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.
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.
The final step to certification, this full-time work experience can be accrued before or after you pass your Exams.
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 and November 2022.
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.
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.
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.
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.
A complete history of FRM pass rates prior to 2018 can be found here.