FRM® certification sets you apart in the global marketplace and helps you move ahead. Certified FRMs have achieved positions such as Chief Risk Officer, Senior Risk Analyst, Head of Operational Risk and Director of Risk Management. In demonstrating your expertise and commitment to better risk practices, you also join a world-wide community dedicated to improved financial stability.
The FRM Exam Part I and Part II are pencil and paper multiple choice exams. They are offered solely in English, twice a year in May and November, at over 100 exam sites around the world.
Who can join?
Anyone can register to take the exam. FRM certification is awarded after a candidate has passed two rigorous multiple choice exams (FRM Exam Part I and Part II) and demonstrated two years of relevant work experience. Candidates must take the FRM Exam Part I before taking Part II. Certified FRMs are strongly encouraged to earn 40 hours of Continuing Professional Development (CPD) every two years to maintain the latest best practices in risk management.
FRM Exam Part I
A 100 question multiple choice exam, the FRM Exam Part I focuses on the tools used to assess financial risk: quantitative analysis, fundamental risk management concepts, financial markets and products, and valuation and risk models. Part I is always offered in the morning and must be completed in four hours or less.
FRM Exam Part II
The FRM Exam Part II is an 80 question multiple choice exam, emphasizing the application of the tools acquired in Part I: market, credit, operational and integrated risk management, investment management as well as current market issues. Part II is always offered in the afternoon and must be completed in four hours or less.
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.
Scoring and Results
There are no penalties for wrong answers. Passing scores are determined by the FRM Committee. Exam results are pass/fail and are emailed approximately six weeks after the exam. Candidates will receive quartile results comparing their performance to other candidates.
November 2016 Exams Pass Rates: FRM Part I: 44.8% | FRM Part II: 54.3%