The Financial Risk Manager (FRM) certification, administered by the [Global Association of Risk Professionals (GARP)](https://www.garp.org/frm), has no formal academic prerequisites to sit for the exams, but full certification requires passing two levels and demonstrating professional experience.
1. Eligibility
* Exams: There are no strict educational or professional requirements to register for the FRM Part I or Part II exams. Students in any year of their graduation (even first-year) are eligible to apply.
* Full Certification: To officially use the FRM designation, you must:
* Pass both Part I and Part II exams sequentially.
* Provide evidence of two years of relevant full-time work experience in financial risk management (earned before, during, or after the exams).
* Submit this work experience within five years of passing the Part II exam.
2. Exam Structure
Both exams are computer-based (CBT) and conducted in American English.
* Part I: 100 multiple-choice questions focusing on foundational risk tools. Topics include:
* Foundations of Risk Management (20%)
* Quantitative Analysis (20%)
* Financial Markets and Products (30%)
* Valuation and Risk Models (30%)
* Part II: 80 multiple-choice questions emphasizing applied risk management. Topics include:
* Market Risk, Credit Risk, and Operational Risk (20% each)
* Liquidity and Treasury Risk (15%)
* Risk Management and Investment Management (15%)
* Current Issues in Financial Markets (10%)
* Duration: Each part is a 4-hour exam.
3. Exam Months (2026)
The exams are offered three times a year during set windows:
* May 2026: Part I (May 9–15); Part II (May 16 19)
* August 2026: Parts I & II (August 7–8). This is the only window where you can take both parts on the same day.
* November 2026: Part I (Nov 14–20); Part II (Nov 21–25).
4. Cost of Course (USD & Approx. INR)
The total cost depends on when you register and includes a one-time enrollment fee for new candidates.
| Fee Component | Early Registration | Standard Registration | Approx. INR (Total) |
|---|---|---|---|
| One-time Enrollment | $400 | $400 | ~₹33,000 – ₹35,000 |
| Part I Exam Fee | $600 | $800 | ~₹50,000 – ₹70,000 |
| Part II Exam Fee | $600 | $800 | ~₹50,000 – ₹70,000 |
| Total Official Cost | $1,600 | $2,000 | ~₹1.3 Lakh – ₹1.7 Lakh |
* Late Registration: Can go up to $1,000 per part.
* Additional Costs: Indian candidates often spend an additional ₹30,000 – ₹1.2 Lakh on coaching and third-party study materials.
