Financial Risk Manager (FRM)
GARP’s two-part certification in market, credit, operational and liquidity risk.
Source: GARP — FRM exam information and steps to certificationView source(opens in a new tab)Verified: 2026-09-25Updated:
- Type
- Certification
- Official body
- Global Association of Risk Professionals (GARP)
- Typical duration
- Not stated
- Stages
- 2
- Maths
- High
- Study commitment
- Not stated
Overview
The Financial Risk Manager certification is awarded by the Global Association of Risk Professionals (GARP). It consists of two multiple-choice exams: Part I, an equally weighted 100-question exam, and Part II, an equally weighted 80-question exam, with four hours allotted for each.
GARP’s exam pages state no educational prerequisite for sitting the exams. Certification, however, requires evidence of at least two years of relevant professional experience, submitted within ten years of sitting Part II.
Part I must be passed first, and GARP gives candidates four years from passing Part I to pass Part II.
Eligibility
Open entry — GARP states no educational prerequisite for the exams
- Certification requires evidence of at least two years of relevant professional experience, submitted within ten years of sitting Part II
- Part II must be passed within four years of passing Part I
Source: GARP — FRM exam information and steps to certificationView source(opens in a new tab)Verified: 2026-09-25Updated:
Exam structure & syllabus
Current structure2026-01-01 – present
Part I1 paper
An equally weighted 100-question multiple-choice exam.
FRM Exam Part I
Multiple choice, computer-based · Four hours
Foundations of Risk Management
Quantitative Analysis
Financial Markets and Products
Valuation and Risk Models
Part II1 paper
An equally weighted 80-question multiple-choice exam, applying the tools from Part I.
FRM Exam Part II
Multiple choice, computer-based · Four hours
Market Risk Measurement and Management
Credit Risk Measurement and Management
Operational Risk and Resilience
Liquidity and Treasury Risk Measurement and Management
Risk Management and Investment Management
Current Issues in Financial Markets
Source: GARP — FRM exam information and steps to certificationView source(opens in a new tab)Verified: 2026-09-25Updated:
Skills & career outcomes
Skills this path uses
- Market risk measurement and management
- Credit risk measurement and management
- Operational risk and resilience
- Liquidity and treasury risk
- Quantitative analysis and valuation models
Where it leads
- Market risk analyst
- Credit risk analyst
- Treasury and liquidity risk
- Model validation
Connected paths: CFA Program, Actuary (IAI)
Official resources
- GARP — FRM certificationOfficial websiteVerified 2026-09-25Open(opens in a new tab)
- GARP — exam information and steps to certificationOfficial eligibilityVerified 2026-09-25Open(opens in a new tab)
- GARP — FRM learning objectives and syllabusOfficial syllabusVerified 2026-09-25Open(opens in a new tab)
Frequently asked questions
Is there an education requirement to sit the FRM exams?
GARP’s exam pages state no formal educational prerequisite for taking the exams. What is required for certification is evidence of at least two years of relevant professional work experience, submitted within ten years of sitting Part II.
How long do I have between the two parts?
GARP states that candidates have four years from the date they pass Part I to take and pass Part II.