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I did FRM level 1 last november 2012 and it took me 3/4 weeks to digest the L1 plus one week to practice exam questions. There are probably between 50 to 60% overlap with CFA L1 and L2 curriculum.
I would recommend to use the Bionic Turtle study notes, this is the equivalent to Schweser for FRM, it cost 399 dollars and 599 dollars for both part 1 and 2 and this is much concise that the official curriculum.
*The exam questions are not as vicious as for the CFA L2 exam could be (I’m referring to mock 2013 or CFA 2012)

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