The FRM exam (Financial Risk Manager) from GARP is the leading credential for risk professionals. It has two computer-based parts: Part I covers risk tools, and Part II covers applying them.
Warm up with the free FRM practice exams on our site.
Key takeaways
- Part I: 100 multiple-choice questions in 4 hours.
- Part II: 80 multiple-choice questions in 4 hours.
- Testing windows are typically in May, August and November.
- Certification also requires 2 years of relevant work experience.
USA FRM Exam: Quick Facts
- Offered by
- GARP
- Part I
- 100 questions, 4 hours
- Part II
- 80 questions, 4 hours
- Windows
- May, August, November
- Enrollment fee
- $400 (one-time)
FRM Exam Topics
| Part I | Part II |
|---|---|
| Foundations of risk management (20%) | Market risk measurement and management |
| Quantitative analysis (20%) | Credit risk measurement and management |
| Financial markets and products (30%) | Operational risk and resilience |
| Valuation and risk models (30%) | Liquidity and treasury risk; risk management and investment management; current issues |
FRM Practice Exams
GARP publishes official practice exams for enrolled candidates. Pair them with timed question drills. Our FRM practice test covers VaR, the Greeks, credit risk and quantitative basics. Also see the CFA exam, which many risk professionals combine with FRM.
More on FRM Practice Exams →Free practice test
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Go to the USA FRM Exam practice test →USA FRM Exam FAQs
How many questions are on the FRM exam?
Part I has 100 multiple-choice questions and Part II has 80, each with 4 hours.
Full answer →When are the FRM exam dates?
GARP offers testing windows in May, August and November. Check GARP for the exact dates and registration deadlines.
Full answer →Can I take FRM Part I and Part II on the same day?
Yes, candidates may take both in the same window, but Part II is only graded if you pass Part I.
Full answer →What is the FRM pass rate?
Historically around 40–50% for Part I and 50–60% for Part II.
Full answer →Official sources
Disclaimer: This guide is for general information and is not financial, tax, insurance or investment advice. Exam details, fees, blueprints and product terms change. Confirm with the official organization or a licensed professional. Read our editorial policy.