其余科目基本保持不变。

2025frm二级考纲

流动性和资金风险计量与管理（Liquidity and Treasury Risk Measurement and Management）占比15%：没有变化

市场风险管理与测量（Market Risk Measurement and Management）占比20%

Chapter 4: Backtesting VaR

原考纲：Verify a model based on exceptions or failure rates.

现改为：Evaluate the accuracy of a VaR model based on exceptions or failure rates by using a model verification test.

Chapter 6: Validating Bank Holding Companies' Value-at-Risk Models for Market Risk

原第六章《Messages from the Academic Literature on Risk Measurement for the Trading Book》删除

考纲内容:

Describe some important considerations for a bank in assessing the conceptual soundness of a VaR model during the validation process.

Explain how to conduct sensitivity analysis for a VaR model, and describe the potential benefits and challenges of performing such an analysis.

Describe the challenges a financial institution could face when calculating confidence intervals for VaR.

Discuss the challenges in benchmarking VaR models and various approaches proposed to overcome them.

Chapter 7: Beyond Exceedance-Based Backtesting of Value-at-Risk Models: Methods for Backtesting the Entire Forecasting Distribution Using Probability Integral Transform

考纲内容:

Identify the properties of an exceedance-based backtest that indicate a VaR model is accurate, and describe how these properties are reflected in a PIT-based backtest.

Explain how to derive probability integral transforms (PITs) in the context of validating a VaR model.

Describe how the shape of the distribution of PITs can be used as an indicator of the quality of a VaR model.

Describe backtesting using PITs,and compare the various goodness-of-fittests that can be used to evaluate the distribution of PITs: the Kolmogorov-Smimov test, the Anderson-Darling test, and the Cramér-von Mises test.

Chapter 13: Expectations,Risk Premium, Convexity, and the Shape of the Term Structure

原考纲:

Evaluate the impact of changes in maturity, yield, and volatility on the convexity of a security.

Calculate the price and return of a zero-coupon bond incorporating a risk premium.

现改为:

Identify the components into which the return on a bond can be decomposed,and calculate the expected return on a bond for a risk-averse investor.

信用风险管理与测量（Credit Risk Measurement and Management）占比20%

Chapter 5: Introduction to Credit Risk Modeling and Assessment

原考纲：Estimate capital adequacy ratio of a financial institution.

现改为：Estimate risk-weighted assets and capital adequacy ratio of a financial institution.

操作风险与弹性（Operational Risk and Resilience）占比20%

Chapter 3: Risk Identification

原考纲：Describe best practices in the process of scenario analysis for operationalrisk.

现改为：Describe best practices in extreme risk identification for operational risk.

投资风险管理（Risk Management and Investment Management）占比15%

Chapter 3: Alpha (and the Low-Risk Anomaly)

原考纲：Describe Grinold’sfundamental law of active management, including its assumptions and limitations, and calculate the information ratio using this law.

现改为：Describe Grinold’sfundamental law of active management, including its assumptions and limitations, and calculate the maximum attainable information ratio using this law.

金融市场前沿（Current Issues）占比10%

新增八篇:

'2023 Bank Failures, Preliminary lessons learnt for resolution'

'Generative Artificial Intelligence in Finance: Risk Considerations'

'BIS Annual Economic Report, Section 3.Artificial intelligence and the economy: implications for central banks'

'Interest Rate Risk Management byEME Banks'

'BIS Annual Economic Report,Section 1.Laying a robust macro-financial foundation for the future'

'The Last Mile:Financial Vulnerabilities and Risks, Chapter 2: The Rise and Risks of Private Credit'

'BIS Annual Economic Report,Section 2.Monetary and fiscal policy:safeguarding stability and trust'

'Regulating the Crypto Ecosystem:The Case of Unbacked Crypto Assets'