Prepare for the FRM^® Exam Part I

Studying for Part I is Crucial, and It Takes a Substantial Effort.

There are no shortcuts. The one thing standing between you and success on the FRM Exam Part I is hard work. GARP reports that, on average, FRM candidates spend approximately 240 hours preparing for the exam. Schweser’s Prepare, Practice, Perform^® methodology gives you the structure you need to get the most of the time you spend preparing.

Previous Knowledge

Anyone can register to take the exam. FRM certification is awarded after a candidate has passed two rigorous multiple-choice exams (FRM Exam Part I and Part II) and demonstrated two years of relevant work experience. Candidates must take the FRM Exam Part I before taking Part II. Certified FRMs are strongly encouraged to earn 40 hours of Continuing Professional Development (CPD) every two years to maintain the latest best practices in risk management.

Part I Curriculum

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

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FRM Part I Exam Details

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

The FRM Exam Part I is a computer-based, multiple-choice exam. FRM Part 1 contains 100 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).

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2025 FRM^® Exam Body of Knowledge

Part I

The FRM Exam Part I 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%

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 I study package:

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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.

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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.

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