Exam Details for the FRM Exam 2025

The FRM® Program consists of a structured sequence of two exams—FRM Part I and Part II—which must be completed in order.

Candidates are recommended to dedicate at least 200-300 hours of study per exam part, though the actual study time may vary based on prior knowledge and experience in risk management. There are no limits on the number of attempts, allowing candidates to progress at their own pace.

To maintain its relevance in the ever-changing world of financial risk, the FRM curriculum is regularly updated to reflect the latest risk modeling techniques, regulatory changes, financial crises, and market trends. The program ensures that certified professionals are equipped with cutting-edge knowledge to navigate today's complex financial landscape.

FRM Level I - Exam Overview

Format: 100 multiple-choice questions

Duration: 4 hours

Mode: Computer-based testing

Exam Windows: May, August, and November

Scoring: No penalty for incorrect answers; pass/fail results provided
The FRM Part I exam focuses on core risk management principles and quantitative analysis. The topics include:

Foundations of Risk Management – Understanding risk types, governance, and ethical considerations

Quantitative Analysis – Probability, statistics, and time series analysis

Financial Markets & Products – Understanding financial instruments, derivatives, and hedging strategies

Valuation & Risk Models – Risk valuation techniques, including VaR (Value at Risk) and stress testing
Recommended Study Time: 200–300 hours

Official Study Materials: Provided by GARP, with additional resources available from prep providers

Practice Questions: Essential for mastering question formats and time management

Suggested Study Approach:

Build a strong foundation in quantitative methods

Focus on risk valuation and market product applications

Take mock exams to simulate real test conditions
There are no educational or professional prerequisites to sit for the FRM Part I Exam. However, candidates must:

✔ Pass FRM Part I before attempting Part II
✔ Meet the two-year work experience requirement after passing both parts to obtain certification
One-Time Enrollment Fee (for first-time candidates): $400

Exam Registration Fees:

Early Registration: $600

Standard Registration: $800

Fees vary depending on the registration period and are non-refundable.

FRM Level II - Exam Overview

Format: 80 multiple-choice questions

Duration: 4 hours

Mode: Computer-based testing

Exam Windows: May, August, and November

Scoring: No penalty for incorrect answers; pass/fail results provided
The FRM Part II exam builds on FRM Part I concepts, focusing on advanced risk management applications. The topics include:

Market Risk Measurement & Management – Advanced models for assessing market risk

Credit Risk Measurement & Management – Counterparty risk, credit derivatives, and securitization

Operational Risk & Resilience – Frameworks for managing operational risk and business continuity

Liquidity & Treasury Risk Measurement & Management – Managing liquidity risk and capital adequacy

Risk Management & Investment Management – Risk-based portfolio management and hedge fund strategies

Current Issues in Financial Markets – Emerging risks, financial crises, and regulatory updates
Recommended Study Time: 200–300 hours

Official Study Materials: Provided by GARP, with additional resources available from prep providers

Practice Questions: Essential for mastering question formats and time management

Suggested Study Approach:

Deepen understanding of risk modeling and investment risk management

Focus on practical applications of risk frameworks

Take mock exams to improve speed and accuracy
To sit for FRM Part II, candidates must:

✔ Pass FRM Part I before registering for Part II
✔ Meet the two-year work experience requirement after passing both parts to obtain certification
Exam Registration Fees:

Early Registration: $600

Standard Registration: $800

Fees vary depending on the registration period and are non-refundable.