FRM- Exam Pattern, Syllabus & Preparation
The leading global certification for financial risk professionals in banking, markets and investment management.
The FRM is a globally recognised certification awarded by the Global Association of Risk Professionals (GARP) to financial risk professionals. Delivered as two rigorous computer-based exams plus a work-experience requirement, it covers market, credit, operational and liquidity risk, quantitative analysis and investment risk - leading to careers as risk managers and risk analysts in banks, funds and consultancies.
2 - Part I & Part II
Levels
Part I: 100 MCQs · Part II: 80 MCQs
Questions
Pass/fail with quartile ranking (~45–55%)
Result Basis
May, August & November
Exam Windows
Eligibility Criteria
Education
No formal degree or academic prerequisite to sit the exams. To be awarded the FRM designation, candidates must demonstrate 2 years of relevant full-time financial-risk work experience (submitted within 4 years of passing Part II).
Age Limit
No minimum or maximum age requirement.
Nationality
Open globally, including Indian candidates.
Exam Pattern
The FRM is earned by passing two sequential computer-based exams. Part I has 100 equally weighted MCQs on the tools used to assess financial risk. Part II has 80 equally weighted MCQs on the application of those tools. Each exam is 4 hours. Part I must be passed before sitting Part II, and Part II within 4 years of Part I. Results are pass/fail with a quartile breakdown (GARP sets the passing score each sitting). Certification also requires 2 years of qualifying risk-related work experience.
FRM Part I
Computer-based, 100 equally weighted MCQs240 min| Section | Questions | Marks |
|---|---|---|
| Foundations of Risk Management | 20 | 20 |
| Quantitative Analysis | 20 | 20 |
| Financial Markets & Products | 30 | 30 |
| Valuation & Risk Models | 30 | 30 |
FRM Part II
Computer-based, 80 equally weighted MCQs240 min| Section | Questions | Marks |
|---|---|---|
| Market Risk Measurement & Management | 16 | 16 |
| Credit Risk Measurement & Management | 16 | 16 |
| Operational Risk & Resilience | 16 | 16 |
| Liquidity & Treasury Risk | 12 | 12 |
| Risk Management & Investment Management | 12 | 12 |
| Current Issues in Financial Markets | 8 | 8 |
Key Topics & Syllabus
Part I - Tools of Risk Management
- check_circleFoundations of risk management
- check_circleQuantitative analysis
- check_circleFinancial markets and products
- check_circleValuation and risk models
Part II - Application of Risk Management
- check_circleMarket risk measurement & management
- check_circleCredit risk measurement & management
- check_circleOperational risk & resilience
- check_circleLiquidity & treasury risk
- check_circleRisk management & investment management
- check_circleCurrent issues in financial markets
Career Roles & Salary
Risk Manager
₹15–30 LPA
Designs and oversees enterprise risk frameworks, limits and reporting at banks, NBFCs and asset managers.
Market / Credit Risk Analyst
₹8–18 LPA
Measures and monitors market and credit exposures using VaR, stress testing and rating models.
Treasury / Liquidity Risk Professional
₹10–22 LPA
Manages funding, liquidity and ALM risk, ensuring regulatory and internal limit compliance.
Model Validation / Quant Risk Analyst
₹12–25 LPA
Builds and validates risk and pricing models within model-risk and quantitative teams, often in global capability centres.
How to Prepare
Enrol with GARP
Create an account at garp.org and pay the one-time enrolment fee when first registering for Part I.
Register and pass Part I
Register for a May, August or November window and pass the 100-question Part I exam.
Pass Part II
Sit and pass the 80-question Part II exam within 4 years of passing Part I.
Submit work experience
Demonstrate 2 years of relevant full-time financial-risk work experience within 4 years of passing Part II.
Receive the FRM designation
Once GARP verifies your experience, you are certified and may use the FRM designation.
Important Dates (Tentative)
| Event | Expected Date |
|---|---|
| May exam window | Early May (Part I and Part II) |
| August exam window | Mid-August (Part I and Part II) |
| November exam window | Mid-November (Part I and Part II) |
| Exam cycle | Three windows per year - May, August and November |
* Dates are indicative based on historical patterns. Check the official website for confirmed dates.
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Free mock tests, chapter-wise practice questions and a personalized study plan, built around the latest FRM pattern.
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FRM FAQ
Do I need a degree to take the FRM exam?
No. There is no academic prerequisite to sit the exams. However, you must have 2 years of relevant work experience to be awarded the FRM designation.
How long does it take to complete the FRM?
Most candidates take 1–2 years to pass both parts (Part II must be within 4 years of Part I), plus meeting the 2-year experience requirement.
What is the pass mark?
GARP does not publish a fixed percentage. Exams are graded pass/fail with a quartile ranking; recent pass rates run roughly 45–55%.
How much does the FRM cost?
A one-time enrolment fee of about US$400 plus per-part exam fees (around US$600 early / US$800 standard), so a first early registration is roughly US$1,000 (~₹84,000) for Part I.
What salary can an FRM earn in India?
Risk analysts commonly earn ₹8–18 LPA, with experienced risk managers and quantitative-risk professionals earning ₹15–30 LPA, higher in global banks and capability centres.
Is the FRM recognised in India?
Yes. The FRM is highly valued by banks, NBFCs, rating agencies, consultancies and global-capability centres in India as the benchmark risk-management credential.
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