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The FRM Exam structure fundamentally has two parts — Part 1 and Part 2—that are both offered twice a year on the third Saturday of May and November.

FRM exam structure for Part 1 is an equally weighted 100 question multiple-choice exam offered in the morning of the Exam day and FRM exam structure for Part II is an equally-weighted 80 question multiple-choice exam offered in the afternoon of the Exam day.

It is important to note that Part I and Part II of the FRM Exam must be passed sequentially. Therefore, while it is possible to sit for both parts of the examination on the same day, a candidate must receive a passing score on Part I before GARP will mark his or her Part II examination. Most candidates elect to take Part 1 and Part 2 on separate Exam administration days.

FRM exam format:

The FRM examination is a pencil and paper multiple choice examination conducted in two parts. it’s offered solely in English, two times a year, on the third Saturday in the months of May and November. It is a paper based exam which is offered at ninety examination sites round the world. This approach ensures that there’s fairness and consistency for all candidates globally.


Both FRM Part 1 and FRM part 2 are four hours long.
Part 1: 9:00 am – 1:00 pm
Part 2: 2:00 pm – 6:00 pm


There aren’t any penalties for incorrect answers. Candidates should pass part 1 of the FRM examination so as to have part 2 graded. The passing score is decided by the FRM Committee.


Only GARP-approved calculators are allowable to be used at the FRM examination. Look at calculator policy for FRM exam.


Exam results are in a binary format, with either pass or fail being awarded. The results are published in approximately six weeks via email once the examination is run. Quartile results are provided to the candidates so that they can check their performance in the topic areas.