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.
The FRM designation is recognized as the benchmark for financial risk professionals and has been adopted by companies to ensure their risk management employees are well versed in the latest financial risk concepts. Becoming an FRM boosts your credibility and respect from employers, peers, and clients and maximizes your personal and professional opportunities within the world of finance.
Select Your FRM Exam Level
2025 Registration and FRM® Exam Dates
Key Registration & Exam Dates:
May 2025 Exam:
- Part I May 2025 Exam Dates: May 10-16, 2025
- Registration Opens: December 1, 2024
- Early Registration Deadline: January 31, 2025
- Registration Closes: March 31, 2025
August 2025 Exam:
- Part I August 2025 Exam Dates: August 8–9, 2025 (AM sessions only)
- Registration Opens: March 1, 2025
- Early Registration Deadline: April 30, 2025
- Registration Closes: June 30, 2025
November 2025 Exam:
- Part I November 2024 Exam Dates: November 8–14, 2025
- Registration Opens: May 1, 2025
- Early Registration Deadline: July 31, 2025
- Registration Closes: September 30, 2025
2025 FRM® Exam Format
2025 FRM® Exam Body of Knowledge
Part I
- Foundations of Risk Management 20%
- Quantitative Analysis 20%
- Financial Markets and Products 30%
- Valuation and Risk Models 30%
FRM® 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 four years after passing the FRM Exam Part I.
Registration fees vary throughout 2025:
FRM Part I
May 2025 Exam:
- Enrollment fee: $400
- Early Registration: $600
- Standard Registration: $800
August 2025 Exam:
- Enrollment fee: $400
- Early Registration: $600
- Standard Registration: $800
November 2025 Exam:
- Enrollment fee: $400
- Early Registration: $600
- Standard Registration: $800
Our Part I study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
Requirements to Earn the FRM®
- 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.
2025 Registration and FRM® Exam Dates
Key Registration & Exam Dates:
May 2025 Exam:
- Part II May 2025 Exam Dates: May 17–20, 2025
- Registration Opens: December 1, 2024
- Early Registration Deadline: January 31, 2025
- Registration Closes: March 31, 2025
August 2025 Exam:
- Part II August 2025 Exam Dates: August 8–9, 2025 (PM sessions only)
- Registration Opens: March 1, 2025
- Early Registration Deadline: April 30, 2025
- Registration Closes: June 30, 2025
November 2025 Exam:
- Part II November 2025 Exam Dates: November 15–19, 2025
- Registration Opens: May 1, 2025
- Early Registration Deadline: July 31, 2025
- Registration Closes: September 30, 2025
2025 FRM® 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 English—specifically American English—and is typically administered three times per year, in May, August, and November, at hundreds of exam sites around the world. Candidates should know the exam must be completed in four hours or less. This exam is administered via computer-based testing (CBT).
2025 FRM® Exam Body of Knowledge
The FRM Exam Part II focuses on the tools used to assess financial risk:
- 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%
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 Part II study package:
FRM® 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:
FRM Part II
MAY 2025 EXAM:
- Early Registration: $600
- Standard Registration: $800
AUGUST 2025 EXAM:
- Early Registration: $600
- Standard Registration: $800
NOVEMBER 2025 EXAM:
- Early Registration: $600
- Standard Registration: $800
Our Part II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
Requirements to Earn the FRM®
- 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.
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Effective preparation requires a study schedule that covers the entire FRM Program curriculum and practice that resembles exam content. Our Packages create a study plan adaptive to your schedule and include integrated study tools that provide practice of key concepts of the curriculum.
