TIRM Syllabus 2026: Treasury Investment & Risk Management + PDF
The TIRM syllabus 2026 is the single most important document a banker can hold before attempting the IIBF Diploma in Treasury, Investment & Risk Management. Get the map right and everything else — notes, mock tests, numerical practice — falls into place. This guide walks you through the complete Treasury, Investment & Risk Management (TIRM) syllabus module by module and chapter by chapter, shows you exactly where the marks sit, and gives you a week-by-week study plan that has worked for thousands of treasury and risk professionals. You can also download the official TIRM syllabus PDF further down the page.
Key takeaways
- The TIRM syllabus is built around four modules — the Risk Framework, Basel & RBI Guidelines, Market Risk, and Derivatives & Risk Management.
- It spans 24 academic chapters; Module B (Basel & RBI) is the largest and Module C (Market Risk) carries the heaviest numericals.
- The paper is application- and calculation-driven — VaR, duration, capital-ratio and hedging sums dominate, so conceptual clarity beats rote learning.
- Time-sensitive figures (capital ratios, LCR/NSFR, leverage, PCA triggers) change — always confirm them against the latest IIBF notification and RBI Master Directions.
- Pair the syllabus with timed mock tests, one-liners and matching games to convert understanding into exam speed.
What the Treasury, Investment & Risk Management (TIRM) course actually covers
TIRM is a specialised IIBF certification that builds deep, practical expertise in how banks measure and manage risk, capital, market exposures and derivatives. Unlike a general banking paper, it goes straight to the machinery that keeps a balance sheet safe.
The course is designed for treasury dealers, risk officers, ALM and mid-office staff, and investment-desk personnel — in short, any banker who wants to understand how an institution is protected against interest-rate, liquidity, credit, market and operational risk.
The arc of the syllabus is logical. It opens with why banks are special and the architecture of a risk-management framework, moves through Basel III and RBI capital-adequacy guidelines, drills into the quantitative heart of market risk — fixed-income valuation, interest-rate risk and Value at Risk — and closes with a full module on derivatives. In effect, it is a complete risk-and-treasury toolkit for the modern banker.
TIRM exam pattern at a glance
The TIRM examination is an objective, MCQ-based test delivered through IIBF's remote-proctored mode. What sets it apart from a definition-recall paper is how heavily it leans on application and numbers: expect VaR, capital-ratio and hedging sums rather than one-line theory questions.
That single fact should shape your whole strategy. Conceptual clarity and calculator practice matter far more than memorising paragraphs. A candidate who can compute a modified-duration price change in fifteen seconds will always out-score one who has merely read about duration.
Treasury, Investment & Risk Management syllabus 2026 — chapter-wise
The full Treasury, Investment & Risk Management syllabus is organised into four modules covering the risk framework, Basel & RBI guidelines, market risk and derivatives. Here is the complete chapter-by-chapter breakdown in the official IIBF order.
| Module | Ch | Topic | What you learn |
|---|---|---|---|
| A. Risk & Risk Management Framework | 1 | Why Banks are Special | The unique role of banks, maturity transformation and why they are tightly regulated. |
| A. Risk & Risk Management Framework | 2 | Risks and Risk Management in Banks | Credit, market, operational and liquidity risk and how each is managed. |
| A. Risk & Risk Management Framework | 3 | Risk Management Framework | Governance, the three lines of defence and the risk-appetite framework. |
| A. Risk & Risk Management Framework | 4 | Effectiveness & Internal Control | How internal controls and audit make a risk framework actually work. |
| A. Risk & Risk Management Framework | 5 | Liquidity Risk Management | Funding vs market liquidity, gap analysis and the role of HQLA. |
| B. Basel & RBI Guidelines | 6 | Global Financial Crisis & Basel III | Lessons of 2008 and how Basel III responded with stronger capital and liquidity rules. |
| B. Basel & RBI Guidelines | 7 | Regulatory Capital & Capital Adequacy | CET1, Tier 1, Tier 2, risk-weighted assets and the CRAR. |
| B. Basel & RBI Guidelines | 8 | Capital Charge for Credit Risk | Standardised and IRB approaches to computing credit-risk capital. |
| B. Basel & RBI Guidelines | 9 | Capital Allocation Against Market Risk | Standardised duration method and capital for interest-rate, equity and forex risk. |
| B. Basel & RBI Guidelines | 10 | Capital Charge for Operational Risk | Basic Indicator, Standardised and the newer measurement approaches. |
| B. Basel & RBI Guidelines | 11 | Supervisory Review & ICAAP | Pillar 2, the Internal Capital Adequacy Assessment Process and Pillar 2 risks. |
| B. Basel & RBI Guidelines | 12 | Stress Testing & PCA Framework | Designing stress scenarios and RBI's Prompt Corrective Action triggers. |
| B. Basel & RBI Guidelines | 13 | Market Discipline | Pillar 3 disclosure requirements that let markets assess a bank's risk. |
| B. Basel & RBI Guidelines | 14 | Buffers, Liquidity Ratios & Leverage Ratio | CCB, CCyB, LCR, NSFR and the leverage-ratio backstop. |
| B. Basel & RBI Guidelines | 15 | Risk Based Supervision | RBI's shift to a forward-looking, risk-focused supervisory model. |
| B. Basel & RBI Guidelines | 16 | Risk Based Internal Audit | Prioritising audit effort by the risk profile of business units. |
| C. Market Risk | 17 | Fixed Income Securities | Bond pricing, yield, YTM and the price-yield relationship. |
| C. Market Risk | 18 | Measurement of Interest Rate Risk | Duration, modified duration, convexity and PV01. |
| C. Market Risk | 19 | Value at Risk | VaR methods — variance-covariance, historical and Monte Carlo — and back-testing. |
| D. Derivatives & Risk Management | 20 | Derivatives & Risk Management (Intro) | Overview of derivatives and their role in hedging and managing risk. |
| D. Derivatives & Risk Management | 21 | Forward Contract | OTC forwards, pricing and currency/interest-rate hedging with forwards. |
| D. Derivatives & Risk Management | 22 | Futures | Exchange-traded futures, margining, marking-to-market and basis. |
| D. Derivatives & Risk Management | 23 | Options | Calls, puts, payoffs, premium drivers and the option Greeks. |
| D. Derivatives & Risk Management | 24 | Swaps | Interest-rate and currency swaps and how they restructure cash flows. |
A quick note on the official document: alongside these 24 academic chapters, the IIBF PDF carries general examination instructions — centre selection, mobile-phone and calculator rules, conduct and result advice. Those are administrative pages rather than study chapters, so the table above lists only the academic syllabus. Do read the instruction pages before exam day so nothing surprises you at the test centre.
Download the full TIRM syllabus (PDF)
The complete, exam-ready Treasury, Investment & Risk Management syllabus in one file — keep it open while you plan your weeks across risk, Basel, market risk and derivatives.
Download TIRM Syllabus PDFWhere the marks really sit: module weightage logic
You cannot study 24 chapters as if each carried identical weight. The smarter approach is to read the TIRM syllabus through the lens of effort-versus-reward.
Module B (Basel & RBI Guidelines) is the broadest, with eleven chapters, and it forms the regulatory backbone of the paper. Module C (Market Risk) is the smallest in chapter count but disproportionately rich in numericals — and numericals are where disciplined candidates pull ahead because the answers are objectively right or wrong. The table below shows how to think about each module.
| Module | Chapters | Nature | Priority |
|---|---|---|---|
| A. Risk Framework | 1–5 | Conceptual, foundational | Build first — everything rests on it |
| B. Basel & RBI | 6–16 | Regulatory + some numerical | Highest volume — allot the most days |
| C. Market Risk | 17–19 | Heavily numerical | Highest scoring per hour — master it |
| D. Derivatives | 20–24 | Concept + applied hedging | Finish strong — clear payoff logic |
The takeaway is simple: do not let the bulk of Module B crowd out the numerical chapters in Modules C and D, which return the most marks for the time you invest.
Recently updated topics you must not miss
Risk and capital regulation moves quickly, and the TIRM paper increasingly tests the current position rather than dated textbook values. Pay special attention to these areas — and always cross-check the exact figures against the latest RBI Master Directions, the Basel framework and the IIBF notification.
- Basel III capital buffers and ratios: the Capital Conservation Buffer, Countercyclical Capital Buffer, minimum CRAR, LCR and NSFR thresholds are refined by RBI from time to time. Revise the currently required percentages as per the latest released RBI guidelines rather than older figures.
- Leverage Ratio framework: RBI prescribes a minimum leverage ratio for banks, with a differential applied to Domestic Systemically Important Banks (D-SIBs). Confirm the latest minimum percentage and the exposure-measure definition before the exam.
- Prompt Corrective Action (PCA) thresholds: the PCA parameters — built on capital, asset quality and leverage — have been revised over the years. Study the current trigger levels and the structured supervisory action each invites.
We keep our TIRM notes and tests synced with these changes, so the concepts you revise here stay aligned with the latest position — but the official IIBF notification and RBI circulars remain the final word on any specific number.
A practical 6-week TIRM study plan
Because the paper is application- and numerical-driven, a module-by-module schedule beats random topic-hopping. Here is a realistic plan you can compress or stretch to fit your timeline.
- Week 1 — Build the framework (Chapters 1–5): lock in why banks are special, the risk taxonomy, governance and liquidity-risk basics. This is light reading that creates the vocabulary for everything ahead.
- Weeks 2–3 — Master Basel & RBI capital (Chapters 6–16): drill capital tiers, charges for credit, market and operational risk, ICAAP, buffers, LCR/NSFR, leverage and PCA. Make a one-page cheat sheet of every ratio and its purpose.
- Week 4 — Conquer market risk (Chapters 17–19): practise bond pricing, duration, modified duration, PV01 and VaR sums until they are automatic. This is the highest-return week of your preparation.
- Week 5 — Finish with derivatives (Chapters 20–24): understand forwards, futures, options and swaps, and — crucially — which instrument hedges which exposure. Draw the payoff diagrams yourself.
- Week 6 — Revise with mocks, one-liners and games: alternate full-length mock tests with one-liner revision and matching games so accuracy and speed climb together. Review every wrong answer, not just the score.
Treat the final fortnight as a calculator boot camp. Sit at least two or three timed papers under exam conditions so the clock stops being your enemy.
High-yield TIRM one-liners for revision
Use these rapid-fire one-liners to cement the concepts most likely to appear in the paper. They are deliberately phrased the way an examiner frames a distractor.
Common mistakes TIRM candidates make
Most TIRM failures are not about intelligence — they are about strategy. Sidestep these traps and your odds improve sharply.
- Memorising instead of calculating. The paper rewards the candidate who can compute, not the one who can recite. If you cannot do a VaR or duration sum without notes, you are not ready.
- Revising stale figures. Capital ratios, LCR/NSFR and PCA triggers change. Confirm every number against the latest RBI Master Directions and the IIBF notification rather than trusting an old PDF.
- Confusing risk categories. Borrower default is credit risk, a rate move is market risk, a system failure is operational risk. Examiners love distractors that blur these lines.
- Ignoring the calculator. Walking in without timed calculator practice costs precious minutes. Speed on sums is a skill you build, not a gift you are born with.
- Skipping derivatives payoff logic. Knowing what a call or a forward is matters less than knowing which one hedges a given exposure. Map every instrument to a real treasury scenario.
Free TIRM study resources on Learning Sessions
A syllabus is only the starting line. You clear TIRM by practising the numericals and concepts until they are second nature, and the full Learning Sessions TIRM hub is built around this exact syllabus.
- Chapter-wise TIRM mock tests — timed, exam-pattern MCQs with instant answers and explanations.
- Matching games — gamified drills that make risk terms, ratios and derivative payoffs stick.
- Detailed chapter notes — module-by-module study material you can revise online or offline.
- All TIRM guides — the full library of explainers, exam-date updates and concept deep-dives.
- Live and recorded classes — concept-building sessions by Ashish Jain for every risk and treasury topic.
If you are still planning your attempt, our note on the TIRM Diploma exam date tells you exactly which window to lock in.
Deep-dive guides to score the tricky chapters
Some chapters reward extra reading because they recur across papers. Two in particular — investment classification and bond valuation — sit at the heart of Module C and the treasury function itself.
Start with our walkthrough of HTM, AFS and FVTPL classification to see how the trading and banking books are split, then move to bond valuation in bank treasury for the pricing and yield mechanics the numericals depend on. For the regulatory angle, G-Sec valuation under RBI norms ties the classification rules to capital treatment. Together they cover the most examinable corner of the syllabus.
Test yourself — TIRM practice questions
Work these application-based questions before you peek at the answer. If you can reason them out cleanly, your fundamentals are in good shape.
Q1. A bank reports a 1-day 99% VaR of Rs 5 crore on its trading book. Which interpretation is correct?
- a) The bank will definitely lose Rs 5 crore tomorrow
- b) There is a 1% chance the one-day loss exceeds Rs 5 crore
- c) The maximum possible loss is capped at Rs 5 crore
- d) The bank's profit will be Rs 5 crore with 99% confidence
Show answer
Answer: b. A 99% one-day VaR means the loss is expected to exceed Rs 5 crore only about 1% of the time. VaR neither caps the maximum loss nor guarantees an outcome — tail losses can be far larger.
Q2. A bond portfolio has a modified duration of 6. If market yields rise by 0.50%, the approximate change in portfolio value is:
- a) +3.0%
- b) -3.0%
- c) -6.0%
- d) +0.5%
Show answer
Answer: b. Approximate price change = -(modified duration) x (change in yield) = -6 x 0.50% = -3.0%. Rising yields reduce bond prices, so the portfolio falls by roughly 3%.
Q3. Under Basel III, Common Equity Tier 1 (CET1) capital is primarily intended to absorb losses on a:
- a) Gone-concern basis only
- b) Going-concern basis
- c) Off-balance-sheet basis
- d) Tax-deferred basis
Show answer
Answer: b. CET1 is the highest-quality, going-concern capital that absorbs losses while the bank keeps operating. Tier 2 instruments are gone-concern capital that protect depositors mainly on liquidation.
Q4. A treasurer expects rupee depreciation and wants to lock the rate for a future USD import payment. The most direct hedge is to:
- a) Sell a USD/INR forward
- b) Buy a USD/INR forward
- c) Write a USD call option
- d) Take no action
Show answer
Answer: b. An importer who must pay USD later is short dollars. Buying a USD/INR forward locks the purchase rate today, hedging rupee depreciation. Selling a forward or writing a call would leave the exposure open or add risk.
Q5. Which Basel III measure is a non-risk-based backstop designed to constrain the build-up of leverage?
- a) Liquidity Coverage Ratio
- b) Capital Conservation Buffer
- c) Leverage Ratio
- d) Net Stable Funding Ratio
Show answer
Answer: c. The Leverage Ratio (Tier 1 capital to total exposure) is deliberately non-risk-based, acting as a backstop to the risk-weighted capital requirements and limiting excessive balance-sheet leverage.
Q6. Operational risk capital under Basel norms is most directly intended to cover losses arising from:
- a) Adverse movements in interest rates
- b) Borrower default on a term loan
- c) Failed internal processes, people, systems or external events
- d) A fall in equity prices in the trading book
Show answer
Answer: c. Operational risk is the risk of loss from inadequate or failed internal processes, people and systems, or from external events. Rate and price moves are market risk; borrower default is credit risk.
Frequently asked questions
Is the Treasury, Investment & Risk Management (TIRM) course worth it?
Yes — for anyone in treasury, risk, ALM, mid-office or investment roles it builds directly job-relevant skills in capital management, market risk and derivatives. It is one of the most analytical IIBF qualifications and signals strong risk expertise to employers, which makes it a genuine career differentiator.
How many chapters are there in the TIRM syllabus?
The TIRM academic syllabus spans 24 chapters across four modules: Risk & Risk Management Framework, Basel & RBI Guidelines, Market Risk, and Derivatives & Risk Management. The official IIBF document also includes administrative examination-instruction pages, which are not study chapters.
Where can I download the TIRM syllabus PDF?
You can download the complete TIRM syllabus PDF from the button on this page. It lists every chapter in the official IIBF order, module by module, so you can map your study weeks against it directly.
How hard is the TIRM exam compared with other IIBF papers?
TIRM is considered one of the more demanding IIBF certifications because it is numerical and application-heavy rather than recall-based. Candidates comfortable with bond maths, capital ratios and VaR tend to find it very scoreable, while those who only memorise definitions struggle with the calculation-style questions.
How should I keep up with updated topics?
Follow RBI Master Directions and circulars on capital adequacy, Basel III buffers, LCR/NSFR, the leverage ratio and the PCA framework. Use our regularly updated TIRM notes and mock tests for the concepts, and always verify any specific figure against the latest IIBF notification before exam day.
Do I need a finance background to clear TIRM?
A finance background helps but is not essential. The syllabus builds from first principles — why banks are special, the risk taxonomy — before reaching the quantitative chapters, so a motivated banker who practises the numericals steadily can absolutely clear it without a specialist degree.
Start your TIRM preparation today
A clear syllabus is half the battle won. Download the TIRM syllabus PDF, map each module to a study block, revise with one-liners and matching games, and back it all with timed mock tests and plenty of numerical practice. For the official position on any figure, you can always confirm against the Indian Institute of Banking & Finance. With a structured plan and consistent effort, the Treasury, Investment & Risk Management certification is well within your reach.
Related Guides
📚 Free Learning Sessions resources — connect & crack your exam
- 📝 Free mock tests — chapter-wise, exam-pattern, with instant solutions
- 🎮 Matching games — gamified revision of key terms & concepts
- 📄 Study notes & PDFs — downloadable chapter material
- 🎥 Video classes on YouTube — subscribe to @learningsessions
- CAIIB
- CAIIB Hrm Syllabus
- BRBL CAIIB Syllabus
- CAIIB Exam
- Protection To Paying Banker
- ABFM CAIIB
- Locker Rules
💬 Want the full course? WhatsApp your course name to 8360944207 and our team will set you up.
📱 Study on the go — get our iOS & Android app at iibf.store/app.
Practice this topic
Take a free mock test, download chapter PDFs, or watch a video class — all included on iibf.store.
