Understanding the FRM Exam Pass Rates: Part I vs Part II
- Kateryna Myrko
- Apr 6
- 4 min read
The Financial Risk Manager (FRM®) certification, awarded by the Global Association of Risk Professionals (GARP), is known for its rigor and relevance in the financial industry. As the demand for skilled risk professionals continues to rise, many candidates aspire to achieve the FRM designation—but doing so requires not just dedication, but a realistic understanding of the challenge ahead.
One of the most insightful ways to assess the exam's difficulty and prepare accordingly is by examining the pass rates for both levels of the exam. Let’s explore what the latest statistics reveal and how candidates can use this information to inform their study strategy.
FRM Exam Structure and Scoring FRM Exam Pass Rates , FRM Exam Pass Rates Part I vs Part II
Both FRM Exam Part I and Part II are scored on a pass/fail basis. GARP does not release individual scores but provides candidates with quartile results after the exam. These quartiles show how a candidate performed in each topic area relative to other candidates, allowing for a clearer understanding of strengths and weaknesses.
There is no negative marking, and the exams are designed to evaluate a candidate’s practical understanding of risk management concepts through application-based multiple-choice questions. FRM Exam Pass Rates , FRM Exam Pass Rates Part I vs Part II
November 2024 Pass Rates
The most recent publicly available pass rates from the November 2024 exam administration are as follows:
FRM Exam Part I: 55%
FRM Exam Part II: 52%
These numbers reflect a consistent trend in recent years: slightly more than half of all test-takers pass each part of the exam on their first try. While these are not the lowest pass rates in the world of professional certifications, they clearly indicate that the FRM exams are challenging and demand serious preparation.
What the Pass Rates Indicate
1. FRM Part I: Foundational Rigor
A 55% pass rate suggests that nearly half of all candidates do not pass Part I on their first attempt. This part of the exam is designed to test a broad array of tools used in risk assessment, from quantitative methods to financial products and valuation models. For many candidates, especially those from non-financial or non-quantitative backgrounds, Part I presents a steep learning curve.
2. FRM Part II: Applied Complexity
While Part II has a slightly lower pass rate at 52%, it is generally attempted only after passing Part I. This means the candidate pool is more experienced and committed. Despite this, the close pass rate between Part I and II reflects the increased complexity and depth of the topics covered in Part II, which include real-world applications of market, credit, and operational risk management.
3. Consistency in Difficulty
The similarity in pass rates between the two parts underscores an important point: both exams require equal dedication, despite their differing content. Many candidates make the mistake of underestimating Part II due to their prior success in Part I, only to find the application-based structure more demanding than anticipated.
Benchmarking Performance with Quartiles
Although GARP doesn’t release exact scores, the quartile system provides valuable insight. Each topic area is graded into one of four quartiles. Candidates aiming to pass should focus on consistently scoring in the first or second quartile across most topics.
For example, a candidate scoring in the third or fourth quartile in high-weight topics—like Valuation and Risk Models (30% of Part I) or Market Risk (20% of Part II)—may find themselves at risk of not passing, even if they perform well in lower-weight sections.
Strategic Takeaways for Candidates
Understanding pass rates isn’t about predicting your chances—it's about shaping your preparation strategy. Here’s how:
Respect the Weightings: Focus your effort according to topic weight. In Part I, for example, Financial Markets and Valuation together make up 60% of the exam.
Master the Learning Objectives: Every question maps directly to a learning objective. Use the official GARP Learning Objectives document to guide your study.
Don’t Rely on Intuition Alone: Especially in Part II, where application is key, practice applying concepts to realistic scenarios.
Simulate Exam Conditions: Practice under timed conditions using GARP’s official practice exams to build pacing and endurance.
Review Quartile Feedback: If you don’t pass, your quartile results are the best diagnostic tool to recalibrate your strategy.
Final Thoughts
While the FRM exams maintain moderate pass rates compared to other financial certifications, they are by no means easy. The November 2024 data (55% for Part I and 52% for Part II) shows that only those with thorough preparation and a strong command of the content pass consistently.
Aspiring candidates should approach both parts with equal seriousness, leveraging the tools GARP provides and maintaining a structured, disciplined study routine. The FRM designation is a mark of expertise that demands effort—but with the right approach, passing on your first try is absolutely achievable.
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