Risk Management Program (Financial Risk Manager® Program)

Recognized in every major market, the FRM® is the leading certification for risk managers. It is consistently in demand by nearly every major bank and firm in the world, and is awarded only to professionals who demonstrate the knowledge and ability to anticipate, respond, and adapt to critical risk issues.

FRM® certification is awarded after a candidate has passed two rigorous multiple-choice exams (FRM® Exam Part I and Part II) and demonstrated two years of relevant work experience.

The AIFC Bureau offers preparatory courses for FRM® exams. The start of trainings is 16 weeks prior to the exams and covers all necessary aspects for successful passing:

  • We guide our students throughout the whole preparation process, explaining tips & techniques to pass the exam successfully
  • students can track their progress by taking mock exams
  • face to face format is conducive to better understanding the curriculum
  • AIFC Bureau’s trainers are certified CFA® FRM® with relevant professional experience in the field
  • Our students have a high exam pass rate

Levels of certification

Training for FRM® Part I:

  • 120 hours of intensive training program
  • Training programs are held twice a year in February-May and July-November
  • Fluent English is required
  • The course covers following topics:
    • Foundations of Risk Management
    • Quantitative Analysis
    • Financial Markets and Products
    • Valuation and Risk Management

Training for FRM® Part II:

  • 120 hours of Intensive training program
  • Training programs are held twice a year in February-May and July-November
  • Fluent English is required
  • The course covers following topics:
    • Market Risk Measurement and Management
    • Credit Risk Measurement and Management
    • Operational and Integrated Risk Management
    • Risk Management and Investment Management
    • Current Issues in Financial Markets




Cost of courses

Training Program price: 200 000 KZT Including VAT and Study Materials

Training Fee for FRM Part I and Part II Candidates might be reimbursed upon successful completion of the program and passing the exam through “AIFC Conditional Grants” Program

Become the Financial Risk Manager® (FRM®) with AIFC Bureau, Join the community of over 45000 professionals around the world!

Отзывы профессионалов

Berik Beisenbekov

Berik Beisenbekov

“First of all, I would like to express my gratitude to the AIFC Bureau for the significant contribution to the the human capital development of Kazakhstan. The acquired knowledge is necessary for the work of risk managers in the modern world, and I am pleased to have the opportunity to receive and share such knowledge among professionals.”

Nursaule Sagyndykova

Nursaule Sagyndykova

“Thanks to AIFC for offering FRM preparation course. The training was great, where professionals from the field shared their experience and knowledge. Gathering all risk professionals from Almaty and Astana. Networking and friendships were build during the training. Well done!”


Askar Mulkibayev, CFA

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Education: KIMEP University


  • VTB Bank
  • Development Bank of Kazakhstan Risk management Department
  • EBRD Risk Management Department
  • PRM Holder
  • CFA Charterholder

Assel Mussagul

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2009 – 2010 Master of Science in Risk management, University of Southampton (Great Britain)
2005 – 2009 Bachelor of business administration, Major – Finance, KIMEP University (Kazakhstan)
FRM (GARP) Level II Candidate


  • Trainee of AIFC Professionals - Financial risk manager (GARP)
  • Lecturer of Master’s degree program at UIB University
  • Head of Risk management Department in JSC RESMI GROUP
  • JSC “Qazaq Banki” – Vice manager of Risk Department
  • JSC “Pension bank of Halyk Bank of Kazakhstan”
  • JSC “Alliance Bank”




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Daniyar Kelbetov, FRM

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Education: National University of Singapore


  • Director, Strategy and Research at AIFC
  • Credit Analyst – Citi Bank (Singapore)
  • Risk analyst – Citi Bank (Singapore)
  • Senior Risk Manager – Development Bank of Kazakhstan
  • Senior Analyst/ Private Equity – National Investment Corporation
  • Visiting Lecturer – KAZGUU University

Timur Abilkassymov

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MBA (Risk Management) – London School of Business & Finance



  • Member of the Board of Directors of Kazakhstan Energy Reinsurance Company
  • Member of the Audit Committee ‘Пассажирские Перевозки’
  • Member of the Board of Directors of Kaztemirtrans CORP
  • FRM level II Candidate




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For more details contact Supervisor of Risk Management Programs:
Ruslan Muldsahev,
Email: r.muldashev@aifc.kz, Mobile: +7 771 977 8861

Supervisor of Academic Programs (FRM, Islamic Finance)

Ruslan Muldashev