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.

Select Your FRM Exam Level

2023 Registration and FRM® Exam Dates

Select Your FRM Exam Level (Part I):

May 2023 Exam:
  • May 6–19, 2023 
August 2023 Exam:
  • August 5, 2023
November 2023 Exam:
  • November 4–17, 2023

Key Registration Dates:

May 2023 Exam:
  • Registration Opens: 12/01/2022
  • Early Registration Deadline: 01/31/2023
  • Registration Closes: 03/31/2023
August 2023 Exam (morning session):
  • Registration Opens: 03/01/2023
  • Early Registration Deadline: 04/30/2023
  • Registration Closes: 06/30/2023

November 2023 Exam:
  • Registration Opens: 05/01/2023
  • Early Registration Deadline: 07/31/2023
  • Registration Closes: 09/30/2023

 

Register for the FRM Exam

2023 FRM® Exam Format

The FRM Exam Part I is a computer-based, multiple-choice exam. FRM Part 1 contains 100 multiple-choice questions. The exam is offered solely in English—specifically American English—and is typically administered two times per year, in May and November, at more than 100 exam sites around the world. Candidates should know the exam must be completed in four hours or less. This exam is administered via computer-based testing (CBT).

Find a Test Center Near You »

2023 FRM® Exam Body of Knowledge

Part I

The FRM Exam Part I focuses on the tools used to assess financial risk: 
  • Foundations of risk management concepts
  • Quantitative analysis
  • Financial markets and products
  • Valuation and risk models
Per the Global Association of Risk Professionals (GARP®), candidates should understand that the level of mathematical difficulty of the FRM exam is similar to that found in advanced undergraduate or introductory graduate-level finance courses at most universities. Additionally, while the exam is designed to be conceptual, candidates will still be required to know important formulas and calculations, as well as how to apply them correctly. Please note that formula sheets are not provided with the exam. 

Master these concepts with a comprehensive Part I study package:

 

FRM® Exam Fees

The FRM Exam requires all new exam candidates to pay an enrollment fee of $US400, which is payable when a candidate initially registers for the FRM Exam Part I. Returning exam candidates are not required to pay the enrollment fee. The enrollment fee is not charged again unless the candidate has not passed the FRM Exam Part II within four years after passing the FRM Exam Part I.

Registration fees vary throughout 2023:

FRM Part I - New Candidates

May 2023 Exam:
  • Early: $US950
  • Standard: $US1150
August 2023 Exam:
  • Early: $US600
  • Standard: N/A
November 2023 Exam:
  • Early: $US1,000
  • Standard: $US1,200

     

    FRM Part I - Returning Candidates

    MAY 2023 EXAM:
    • Early: $US550
    • Standard: $US750
    AUGUST 2023 EXAM:
    • Early: $US600
    • Standard: N/A
    NOVEMBER 2023 EXAM:
    • Early: $US600
    • Standard: $US800

      Our Part I study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.

      View Part I Packages »

      Requirements to Earn the FRM®

      1. Register for the FRM Part I Exam
      2. Pass the FRM Part I Exam
      3. Register for the FRM Part II Exam
      4. Pass the FRM Part II Exam
      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.

      Give yourself the best chance to pass your FRM Exam with Part I Study Packages.

      View Part I Packages»

      2023 Registration and FRM® Exam Dates

      Select Your FRM Exam Level (Part II):

      MAY 2023 EXAM:
      • May 20–26, 2023 
      AUGUST 2023 EXAM (afternoon session):
      • August 5, 2023
      NOVEMBER 2023 EXAM:
      • November 18–24, 2023

      Key Registration Dates:

      MAY 2023 EXAM:
      • Registration Opens: 12/01/2022
      • Early Registration Deadline: 01/31/2023
      • Registration Closes: 03/31/2023
      AUGUST 2023 EXAM (MORNING SESSION):
      • Registration Opens: 03/01/2023
      • Early Registration Deadline: 04/30/2023
      • Registration Closes: 06/30/2023

      NOVEMBER 2023 EXAM:
      • Registration Opens: 05/01/2023
      • Early Registration Deadline: 07/31/2023
      • Registration Closes: 09/30/2023

      Register for the FRM Exam

      2023 FRM® Exam Format

      The FRM Exam Part II is a computer-based, multiple-choice exam. Part II contains 80 multiple-choice questions. The exam is offered solely in English—specifically American English—and it is typically administered two times per year, in May and November, at more than 100 exam sites around the world. Candidates should know the exam must be completed in four hours or less. This exam is administered via computer-based testing (CBT).

      Find a Test Center Near You »

      2023 FRM® Exam Body of Knowledge

      The FRM Exam Part II focuses on the tools used to assess financial risk: 

      • Market risk measurement and management
      • Credit risk measurement and management
      • Operational and integrated risk measurement and management
      • Liquidity and treasury risk measurement and management
      • Risk management and investment management
      • Current issues in financial markets

      Per the Global Association of Risk Professionals (GARP®), candidates should understand that the level of mathematical difficulty of the FRM exam is similar to that found in advanced undergraduate or introductory graduate-level finance courses at most universities. Additionally, while the exam is designed to be conceptual, candidates will still be required to know important formulas and calculations, as well as how to apply them correctly. Please note that formula sheets are not provided with the exam

      Master these concepts with a comprehensive Part II study package:

      View FRM Part II Packages

      Mathematical Formulas: Source: https://www.garp.org/frm/frequently-asked-questions

      FRM® Exam Fees

      The FRM Exam requires a program enrollment fee of $US400, which is payable when a candidate initially registers for the FRM Exam Part I. The enrollment fee is not charged again unless the candidate has not passed the FRM Exam Part II within four years after passing the FRM Exam Part I.

      Registration fees vary throughout 2023:

      FRM Part II

      MAY 2023 EXAM:
      • Early: $US550
      • Standard: $US750
      AUGUST 2023 EXAM:
      • Early: $US600
      • Standard: N/A
      NOVEMBER 2023 EXAM:
      • Early: $US600
      • Standard: $US800

        Our Part II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.

        View Part II Packages »

        Requirements to Earn the FRM®

        1. Register for the FRM Part I Exam
        2. Pass the FRM Part I Exam
        3. Register for the FRM Part II Exam
        4. Pass the FRM Part II Exam
        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.

        Give yourself the best chance to pass your FRM Exam with Part II Study Packages.

        View Part II Packages »

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