FRM Exam Overview

Content, format and everything you need to know about the FRM® 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.
  • 25% - Market Risk Measurement and Management
  • 25% - Credit Risk Measurement and Management
  • 25% - Operational and Integrated Risk Management
  • 15% - Risk Management and Investments Management
  • 10% - Current Issues in Financial Markets

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 for Part I, and twice a year in May and December for Part II, at approximately 90 exam sites around the world.

FRM® Exam Part I

 4 hours
 100 questions MCQ
  Exam in the morning

FRM® Exam Part II

4 hours

 80 questions MCQ
  Exam in the afternoon

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 In terms of strategy it is important to know that:

• There are no penalties for wrong answers

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