FRM® Exam Details


The Global Association of Risk Professionals™ (GARP®) established the FRM designation to identify and recognize risk professionals who are qualified to make informed decisions based on current, globally accepted industry standards.

The FRM designation is recognized as the benchmark for financial risk professionals and has been adopted by companies to ensure their risk management employees are well versed in the latest financial risk concepts. Becoming an FRM boosts your credibility and respect from employers, peers, and clients and maximizes your personal and professional opportunities within the world of finance.


FRM Exam Format

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.

Body of Knowledge

Part I
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.

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, 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.

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FRM Exam Dates and Registration Periods

Examination Dates:

  • May 19, 2018
  • November 17, 2018

Final deadline exam registrations—May 2018:

  • Early - January 31, 2018
  • Standard - February 28, 2018
  • Late - April 15, 2018

Final deadline exam registrations—November 2018:

  • Early - July 31, 2018
  • Standard - August 31, 2018
  • Late - October 15, 2018

FRM Progam Fees

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.

  • Early - $350
  • Standard - $475
  • Late - $650

Take the Next Step in Your Journey Towards the FRM Designation.

Requirements to Earn the FRM

  1. Register to Take the Exam

  2. Pass FRM Exam Part I

  3. Register for Part II

  4. Pass FRM Exam Part II

  5. 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.