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Exam Requirements / Eligibility

There are no minimum qualification requirements for enrolling in the FRM examinations. The Financial Risk Manager certification is available to all category of candidates. The following candidates can choose the FRM certification to advance their careers:

  • Students

The qualification is open to students who have cleared their formal stream of school education, including those who have passed recently. They can get an early entry into the career by enrolling for the examinations right after school, or while pursuing their graduation. The rigorous and comprehensive curriculum of the course coupled with the requirement of gathering to use of practical experience will ensure that they get a solid entry into the profession, and the employers give them the due value, job opportunities and career growth that they deserve.

  • Those seeking a career change

Those who are already in the middle of their career and want to shift to a new area of expertise can gather the Financial Risk Manager qualification. There is a major global demand for this qualification, and it can provide the right career change that you are looking for.

  • Experienced professionals.

For the professionals who are already well settled in their careers and want to gather additional skills to advance their careers, the Financial Risk Manager qualification is a right choice. It is a fast growing profession and is undergoing advancements with every passing day. The experienced professionals can add this additional qualification to their resumes in order to grow faster in the companies that the work for. It is also perfect for the professionals who want to challenge themselves with new areas of work and join a growing pool of elite FRM professionals across the world and enhance their reputation

Exam Sections

The FRM examinations are held in two parts on the same day but at different time schedules. There is no restriction from GARP about taking Part I and Part II examinations on the same day. However, students have to remember that they will not be graded for the Part II examinations unless they clear the Part I examination successfully. Hence,  to minimize the risk, it is advisable that they take the examinations on different dates.

FRM exam Part I:

The objective of FRM exam Part I is to test the ability of the candidates to understand the tools that are required to assess financial risk. The areas of testing include:

  • Foundations of risk management concepts
  • Quantitative analysis techniques
  • Financial markets and products
  • Valuation and risk models

The examination is held in pencil and paper format in the morning session of the exam date. The paper contains 100 multiple choice format questions with every question carry equal weights. There is no negative marking for any wrong answers given by the candidates. The duration of the exam is 4 hours.

The weights assigned to each skill that is tested are:

Foundations Of Risk Management—Part I (FRM) 20%
Quantitative Analysis—Part I (QA) 20%
Financial Markets And Products – Part I (FMP) 30%
Valuation And Risk Models—Part I (VRM) 30%

FRM exam Part II:

The objective of the FRM exams Part II is to test the ability of the candidates to practically apply the knowledge that they have acquired in the FRM exam Part I. The skills that are tested include:

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

The Part II examinations are held in pencil and paper format in the afternoon session of the exam date. The number of multiple-choice questions posed in this exam is 80. no penalties and import for any wrong answers. Total time allotted for the exam is 4 hours.

The weights assigned to each skill are:

Market Risk Measurement And Management (MR) 25%
Credit Risk Measurement And Management—Part II (CR) 25%
Operational And Integrated Risk Management—Part II (OR) 25%
Risk Management And Investment Management – Part II (IM) 15%
Current Issues In Financial Markets – Part II (CI) 10%

Registration Process

Students can register for the FRM Part I and Part II examinations online by logging on to the My GARP website. Those who are appearing for the FRM exams for the first time need to enroll themselves in the course by filling up of form and paying the stipulated enrollment fee of $400. This is a one time fee and the returning candidates are not required to pay this fee again

Exam date and schedule

The FRM examinations are held twice in a year, typically on the third Saturday of May and the 3rd Saturday of November. for 2017 examinations.

The dates for the exams to be held in 2017 are:

  • For May session: May 20, 2017

  • For November session: November 18, 2017

The important dates are:

Description Dates Dates
Registration Opens Thursday, December 01, 2016 Monday, May 01, 2017
Early Registration Ends Tuesday, January 31, 2017 Monday, July 31, 2017
Standard Registration Ends
Scholarship applications must be received
ADA applications must be received
RAD application must be received**
Tuesday, February 28, 2017 Thursday, August 31, 2017
Registration closes
Last day to defer to the next Exam
Saturday, April 15, 2017 Sunday, October 15, 2017
Admission Tickets released Tuesday, May 02, 2017 Wednesday, November 01, 2017
Exam Day Saturday, May 20, 2017 Saturday, November 18, 2017
Exam results sent via email Wednesday, July 05, 2017 Wednesday, January 03, 2018

**Alternative exam dates can be requested for religious reasons only

Test Centers And Location

The FRM examinations are held in over 100 sites in various countries across the world. students can register in an examination site which is near to them and appear for the exams. After registration,  it is possible for the students to change the test site. For this, the student has to request for a change in the exam site by placing a request online by logging into their account.

The examination centers are spread across different countries in the world.

Africa: The examination centers in Africa are spread over 5 different countries including Ghana, Kenya, South Africa, And Nigeria.
Americas:  There are 27 examination centers in North and South America in countries like Brazil, Peru, Mexico, USA, Canada, and West Indies.
Asia:   Asia has  37 examination centers in China, Hong Kong, India, Indonesia, Israel, Japan, Kuwait, Pakistan, Singapore, UAE, etc.
Europe: Europe accounts for 21 examination centers in France, Bulgaria, Czech Republic, Italy, Russia, Spain, etc.
Oceania: Innocent 3 examination centers are present in Australia and New Zealand.
You can get the updated list of exam centers and the exact location details here.

Difficulty Level

To ensure that only the best candidates get the FRM certification, GARP has made the Part I and Part II of the  FRM exams quite rigorous. Students need to carefully plan out a strategy to study for the examinations. They would need all the tools and study aids that will strengthen their preparations.

The syllabus is quite vast and students are tested not only on the theoretical knowledge but also their ability to practically apply the knowledge that they have gathered.  Hence, the students need to ensure that they have a crystal clear idea about every topic that is covered under the examinations.

Another important point that they need to remember is that there is a time limit of 4 years for clearing the Part II examinations. This 4 year period is calculated from the time they pass the Part I of the FRM examinations. They should therefore study and appear for the examinations quickly so that there is adequate time left in hand in case they are declared unsuccessful and have to appear for the examination again.

The practical experience requirements are also quite stringent. Students have to gather an experience of 2 years in working in a role that involves the application of their financial risk management skills. Unless they are able to complete the practical experience requirements satisfactorily, the certificate is not awarded to them.

Keeping these things in mind, the students need to start preparing early and take the  FRM  preparatory classes from a training institute like This will ensure that they put the best step forward when it comes to appearing for the FRM examinations.

Age Criteria

GARP has not specified any minimum age criteria for enrolling for the FRM examinations. However, considering the difficulty levels of the examination, candidates should enroll for the FRM certification only after completing their school level examinations.

Before Graduation or After Graduation

GARP recommends that the students start preparing for the FRM examinations as soon as possible, preferably early in their careers. While there are no minimum qualification or age requirements, students can start studying for the examinations as soon as they pass out of school. This will ensure that they can study for it congruently along with their graduation and get a head start in their career.


All full-time graduation level students can apply for a scholarship offered by GARP. Students who get this scholarship will get a refund of the cost of the  Part I exam fee by GARP. This scholarship is also open for university professor taking the FRM Part I examinations. To apply for this scholarship, students have to register for the examinations and pay the enrollment fee and exam fees first, and then apply for the scholarship.

No scholarships are available for Part II of the FRM exams.

The deadline for application for scholarships for the 2017 exams are:

  • May 2017 examination – February 28, 2017
  • November 2017 examination – August 31, 2017

The application form for scholarships is available here.