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FRM Part 1

The Financial Risk Manager (FRM) designation is the global professional certification for those who are into risk management. The FRM certification is offered by the Global Association of Risk Professionals (GARP).

The FRM Part 1 exam is among the hardest to crack in finance. After 2009, the FRM exam was split into two parts. Prior to 2009 there was only one FRM exam. On an average, less than 50% candidates are able to pass FRM part 1 exam.

The table below gives the pass rates of FRM Part 1 Exam from November 2009 till present.

Year Part 1
May 2014 42.5%
Nov 2013 50.9%
May 2013 45.9%
Nov 2012 46.7%
May 2012 47.3%
Nov 2011 46.6%
May 2011 53.1%
Nov 2010 39.3%
May 2010 52.5%
Nov 2009 55.2%

FRM Part 1 Exam

There are 100 MCQs to test the candidates’ knowledge in the areas of risk management, financial markets and products, quantitative analysis and essential risk modelling.

There are no educational or professional pre-requisites required to enroll for the FRM Program. The FRM Program is open for all.

Application Process:

While registering for the FRM Part 1 exam, the candidates have to choose the testing location from where they wish to take the exam. The FRM part 1 exam is offered at over 90 testing locations across Asia, America, Europe, Africa and Oceania.

Following table shows the deadlines for November 2014 FRM Part 1 Exam. All deadlines are up to 23.59 EDT (New York time)

July 31, 2014 Early Registration
August 31, 2014 Standard Registration
Special (RAD)* Requests
Special (ADA)** Requests
GARP Scholarship Applications
October 15, 2014 Late Registration
Exam Site Change
Deferral to May 16, 2015 Exam

FRM Part 1 Exam Format

FRM Part 1 Exam is a paper-based exam consisting of multiple choice questions with 4 answer choices. It is conducted only in English language across 90 testing locations worldwide. The FRM part 1 and part 2 exams are offered on third Saturday in the months of May and November.

The duration of the exam is 4 hours. There are 100 multiple choice questions in FRM part 1 exam. FRM part 1 exam is conducted in the morning session.

There is no negative marking for wrong answers. The FRM part 2 exam is not graded until the candidate qualifies FRM part 1 exam. The FRM Committee is responsible for determining the passing score.

Candidates are allowed to make use of the GARP approved calculators. Only certain models of Hewlett Packard (10B II, 20B, and HP-12C) and Texas Instruments (BA II Plus) calculators are permissible. If there is a violation to this rule, then the answer sheet will not be evaluated and graded.

The results of the FRM Exam are released approximately after six weeks of the exam. The candidates receive an email indicating their pass or fail result. Candidates can view their quartile results. They can analyze their performance and area specific scores relative to other candidates.


Global Association of Risk Professionals, Inc. (GARP®) does not endorse, promote, review or warrant the accuracy of the products or services offered by EduPristine for FRM® related information, nor does it endorse any pass rates claimed by the provider. Further, GARP® is not responsible for any fees or costs paid by the user to EduPristine nor is GARP® responsible for any fees or costs of any person or entity providing any services to EduPristine Study Program. FRM®, GARP® and Global Association of Risk Professionals®, are trademarks owned by the Global Association of Risk Professionals, Inc

CFA Institute does not endorse, promote, or warrant the accuracy or quality of the products or services offered by EduPristine. CFA Institute, CFA®, Claritas® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

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