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FRM Exam Policies

LAST REVISED: DEC. 1, 2021

IMPORTANT UPDATE: Additional Exam Policies During COVID-19 Read More

Registration Policy

To register successfully for the FRM exam, candidates must:

  • Complete the registration form for the FRM Exam.
  • Pay the registration fee by the Standard Registration deadline.
  • Schedule the exam appointment.

Should a candidate decide not to attend the Exam after completing the registration process above, he/she will forfeit the registration fee.

If a candidate wishes to sit for the Exam in the future, he/she must complete an additional registration application and pay all applicable fees.

Once successfully registered, candidates must adhere to the Candidate Responsibility Statement, which also includes commitment to the GARP Code of Conduct.

Refund Policy

Candidates have 48 hours after their exam registration to submit a refund request. All refund requests must be received via email to memberservices@garp.com.

Deferral Policy

  • FRM Part I and FRM Part II candidates may defer their exam registration only once to the next available exam administration.
  • There is a USD 200 fee to defer.
  • A deferral to the next exam administration must be submitted and paid by the below deferral deadlines:
    • May — March 31
    • November — September 30
  • As a deferred candidate you will be required to log in and schedule an exam appointment.

Scheduling Policy

Candidates are required to select their exam location and schedule their appointments on or before the deadline. Should a candidate decide they need to reschedule, he/she can do so only once to another date/time in the same exam window. GARP will not allow any additional reschedules under any circumstance.

Candidates who fail to schedule their Exam and/or fail to appear at their exam appointment will forfeit their exam fee.

Identification Policy

To gain admission to the exam site on exam day, candidates must present two items:

  1.  A government issued passport or driver's license.
    • The passport or driver's license must be an original, valid and non-expired.
    • The passport or driver's license must include a photograph.
    • The driver's license must be issued by the location in which the Exam site is located.
  2.  A printed Confirmation of Appointment Email
    • GARP will neither accept nor allow admittance to the Exam with an electronic version of the Confirmation Email.
    • The name on the Confirmation of Appointment Email must match exactly the name on the candidate’s passport or driver’s license that is presented on exam day. This includes an exact match of the first name, last name, and any middle name or initial. The order of the names is irrelevant so long as all names appear.

There are NO exceptions to GARP's Identification Policy, regardless of what form of identification a candidate may have used in past exam administrations.

If a candidate arrives on exam day without an original, valid, non-expired, government-issued passport or driver's license, and/or the printed Confirmation of Appointment Email, they will not be allowed to sit for the Exam or reschedule their Exam, and they will be forced to forfeit their exam fee(s).

Calculator Policy

Only the following types of business calculators are authorized for use on GARP's Exams. There will be no exceptions to this policy. Should a candidate use a non‐authorized calculator at any time during the Exam, their Exam will not be graded.

Hewlett Packard 12C
(including the HP 12C Platinum, 12C Platinum 25th Anniversary Edition, 12C 30th Anniversary Edition, and HP12C Prestige)

12c hp12-cplatinum hp12-c


Texas Instruments BA II Plus

(including BA II Plus Professional)

image001 image002 baii_plus_pro
 
Hewlett Packard 10B II
Hewlett Packard 10BII+
Hewlett Packard 20B

hp10bii hp10b_iiplus_bw_87x132 hp20b

 

Candidates are encouraged to make sure their calculators have full battery to avoid the need for battery replacement or a second calculator.

Exam Room Policies

The following items MUST be kept on the candidate's desk during the Exam:

  • The candidate's printed Confirmation of Appointment Email
  • The candidate's original government‐issued passport or driver's license

Two sheets of scratch paper and a pencil will be provided to every candidate at the start of the Exam.

  • These items must be kept on the desk for the duration of the Exam.
  • Please note scratch paper will be collected at the end of the Exam and will be destroyed.


PERSONAL BELONGINGS

No personal belongings are allowed in the exam room. Candidates will be asked to leave ALL their belongings in a locker, storage bag, or area designated by the proctor for personal belongings. If a candidate stores his/her items in a storage bag, the storage bag will be attached to the back of the candidate's chair in the exam room.

Candidates will not have access during the Exam to the items in the locker, storage bag, or area designated by the proctor for personal belongings.

Candidates are encouraged to bring as few items as possible with them on exam day.


EXAM DAY SECURITY

Neither GARP, the exam site, exam personnel, nor vendors will assume responsibility or liability for any stolen, lost, or damaged private property left in this area.

Proctors and security personnel may ask to inspect candidates' belongings before, during, or after the Exam to ensure that prohibited items are not available in the Exam building.


TIME AND ANSWER SUBMISSION

  • The Exams are four (4) hours each in a multiple choice, CBT format.
  • The clock on the screen is the official timekeeper.
  • GARP will only grade from the final answers candidates confirm and submit at the end of the Exam.


RESTROOM BREAKS AND LEAVING THE EXAM ROOM

  • Candidates can step away from their workstation to take a break or use the restroom.
  • Candidates must take their identification with them when leaving their workstation.
  • Time will not stop or pause while on break.
  • Further instructions will be provided by the staff on exam day.

Exam Technology Policy

All clocks, watches, electronic devices, and wearable technology (including FitBits and Google glasses) must be stored in a locker, storage bag, or area designated by the proctor for personal belongings prior to the start of the Exam.

If a candidate places his/her cellular phone into the locker, storage bag, or area designated by the proctor for personal belongings, it must be turned completely off (airplane mode is not sufficient).

If a candidate's cellular phone emits any type of noise (e.g., ring, beep, etc.) during the Exam, the candidate will not be allowed to continue with the Exam, the candidate’s exam session will end without their Exam being graded, and the proctor will escort them from the exam room. This will still apply if the cellular phone is in the locker, storage bag, or designated personal belonging area.

Exam Policy Violations

Any activity that compromises the integrity or validity of the Exam, including any activity or misconduct before, during, or after the administration of the Exam, will be considered a violation of GARP's Exam Policies.

If a candidate's actions result in an Exam Policy Violation, the exam session will end, and the candidate may be dismissed from the exam room and site. A proctor will complete an Exam Policy Violation Report and send the report to GARP. Should GARP determine that the action resulted in a violation of our Exam Policy, the following will occur:

  • The candidate will receive an Exam Policy Violation notice from GARP's Exam Administration via email. The candidate is then given the option to reply with a detailed explanation of the violation.
  • The candidate's response must be sent back within seven (7) calendar days after the date of the Exam Policy Violation Notice.
  • GARP will review the candidate's response and will determine if the Exam(s) will or will not be graded and if any other action is warranted (i.e., dismissal from the FRM Program).
  • A final decision will be communicated to the candidate. Candidates cannot appeal GARP's final decision regarding any Exam Policy Violation or report.

FRM Certification Requirements Policy

To complete the FRM Certification requirements, candidates must do the following:

  • Pass the FRM Exam Part I.
  • Pass the FRM Exam Part II by December 31 of the 4th year of passing the FRM Part I.
  • Submit documentation of two (2) years of professional, full-time risk management work experience within five (5) years of passing the FRM Exam Part II.

A candidate demonstrates work experience by submitting a minimum of 4‐5 sentences describing his/her professional role in the management of financial risk. The application to submit your work experience can be completed online. The work experience submitted cannot be more than 10 years prior to having passed the FRM Exam Part II. Experience completed during school will not be considered, including internships, part‐time jobs, or student teaching. A candidate has 5 years to submit their work experience after they sat and passed the FRM Exam Part II. If they do not, the candidate will have to re‐enroll in the program as a new candidate, pay the required fees and retake the FRM Exam Part I and FRM Exam Part II. Candidates cannot use the FRM designation after their name in any manner until they have been certified.

 

If you have additional questions, please contact memberservices@garp.com.

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