About the FRM Exam

Discussion of the FRM exams.

The Financial Risk Manager (FRM) program consists of two exam levels. The Global Association of Risk Professionals (GARP) recommends that candidates study at least 240 hours for each level of the exam.

Part I
The Part I exam consists of 100 multiple choice questions on the following topic areas:

  • Foundations of risk management concepts
  • Quantitative analysis
  • Financial markets and products
  • Valuation and risk models

Part II
The Part II exam consists of 80 multiples choice questions covering the following topic areas:

  • Market risk measurement and management
  • Credit risk measurement and management
  • Operational and integrated risk management
  • Liquidity and Treasury Risk Measurement and Management
  • Risk management and investment management
  • Current issues in financial markets

Historical Pass Rates

Part I Part II
May-10 53% 54%
Nov-10 39% 55%
May-11 53% 62%
Nov-11 47% 57%
May-12 47% 61%
Nov-12 47% 56%
May-13 46% 57%
Nov-13 51% 58%
May-14 43% 58%
Nov-14 59% 59%
May-15 43% 52%
Nov-15 49% 62%
May-16 45% 50%
Nov-16 45% 54%
May-17 42% 54%
Nov-17 42% 52%
May-18 41% 53%
Nov-18 50% 56%
May-19 42% 60%
Nov-19 46% 59%