The FRM course is the Financial Risk Manager certification awarded by GARP, the Global Association of Risk Professionals. It has two computer-based exams, needs no specific degree to register, and becomes a full certification only after two years of relevant work experience. As of October 2026, a first-time candidate pays at least USD 1,600 in GARP fees for both exams.
Last updated: October 2026. Every rule and fee below is taken from GARP's official FRM pages.
FRM full form and who awards it
FRM stands for Financial Risk Manager. It is awarded by GARP, a not-for-profit membership body for risk professionals headquartered in Jersey City, with offices in London, Hong Kong and Mumbai. GARP says more than 100,000 professionals from over 190 countries and regions hold the FRM. In India it is most relevant to roles in banks, NBFCs, insurers, asset managers, consulting and the risk teams of large companies.
FRM course structure: Part I and Part II
There are two multiple-choice exams, both taken on a computer at a test centre. Each exam lasts four hours and is marked pass or fail.
Part I: 100 questions. Topics in GARP's most recent published weights (2025): Foundations of Risk Management 20%, Quantitative Analysis 20%, Financial Markets and Products 30%, Valuation and Risk Models 30%.
Part II: 80 questions. Topics (2025 weights): Market Risk 20%, Credit Risk 20%, Operational Risk and Resilience 20%, Liquidity and Treasury Risk 15%, Risk Management and Investment Management 15%, Current Issues in Financial Markets 10%.
The Current Issues section changes every year. GARP's 2026 readings cover artificial intelligence, private credit, geopolitical risk, rising government debt, cryptocurrency and digital assets, and digital resilience. Results reach your GARP account within eight weeks of the exam window closing. The full outline is on GARP's FRM programme page.
FRM course eligibility: who can register?
GARP states plainly that there are no educational or professional prerequisites to register. A Class 12 student can technically sign up. In practice, Part I assumes comfort with statistics, probability and financial products, so most Indian candidates start during or after a B.Com, BBA, B.Tech, economics degree or MBA.
Passing both exams does not make you an FRM by itself. You must also show two years of full-time work experience in financial risk management, which can be earned before or after the exams. GARP sets a deadline for submitting this experience after you pass Part II, and its own pages word that limit differently, so confirm the current deadline in your GARP account.
FRM exam months and how long the course takes
Both parts are offered in May, August and November.
You can sit Part I and Part II on the same day only in August. In May and November they are on different days, though you can still take both in the same exam period.
If you take both parts in one period and fail or miss Part I, your Part II will not be graded.
After passing Part I, you must pass Part II by 31 December of the fourth year.
The November 2026 dates are 14 to 20 November for Part I and 21 to 25 November for Part II. Early registration for May 2027 runs from 1 December 2026 to 31 January 2027.
So how long does the FRM course take? The exams can be cleared within a year if you pass both at the first attempt. GARP says candidates spend about 240 hours preparing for each part on average, with a range from under 100 to over 400. The certification itself then depends on your two years of relevant experience, which you can build before, during or after the exams. A working risk analyst can finish much faster than a student who starts experience only after passing.
FRM fees as of October 2026
GARP charges in US dollars. For the May 2027 exam cycle its fees are:
One-time enrollment fee: USD 400, paid when you first register for Part I
Early registration: USD 600 per part
Standard registration: USD 800 per part
Deferral to a later exam: USD 250, allowed once
Wire or ACH payments: an extra USD 50 processing fee, and GST or VAT is added depending on where you live
A first-time candidate who registers early for both parts pays 400 + 600 + 600 = USD 1,600, before tax and study material. Registering late adds USD 400. Convert at the exchange rate on the day you pay, and check whether your card charges a foreign-transaction fee. Current figures are on GARP's fees page, since GARP says all fees are subject to change.
Pass rates and practical points for Indian candidates
In November 2025, GARP reported a pass rate of 47% for Part I and 50% for Part II, so about half of candidates did not pass in that sitting. Plan for a serious study schedule.
GARP accepts only a government-issued passport or driver's licence as ID at the test centre, with no exceptions. Indian candidates without a passport should sort out ID before registering.
Only specific calculators are allowed: HP 12C, TI BA II Plus or Professional, HP 10B II, HP 10BII+ and HP 20B.
Test centre seats are booked first come, first served, so book soon after registering to get a centre near you.
FRM or CFA: which one should you take?
Choose FRM if you want a career in risk: market risk, credit risk, model validation, treasury or regulatory roles in banks and NBFCs. It is two exams and narrower in scope. Choose CFA if you want investment analysis, equity research or portfolio management, where it is the more common credential. Our online CFA certification page covers that route, and the FRM certification page lists FRM preparation options.
Many risk professionals combine the FRM course with a degree. A commerce graduate deciding what comes next can compare options in our guide on what to do after B.Com, and BBA students can see the wider picture in our BBA course guide. Working professionals weighing an MBA in finance against FRM can look at the online MBA and our guide to the best master's degree for promotion.
Frequently asked questions
Can I do the FRM course after 12th?
You can register, because GARP has no educational prerequisite. But the exams are quantitative and the certification needs two years of risk work experience, so most students start during or after graduation.
How long does it take to complete FRM?
Both exams can be cleared in under a year, since Part I and Part II can be taken on the same day in August. You become an FRM only after adding two years of relevant work experience, so the overall timeline depends mostly on when that experience is complete.
What is the FRM fee?
As of October 2026, GARP charges a USD 400 one-time enrollment fee plus USD 600 per part at early registration or USD 800 at standard registration. A first-timer registering early for both parts pays USD 1,600 before taxes.
Is FRM better than CFA?
Neither is better in general. FRM is focused on risk management and has two exams; CFA is broader and focused on investment management. Pick the one that matches the job you want.
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