Exam Requirements
- Pass the FRM Exam Part I
- Pass the FRM Exam Part II by December 31 of the fourth year of passing the FRM Part I
- Submit two years of full-time relevant financial risk management work experience
GARP looks for work experience where the identification, measurement, monitoring, or management of risk is a meaningful part of the job’s responsibility. As the FRM covers a range of critical and fundamental aspects of risk, finance, and quantitative analysis, its application can be found in many jobs, including risk analysis, model validation, trading, portfolio management, treasury, audit, consulting, and many more.
Exam Topics
The FRM Exam Part I focuses on the tools used to assess financial risk. They include:
- Foundations of risk management concepts
- Quantitative analysis
- Financial markets and products
- Valuation and risk models
The FRM Exam Part II focuses on the application of the tools acquired in the FRM Exam Part I. They include:
- Market risk measurement and management
- Credit risk measurement and management
- Operational and integrated risk management
- Liquidity and treasury risk measurement and management
- Risk management and investment management
- Current issues in financial markets
Exam Format
There are no educational or professional prerequisites needed to register.
Exams are offered in English only, specifically American English. GARP is aware that not every candidate’s native language is American English. In the exam development process, GARP makes every effort to ensure that questions are written in a clear, concise form and avoid the use of colloquialisms or other terms and phrases that might confuse a non-native American English speaker.
Important Deadlines and Scheduling
The exam windows are provided below:
FRM Part I
May 7-20, 2022
August 6, 2022
November 5–18, 2022
FRM Part II
May 21-27, 2022
November 19-25, 2022
May Administration Exam Deadlines
Dates | Description |
Wednesday, December 1, 2021 | Registration Opens |
Monday, January 31, 2022 | Early Registration Ends |
Monday, February 28, 2022 | ADA applications must be received |
Thursday, March 31, 2022 | Registration Closes |
Friday, April 22, 2022 | Last day to schedule/reschedule Exam |
Part I: Part II: | Exam windows and dates |
August Administration Exam Deadlines
Dates | Description |
Friday, April 1, 2022 | Registration Opens |
Sunday, July 31, 2022 | Registration Closes |
Tuesday, May 31, 2022 | ADA applications must be received |
Part 1: | Exam date |
November Administration Exam Deadlines
Dates | Description |
Sunday, May 1, 2022 | Registration Opens |
Sunday, July 31, 2022 | Early Registration Ends |
Wednesday, August 31, 2022 | ADA applications must be received |
Friday, September 30, 2022 | Registration Closes |
Friday, October 21, 2022 | Last day to schedule/reschedule Exam |
Part 1: Part II: | Exam windows and dates |
Registration is when you sign up for an exam by entering your account details and paying the applicable exam fees for a specific exam window. After you register, you need to schedule your exam appointment. During scheduling you select the exact location, date, and time of your exam appointment. If you do not schedule your exam after you register, you will not know when and where to attend the exam.
To schedule an Exam, candidates can log in to their account, go to “My Programs,” and click on the Exam Setup button to schedule. Candidates must have a paid registration in order to schedule and may only reschedule their appointment once. The last day to change your exam site is April 22 for May’s Exams, July 31 for August’s Exam, and October 21 for November’s Exams.
To defer an Exam to the next available Exam, log in to your account, go to “My Programs”, and click on the Exam Setup button. Candidates must have a paid registration in order to switch exam months and may only do so once for a fee of USD 200. The last day to switch your exam month is March 31 for May’s Exams, July 31 for the August Exam, and September 30 for November’s Exams.
To select or change an exam site, candidates can log in to their account, go to “My Programs”, and click on the Exam Setup button. Candidates must have a paid registration in order to change their exam site.
The last day to select or change your exam site is April 22 for the May Exams, July 31 for the August Exam, and October 21 for the November Exams.
If it is necessary to postpone an Exam due to an evacuation, natural disaster, acts of military, political or government authority, global pandemic, or “Acts of God”, GARP will make every effort to notify candidates as soon as possible
Once an exam window closes, GARP scores Exams in a timely fashion. Candidates are notified when their results are available in their GARP candidate portal.
Exam Pricing
Registration prices vary based on the exam administration and whether the candidate is enrolling for the first time. Please refer to the Fees page for a more detailed pricing breakdown.
Payment Options
- Credit card online – GARP accepts MasterCard, Visa, or Amex
- Check* – Must be a U.S. bank check or a foreign check with a US intermediate bank
- Wire* – Wire instructions can be found on the bottom of your invoice
For any manual payments by check or wire, there is a USD 50.00 processing fee that will be added to a candidate’s invoice. Candidates should be sure to include their GARP ID, a copy of their invoice, and their signature for approval.
Please mail invoices and/or payment information to the following address:
Attn: FRM Administration
Global Association of Risk Professionals
111 Town Square Place, 14th floor
Jersey City, NJ 07310 USA
Make your check payable to: Global Association of Risk Professionals, Inc.
Note: Only single payments per candidate registration are accepted online.
GARP does not provide refunds for either the Exam Enrollment or Exam Registration Fee.
No. Candidates cannot transfer a registration to another candidate.
No, the study materials are not included in the price of the registration.
Study Materials
Due to the sizable amount of material covered in the Exam, we suggest that candidates create a weekly study schedule. As such, we have created a 15-Week Study Plan that candidates should use as a framework and customize their plan based on their level of expertise. This is designed to pace the learning materials over an extended period of time.
On average, individuals devoted approximately 240 hours to exam preparation, according to a survey conducted in May 2015 FRM Exam candidates. Individual figures, however, varied from less than 100 hours (10%) to more than 400 hours (14%).
Scholarship Informations
Universities: Yes! But your institution must be registered with GARP as an Academic Partner for Risk Education. To learn more about our Partnership Program, visit the Academic Partners section.
On average, individuals devoted approximately 240 hours to exam preparation, according to a survey conducted in May 2015 FRM Exam candidates. Individual figures, however, varied from less than 100 hours (10%) to more than 400 hours (14%).
Exam Preparation Providers
GARP does not offer exam preparation courses. However, there are third-party Exam Preparation Providers that do provide these services.
It should be noted that GARP does not endorse, promote, review, or warrant the accuracy, products, or services offered by Exam Preparation Providers of Exam related information. Nor does it endorse pass rates claimed by an Exam Preparation Provider. Further, GARP is not responsible for any fees or costs paid by the user to an Exam Preparation Provider. GARP provides candidates with this information solely as a service to them.