Overview

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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
success

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This includes everything you need to know about the FRM Program, including reading lists and learning objectives.

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Register and Prepare

Once you have registered, you will receive access to the GARP portal where you can manage all your program information and track your progress. Make sure you have your current government-issued photo identification with you when you register. The name on your government-issued identification must be exactly the same as on your exam registration. For more information, see our FAQs. During this process you should:

Prepare a study plan.
Buy the FRM books. Candidates who buy the books have a better pass rate than those who don’t.
Choose your exam site.
Familiarize yourself with FRM deadlines.
Be aware of FRM Exams Policies and Process.
Review and agree to GARP’s Code of Conduct and Candidate Responsibility Statement.

Pass FRM Exam Part I

Pass FRM Exam Part II

Demonstrate two years of relevant work experience

FRM Exam Part I
and Part II

The FRM Exam Part I and Part II are pencil and paper multiple choice exams. They are offered solely in English twice a year, in May and November, at over 100 exam sites around the world.

FRM Exam Part I

A {{activeMaterialsExamInfo.FRM_I_Number_of_Questions__c}}-question multiple choice exam, the FRM Exam Part I focuses on the tools used to assess financial risk: quantitative analysis, fundamental risk management concepts, financial markets and products, and valuation and risk models. Part I is always offered in the morning and must be completed in four hours or less.

FRM Exam Part II

The FRM Exam Part II is an {{activeMaterialsExamInfo.FRM_II_Number_of_Questions__c}}-question multiple choice exam, emphasizing the application of the tools acquired in Part I: market, credit, operational and integrated risk management, investment management as well as current market issues. Part II is always offered in the afternoon and must be completed in four hours or less.

Please note that if a candidate elects to take Part II on the same day as Part I, their Part II Exam will not be graded unless they first pass Part I.

Scoring and Results

There are no penalties for wrong answers. Passing scores are determined by the FRM Committee. Exam results are pass/fail and are emailed approximately six weeks after the exam. Candidates will receive quartile results comparing their performance to other candidates.

FRM Exam dates
and locations

The FRM Exam will be offered on May 16, 2020 and November 21, 2020 at more than 100 exam sites around the world.

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

Congratulations

GARP extends congratulations to all who passed the FRM Exam Part I or Part II in the most recent exam sitting. You have demonstrated the expertise and dedication required to successfully complete our robust program of study in financial risk management.