Latest Exam Format

The FRM examinations are held in two parts: Part I and Part II in the months of May and November every year. The examinations are typically held on the 3rd Saturdays of May and November respectively. These exams are paper and pencil format examinations and have to be answered by the candidates within a maximum of 4 hours.

Part I exams are held in the morning and Part II are held in the afternoon session. Students can appear for both the parts on the same day since there is no clash of timings. However, one thing has to be remembered that unless the student passes Part I, the answer paper for Part II will not be graded at all. Due to this, most students take Part I and Part II in different exam sessions.

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The language for the administration of the year for examinations is American English. This is why a basic understanding of American English is for the candidates is highly recommended. On its path, the car makes reasonable efforts to ensure that the questions are written in clear and unambiguous language, which is easy to read and understand.

FRM Exam Part I:

The FRM exam Part I consists of 100 multiple choice questions which the candidates have to answer within 4 hours. The examination is held in the morning session on the exam date.

Proficiency assessed:

  • Assessment of financial risk
  • Quantitative Analysis
  • Fundamental concepts related to risk management
  • Financial Markets and Products
  • Valuation and Risk Models

Weight distribution:

PAPER EXAM WEIGHT
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:

This examination consists of 80 multiple choice questions to be answered within 4 hours by the candidate. This examination is held in the afternoon session on the exam date.

Proficiency assessed:

  • 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

Weight Distribution:

PAPER EXAM WEIGHT
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%

Pass Marks:

The pass marks for FRM Exam Part I and Part II vary from session to session, and are not disclosed publicly by GARP. The GARP committee takes a decision for each session as to what the pass marks should be, based on the relative performance of the candidates. Hence, the students who pass are the best among all the students who appear for the exams.

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