Program Details of FRM

Financial Risk Managers (FRMs) are responsible to manage risks of their clients and advise them about achieving the optimum mix of risk and reward as per their capacity. Of course, risk managers are expected to possess knowledge of financial markets, products and their risks, economic conditions, etc. If you’re planning on pursuing the FRM course, go through the course content –

Details of the program:


The exam is after all mostly about Risk Management and hence the topics are heavily oriented towards identifying and managing different types of risks
• Part 1:
o Quantitative Analysis
o Foundations of Risk Management
o Financial Markets & Products
o Valuation and Risk Models
• Part 2:
o Market Risk
o Credit Risk
o Operational Risk
o Risk Management & Investment Management
o Current Issues in Financial Management

Exam difficulty level:

Generally, the FRM exam is seen as a very tough exam and the passing percentage for Part 1 is usually around 40-50% but has also gone as low at 39% in the recent past

Registration body

• GARP website:

Fees (Do confirm with the FRM institute website for the latest fee):
• One-time enrollment fee: ~$300
• Part 1 and 2 registration: $350- $650 per part (depending on if you register early or late)

Exam dates and Duration:
• The exam is conducted twice a year, in May and November
• Candidates have the choice to first only take Part 1 and then schedule Part 2 once they pass Part 1
• The other option is to take both parts on the same day, Part 1 is conducted in the morning session and Part 2 in the afternoon
• Candidates should pass Part 1 for their Part 2 papers to be graded
• Each part is 4 hours long

Exam format:
This is a pencil and paper test
• Part 1: 100 multiple choice questions to be done in 4 hours
• Part 2: 80 multiple choice questions to be done in 4 hours
• There is no negative marking

Materials to bring to exam:
• Admission ticket
• Govt. issued ID proof
• HB pencils (or #2 pencils)
• Eraser
• Calculator – only 3 types are allowed:
o Texas Instruments BA II Plus (including BA II Plus Professional)
o Hewlett Packard 10B II, 10B II+,20B
o Hewlett Packard 12C (including the HP 12C Platinum and the Anniversary Edition)
• Smartphones or smart watches are not allowed