The Financial Risk Manager (FRM) course features a two-part exam structure administered by the Global Association of Risk Professionals (GARP), focusing on foundational risk concepts and advanced practical applications.
Course and Exam Structure
- FRM Part I: Covers 4 core subjects (Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models) tested via 100 multiple-choice questions in a 4-hour computer-based exam.
- FRM Part II: Covers 6 advanced areas (Market Risk, Credit Risk, Operational Risk and Resiliency, Liquidity and Treasury Risk, Risk Management and Investment Management, and Current Issues) tested via 80 multiple-choice questions in a 4-hour exam.
- Work Experience Requirement: Candidates must complete two years of professional experience in financial risk management to earn the full certified designation.
- Exam Windows: Exams are typically conducted three times a year in May, August, and November.
- Completion Time: Most candidates finish the program within 9 to 18 months, dedicating roughly 200–300 hours of study per part.