Menu

FRM Program and Exams

Overview

Anyone can register to take the exam. FRM certification is awarded after a candidate has passed two rigorous multiple choice exams (FRM Exam Part I and Part II) and demonstrated two years of relevant work experience. Candidates must take the FRM Exam Part I before taking Part II. Certified FRMs are strongly encouraged to earn 40 hours of Continuing Professional Development (CPD) every two years to maintain the latest best practices in risk management.

Path to Certification

REGISTER AND SCHEDULE

Once you have registered, you will receive access to the GARP portal where you can manage all your program information, track your progress, and schedule your Exam.

 

PREPARE

Create a study plan using our Official Study Materials, prepare with the FRM books, and familiarize yourself with FRM deadlines.

 

PASS FRM EXAM PART I

 

PASS FRM EXAM PART II

 

SUBMIT TWO YEARS OF WORK EXPERIENCE

The final step to certification, this full-time work experience can be accrued before or after you pass your Exams.

FRM Exam Part I and Part II

FRM EXAM PART I

The FRM Exam Part I is a 100-question multiple choice exam emphasizing the tools used to assess financial risk: foundations of risk management, quantitative analysis, financial markets and products, and valuation and risk models. Part I is offered via computer-based testing (CBT) in May, August, and November 2022.

 

FRM EXAM PART II

The FRM Exam Part II is an 80-question multiple choice exam emphasizing the application of the tools acquired in Part I: market risk, credit risk, operational risk and resiliency, treasury and liquidity risk management, risk management and investment management, and current issues in financial markets. Part II is offered via CBT in May and November 2022.

The FRM Exam process is sequential. Candidates must pass Exam Part I before their Exam Part II will be graded.

Candidates that take Exam Part II prior to receiving a passing score on Exam Part I (e.g., candidates that take Exam Part II in the same month that they take Exam Part I) will not have their Exam Part II graded if they fail Exam Part I. Candidates must take and pass Part II within four years of passing Part I.

Policies and Procedures on Exam Day

To maintain and protect the integrity of the FRM program and ensure a fair exam process for all, candidates must agree to a number of policies and procedures. Failure to comply may result in suspension or termination from the FRM Program. A full list of these is provided in our Exam Policies.

The FRM Committee

One of the things that sets the FRM Program apart is its oversight and governance. The program is developed by the FRM Committee, which is comprised of world-leading experts in risk. To reflect the emerging demands of the industry, the FRM curriculum is reviewed and revised annually by the FRM Committee.

Current committee members include practitioners in credit, operational, and market risk, emerging markets, corporate, academia, rating agencies, quantitative disciplines, legal and regulatory practices, asset management and insurance.

View Members of the FRM Committee

Pass Rates

may AND august 2022 PASS RATES

FRM Part 1: 51%FRM Part 2: 57%

Both FRM Exams are scored on a pass/fail basis, with passing scores determined by the FRM Committee. Results are emailed approximately six weeks after a candidate takes the Exam. Candidates will receive quartile results comparing their performance to other candidates.

 

HISTORICAL PASS RATES

PassRates

A complete history of FRM pass rates prior to 2019 can be found here.

FRM badge gray background
FRM new cyan crop2
Ready to take the next step toward your certification?

Early registration for the May 2023 FRM Exams opens on
December 1.

BylawsCode of ConductPrivacy NoticeTerms of Use © 2022 Global Association of Risk Professionals