今年（2011）的FRM考試指定教材（Study Guide）共有82個Readings，可是在應用教學教材聲明（AIM statements）卻只有81個Readings。那是因為在公布Study Guide & AIM statements之間的一個禮拜期間通過了Basel III，所以把原來在Study Guide中的第55,58,60三篇Readings（Basel III未通過前的Readings）拿掉，換成通過Basel III後的第55,56二篇，才會有這樣的差異。因此，今年的考生只要準備這81個Readings就好了。
但是有許多考生以為去年（2010）的Readings共有72個Readings，以為今年只增加9篇Readings而已，其實變化還蠻多的。
去年雖然有72個Readings，但是在這72個Readings裡面的參考書裡，同一本指定的參考書，卻可能出現在不同的指定Readings，如Philippe Jorion的Value at Risk第3版這一本參考書，除了在Part I的風險管理基礎單元出現該參考書第1章的1篇Reading，也在計量分析單元出現該參考書第12章的1篇Reading。所以，去年實際的72篇Readings卻只有27本參考書與27篇文章。
而今年的81篇Readings（以AIMs為準）卻只有26本參考書及38篇文章。可是這並非今年少了1本參考書、多出11篇文章，而是因為2010年的27本參考書中刪掉了3本參考書，而今年又增加2本參考書使然，所以看起來才會以為只減少1本參考書。而2010年的27篇文章中刪掉了10篇文章，而今年增加21篇文章。所以看起來才會以為只增加11篇文章。
因此，重考生要特別注意這些刪掉的文章及參考書，不要再閱讀，以免浪費時間。而重考生與新考生都要特別注意新增的教材，這將會是今年考試能否通過的重點教材。
因此，我特別把去年刪掉的參考書書單章節與文章篇名，詳列如下，並附上今年新增的參考書書單及文章篇名。
一、今年刪掉的去年3本參考書單及其章節：
8. Damodar Gujarati, Essentials of Econometrics, 3rd Edition (New York: McGraw‐Hill, 2006).
• Chapter 1 . . . . . . . . . . . The Nature and Scope of Econometrics
• Chapter 2 . . . . . . . . . . . Review of Statistics: Probability and Probability Distributions
• Chapter 3 . . . . . . . . . . . Characteristics of Probability Distributions
• Chapter 4 . . . . . . . . . . . Some Important Probability Distributions
• Chapter 5 . . . . . . . . . . . Statistical Inference: Estimation and Hypothesis Testing
• Chapter 6 . . . . . . . . . . . Basic Ideas of Linear Regression: The TwoVariable Model
• Chapter 7 . . . . . . . . . . . The TwoVariable Model: Hypothesis Testing
• Chapter 8 . . . . . . . . . . . Multiple Regression: Estimation and Hypothesis Testing
46. Ellen Davis (editor), Operational Risk: Practical Approaches to Implementation (London: Risk Books, 2005).
• Chapter 12 . . . . . . . . . . Aligning Basel II Operational Risk and Sarbanes-Oxley 404 Projects, by Nick Bolton and Judson Berkey.
58. Lars Jaeger (ed), The New Generation of Risk Management for Hedge Funds and Private Equity Investments (London: Euromoney Institutional Investor, 2003).
• Chapter 6 . . . . . . . . . . . Funds of Hedge Funds, by Sohail Jaffer
• Chapter 27 . . . . . . . . . . Style Drifts: Monitoring, Detection and Control, by PierreYves Moix
二、今年刪掉的去年10篇文章篇名：
47. Andrew Kuritzkes, Til Schuermann and Scott M. Weiner. “Risk Measurement, Risk Management and Capital Adequacy in Financial Conglomerates,” in Brookings‐Wharton Papers on Financial Services Robert E. Litan and Richard Herring (eds) (Brookings Institutional Press, Washington, DC: 2003). Article available at www.garpdigitallibrary.org.
49. Falko Aue and Michael Kalkbrener, 2007, “LDA at Work”, Deutsche Bank White Paper. Article available at www.garpdigitallibrary.org.
50. Til Schuermann and Andrew Kuritzkes, “What We Know, Don’t Know and Can’t Know About Bank Risk: A View from the Trenches.”Article available at www.garpdigitallibrary.org.
51. “Principles for Sound Liquidity Risk Management and Supervision” (Basel Committee on Banking Supervision Publication, September 2008). Article available at www.garpdigitallibrary.org.
54. “Supervisory guidance for assessing banks’ financial instrument fair value practices” (Basel Committee on Banking Supervision Publication, April 2009). Article available at www.garpdigitallibrary.org.
61. René Stulz, “Hedge Funds: Past, Present and Future.” Article available at www.garpdigitallibrary.org.
64. Manmohan Singh and James Aitken, “Deleveraging after Lehman – Evidence from Reduced Rehypothecation,” (March 2009).
68. Senior Supervisory Group, “Observations on Risk Management Practices during the Recent Market Turbulence,” (March 2008). Article available at www.garpdigitallibrary.org.
69. UBS, “Shareholder Report on UBS’s Write-Downs,” (April 2008). Article available at www.garpdigitallibrary.org.
70. Martin Hellwig, “Systemic Risk in the Financial Sector: An Analysis of the Subprime-Mortgage Financial Crisis.” Article available at www.garpdigitallibrary.org.
三、今年新增的2本參考書書單及其章節：
3. Edwin J. Elton, Martin J. Gruber, Stephen J. Brown and William N. Goetzmann, Modern Portfolio Theory and Investment Analysis, 7th Edition (Hoboken, NJ: John Wiley & Sons, 2007).
• Chapter 5 .............................Delineating Efficient Portfolios
• Chapter 13............................The Standard Capital Asset Pricing Model
• Chapter 14............................Nonstandard Forms of Capital Asset Pricing Models
• Chapter 16............................The Arbitrage Pricing Model APT – A New Approach to Explaining Asset Prices
9 James Stock and Mark Watson, Introduction to Econometrics, Brief Edition (Boston: Pearson Education, 2008).
• Chapter 2 .............................Review of Probability
• Chapter 3 .............................Review of Statistics
• Chapter 4.............................Linear Regression with One Regressor
• Chapter 5 .............................Regression with a Single Regressor: Hypothesis Tests and Confidence Intervals
• Chapter 6 .............................Linear Regression with Multiple Regressors
• Chapter 7 .............................Hypothesis Tests and Confidence Intervals in Multiple Regression
四、今年新增21篇文章篇名
5. Casualty Actuarial Society, Enterprise Risk Management Committee, “Overview of Enterprise Risk Management,”May 2003. Copy available at: www.GARPDigitalLibrary.org
23. Dale F. Gray, Robert C. Merton and Zvi Bodie, “Contingent Claims Approach to Measuring and Managing SovereignCredit Risk,” Journal of Investment Management, Vol. 5, No. 4 (2007).
48. Jimmy Hong, John Knight, Steve Satchell and Bernd Scherer, “Using approximate results for validating value-at-risk,” The Journal of Risk Model Validation, Volume 4/Number 3, Fall 2010: pp. 69-81.
50. Mo Chaudhury, “A review of the key issues in operational risk capital modeling,” The Journal of Operational Risk, Volume 5/Number 3, Fall 2010: pp. 37-66.
51. Eric Cope, Giulio Mignola, Gianluca Antonini and Roberto Ugoccioni, “Challenges and pitfalls in measuring operational risk from loss data,” The Journal of Operational Risk, Volume 4/Number 4, Winter 2009/10: pp. 3-27.
52. De Fontnouvelle, Patrick, Eric S. Rosengren and John S. Jordan, 2006. “Implications of Alternative Operational Risk Modeling Techniques.” Ch. 10 in Mark Carey and René Stulz (eds.), Risks of Financial Institutions, NBER, 475-505. And comment by Andrew Kuritzkes 505-511.
55. “Basel III: A global regulatory framework for more resilient banks and banking systems” (Basel Committee on Banking Supervision Publication, December 2010). Copy available at: www.GARPDigitalLibrary.org
56. “Basel III: International framework for liquidity risk measurement, standards and monitoring” (Basel Committee on Banking Supervision Publication, December 2010). Copy available at: www.GARPDigitalLibrary.org
59. “Developments in Modelling Risk Aggregation” (Basel Committee on Banking Supervision Publication, July 2009). Copy available at: www.GARPDigitalLibrary.org
61. Fama, Eugene and Kenneth French, 2004. “The Capital Asset Pricing Model: Theory and Evidence,” Journal of Economic Perspectives 18:3, 25-46.
65. Stephen Brown, William Goetzmann, Bing Liang, Christopher Schwarz, “Trust and Delegation”, May 28, 2010. Copy available at: www.GARPDigitalLibrary.org
67. Amir E. Khandani and Andrew W. Lo, “An Empirical Analysis of Hedge Funds, Mutual Funds, and U.S. Equity Portfolios”, June 24, 2009. Copy available at: www.GARPDigitalLibrary.org
68. Andrew W. Lo, “Risk Management for Hedge Funds: Introduction and Overview”, Financial Analysts Journal, Vol. 57., No. 6 (Nov.–Dec., 2001), pp. 16-33.
70. Steven N. Kaplan and Per Stromberg, 2009. “Leveraged Buyouts and Private Equity” Journal of Economic Perspectives 23:1, 121-146. Copy available at: www.GARPDigitalLibrary.org
74. Bennett Golub and Conan Crum, “Risk Management Lessons Worth Remembering from the Credit Crisis of 2007-2009,” (October 2009). Copy available at: www.GARPDigitalLibrary.org
75. “Findings Regarding the Market Events of May 6, 2010, (Executive Summary)” Report of the Staffs of the CFTC and SEC to the Joint Advisory Committee on Emerging Regulatory Issues (September 2010). Copy available at: www.GARPDigitalLibrary.org
76. Gregory Connor, Thomas Flavin, and Brian O’Kelly, “The U.S. and Irish Credit Crises: Their Distinctive Differences and Common Features.” Copy available at: www.GARPDigitalLibrary.org
77. Eli Remolona, Michela Scatigna and Eliza Wu, “Interpreting sovereign spreads,” BIS Quarterly Review, March 2007. Copy available at: www.GARPDigitalLibrary.org
78. “Making Over-the-Counter Derivatives Safer: The Role of Central Counterparties.” IMF Global Financial Stability Report, April 2010, Chapter 3. Copy available at: www.GARPDigitalLibrary.org
79. “FSF Principles for Sound Compensation Practices,” Financial Stability Forum, April 2009.
Copy available at: www.GARPDigitalLibrary.org
80. Brunnermeier, Markus, 2009. “Deciphering the Liquidity and Credit Crunch 2007-2008.” Journal of Economic Perspectives 23:1, 77-100.
81. Examiner’s Report on Lehman, Appendix 8 (pages 1–49). Copy available at: www.GARPDigitalLibrary.org
五、至於其他原來在Readings中的參考書書單及文章篇名，也會因為有出版新版本及增訂修改後的文章，而有不同的版本及年份別，在此就不再贅述。
