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Financial Risk Manager (FRM®)

FRM Certification Overview

Join the 90,000 professionals from over 190 countries and regions who have completed their FRM Certification and earned financial risk management’s mark of excellence.

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about

About the FRM Program

As the true standard for educational excellence in risk management, GARP’s FRM Certification is proof that you’re ready and able to assess, measure, and monitor risk in real-world situations, placing you in a strong position to improve your job performance and advance your career. 

2025 FRM Candidate Guide

Get a comprehensive look at the FRM Program through our FRM Candidate Guide, which includes information about sitting for the Exam, earning the Certification, using the designation to further your career in risk, and more.
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Get to Know the FRM Program

Learn more about the globally recognized standard for financial risk management.

  • How can I earn the FRM Certification?

    To earn your Certification, you’ll need to pass two multiple-choice Exams and submit evidence of at least two years of relevant work experience. Once you become certified, you are strongly encouraged to participate in GARP’s Continuing Professional Development (CPD) program to help stay up-to-date with the latest best practices in risk management.

  • What is the structure of the FRM Exam?

    The FRM Exam Part I consists of 100 multiple-choice questions focusing on risk management foundations, quantitative analysis, financial markets and products, and valuation and risk models. The FRM Exam Part II comprises 80 questions emphasizing the application of the tools and techniques covered in Part I; topics include market risk, credit risk, operational risk and resilience, liquidity and treasury risk, risk management and investment management, and current financial market issues.

  • When is the FRM Exam offered?

    FRM Exams are offered each year in May, August, and November at testing sites around the world. Seats are available on a first-come, first-served basis. To learn more about how to schedule an Exam, please visit our Exam Logistics page.

  • How much does the FRM Program cost?

    The cost of the FRM Program varies based on whether a candidate is registering during the early or standard registration window. Registration also includes one year of complimentary GARP Individual Membership for FRM candidates who have not previously received it from a different GARP program. For a specific pricing breakdown, visit our Fees and Payments page below.

  • What study materials are available?

    FRM registration includes complimentary access to our comprehensive online GARP Learning platform, official FRM Practice Exams, and more. FRM Part I candidates will receive complimentary eBook access. To view all available resources, visit our Study Materials page.

  • How long does it take to prepare for the FRM Exam?

    The FRM Exam is a rigorous evaluation of one's financial risk management expertise, demanding substantial preparation. Candidates typically invest around 240 hours over several months in study time, though this can vary based on individual factors. GARP advises early registration to allow for a comfortable study pace.

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How can I earn the FRM Certification?

To earn your Certification, you’ll need to pass two multiple-choice Exams and submit evidence of at least two years of relevant work experience. Once you become certified, you are strongly encouraged to participate in GARP’s Continuing Professional Development (CPD) program to help stay up-to-date with the latest best practices in risk management.

tab-exam-structure

What is the structure of the FRM Exam?

The FRM Exam Part I consists of 100 multiple-choice questions focusing on risk management foundations, quantitative analysis, financial markets and products, and valuation and risk models. The FRM Exam Part II comprises 80 questions emphasizing the application of the tools and techniques covered in Part I; topics include market risk, credit risk, operational risk and resilience, liquidity and treasury risk, risk management and investment management, and current financial market issues.

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When is the FRM Exam offered?

FRM Exams are offered each year in May, August, and November at testing sites around the world. Seats are available on a first-come, first-served basis. To learn more about how to schedule an Exam, please visit our Exam Logistics page.

Exam Logistics
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How much does the FRM Program cost?

The cost of the FRM Program varies based on whether a candidate is registering during the early or standard registration window. Registration also includes one year of complimentary GARP Individual Membership for FRM candidates who have not previously received it from a different GARP program. For a specific pricing breakdown, visit our Fees and Payments page below.

Fees and Payments
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What study materials are available?

FRM registration includes complimentary access to our comprehensive online GARP Learning platform, official FRM Practice Exams, and more. FRM Part I candidates will receive complimentary eBook access. To view all available resources, visit our Study Materials page.

Study Materials
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How long does it take to prepare for the FRM Exam?

The FRM Exam is a rigorous evaluation of one's financial risk management expertise, demanding substantial preparation. Candidates typically invest around 240 hours over several months in study time, though this can vary based on individual factors. GARP advises early registration to allow for a comfortable study pace.

Benefits of FRM Program

Uncover the extensive benefits associated with pursuing your FRM Certification.

Career Development

Signal your ability to assess, measure, and monitor risk in real-world situations.

Improved Job Performance

Future-proof your career with transferable skills that are applicable across industries and functional roles.

Professional Credibility

Many organizations view the FRM Certification as a valuable asset and may be more likely to consider candidates for hire, promotion, and leadership roles if they hold it.

Industry Connections

Share ideas and collaborate with a global network of market professionals.

Curriculum

The FRM Certification Exams cover the following topics:

FRM Exam Part I

  • Foundations of Risk Management

  • Quantitative Analysis

  • Financial Markets and Products

  • Valuation and Risk Models

FRM Exam Part II

  • Market Risk Measurement and Management

  • Credit Risk Measurement and Management

  • Operational Risk and Resilience

  • Liquidity and Treasury Risk Measurement and Management

  • Risk Management and Investment Management

  • Current Issues in Financial Markets

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Stand Out to Top Employers

Our FRM-Certified Professionals are constantly in demand by the world’s leading companies and banks.

  • Agricultural Bank of China 
  • Banco Santander 
  • Bank of America 
  • Bank of China 
  • China Construction Bank 
  • Citigroup 
  • Deutsche Bank 
  • HSBC 
  • ICBC 
  • JP Morgan Chase 
  • KPMG 
  • PWC 
  • UBS 
  • Wells Fargo 

Comparable Degree Levels

According to an independent benchmarking study conducted by Ecctis, the FRM Certification is comparable to a Master's degree in the following 14 national and regional educational systems:

  • flag-uk
    United Kingdom
    RQF Level 7
  • usa
    United States
    U.S. Master's degree standard
  • flag-canada
    Canada
    OQF Level 12
  • flag-india
    India
    NSQF Level 9
  • flag-hong-kong
    Hong Kong
    HKQF Level 6
  • flag-singapore
    Singapore
    Singaporean Master’s degree standard
  • flag-austraila
    Australia
    AQF Level 9
  • flag-brazil
    Brazil
    Brazilian Master’s degree standard
  • flag-china
    China
    Chinese Master’s degree standard
  • flag-japan
    Japan
    Japanese Master’s degree standard
  • flag-south-africa
    South Africa
    NQF Level 9
  • flag-uae
    UAE
    QFEmirates Level 9
  • flag-mexico
    Mexico
    Mexican Master’s degree standard
  • flag-taiwan
    Taiwan
    Taiwanese Master’s degree standard

Benefits for Chinese Candidates

The FRM Certification is approved by the Occupational Skill Testing Authority (OSTA) and the Ministry of Human Resources and Social Security (MOHRSS) in China as a National Vocational Qualification Certificate. More than 25,000 FRM-Certified Professionals are currently employed by every major Chinese financial institution.

Upon successful completion of the program, candidates in China will receive a certificate acknowledging their achievement and inclusion among a select group of global risk managers. They will also receive a certificate in Chinese and can verify their certification status below to be listed as globally certified risk professionals.

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Guðmundur Örn Jónsson, FRM

Senior Risk Analyst, Central Bank of Iceland

The FRM Program gave me the holistic knowledge I need to excel in my job. Thanks to the curriculum, I can now evaluate risks at smaller financial institutions with ease.

Guðmundur Örn Jónsson, FRM

Senior Risk Analyst, Central Bank of Iceland

FRM Program: By the Numbers

FRM Program: By the Numbers

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Total Certified Professionals
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Candidate Countries and Regions

Financial Risk Resources

Stay on top of timely financial risk news and trends with our content hub of articles, podcasts, webcasts, and more. 

Ready to take the next step toward Certification?

Early registration for the May 2025 FRM Exam is now open.

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Ready to take the next step toward Certification?

Early registration for the May 2025 FRM Exam is now open.

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