FRM Exam Requirements

FRM^® Exam Details

The Global Association of Risk Professionals™ (GARP^®) established the FRM designation to identify and recognize risk professionals who are qualified to make informed decisions based on current, globally accepted industry standards.

Business Woman In White Blazer Working On Laptop

About the FRM Designation

The Global Association of Risk Professionals (GARP), which comprises two exams (Part I and Part II), established the FRM designation to identify and recognize risk professionals who are qualified to make informed decisions based on current, globally accepted industry standards. Becoming an FRM enhances your credibility and respect among employers, peers, and clients, and maximizes your personal and professional opportunities within the finance industry.

FRM Part I Exam Details

Find out when you need to register to sit for your FRM Exam Part I.

	November 2025
Part I Exam Dates	November 8-14, 2025
Registration and Scheduling Windows Open	May 1, 2025
Early Registration Deadline	July 31, 2025
Registration Closes	September 30, 2025
Register for Exam	July 21, 2025

Exam Format

The FRM Exam Part I is a computer-based, 100 multiple-choice question exam. The exam is offered solely in English — specifically American English — and is typically administered three times per year (May, August, and November), at hundreds of exam sites around the world. Candidates should know the exam must be completed in 4 hours or less. This exam is administered via computer-based testing (CBT).

Find a Test Center Near You

Body of Knowledge

This portion of the FRM Exam focuses on the tools used to assess financial risk:

Foundations of Risk Management
Quantitative Analysis
Financial Markets and Products
Valuation and Risk Models

Per the Global Association of Risk Professionals® (GARP®), candidates should understand that the level of mathematical difficulty of the FRM Exam is similar to that found in advanced undergraduate or introductory graduate-level finance courses at most universities. Additionally, while the exam is designed to be conceptual, candidates will still be required to know important formulas and calculations, as well as how to apply them correctly. Please note that formula sheets are not provided with the exam.

Master these concepts with a comprehensive FRM Part I study package.

Topic Weights

For the 2025 Part I Exam focuses on the tools used to assess financial risk:

Foundations of Risk Management: 20%
Quantitative Analysis: 20%
Financial Markets and Products: 30%
Valuation and Risk Models: 30%

These topic weights were used to develop a Part I study plan you can follow to ensure complete coverage of the material. The study plan is included in all our packages.

View FRM Part I Packages

Requirements to Earn the Certification

To earn the FRM, you must complete the following:

Register for the FRM Part I Exam
Pass the FRM Part I Exam
Register for the FRM Part II Exam
Pass the FRM Part II Exam
Demonstrate two years of relevant work experience

Please note that if a candidate elects to take Part II on the same day as Part I, their Part II Exam will not be marked by GARP unless they first pass Part I.

Give yourself the best chance to pass your FRM Exam with Part I Study Packages.

View FRM Part I Packages

Exam Fees

The FRM Exam requires all new exam candidates to pay an enrollment fee of $400, which is payable when a candidate initially registers for the FRM Exam Part I. Returning exam candidates are not required to pay the enrollment fee. The enrollment fee is not charged again unless the candidate has not passed the FRM Exam Part II within 4 years after passing the FRM Exam Part I.

Registration fees vary throughout 2025 based on when you register:

Part I	November 2025
Enrollment Fee	$400
Early Registration	$600
Standard Registration	$800

Our Part I study packages are built to replicate the structure, format, and difficulty of the actual exam, leaving no surprises on exam day. Begin your preparation today.

View FRM Part I Packages

FRM Part II Exam Details

Find out when you need to register to sit for your FRM Exam Part II.

	November 2025
Part II Exam Dates	November 15-19, 2025
Registration and Scheduling Windows Open	May 1, 2025
Early Registration Deadline	July 31, 2025
Registration Closes	September 30, 2025
Register for Exam	July 21, 2025

Exam Format

The FRM Exam Part II is a computer-based, multiple-choice exam. Part II contains 80 multiple-choice questions. The exam is offered solely in American English and is typically administered in May, August, and November, at hundreds of exam sites around the world. Candidates should know the exam must be completed in 4 hours or less. This exam is administered via computer-based testing (CBT).

Find a Test Center Near You

Body of Knowledge

The FRM Exam Part II focuses on the tools used to assess financial risk:

Market Risk Measurement and Management
Credit Risk Measurement and Management
Operational Risk and Resilience
Liquidity and Treasury Risk Measurement and Management
Risk Management and Investment Management
Current Issues in Financial Markets

Master these concepts with a comprehensive FRM Part II study package.

Topic Weights

The topics are weighted as follows:

Market Risk Measurement and Management: 20%
Credit Risk Measurement and Management: 20%
Operational Risk and Resiliency Resilience: 20%
Liquidity and Treasury Risk Measurement and Management: 15%
Risk Management and Investment Management: 15%
Current Issues in Financial Markets: 10%

The study plan in our packages were developed using these topic weights.

View FRM Part II Packages

Requirements to Earn the Certification

To earn the FRM, you must complete the following:

Register for the FRM Part I Exam
Pass the FRM Part I Exam
Register for the FRM Part II Exam
Pass the FRM Part II Exam
Demonstrate two years of relevant work experience

Please note that if a candidate elects to take Part II on the same day as Part I, their Part II Exam will not be marked by GARP unless they first pass Part I.

Give yourself the best chance to pass your FRM Exam with Part II Study Packages.

View FRM Part II Packages

Exam Fees

The FRM Exam requires a program enrollment fee of $400, which is payable when a candidate initially registers for the FRM Exam Part I. The enrollment fee is not charged again unless the candidate has not passed the FRM Exam Part II within four years after passing the FRM Exam Part I.

Registration fees vary throughout 2025, based on when you register:

Part II	November 2025
Early Registration	$600
Standard Registration	$800

Our Part II study packages are built to replicate the structure, format, and difficulty of the actual exam, leaving no surprises on exam day. Begin your preparation today.

View FRM Part II Packages

Still have questions? Schedule a call with an expert to get answers and a personalized study plan.

Schedule Appointment

Featured FRM Resources

View All

Becoming a CAIA Charterholder

CAIA vs. FRM: Everything You Need to Know - Kaplan Schweser

Read Article

Become a Financial Risk Manager

FRM vs. CFA: Everything You Need to Know - Kaplan Schweser

Read Article

FRM How to Prep

What is the Pass Rate for the FRM® Exam?

Read Article

Become a Financial Risk Manager

Financial Risk Manager (FRM): Traits for Success

Read Article

Try Kaplan Schweser FRM^® Exam Prep with our 7-Day Free Trial. Experience our comprehensive coverage of the entire FRM Program curriculum.

Male student standing in work environment

Explore FRM

FRM^® is a trademark owned by the Global Association of Risk Professionals, Inc.

GARP^® does not endorse, promote, review, or warrant the accuracy of the products or services offered by Kaplan Schweser of FRM^®-related information, nor does it endorse any pass rates claimed by the provider. Further, GARP^® is not responsible for any fees or costs paid by the user to Kaplan Schweser, nor is GARP^® responsible for any fees or costs of any person or entity providing any services to Kaplan Schweser. FRM^®, GARP^®, and Global Association of Risk Professionals™ are trademarks owned by the Global Association of Risk Professionals, Inc.

PassProtection™: Terms and conditions apply. Learn more at www.schweser.com/frm/pass-protection.

Terms and Conditions: 20% off applies to FRM® Premium Study Packages for Part I and Part II November 2025 exams only. Prices as shown on website. This offer cannot be used in conjunction with other discounts or promotions, cannot be applied to previous purchases, extensions, or state fees, and is not redeemable for cash value. Offer begins on April 28, 2025, and expires August 1, 2025, at 11:59 pm CT.

FRM Exam Requirements

FRM® Exam Details

About the FRM Designation

FRM Part I Exam Details

Exam Dates and Registration Periods

Exam Format

Body of Knowledge and Topic Weights

Requirements and Exam Fees

FRM Part II Exam Details

Exam Dates and Registration Periods

Exam Format

Body of Knowledge and Topic Weights

Requirements and Exam Fees

Featured FRM Resources

CAIA vs. FRM: Everything You Need to Know - Kaplan Schweser

FRM vs. CFA: Everything You Need to Know - Kaplan Schweser

What is the Pass Rate for the FRM® Exam?

Financial Risk Manager (FRM): Traits for Success

Explore FRM

FRM^® Exam Details