FRM Exam Overview

Content, format and everything you need to know about the FRM® exam

Content


Part 1
Learn fundamental tools and techniques used in risk management and the theories that underlie their use
  • 20% - Foundations of Risk Management
  • 20% - Quantitative Analysis
  • 30% - Financial Markets and Products
  • 30% - Valuation and Risk Models
Part 2
Apply the tools and techniques covered in the first part and dive deeper in investment management and current market issues.
  • 25% - Market Risk Measurement and Management
  • 25% - Credit Risk Measurement and Management
  • 25% - Operational and Integrated Risk Management
  • 15% - Risk Management and Investments Management
  • 10% - Current Issues in Financial Markets

Exam Format


The FRM® Exam is a pencil-and-paper multiple-choice exam given in two parts.


It is offered exclusively in English, twice a year in May and November, at approximately 90 exam sites around the world.

FRM® Exam Part I

4 hours

100 questions MCQ

Exam in the morning

FRM® Exam Part II

4 hours

80 questions MCQ

Exam in the afternoon

Scoring & Results


Passing scores are determined by the FRM®  Committee and exam results are sent by email around six weeks after the exam.


Candidates will receive quartile results helping them to analyze their performance In terms of strategy it is important to know that:


• There are no penalties for wrong answers


• Candidate can take the first and second part the same day, however the second part will not be graded unless they first pass the first part