Exam dates & testing windows
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Registration deadlines & fees
A one-time enrollment fee applies the first time you register for Part I. After that, each part is priced on an early/standard tier.
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Pass rates
Full syllabus & topic weighting
Part I
| Topic Area | Exam Weight | What it tests |
|---|---|---|
| Foundations of Risk Management | 20% | Risk types, governance, ERM, the GARP Code of Conduct |
| Quantitative Analysis | 20% | Probability, regression, volatility, VaR fundamentals |
| Financial Markets & Products | 30% | Derivatives, fixed income, FX, commodities |
| Valuation & Risk Models | 30% | VaR models, fixed-income valuation, options pricing |
Part II
Part II shifts from foundational recall to practical application across market, credit, operational, and liquidity risk, plus risk management in investment management and current market issues. GARP's published weighting for Part II varies more by sitting than Part I's, so treat any specific percentage you see elsewhere with some skepticism — the subject list itself is stable.
Exam format
- Part I: 100 multiple-choice questions, 4 hours
- Part II: 80 multiple-choice questions, 4 hours (roughly 3 minutes per question)
- Both are computer-based, held at testing centers worldwide, with no penalty for guessing
- Part II results are only recognized once you've passed Part I
Retake policy
There's no cap on the number of attempts at either part. The practical limit is Part II: it must be passed by December 31 of the fourth year after you pass Part I, or your Part I result no longer counts toward certification.
Eligibility & prerequisites
There are no educational, age, or professional prerequisites to sit Part I — anyone can register. The work-experience requirement only applies to earning the FRM Charter itself: two years of full-time financial-risk-management experience, which you have up to five years after passing Part II to document and submit to GARP.