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.
A 100 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.
The FRM Exam Part II is an 80 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.
Final deadline exam registrations—May 2019:
Final deadline exam registrations—November 2019:
Enrollment for the FRM exam requires a one-time enrollment fee of $400 (USD), due when you register for your first level I FRM exam, as well as individual exam registration fees.
Register to Take the Exam
Pass FRM Exam Part I
Register for Part II
Pass FRM Exam Part II
Demonstrate two years of relevant work experience
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 marked by GARP unless they first pass Part I.