FRM Exam Pattern: How Both Parts Are Structured and Scored
Two sequential papers, every question worth the same, and no published pass mark. Here is exactly how scoring works.
The FRM is earned by passing two sequential computer-based exams. Part I has 100 equally weighted multiple-choice questions on the tools used to assess financial risk. Part II has 80 equally weighted MCQs on the application of those tools. Each exam runs 4 hours. Results are pass/fail with a quartile breakdown, and GARP sets the passing score each sitting rather than publishing a fixed mark.
Two sequencing rules shape every candidate's timeline: Part I must be passed before sitting Part II, and Part II must be passed within 4 years of passing Part I.
FRM Pattern at a Glance
Questions
Part I
100 MCQs
Part II
80 MCQs
Weighting
Part I
Equally weighted
Part II
Equally weighted
Duration
Part I
4 hours (240 minutes)
Part II
4 hours (240 minutes)
Mode
Part I
Computer-based
Part II
Computer-based
Subjects
Part I
4
Part II
6
Result
Part I
Pass/fail with quartile ranking
Part II
Pass/fail with quartile ranking
| Feature | Part I | Part II |
|---|---|---|
| Questions | 100 MCQs | 80 MCQs |
| Weighting | Equally weighted | Equally weighted |
| Duration | 4 hours (240 minutes) | 4 hours (240 minutes) |
| Mode | Computer-based | Computer-based |
| Subjects | 4 | 6 |
| Result | Pass/fail with quartile ranking | Pass/fail with quartile ranking |
How FRM Scoring Works
There is no published pass mark. After each sitting, GARP determines the passing score and reports your result as pass or fail, along with a quartile ranking that shows how you performed in each subject relative to other candidates. Recent overall pass rates run roughly 45-55%.
The practical consequence: you cannot aim at a number the way you can with a fixed 60% exam. The only reliable strategy is to be comfortably better than the median candidate across every subject, because a strong performance in one area does not formally offset a weak one in the quartile report.
The Rules That Shape Your Timeline
- check_circlePart I must be passed before you can sit Part II.
- check_circlePart II must be passed within 4 years of passing Part I.
- check_circleBoth parts are offered in each of the three annual windows: May, August and November.
- check_circleCertification also requires 2 years of qualifying risk-related work experience, submitted within 4 years of passing Part II.
See the MCQ style before you plan for it.
What 4 Hours of Equally Weighted MCQs Means in Practice
One hundred questions in 240 minutes gives you an average of 2.4 minutes per Part I question; Part II's 80 questions allow 3 minutes each. Because every question carries the same mark, a question that eats 8 minutes costs you exactly what three quick ones would have earned. Time discipline is scored here as surely as knowledge is.
Pattern Details Can Change
Question counts, windows and administrative rules are set by GARP and can be revised between cycles. Confirm the current exam policies on garp.org before registering.
FAQs
How many questions are on the FRM exam?expand_more
Part I has 100 equally weighted multiple-choice questions. Part II has 80. Both are 4-hour computer-based exams.
What is the FRM pass mark?expand_more
GARP does not publish a fixed percentage. Exams are graded pass/fail with a quartile ranking; recent pass rates run roughly 45-55%.
Can I take FRM Part I and Part II together?expand_more
Part I must be passed before sitting Part II. Both parts are offered in each exam window (May, August and November), and Part II must be passed within 4 years of passing Part I.
Is there negative marking in the FRM exam?expand_more
The exams consist of equally weighted multiple-choice questions graded pass/fail against a score GARP sets each sitting. Confirm the current scoring policy on garp.org before your window.
Next steps
- Syllabusarrow_forward
- Pass Rate & Difficultyarrow_forward
- Exam Datesarrow_forward
- FRM Guidearrow_forward
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