What is the Pass Rate for the FRM Exam?

Pass rates for both FRM® levels fluctuate, especially in the latest administrations for Part I where rates increased by as much as 11% year-over-year. Each FRM part is difficult but giving yourself enough time to study and using good prep tools and strategies will increase your chances of passing.

Key Takeaways

1. Recent FRM Part I pass rates have remained stable since 2014 except for the latest results which have seen rates jump to 56%.

2. Each FRM level is difficult but Part I has the lower pass rates of the two exams.

3. You should be prepared to allocate at 275 hours to studying for each part.

Table of Contents

• Part I Pass Rates

• Part II Pass Rates

• FRM Exam Difficulty

• FRM Study Tips

FRM Exams Pass Rate

FRM exams are scored using a pass/fail system. This means your overall performance is not compared to other candidates. You either pass or you fail the exam. GARP does not release the minimum passing score because they want candidates to focus on mastering the curriculum versus trying to achieve a specific score.

All questions on the FRM exam are equally weighted meaning that each question counts the same towards your final score.

When you receive your exam results you will get a Candidate Performance report for each topic area. This report compares your performance against other candidates who passed the exam.

Recent FRM Part I Exam Pass Rates

Recent Part I pass rates for the FRM exam are on the upward trend, which is a good sign for people interested in pursuing the FRM designation.

Recent FRM Part II Exam Pass Rates

Recent Part II pass rates for the FRM exam are stabilizing at slightly lower rates compared to 2022 and 2021.

Why are Recent FRM Part I Exam Pass Rates Increasing?

Most likely recent FRM pass rates are increasing because candidates are studying for the recommended amount of time (275 hours) and using comprehensive FRM study packages.

For those who have yet to take the exam, considering a FRM Exam prep package could be highly beneficial. These packages offer comprehensive study materials and strategies designed to enhance your understanding of the FRM exam and boost your chances of passing each exam on the first attempt.

Considering taking the FRM Exam? Download the free eBook, Before You Sit for the FRM Exam, for invaluable advice from successful FRM professionals.

How Hard is the FRM Exam?

FRM exams are difficult because they require you to become a specialist in Financial Risk Management, which is an important field in the Investment Management industry. The difficulty of passing the FRM Part II exam has been compared to the difficulty of passing all three levels of the CFA exams.

FRM Part I Topics and Weights

There are four topics covered in Part I of the FRM exam which is comprised of 100 multiple-choice questions.

FRM Part II Topics and Weights

There are six topics covered in Part II of the FRM exam which is comprised of 80 multiple-choice questions.

FRM Part Difficulty: Which FRM Exam is the Hardest?

According to historical and recent pass rates of the FRM exam, Part I is the hardest FRM exam. Considering there are only four topic areas of Part I, you have less room for error, especially in the areas of Financial Markets and Products and Valuation and Risk Models. Those two topic areas alone make up 60% of the exam.

Study Tips: How to Increase Your Odds of Passing the FRM Exam

Be prepared to allocate at least 275 hours studying for the FRM exam. As you develop your study plan, block 30–40% of your time for reading and preparing, 40–50% of your time practicing questions and answering techniques, and 20% of your time taking mock exams.

These tips will help you develop the knowledge and confidence to increase your odds of passing the exam:

• Create your FRM study plan, and start studying early.

• Focus on the Learning Objectives from GARP because they detail exactly what you are expected to do on exam day.

• Sign up for a FRM exam preparation class.

• Establish a consistent study schedule.

• Switch back and forth between reading and doing practice problems. Don't forget to take breaks. You need time to let everything sink in.

• Take at least one FRM mock exam to get familiar with the testing experience and build up your confidence.

Next Steps for FRM Candidates

Learn more about FRM exams if you are interested in becoming a Financial Risk Manager. If you are interested in taking (or re-taking) the exam, check out our FRM study materials.