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FRM today is one of the most prestigious and rewarding certifications in Finance. The candidates appearing for FRM exams face many doubts and queries regarding the certification and exams. Some of the frequently asked questions are discussed below. Get all the answers to your queries here.

Eligibility and Requirements related Queries:

Q. What are the minimum eligibility requirements for FRM exam?

Answer: There are no minimum eligibility requirements for appearing in the FRM exam. However, in order to be certified as a Financial Risk Manager, the following are required:

  • A passing score on the FRM Examination
  • Active Fellow membership in the Global Association of Risk Professionals (GARP)
  • A minimum of two years’ experience in the area of financial risk management or another related field including, but not limited to, trading, portfolio management, academic or industry research, economics, auditing, risk consulting, and/or risk technology

Q. What if I do not have relevant work experience?

Answer: Please note that there is no eligibility requirement for appearing for the FRM exam. So, one can appear for the FRM exam, clear the same and then get the relevant work experience and then get the certification.

If one passes the FRM exam (Full exam or both Part-1 and Part-2) but does not have the 2 years of relevant work experience, GARP issues a letter stating that the candidate has passed the FRM exam. The candidate will be considered as "FRM Holder" but not "Certified FRM Holder". The candidate can use the FRM designation only after submitting the proof of the 2 years of work experience to GARP, and after receiving the GARP confirmation that the candidate has been formally included on its registry of certified FRM holders.

However, one can list the following statement on your CV/Resume: "FRM Program: Passed Parts I & II". This certainly adds value to the resume.

How much time do I have to complete the FRM Certification process?

Answer: Once a candidate passes the FRM Exam Part I, he/she must then pass the FRM Exam Part II within 4 years. Candidates have 5 years from the date they sat and passed the FRM Exam Part II to have their work experience verified.

Q. Does an internship position count towards my two years of experience?

Answer: No, unfortunately, the program required two years of professional experience, and an internship position does not meet these requirements.

Registration Related Queries:

Q. If I fail the FRM Part 1 Exam , am I required to re-take the exam within a certain period of time?

Answer: No. There are no restrictions on when you can re-register for FRM Exam Part I. If you re-register you will be required to pay the exam fee only, you do not have to pay the enrollment fee.

Q. I have passed the FRM Part 1 Exam . Am I required to register for the FRM Part 2 Exam within a certain period of time?

Answer: Yes. Once a candidate passes FRM Part 1 Exam they must pass FRM Part 2 Exam within 4 years. If a candidate fails to pass the FRM Part 2 Exam within that timeframe, they must start the program all over again and re-enroll in the FRM Exam Program.

Q. I have passed the FRM Part 1 Exam and FRM Part 2 Exam, is there a time limit when I have to submit my CV/resume?

Answer: Yes. Once you pass both the Parts, you have 5 years from the date you passed the FRM Part 1-2 exam to submit your CV/resume to GARP’s Resume Builder. If you fail to submit your CV/resume within the 5 year timeframe then you will have to retake the FRM exam to become a certified FRM.

Q. Can I get a refund?

Answer: GARP does not provide refunds for either the Exam Enrollment or Exam Registration Fee.

Q. Can I transfer my Exam registration to another candidate?

Answer: No. Candidates cannot transfer a registration to another candidate

Q. When is the deadline to pay for the FRM Exam?

Answer: In order for your Exam registration to be considered complete, payment must be received by GARP no later than midnight (New York time) on the closing date of each registration period.

Administration Exam Deadlines:

Month WiseApplication ProcessClosing date
MayEarly RegistrationJanuary 31, 2016
Standard RegistrationFebruary 29, 2016
Late RegistrationApril 15, 2016
ScholarshipFebruary 29, 2016
ADA/RAD ApplicationFebruary 29, 2016
DeferralApril 15, 2016
Change Exam SiteApril 15, 2016


Month WiseApplication ProcessClosing date
NovemberEarly RegistrationJuly 31, 2016
Standard RegistrationAugust 31, 2016
Late RegistrationOctober 15, 2016
ScholarshipAugust 31, 2016
ADA/RAD ApplicationAugust 31, 2016
DeferralOctober 15, 2016
Change Exam SiteOctober 15, 2016

FRM exam preparation Related Queries:

Q. How much preparation would I need for the FRM examination?

Answer: The FRM is a challenging and demanding exam covering a range of risk management concepts and issues. We believe that candidates should begin their exam preparations as soon as they receive their study materials and aim to spend a minimum of 250 hours reviewing the exam syllabus, working through the practice questions and doing the practice exams. This includes the time that you spend on your BPP course.

Q. What textbooks do I need to purchase to prepare for the exam?

Answer: The study material that EduPristine provides has been written to comprehensively cover the entire FRM syllabus. The study material effectively summarizes all the core readings of the FRM syllabus to help you understand the required risk related concepts and apply them in an exam related way. Should you wish to read the original core readings, these can be purchased from the GARP Digital Library or from other bookstores.

Q. How many hours will I need to study to prepare for the Part 1 and Part 2 FRM Exams?

Answer: GARP recommends approximately 150 to 200 hours of preparation for each Part of the exam, for a total of 300 to 400 hours of preparation. You can refer to our FRM Topic-wise time allocation chart to plan your exam preparations.

FRM Exam Format Related Queries:

Q. What is the format of the FRM Part 1 Exam?

Answer: The FRM Part 1 Exam is the first of two exams in the Expanded FRM Program. The Part 1 Exam is a 4-hour exam containing 100 multiple-choice questions. The exam is split into two equal sections of 2 hours each and is given in booklet form.

Topics Covered in the FRM Part 1 Exam and their weightage:



Foundations of Risk Management


Quantitative Analysis


Financial Markets and Products


Valuation and Risk Models


Q. What is the format of the FRM Part 2 Exam?

Answer: The FRM Part 2 Exam is the second exam in the Expanded FRM Program. The Part 2 Exam will be offered for the first time in May 2010 and is a 4-hour exam containing 80 multiple-choice questions. The exam is split into two equal sections of 2 hours each and is given in booklet form.

Topics Covered in the FRM Part 2 Exam and their weightage:



Market Risk Measurement and Management


Credit Risk Measurement and Management


Operational and Integrated Risk Management


Risk Management and Investment Management


Current Issues in Financial Markets


Other Queries (Comparison, Fee structure, pass rates):

Q. How does the FRM curriculum compare to the CFA curriculum?

Answer: The FRM certification complements the CFA Program Charter. The FRM curriculum provides more detail on areas of financial and non-financial risk while the CFA curriculum provides a broad view of financial analysis in general. The FRM Part 1 material will overlap with part of the CFA curriculum, mainly in the areas of quantitative analysis, portfolio theory, derivatives, and fixed income securities. The FRM and CFA overlap at Part 2 is minimal; however, some concepts that are mentioned briefly in the CFA curriculum, such as value at risk, credit risk, risk budgeting, and hedge funds, are expanded upon in this section of the FRM curriculum. Exclusive to the FRM exams are readings on operational and integrated risk management, Basel II, current issues in financial markets, and case studies in risk management. The FRM exams tend to have more of a quantitative focus than the CFA exams.

Q. What are the fees involved for the FRM Part 1 Exam in May 2010?

Answer: The fee structure for FRM part 1 exam is given in the below table.

Q. Do I need to read the GARP recommended readings, or can I just use EduPristine Study Notes?

Answer: EduPristine Study Notes are written to be an essential complement to GARP’s recommended readings for the 2010 FRM Exams. The decision as to whether or not to read the recommended readings is up to you, and often depends on your own academic background, strengths, and weaknesses.

Q. What is the FRM’s historical pass rate?

Answer: You can refer to EduPristine’s page to get the updated data on pass rates for FRM Part 1 and Part 2.