About the FRM® Exam 

Content, format and everything you need to know about the FRM® exam.

What experience is Needed To Get The FRM® Certification

There is no prerequisite to register for the exams.

However to obtain the FRM® certification, one must pass both parts successfully and submit two years of full-time relevant financial risk management work experience. 

Exam Format

The FRM® Exam is a computer-based (CBT) multiple-choice exam given in two parts.

It is offered exclusively in English, three times a year in May,  July and November at approximately 90 exam sites around the world.

Each part requires around 250 of preparation. We advise to take each part individually in a different exam window and to start with Part I. Indeed, candidates that take part II prior to receiving a passing score on exam part I will not have their exam part II graded if they fail exam part I. 

FRM® Exam Part I  

  4 hours
  100 questions MCQ

  250 hours of preparation

FRM® Exam Part II

4 hours

  80 questions MCQ
  250 hours of preparation

Content of the exam

Part 1
Learn fundamental tools and techniques used in risk management and the theories that underlie their use
  • 20% - Foundations of Risk Management
  • 20% - Quantitative Analysis
  • 30% - Financial Markets and Products
  • 30% - Valuation and Risk Models

Part 2
Apply the tools and techniques covered in the first part and dive deeper in investment management and current market issues.
  • 20% - Market Risk Measurement and Management
  • 20% - Credit Risk Measurement and Management
  • 20% - Operational Risk & Resilience Management
  • 15% - Liquidity and Treasury Risk Measurement and Management
  • 15% - Risk Management and Investments Management
  • 10% - Current Issues in Financial Markets

Scoring & Results

Passing scores are determined by the FRM® Committee and exam results are sent by email around six weeks after the exam.

Candidates will receive quartile results helping them to analyze their performance. 

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