Executive Summary: What Changed

Overall Scope

• Total readings: ~102 (2024) → 104 (2025)
• Net change: +2 readings
• Exam weights: Unchanged across all six subjects

👉 Similar to 2026, the 2025 update was evolutionary, not disruptive, with targeted updates rather than structural overhaul.

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Concentration of Changes by Subject

Investment Management (IM)

Moderate expansion and restructuring

• Added new readings on:
  • Portfolio construction frameworks
  • Risk budgeting
  • Performance evaluation
• Increased focus on:
  • Practical portfolio applications
  • Institutional asset management

👉 Foundation for the major overhaul seen in 2026

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Current Issues (CI)

Annual rotation continues

• Majority of readings refreshed
• Themes included:
  • Climate risk
  • ESG integration
  • Digital assets and fintech
  • Macroeconomic uncertainty

👉 High turnover similar to 2026, but less aggressive than 2026 rotation

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Liquidity & Treasury Risk (LTR)

Minor refinements

• No major structural change
• Some LOS clarifications
• Slight reordering of concepts

👉 Became more refined and cleaner, leading to 2026 streamlining

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Market Risk (MR)

Largely stable

• No reading changes
• Minor LOS clarifications in:
  • VaR interpretation
  • Stress testing applications

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Credit Risk (CR)

Stable with minor refinements

• No reading additions or deletions
• LOS refinements in:
  • Credit models
  • Default probability interpretation

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Operational Risk & Resilience (ORR)

Conceptual strengthening (no structural change)

• Greater emphasis on:
  • Risk culture
  • Governance frameworks
• No change in number of readings

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Exam Weights: No Change

Subject	Weight	Status
Market Risk	20%	Unchanged
Credit Risk	20%	Unchanged
Operational Risk & Resilience	20%	Unchanged
Liquidity & Treasury Risk	15%	Unchanged
Investment Management	15%	Unchanged
Current Issues	10%	Unchanged

👉 Same pattern continues into 2026

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Change Classification (2025 vs 2024)

Reading-Level Changes

• Readings Added: Limited additions mainly in IM and CI
• Readings Removed: Few removals, mostly in CI
• Readings Replaced: Some CI readings replaced entirely
• Renumbering: Occurred due to minor restructuring
• LOS Edits: Present across MR, CR, and LTR

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Subject-wise Deep Impact

Market Risk (MR)

• No structural changes
• Minor LOS clarity improvements

👉 Impact: Very low

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Credit Risk (CR)

• Stable readings
• Slight refinement in model interpretation

👉 Impact: Low

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Operational Risk & Resilience (ORR)

• No reading changes
• More emphasis on governance and resilience thinking

👉 Impact: Low to moderate conceptual shift

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Liquidity & Treasury Risk (LTR)

• Minor LOS adjustments
• Slight reordering

👉 Impact: Low

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Investment Management (IM)

• Expanded coverage
• More practical orientation

👉 Impact: Moderate (important transition phase before 2026 expansion)

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Current Issues (CI)

• Significant reading rotation
• New macro + ESG + fintech themes

👉 Impact: High (as always)

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Net Curriculum Summary

Category	Outcome
Total readings	~102 → 104
Net change	+2
Biggest evolution	Investment Management
Highest rotation	Current Issues
Stable subjects	MR, CR
Conceptual strengthening	ORR
Minor refinement	LTR

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Candidate Action Plan (2025 vs 2024)

Must Update

• Current Issues (CI): Always fresh preparation required
• Investment Management (IM): Update with new readings

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Partial Update

• LTR: Review updated LOS
• MR & CR: Align with wording refinements

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Mostly Reusable

• ORR: Core material remains valid

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Final Takeaway

The 2025 FRM Part II curriculum acted as a transition year:

• Investment Management started expanding toward practical, portfolio-focused learning
• Current Issues continued its high-rotation model
• Core risk subjects (MR, CR, ORR) remained structurally stable
• Liquidity & Treasury Risk became slightly more streamlined