The FRM Exam is a pencil and paper multiple choice exam given in two parts. It is offered exclusively in English, twice a year in May and November, in person at approximately 90 Exam sites around the world. This approach ensures that there is fairness and consistency for all candidates globally.

Each part of the FRM Exam is four hours long. Part I consists of 100 multiple choice questions and Part II contains 80 multiple choice questions. Part I is offered in the morning session and Part II in the afternoon session of each Exam administration.

There are no penalties for incorrect answers. Candidates must pass Part I of the FRM Exam in order to have Part II graded. The passing score is determined by the FRM Committee.

Only GARP-approved calculators are permitted to be used at the FRM Exam. To review GARP's calculator policy, click here.

Exam results are pass/fail and are released via email approximately six weeks after the Exam is administered. Candidates are provided with quartile results that enable them to see how they scored on specific areas relative to other candidates.