• Number one credential for Risk Management Professionals
  • Displays expertise on quantitative analysis and risk management
  • Demonstrates leadership
  • Enhances reputation
  • Provides better job opportunities

FRM Exam Format

FRM certification exam is pencil and paper exam offered in two parts, conducted twice a year in May and November.





Part I

4 hours

100 Multiple Choice Questions


Part II

4 hours

80 Multiple Choice Questions


A candidate can sit for individual part or both the parts in a single day. But one need to pass Part 1 to get his Part 2 exam graded. There is no negative marking.

Exam Results

Exam results are pass/fail and are released via email approximately six weeks after the Exam is administered. Candidates are provided with quartile results that enable them to see how they scored on specific areas relative to other candidates.

Fees Schedule for May 2014 Exam (in US $)


Enrolment Fee

Exam Fee

Total Fees

Early Registration (1st Dec 2013 – 31st Jan 2014)

US $300

US $350

US $650

Standard Registration (1st Feb 2014 – 28th Feb 2014)

US $300

US $475

US $775

Late Registration ( 1st Mar 2013 – 15th Apr 2014)

US $300

US $650

US $950

Q. What is the accreditation of FRM course of Simplilearn?

Simplilearn is listed on GARP Exam Preparation Providers for FRM Part 1 training.

Q. How to become an FRM®?          

Following criteria needs to be fulfilled to become an FRM:

  • Clear FRM® Part 1 and Part 2 exams
  • Have two or more years of full-time work experience in financial risk management which should be achieved within 5 years from the date of passing the exam
  • Adhere to GARP's Code of Conduct and Candidate Responsibility Statement               

Q. How much time does it take to complete the FRM® program?        

Completing the FRM® program (Part 1 & 2) usually takes a minimum of 1 year. Once you pass the FRM® Part 1 exam, within 4 years you need to pass the FRM® Part 2 exam

Q. What are the eligibility requirements to appear for the FRM® Part 1 exam?   

There is no professional or education eligibility requirement for registering for FRM exam.                       

Q. Are there any scholarships for the FRM® Part 1 program?      

GARP provides scholarships for FRM® exam candidates based on following qualifications:              

  • Candidates must show full-time enrollment in a degree program at the time of the Exam
  • Candidates currently enrolled in a certificate program are not eligible for scholarships.
  • Faculty members are eligible if they can show their full-time employment

Q. How much time is needed to prepare for the FRM Exam?

A survey by GARP for May 2012 FRM Exam Part I test takers indicates that, on average, individuals devotes about 240 hours of Exam preparation

Q. What is the difference between the FRM and the CFA program?

FRM focuses on financial risk domain of investment management. However, CFA focuses on tools and techniques to analyze investment. Both designations complement each other and many participants go for both the certifications.   

Q. How are exams scored?         

After each exam the FRM® committee sits and decides upon the passing scores              

Q. What is the pass rate for the FRM® Part 1 exam?       

Pass rates for FRM® Part 1 exam has fluctuated between 55%-65%. The pass rate for the May 2012 exam was 61%

FRM Exam Part 1 Content

FRM Part 1 exam covers the fundamental tools and techniques used in risk management and the theories that underlie their use. Specific areas of coverage and their weighting in the FRM Part 1 exam are:

  • Foundations of Risk Management (20%): This area focuses on a candidate’s knowledge of foundational concepts of risk management and how risk management can add value to an organization
  • Quantitative Analysis (20%): This area tests a candidate’s knowledge of basic probability and statistics, regression and time series analysis, and various quantitative techniques useful in risk management
  • Financial Markets and Products (30%): This area tests the candidate’s knowledge of financial products and the markets in which they trade
  • Valuation and Risk Models (30%): This area will test a candidate’s knowledge of valuation techniques and risk models.

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    FRM Part 1 practice questions for extensive practice and detailed answers for doubt-clearing.

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