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FRM® Exam Structure & Content - Financial Risk Manager®

Exam Registration

The FRM® Part I and Part II exams are held twice a year, in May and November. It is your responsibility to register with GARP® for exam entry, before you book a course with Kaplan Financial.  Details of registration can be found on the GARP website.

Exam Formats

The FRM program is divided into two parts. Both can be sat on the same day in May or November (although we recommend you only sit one part at a time). There are no penalties for incorrect answers.

For the most up-to-date exam topics and relative weights, please check the GARP website.

Part I
The table below shows you a breakdown of the topics covered in this level.

 
Topics Weighting Assessment Method
Foundations of Risk Management 20%
Paper-based
multiple-choice

100 questions

Four hours
Quantitative Analysis 20%
Financial Markets and Products 30%
Valuation and Risk Models 30%

Part II
Candidates must pass Part I of the FRM exam in order to have Part II graded.  The table below shows the breakdown of the topics covered in this part.
Topics Weighting Assessment Method
Market Risk Measurement and Management 25%


Paper-based
multiple-choice

80 questions

Four hours
Credit Risk Measurement and Management 25%
Operational and Integrated Risk Management 25%
Risk Management and Investment Management 15%
Current Issues in Financial Markets 10%

Global Pass Rates

For up-to-date information about recent pass rates please visit the GARP® website.

The exam itself is graded on a curve against the top 5% performers. Pass rates for Part I have averaged just below 50% whereas pass rates for Part II are about 10% higher.


GARP does not endorse, promote, review or warrant the accuracy of the products or services offered by Kaplan Financial of GARP Exam related information, nor does it endorse any pass rates that may be claimed by the Exam Prep Provider. Further, GARP is not responsible for any fees or costs paid by the user to Kaplan Financial nor is GARP responsible for any fees or costs of any person or entity providing any services to Kaplan Financial. ERP®, FRM®, GARP® and Global Association of Risk Professionals™, ICBRR® and FBR™ are trademarks owned by the Global Association of Risk Professionals, Inc.

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Exam Structure and Content