When will registration open for the 2013 FRM Exams? Registration will open May 1, 2013 for the FRM Exam given on November 16, 2013.

Where will the FRM Exam Part I and Part II be offered? Both the FRM Exam Part I and Part II will be administered at the same Exam sites. However, while cities remain the same, locations within each city may change from year to year. Click here to review a complete list of Exam sites.

Will either FRM Exam Part I or Part II be offered electronically? No. Both Exams will be administered manually via paper and pencil. For a more detailed overview of the FRM Exam's format, click here.

When will registration open for the 2013 FRM Exams? Registration will open May 1, 2013 for the FRM Exam given on November 16, 2013.

Can I register to sit for the FRM Part I and Part II on different dates? No, a candidate can only register for FRM Part II after they have successfully passed Part I, unless they register to sit for both parts on the same day.

Can I register to take both the FRM Exam Part I and Part II on the same day? Yes, you are able to register for both the FRM Exam Part I and Part II on the same day. Part I will be offered in the morning and Part II in the afternoon.

Is it possible to register to sit for both the ERP Exam and FRM Exam on the same day? No, the Exams are administered at the exact same time, which makes it impossible for a candidate to sit for both Exams on the same day.

What are the different types of candidates? New Candidate - Has never registered or sat for the Exam. Returning Candidate - Has sat for the Exam, not passed, and would like to retake the same Exam. Deferral Candidate - Has deferred taking the Part I Exam to the next available Exam date and now wants to register for Part II on the same day as Part I.

As a New Candidate for the FRM Exam Part I, can I defer my registration to the next Exam? Yes. You can always defer your registration up until the last day of registration, April 15th or October 15th, respectively. There is, however, an administrative processing fee of US$100 that is due at the time of the request, payable online by credit card. Please note, candidates are allowed only one deferral for each Exam, meaning that a candidate may defer only once for Part I and once for Part II.

How do I defer my Exam? If you have already registered and paid for the FRM Exam Part I or FRM Exam Part II and wish to defer your registration, please visit the FRM registration page by clicking here. You can only defer once for each Exam Part, which means a candidate may defer once for Part I and once for Part II.

If I defer my Exam test date, is there a time limit on when I need to re-register? There is no need to re-register. A deferral simply postpones your Exam test date to the next available Exam test date. Your registration will automatically be made and a confirmation email sent to you. For example, if you defer the May Exam, you will be automatically re-registered to sit for the November Exam.

As a returning candidate for the FRM Exam Full, why do I need to pay another US$150 for the Enrollment Fee? As we have fully transitioned to a two part Exam, the enrollment fee is US$300. When you enrolled for the FRM Exam Full, the enrollment fee for that Exam was only US$150. As such, there is a remaining balance on the Program Fee in the amount of US$150.

Can I register for the FRM Exam Part II before Part I? No. You must first complete and pass the FRM Exam Part I in order to register for the FRM Exam Part II. However, you can choose to sit for both FRM Exams Part I and Part II on the same day, but you must first pass Part I before Part II will be graded.

What are the fees for the FRM Exams? Please click here to review the fee schedule.

Are FRM Exam fees refundable? No. There are no refunds given under any circumstances for either the FRM Exam registration fee or the FRM Exam enrollment fee. Candidates cannot transfer a registration to another candidate. Candidates do, however, have the option to defer their FRM Exam to the following exam date, but they will be subject to a US$100 administrative processing fee for the deferral.

What does the enrollment fee cover? The enrollment fee covers the basic costs associated with developing and administering the FRM Program. Additionally, this fee entitles you to a complimentary one year GARP Individual Membership (a US$195 value). For an overview of your Individual Membership benefits, please click here.

Do I have to pay an enrollment fee for each part of the FRM Exam? No. The enrollment fee is to participate in the FRM Program, not to sit for the individual Exams. Candidates are required to pay the enrollment fee when they initially register for the FRM Program. However, if you fail to successfully complete the FRM Program within the required 4 year time period after passing Part I, you will need to re-enroll in the FRM Program as a New Candidate and pay all applicable fees.

If I am already an Individual Member of GARP at the time I register for the FRM Exam, will my enrollment fee be discounted? No. The enrollment fee covers the basic costs associated with developing and administering the program. Your enrollment fee will not be discounted. However, your current Individual membership expiration date will be automatically extended for one additional year, once you have paid the enrollment fee.

Are Student Members required to pay the enrollment fee in order to register for the FRM Exam? Yes. Student members are required to pay the enrollment fee when they initially register for the FRM Exam. There are no discounts for Student Members.

Does GARP offer scholarships to FRM candidates? Yes, GARP offers scholarships to full-time students and university faculty taking the FRM Exam Part I only. Click here to view our scholarship policy and to download an application if you meet the eligibility requirements. Please note that the scholarship program is not available for the FRM Exam Part II and does not cover the FRM Program enrollment fee.

How do I know what candidate type I am? Candidate types are defined as follows: Returning Candidate - Has sat for the Exam, not passed, and would like to retake the same Exam; Deferral Candidate - Has deferred taking the Part I Exam to the next available Exam date and now wants to register for Part II on the same day as Part I.

As a Deferral Candidate am I required to pay the enrollment fee and the Exam registration fee again? No, as a Deferral Candidate, you do not have to pay these fees again. However, if you chose to register for the FRM Exam Part II on the same day as your deferred Part I registration, you would still have to pay the Exam Registration Fee for Part II. Please note that if you fail to successfully complete the FRM Program in the required 4 year time period after passing Part I, you will have to re-enroll in the Program as a new candidate and pay all applicable fees.

As a Returning Candidate who took the FRM Exam Part I and did not pass the first time, how much will I have to pay to sit for the FRM Exam Part I again? You will only be required to pay the Exam Registration fee. The amount due depends on when you register, as there are pricing differences between Early, Standard, and Late registration.

As a Returning Candidate who sat for the 2009 FRM Exam Full, how much will I be required to pay to resit for the FRM Exam Part I? You will be required to pay the difference between the FRM Exam Full enrollment fee and the current enrollment fee for Part I of US$150, plus the Exam Registration fee. The fee for the Exam Registration depends on when you register, as there are pricing differences between Early, Standard, and Late registration. The Enrollment fee reflects the preparation, testing sites, and results analysis costs related to administering the Exam. The Enrollment fee for all candidates is US$300. Candidates from 2009 that sat for the FRM Exam Full at the time were only required to pay half (US$150) of the Enrollment fee during our transition year. Now that GARP has transitioned to the new two part Exam format, returning candidates from 2009 and before who register for Part I and or Part II will need to pay the difference in the fee of US$150.

I registered for Part I and II and then deferred my Part II to the next administration, however, I did not pass Part I when I sat for the Exam. What happens to my Part II deferral? If you did not pass the FRM Exam Part I and had deferred Part II to the next administration, GARP will automatically convert your Part II registration to a Part I registration. If you would like to sit for Part II on the same day as your now Part I registration, you will have to re-register for Part II.

Where will the FRM Exam Part I and Part II be offered? Both the FRM Exam Part I and Part II are administered at the same Exam sites. Click here to review a complete list of global Exam sites.

Is it possible to change my Exam site? Yes. The last day to change your Exam site for the May or November Exams are always the last day of registration; April 15th and October 15th, respectively.

Is there a fee to change my Exam site? No. There is no fee to change your Exam site.

If I cannot find an Exam site that is close to me can I request a new location? Yes. Please click here to request a new Exam site that is currently not on our current list of approximately 90 Exam sites. Do not confuse this with changing your Exam site. A new Exam site will be opened if a sufficient number of requests are received by candidates that have registered and paid for the FRM Exam.

What kind of study materials are available to help prepare for the FRM Exam? For a comprehensive overview of the study materials, including Study Guides, practice Exams and third party Exam preparation providers, please click here.

Are there separate Study Guides for the FRM Exam Part I and Part II? No. There is only one Study Guide, which will include the syllabus, outline, and recommended reading materials for both FRM Exams.

Are there separate study materials for the FRM Exam Part I and Part II? Yes. The study materials will be customized according to the FRM Exam AIM Statement for each Part. The FRM Part I Books are only available for purchase as a set of four printed books. The FRM Part II study materials are currently available either in print or an electronic format. These study materials can be found via the GARP Digital Library.

How many hours of study are required to prepare for each part of the FRM Exam? Candidates' preparation times will vary based on their prior professional experience, academic backgrounds, and familiarity with the concepts tested on the curriculum. Therefore, it is difficult to recommend a particular number of hours to dedicate to studying. For some guidance, a survey conducted of May 2011 FRM Exam Part I candidates indicates that, on average, individuals devoted about 250 hours to Exam preparation. Individual figures, however, varied from less than 100 hours (10%) to more than 400 hours (14%).

What topics will be covered in the FRM Exam Part I versus the FRM Exam Part II? Please click here to review a list of topics and weightings of each part of the FRM Exam.

What is the Exam format? The FRM Exam is administered via paper and pencil. It is offered exclusively in English.

How many questions will there be on the FRM Exam Part I and Part II? The FRM Exam Part I will have 100 multiple choice questions. The FRM Exam Part II will have 80 multiple choice questions. The exact number of questions is subject to minimal change.

How long are the test sessions for FRM Exam Part I and Part II? Each Exam part will be 4 hours in length. Part I will always be administered in the morning and Part II always in the afternoon.

When will the admission tickets for the FRM Exams be released? Admission tickets will be available on November 1, 2013 for the November 16, 2013 Exam and May 1, 2014 for the May 17, 2014 Exam. You will receive an email that will include instructions on how to download your admission ticket. Candidates should not expect to gain admission to their Exam via a smartphone that contains an electronic copy of their Admission Ticket. A paper Admission Ticket is required for entry to the Exam. There are no exceptions to this.

Can I use the same admission ticket for May and November? No. A new admission ticket is issued for each Exam date.

I have registered for both Part I and Part II on the same day. Will I have two admission tickets? Yes. You will have an admission ticket for the FRM Exam Part I and another one for Part II.

Can I register for the FRM Program using a regional language (characters)? No. You must register using the phonetic alphabet. For example, the name 李学成 cannot be used to register for the Exam; Xuecheng Li would be the correct name to use to register using the phonetic alphabet. The name on your government-issued identification (e.g. passport, driver's license) must be exactly the same as the name on your FRM Exam registration. If this is not the case, please contact us immediately at memberservices@garp.com

What languages can I take the Exam in? The only language that the Exams are administered and instructions read on Exam day is in English. There are currently no other languages available for testing of the FRM or ERP Exams.

What is GARP's acceptable form of government identification?What is GARP's acceptable form of government identification? Only a current, not expired and original valid government issued passport or driver's license which must include a photograph of the FRM candidate will be accepted for identification purposes. GARP will not accept work/employer identification cards, voter's identification cards, a learner's permit or student ID cards.

When will I receive my pass/fail results? The results for the May 18, 2013 Exams will be sent via email on July 2, 2013. The results for the November 16, 2013 Exam will be sent via email on January 2, 2014.

Will I receive a pass/fail communication even if I only sat for Part I? Yes, you will receive a pass or fail notice via email.

If I sat for both the FRM Exam Part I and Part II on the same day, will I receive one or two pass/fail communications? You will receive a communication stating whether or not you passed or failed Part I of the Exam. If you passed Part I, you will simultaneously receive an additional communication stating whether you passed or failed Part II. If you fail Part I, then Part II will not be graded. The reason for this is that candidates are expected to demonstrate proficiency in the topics covered in Part I before Part II is graded. Thus if you are unsuccessful on Part I, you will need to register again for both Exams.

If I fail the FRM Exam Part I, am I required to re-take Part I within a certain period of time? Yes. Once a candidate passes the FRM Exam Part I they must then pass the FRM Exam Part II within 4 years (8 Exam cycles). If a candidate fails to pass the FRM Exam Part II within four years, they must re-enroll in the FRM Program as a New Candidate, and have to take Part I again.

If I have taken and passed the FRM Exam Part I, am I required re-register for the FRM Exam Part II within a certain period of time? Yes. Once a candidate passes the FRM Exam Part I they must then pass the FRM Exam Part II within 4 years (8 Exam cycles). If a candidate fails to pass the FRM Exam Part II within four years, they must re-enroll in the FRM Program as a New Candidate, and have to take Part I again.

If I have passed the FRM Exam Part I and have yet to take FRM Exam Part II, can I note on my CV/ résumé that I passed Part I and if so, how may I do that? You are permitted to include the following statement on your CV/résumé once you have passed the FRM Exam Part I: "FRM Program - Passed FRM Exam Part I"

If I have passed the FRM Exam Part I and Part II, but have not yet met the work experience requirement or been notified by GARP that my work experience meets the requirements for certification, what can I state on my CV/résumé? You can include the following statement on your CV/résumé once you have passed the FRM Exam Part I and Part II: "FRM Program - Passed FRM Exam Part I & Part II"

Can I register for Part II before the results for Part I are announced? No. The registration system will not allow you to register until you have successfully passed Part I.

What is the work experience requirement to become a Certified FRM? Please click here to review the work experience requirement and here to review a sample list of job titles GARP uses in the certification process.

When can I submit my CV/ résumé, and how soon will I receive my FRM Certificate after submitting it? You can submit your CV/ résumé at any time by clicking here. The 2012 Certificate Distribution schedule is as follows:

What is the difference between someone who has passed the FRM Exam and a Certified FRM? Someone who has passed both parts of the FRM Exam but has not yet met the professional work experience requirement is not considered a Certified FRM. A Certified FRM has passed the FRM Exam, has met the two year full-time professional work experience requirement, and has been certified by GARP. Only a Certified FRM is allowed to use the designation after their name.

Do I need to be an Individual (paid) Member in order to use the FRM designation? GARP does not currently require you to be an Individual Member to use your FRM designation. However, we do encourage you to maintain your Individual GARP Membership in order to utilize all the benefits available to you. To review the benefits of paid Membership, please click here.

When can I begin using my FRM designation? You may use the FRM designation after your name once you have passed both the FRM Exam Part I and FRM Exam Part II, met the two year work experience requirement and have received notification that your CV/ résumé submission for your FRM Certificate has been reviewed and is complete. You do not have to wait until you have actually received the FRM Certificate. To review the proper usage of the FRM, click here.

Now that the FRM Exam has been split into two Parts, will I receive two certificates? No. You will only receive one FRM Certificate, once you pass the FRM Exam Part II and have met the work experience requirement.

Do I need to pass both Exam parts to become a Certified FRM? Yes, you must pass Part I and Part II to proceed with the certification process.

Do I have to be a member of GARP to sit for the FRM Exam? No. Membership is not required to sit for the FRM Exams. However, you will be automatically provided with complimentary membership privileges as an Individual Member of GARP for one year upon paid enrollment in the FRM Program. Your membership can automatically be renewed if you agreed to do so at the time of your registration. For an overview of Individual Membership benefits, click here.

What is GARP's Individual Membership fee? The Individual Membership fee is US$195. However, Certified FRMs are offered a discounted membership rate of US$150 in recognition of their professional achievements and dedication to best practices in financial risk management.

Are Certified FRMs required to complete continuing professional education in order to maintain the designation? GARP's Continuing Professional Educational (CPE) Program for Certified FRMs is voluntary, but strongly encouraged. Please click here to learn more and enroll.