FRM Certification: Eligibility

Although there are no specific eligibility requirements which have been published by GARP regarding prospective FRM candidates, the certification requirements help delineate the basic eligibility criteria for FRM.

The FRM certification requirements include the two major aspects:

• The candidate needs to clear FRM Exam Part I and Part II in chronological order and within the prescribed time limit.

• The candidate needs to demonstrate and document at least 2-years of full time work experience in financial risk management.

Therefore, in order to fulfil the work experience requirement for certification, the candidate needs to meet the following eligibility requirements:

• The candidate should have completed an undergraduate qualification in a domain related to finance or in any other domain with relevant work experience associated with financial risk management.

• The candidate must have a working knowledge of the concepts associated with financial risk management.

 

FRM Certification Process

In order to obtain an Financial Risk Manager from GARP, there are a number of steps which prospective candidates need to follow to obtain the professional accreditation:

• Candidates must enroll to GARP and register for the FRM Exam Part I through the ‘new candidate’ pathway by creating a registration ID and paying the FRM fees.

• Upon successful payment of the FRM fees, the candidates will be able to access their GARP account and schedule their test.

• Candidates can pick a suitable test centre from over 100 test cities around the world for the specific exam date of application.

• Study material for FRM can also be accessed online through the candidate’s GARP account. This includes sample papers, official books, and study guides.

• The FRM books require payment additional to the FRM fees and therefore contributes toward the overall FRM certification cost.

• Candidates must first clear the FRM Exam Part I before they can opt for FRM Part II. In case the candidate opts for both the exams on the same day (in subsequent time slots), then the Part II scores will only be calculated if the candidate clears Part I.

• Upon clearing FRM Part I, candidates have up to 4 years to give and successfully clear FRM Part II.

• Candidates need to demonstrate and subsequently document at least 2 years of full-time work experience. This must be done within 5 years from the date of the candidate’s FRM Exam Part II.

• The certification will be awarded to candidates after documentation of requisite work experience. Candidates can maintain the value of their FRM certificate through continuing professional development.

 

FRM Exam Dates

FRM exams are now held 3 times a year for candidates opting for Part 1, and twice a year for candidates opting for Part 2. The FRM exam dates are generally in May, July, November and December for each year. Registration begins around 4-5 months prior to the exam month.

​

FRM Certification Cost

The overall Financial Risk Manager cost comprises FRM exam fees, enrollment fees, membership fees to GARP and expenditure incurred for FRM books and study material. The FRM exam fees and registration fees differ for first-time candidates and returning candidates. For new candidates, only FRM Part I is open for registration and the FRM fees comprise both the enrollment and the exam fee. On the other hand, returning candidates are exempt from paying the enrollment fee and only have to pay the FRM exam fee.

​

FRM Exam Fees (FRM Part I/Part II)