FRM® EXAM PREP

Body of Knowledge

This portion of the FRM Exam focuses on the tools used to assess financial risk: 

• Foundations of Risk Management 

• Quantitative Analysis 

• Financial Markets and Products 

• Valuation and Risk Models 

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.

Requirements to Earn the Certification

To earn the FRM, you must complete the following:

1. Register for the FRM Part I Exam

2. Pass the FRM Part I Exam

3. Register for the FRM Part II Exam

4. Pass the FRM Part II Exam

5. 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.

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 4 years after passing the FRM Exam Part I.

Registration fees vary throughout 2025 based on when you register:

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 structure, format, and difficulty of the actual exam, leaving no surprises on exam day. Begin your preparation today.

View FRM Part I Packages

Important FRM Exam Dates

Find out when you need to register to sit for your FRM Exam Part I.

FRM Part II Exam Details

Body of Knowledge

The FRM Exam Part II focuses on the tools used to assess financial risk: 

• Market Risk Measurement and Management 

• Credit Risk Measurement and Management 

• Operational Risk and Resilience 

• Liquidity and Treasury Risk Measurement and Management 

• Risk Management and Investment Management 

• Current Issues in Financial Markets

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 II study package.

Part II Exam Format

The FRM Exam Part II is a computer-based, multiple-choice exam. Part II contains 80 multiple-choice questions. The exam is offered solely in English—specifically American English—and is typically administered three times per year (May, August, and November), at hundreds of exam sites around the world. Candidates should know the exam must be completed in 4 hours or less. This exam is administered via computer-based testing (CBT).

Part II Topic Weights

For the 2025 Part II Exam, the topics are weighted as follows: 

• Market Risk Measurement and Management: 20%

• Credit Risk Measurement and Management: 20%

• Operational Risk and Resiliency Resilience: 20%

• Liquidity and Treasury Risk Measurement and Management: 15%

• Risk Management and Investment Management: 15%

• Current Issues in Financial Markets: 10%

These topic weights were used to develop a Part II study plan you can follow to ensure complete coverage of the material. The study plan is included in all our packages.

Requirements to Earn the Certification

To earn the FRM, you are required to complete the following:

1. Register for the FRM Part I Exam

2. Pass the FRM Part I Exam

3. Register for the FRM Part II Exam

4. Pass the FRM Part II Exam

5. 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 II Study Packages.

Exam Fees

The FRM Exam requires a program enrollment fee of $400, which is payable when a candidate initially registers for the FRM Exam Part I. 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, based on when you register:

FRM Part II

MAY 2025 EXAM:

• Early Registration: $600

• Standard Registration: $800

AUGUST 2025 EXAM:

• Early Registration: $600

• Standard Registration: $800

NOVEMBER 2025 EXAM:

• Early Registration: $600

• Standard Registration: $800

Our Part II study packages are built to replicate the structure, format, and difficulty of the actual exam, leaving no surprises on exam day. Begin your preparation today.

Important FRM Exam Dates

Find out when you need to register to sit for your FRM Exam Part II.