FRM®

CANDIDATE
GUIDE
2023 EDITION
Contents
2 Introduction
Becoming an FRM
Who Should Consider the FRM Certification?

5 Using the FRM to Transform Your Career

Global Recognition
Benefits of the FRM

6 Exam Development, Structure, and Content

Exam Development
Exam Structure
Exam Content

10 Dates and Fees

Important Steps

12 Registration
Exam Locations
Exam Date Changes
Your GARP Profile

13 Study Resources
Study Materials
Exam Preparation Providers (EPPs)
Study Groups

15 Sitting for the FRM Exam

What to Bring on Exam Day
Identification
Exam Technology Policy
Personal Belongings
Exam Duration
Exam Policy Violations
Scoring the Exam
Exam Results

17 Frequently Asked Questions

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Introduction
For more than 25 years, the Financial Risk Manager (FRM®) designation
has set the global standard for risk management. Achieving the FRM
The FRM Exam Part I
demonstrates a mastery of the skills and knowledge needed to effectively
covers the tools used
identify, analyze, and respond to a company’s risk factors.
to assess financial risk:

The curriculum, developed by the world’s leading practitioners, is updated • Foundations of

annually by a group of distinguished risk professionals and leading Risk Management
academics from diverse backgrounds, ensuring that the certification meets • Quantitative Analysis
the evolving demands of the global financial industry. • Financial Markets
and Products
Currently, more than 76,000 FRMs are employed at nearly every major • Valuation and
bank, asset manager, hedge fund, consultancy, and regulator around Risk Models
the world. FRM registrations have grown by an average of 11% per year
since 2010, surpassing 80,000 in 2021. This growth reflects the rapidly The FRM Exam
increasing demand for professionals trained in measuring and managing Part II focuses on the
financial risk. application of the tools
acquired in the FRM Exam
By completing the FRM program, candidates join a worldwide network Part I through a deeper
of professionals in more than 190 countries and territories, greatly exploration of:
expanding their professional development opportunities. Moreover, • Market Risk
employers know that FRMs have the knowledge needed to anticipate and Measurement
respond to critical issues, providing them with an edge in a competitive and Management
professional landscape. • Credit Risk Measurement
and Management
• Operational Risk
and Resilience
“The FRM is a highly respected designation in the • Liquidity and Treasury

industry and is a great outward reflection of the Risk Measurement

and Management
knowledge I bring, along with my core strengths, • Risk Management
to important investment risk-related decisions.” and Investment
Management
DAVID WOLFOWITZ, FRM • Current Issues in
Executive Director, Morgan Stanley Financial Markets

FRM Candidate Guide 2023 garp.org/frm | 2

Becoming an FRM

Becoming a Financial Risk Manager involves a serious commitment of time

and energy — a key reason FRMs are so valued by companies.

After achieving a passing score on both parts of the FRM Exam, candidates
must submit two years of full-time work experience in a risk-related field to
complete their certification. A candidate has five years to submit their work
experience after passing the FRM Exam Part II. Experience up to 10 years
prior to passing both Exams is applicable as well. Related work experience
may include trading, portfolio management, academia, industry research,
auditing, risk consulting, or risk technology. Candidates with questions
about work experience qualifications can contact
[email protected].

Once certified, GARP strongly recommends that FRMs keep their skills
and knowledge up to date by participating in the Association’s Continuing
Professional Development (CPD) program. The program offers FRMs a
framework to help stay ahead of the curve through ongoing education.
GARP encourages participants to earn 40 credit hours every two years to
maintain the integrity of their certification. Although participation in CPD
is voluntary, it is considered best practice for FRMs to participate in the
program throughout their career.

EARN YOUR FRM CERTIFICATION

1. FRM Exam Part I Four hours/100 questions

2. FRM Exam Part II Four hours/80 questions
3. Professional work experience Two years/full-time
4. Recommended CPD 40 hours/two years

THERE ARE CURRENTLY MORE THAN

76,000
FRMs AROUND THE WORLD

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Who Should Consider the FRM Certification?

Finance Professionals
The FRM helps professionals in financial risk management, investment TOP 10 COMPANIES
management, or any organizational area that deals with risk broaden EMPLOYING THE
their knowledge, enhance their skill sets, and better understand how to MOST FRMS
navigate today’s rapidly changing financial landscape. Individuals just
beginning their careers benefit from the breadth of the curriculum, which INDUSTRIAL AND
exposes candidates to the major strategic aspects of risk management. COMMERCIAL BANK
More established practitioners often choose to become FRMs to ensure OF CHINA (ICBC)
that they are apprised of the latest trends in risk management, or because
they want to challenge themselves by testing their knowledge against an BANK OF CHINA
elite pool of global risk managers.
HSBC
Career Changers
Whether a candidate works in financial risk or is interested in transitioning DELOITTE

to a risk-related role, the FRM can help accelerate any career.

KPMG
Professionals from non-finance areas or non-risk roles pursue the FRM to
develop specialized, practical knowledge that can be applied to the global
ERNST & YOUNG
financial markets. Undertaking the rigorous course of study to become an
FRM signals a commitment to an area of financial services that is emerging CREDIT SUISSE
as a critical need at organizations worldwide.
CITIGROUP
Students
At a time when many universities are moving online, the FRM program can AGRICULTURAL
be completed more quickly and more efficiently than most degrees. For BANK OF CHINA
students with an interest in finance, the FRM designation demonstrates to
future employers an ability to master complex, real-world challenges and JPMORGAN
can complement prior course work or enable a foundation of specialized CHASE
knowledge. Students may elect to sit for the FRM Exam during or
immediately after completing their studies.

FRM Candidate Guide 2023 garp.org/frm | 4

Using the FRM to
Transform Your Career
The FRM offers a competitive advantage to those seeking to grow their
career in risk. The FRM demonstrates to employers that a candidate
possesses a command of the skills and tools necessary to assess and
manage the challenges of the dynamic financial services industry.

Global Recognition

Mastering the FRM curriculum represents a significant commitment to the

risk management profession. Because of this, FRMs are considered industry THE FRM HAS BEEN
leaders around the world, and are known for their strong dedication to DEEMED EQUIVALENT
professional excellence. According to the UK ENIC (formerly UK NARIC), TO A MASTER’S
an independent benchmarking group, the FRM is equivalent to a master’s DEGREE IN:
degree in 10 education systems in major financial markets, including the
U.S., U.K., Hong Kong, and India.
UNITED STATES

Benefits of the FRM CANADA

• Demonstrate your knowledge

UNITED KINGDOM
Earning your certification shows that you have mastered the
knowledge bases necessary to effectively assess and manage risk.
EUROPEAN UNION

• Highlight your experience HONG KONG

The designation testifies that you have worked in the profession for at
least two years, signaling to employers that you have the experience TAIWAN
necessary to succeed.
SINGAPORE
• Join a global network
You’ll be part of a network of like-minded professionals, allowing you AUSTRALIA
to expand your career opportunities.
INDIA
• Underscore your reliability
Because all FRMs are expected to adhere to the GARP Code of SOUTH AFRICA
Conduct, employers know that FRMs will help safeguard their
firm’s reputation.

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Exam Development,
Structure, and Content
Exam Development

The FRM program is developed under the guidance of the FRM Committee,
which is comprised of prominent global risk management professionals and
academics. The FRM Committee establishes the topic areas tested on the
Exam on an annual basis.

To further align with industry needs and calibrate understanding of the

demands of the global risk management community, GARP also conducts
formal surveys designed to determine the knowledge, skills, and abilities
required of effective risk managers. This process helps ensure that successful
candidates are prepared to contribute effectively to their organizations.

Exam Structure

The FRM consists of two multiple-choice exams that are offered via computer-
based testing (CBT). The FRM Exam Part I contains 100 equally weighted
questions, and the FRM Exam Part II has 80 equally weighted questions.
Candidates are allotted four hours to complete each Exam. The Exams are
comprehensive, practice-oriented assessments that cover the fundamental
tools and techniques used in risk management, their underlying theories, and
the major sub-areas of risk.

REGISTRATIONS HAVE INCREASED AN

AVERAGE OF 11% PER YEAR SINCE 2010

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Exam Content

TOPICS AND WEIGHTS

FRM Exam Part I: This area focuses on a candidate’s knowledge of foundational concepts of risk
Foundations of Risk management and how risk management can add value to an organization and includes:
Management | 20% • Basic risk types, measurement, and management tools
• Creating value with risk management
• Risk governance and corporate governance
• Credit risk transfer mechanisms
• The Capital Asset Pricing Model (CAPM)
• Risk-adjusted performance measurement
• Multifactor models
• Data aggregation and risk reporting
• Financial disasters and risk management failures
• Ethics and the GARP Code of Conduct
• Enterprise risk management (ERM)

FRM Exam Part I: This area tests a candidate’s knowledge of basic probability and statistics; regression
Quantitative Analysis | 20% and time series analysis; and various quantitative techniques useful in risk management
such as:
• Discrete and continuous probability distributions
• Estimating the parameters of distributions
• Population and sample statistics
• Bayesian analysis
• Statistical inference and hypothesis testing
• Measures of correlation
• Linear regression with single and multiple regressors
• Time series analysis and forecasting
• Simulation methods
• Machine learning

FRM Exam Part I: This area tests the candidate’s knowledge of financial products and the markets in which
Financial Markets and they trade including:
Products | 30% • Structures and functions of financial institutions
• Structure and mechanics of over-the-counter (OTC) and exchange markets
• Structure, mechanics, and valuation of forwards, futures, swaps, and options
• Hedging with derivatives
• Interest rates and measures of interest rate sensitivity
• Foreign exchange risk
• Corporate bonds
• Mortgage-backed securities

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 TOPICS AND WEIGHTS

FRM Exam Part I: This area will test a candidate’s knowledge of valuation techniques and risk models
Valuation and Risk such as:
Models | 30% • Value-at-Risk (VaR)
• Expected shortfall (ES)
• Estimating volatility and correlation
• Economic and regulatory capital
• Stress testing and scenario analysis
• Option valuation
• Fixed-income valuation
• Hedging
• Country and sovereign risk models and management
• External and internal credit ratings
• Expected and unexpected losses
• Operational risk

FRM Exam Part II: This area tests a candidate’s knowledge of market risk measurement and management
Market Risk Measurement techniques. These include:
and Management | 20% • VaR and other risk measures
- Parametric and non-parametric methods of estimation
- VaR mapping
- Backtesting VaR
- Expected shortfall (ES) and other coherent risk measures
- Extreme Value Theory (EVT)
• Modeling dependence: correlations and copulas
• Term structure models of interest rates
• Volatility: smiles and term structures
• Fundamental Review of the Trading Book (FRTB)

FRM Exam Part II: This area demonstrates a candidate’s understanding of credit risk measurement and
Credit Risk Measurement management with some focus given to structured finance and credit products such as
and Management | 20% collateralized debt obligations and credit derivatives. Areas of knowledge include:

• Credit analysis
• Default risk: quantitative methodologies
• Expected and unexpected loss
• Credit VaR
• Counterparty risk
• Credit derivatives
• Structured finance and securitization

FRM Candidate Guide 2023 garp.org/frm | 8

 TOPICS AND WEIGHTS

FRM Exam Part II: This area addresses a candidate’s knowledge of two fields of increasing importance
Operational Risk and for many firms — operational risk management and operational resilience in the face of
Resilience | 20% changing market conditions. This includes:
• Governance of operational risk management frameworks
• Identification, classification, and reporting of operational risks
• Measurement and assessment of operational risks
• Mitigation of operational risks
• Cyber-resilience and operational resilience
• Risks related to money laundering, financing of terrorism, financial crime, and fraud
• Third-party outsourcing risk
• Model risk and model validation
• Stress testing banks
• Risk-adjusted return on capital (RAROC)
• Economic capital frameworks and capital planning
• Regulation and the Basel Accords

FRM Exam Part II: This area tests a candidate’s understanding of liquidity and treasury risk measurement
Liquidity and Treasury and management techniques. These include:
Risk Measurement and • Liquidity risk principles and metrics
Management | 15% • Liquidity portfolio management
• Cash-flow modeling, liquidity stress testing, and reporting
• Contingency funding plan
• Funding models
• Funds transfer pricing
• Cross-currency funding
• Balance sheet management
• Asset liquidity

FRM Exam Part II: This area focuses on a candidate’s knowledge of risk management techniques applied to
Risk Management and the investment management process, including:
Investment Management | 15% • Factor theory
• Portfolio construction
• Portfolio risk measures
• Risk budgeting
• Risk monitoring and performance measurement
• Portfolio-based performance analysis
• Hedge funds

FRM Exam Part II: This area tests a candidate’s knowledge of current issues in financial markets, including:
Current Issues in • Machine learning (ML) and artificial intelligence (AI)
Financial Markets | 10% • Climate risk
• Inflation risk
• Blockchain, cryptocurrency, and decentralized finance

FRM Candidate Guide 2023 garp.org/frm |  9

Dates and Fees
GARP will offer the FRM Exam Part I and II in three windows during 2023. All Exams
will be in CBT form. Upon registration, new candidates must pay an initial USD
400 enrollment fee for the FRM Exam Part I (more information can be found on this
in the “Enrollment Fee” section). For more information on scheduling, pricing, and
registration fees, please see the chart on the next page. Note: The prices listed under
“Exam Registration” do not include the enrollment fee. All fees are subject to change.

Payment
Fees can be paid in one of three ways: secure online payment, check drawn on a U.S.
bank and payable in U.S. dollars, or wire transfer. There is an additional processing fee
of USD 50 if payment is made via check or wire. Certain exclusions apply.

Enrollment Fee
The FRM Exam requires a program enrollment fee of USD 400, which is payable
when a candidate initially registers for the FRM Exam Part I. The enrollment fee is not
charged again unless the candidate has not passed the FRM Exam Part II within four
years after passing the FRM Exam Part I.

Other fees may apply.

Please note that due to uncertainties associated with COVID-19, exam dates and
deadlines for 2023 are subject to change.

Important Steps

Policies
Get acclimated with the full list of FRM Exam deadlines and policies listed online.

Locations
View the full list of examination locations around the world on garp.org.

Accommodations
If applicable, a candidate can request a special accommodation in accordance with
the Americans with Disabilities Act (ADA). The deadline to submit your request is
February 28, 2023 for the May 2023 Exam, May 31, 2023 for the August 2023 Exam,
and August 31, 2023 for the November 2023 Exam.

Identification
Candidates must bring an original, valid, non-expired government-issued passport or
driver’s license with a photograph.

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 ENROLLMENT FEE
USD 400

MAY EXAM REGISTRATION

Early - USD 600
December 1, 2022 – January 31, 2023

Standard - USD 800

February 1, 2023 – March 31, 2023

Exam Windows
Part I May 6-19, 2023 (14-day window)
Part II May 20-26, 2023 (7-day window)

Candidates must schedule their exam

date/select an exam location by April 21, 2023.

AUGUST EXAM REGISTRATION

Early - USD 600
March 1, 2023 – April 30, 2023

Standard - USD 800

May 1, 2023 – June 30, 2023

Exam Window
Part I August 5, 2023 (AM session only)
Part II August 5, 2023 (PM session only)

Candidates must schedule their exam

date/select an exam location by July 21, 2023.

NOVEMBER EXAM REGISTRATION

Early - USD 600
May 1, 2023 – July 31, 2023

Standard - USD 800

August 1, 2023 – September 30, 2023

Exam Windows
Part I Nov 4-17, 2023 (14-day window)
Part II Nov 18-24, 2023 (7-day window)

Candidates must schedule their exam

date/select an exam location by October 20, 2023.

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Registration
Exam Locations

The FRM Exams Part I and Part II are offered at more than 100 exam sites around the world. While the cities generally
remain the same each cycle, locations within each city may change. See the complete list of locations where the Exam
is offered on garp.org.

Exam Date Changes

Rescheduling
FRM candidates have one opportunity to reschedule their exam sitting to another available day/time within the
same exam cycle on a first-come, first-served basis. There is no charge for this move. For example, a candidate may
reschedule once from May 10 to May 12.

Deferrals
Candidates may defer their exam registration only once to the next two available exam administrations for a
deferral fee of USD 250. A deferral must be submitted by the last day of registration, which is March 31 for the May
Exams, July 31 for the August Exam, and September 30 for the November Exams. Refer to the deferral policy for
additional information.

Please note: FRM readings are updated every year. Deferring an Exam may require you to obtain a new set of
study materials.

Your GARP Profile

During registration, candidates will be asked to fill out a profile, which will include identification, contact information,
and current company and job title. Upon successfully completing the program, candidates may select the option to
allow GARP to contact their supervisor for permission to announce their achievement.

FRM Candidate Guide 2023 garp.org/frm | 12

Study Resources
GARP provides study resources, practice exams, and more to help candidates prepare for the Exam. Due to the
substantial amount of material covered, GARP suggests that candidates use a weekly study schedule. A recommended
study plan is available for free online. Please note that all readings listed in the Study Guide are part of the curriculum
and will be tested, except for those that are explicitly listed as “Optional Regulatory Readings.”
This includes listed readings that are available online on garp.org.

Preparation time will vary based on prior professional experience, academic background, and familiarity with the
curriculum’s concepts. Preparing for the Exam at the last minute is strongly discouraged.

Study Materials
• The FRM Study Guide summarizes all recommended readings for the
FRM Exam. Key concepts are listed as bullet points at the beginning
of each section and are intended to help candidates identify the major
themes and categories associated with a section.

• The FRM Learning Objectives document contains information and

approximate weightings for each broad knowledge domain covered
by the Exam, specific curriculum readings associated with each
knowledge domain, and learning objectives for each reading. Every
FRM Exam question maps to at least one learning objective, making
this a vital resource to consult regularly during exam preparation.

• FRM Books are available digitally and in print, and cover readings and
themes that make up the core curriculum. Exam questions are based
solely on the material in the current year’s curriculum and Learning
Objectives, making the books essential for exam preparation. FRM
Part I eBooks are provided to all Exam
Part I registrants.

• Additional Required Readings, available online, supplement the

books. They are a required part of the FRM curriculum.

• The Optional Regulatory Readings contain full texts of some of

the Basel regulations covered in the FRM curriculum. Though not
required, these are highly recommended as they provide additional
insights into the context and mechanics of the Basel regulations.

• FRM Practice Exams offer examples of the types of questions

featured on the Exam, allowing candidates to estimate how much
time they can expect to spend on each question. Each practice exam
contains questions, answer keys, and detailed explanations for all
answers. It is strongly recommended that candidates replicate exam
day conditions when taking a practice exam.

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• A recommended Study Module offers a customizable sample
framework. GARP encourages candidates to use this study module as
a foundation and modify it based on their study schedule and areas of
strength or weakness.
“Earning the FRM helped me
• The GARP Study Center app allows candidates to structure their
study time, track progress, and take practice questions. get my current job assignment.

Our business went through a

Available on garp.org/frm/study-materials transformation and needed

to establish an ALM risk

Exam Preparation Providers (EPPs) function. I had seven years’

experience in Credit Risk, but

Candidates may wish to study with the assistance of an FRM EPP, an
the FRM was proof that I had
officially recognized organization that may offer courses online or in person.
A list of approved EPPs is provided on GARP’s website. Visit garp.org/frmepp knowledge of all types of risk
to learn more.
and could continue

Study Groups to learn and master

new risk functions.”

While the FRM curriculum is designed to be a self-study program, many
candidates find that studying with peers positively impacts their exam DR. JING LÜ
preparation. FRM candidates can connect with one another to form study GRAMESPACHER, FRM
groups by joining GARP’s LinkedIn FRM Candidate group. Senior Risk Manager
Credit Suisse
Please note that GARP does not endorse, promote, review, or warrant the
accuracy of the products or services offered by providers of FRM-related
information, nor does it endorse any pass rates claimed by an EPP. Further,
GARP is not responsible for any fees or costs paid by the user to an EPP.

FRM Candidate Guide 2023 garp.org/frm | 14

Sitting for the FRM Exam
What to Bring on Exam Day

• Printed Confirmation of Appointment email The only calculators

• Current (non-expired), original, valid, government-issued passport or approved for use during the
driver’s license with a photo FRM Exam are:
• Approved calculator with cleared memory (Candidates using
• Hewlett Packard 12C
unauthorized calculators may not have their Exams graded).
(including the HP 12C
Platinum, 12C Platinum
Identification 25th Anniversary
Edition, 12C 30th
Only a current, valid, original, government-issued passport or driver’s Anniversary Edition
license, which must include a photograph, will be accepted for and HP12C Prestige)
identification purposes on exam day. The name on the candidate’s passport
• Hewlett Packard 10B II
or driver’s license must be the same as the name on their Confirmation of
Appointment email. • Hewlett Packard 10B II+

• Hewlett Packard 20B

Exam Technology Policy • Texas Instruments BA II
Plus (including the BA II
All clocks, watches, electronic devices, and wearable technology (including
Plus Professional)
Fitbits and Google glasses) must be stored in a locker, storage bag, or
area designated by the proctor for personal belongings prior to the start of
the Exam.

If a candidate places his/her cellular phone into the locker, storage bag, or
area designated by the proctor for personal belongings, it must be turned
off completely (airplane mode is not sufficient). If a candidate’s cellular
phone emits any type of noise (e.g., ring, beep, etc.) during the Exam, the
candidate will not be allowed to continue with the Exam, the candidate’s
exam session will end without their Exam being graded, and the proctor
will escort them from the exam room. This will still apply if the cellular
phone is in the locker, storage bag, or designated personal belonging area.

Personal Belongings

No personal belongings are allowed in the exam room. Candidates will

be asked to leave ALL their belongings in a locker, storage bag, or area
designated by the proctor for personal belongings. If a candidate stores his/
her items in a storage bag, the storage bag will be attached to the back of
the candidate’s chair in the exam room. Candidates will not have access
during the Exam to the items in the locker, storage bag, or area designated
by the proctor for personal belongings. Candidates are encouraged to bring
as few items as possible with them on exam day.

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Exam Duration

Each part of the FRM Exam is four hours long. The FRM Exam Part I consists
of 100 multiple-choice questions and Part II consists of 80 multiple-choice
questions. For more information, visit garp.org.

Exam Policy Violations

Any activity that compromises the integrity or validity of the Exam, including
any activity or misconduct before, during, or after the administration of the
Exam, will be considered a violation of GARP’s Exam Policies. If a candidate’s
actions result in an Exam Policy Violation, the exam session will end, and
the candidate may be dismissed from the exam room and site. A proctor will
complete an Exam Policy Violation Report and send the report to GARP.

Scoring the Exam

There are no penalties for incorrect answers. Candidates must pass the FRM
Exam Part I first before the FRM Exam Part II will be graded.

Exam Results

Within six weeks of the exam window, candidates are notified via email of
the availability of their exam results. Candidates will receive only a pass/fail
notification, including percentile ranges comparing their results to those of their
peers. There is no numerical score available for review.

FRM Candidate Guide 2023 garp.org/frm | 16

Frequently
Asked Questions
Q. How much time do I need to prepare for the Exam?
A. Preparation time will vary based on experience and background.
On average, candidates spend about 275 hours studying. In a recent
survey, individual reported study times varied from less than 100 to
more than 400 hours.

Q. How much work experience do I need to sit for the Exam?

A. No work experience is required to sit for the Exam. However,
candidates must submit at least two years of professional work
experience to complete their certification and use the FRM designation.
Candidates have five years to submit their work experience after
passing the FRM Exam Part II. Experience up to
10 years prior to passing both Exams is applicable as well.

Q. How quantitative is the Exam?

A. The FRM Exam has a quantitative component, but the concepts are
presented in real-world situations that risk managers face. The level of
mathematical difficulty is on par with an advanced undergraduate or
introductory graduate level finance course at most universities.

Q. What is the difference between the FRM and the Chartered

Financial Analyst (CFA®)?
A. The two designations attest to different skills and aspects of a
professional’s capabilities and complement each other well. The FRM
is focused on risk and tests knowledge of topics such as market risk,
operational risk, integrated risk management, valuation, risk models,
and investment risk management. The CFA provides an overview of
financial topics but does not cover risk in the same depth as the FRM.
Many professionals choose to demonstrate their mutual competencies
by earning both designations, especially given the prominent role of
risk management in the global financial industry.

Q. Do you offer any exemptions for either part of the FRM Exam?
A. No, we do not offer exemptions and cannot accept other designations
in partial fulfillment of our requirements. In order to obtain a true,
objective representation of your risk management competency,
we cannot rely on assessments performed by other designation-
granting organizations.

FRM Candidate Guide 2023 garp.org/frm  | 17

Q. What are my career prospects after becoming an FRM?
A. As the world’s most widely accepted risk management designation,
the FRM differentiates you from your peers and validates your
knowledge of the tools and techniques demanded by the risk
management profession. There are currently more than 76,000 FRMs
“As the financial industry
employed globally at nearly every major bank, asset manager, hedge
fund, consultancy, and regulator. becomes increasingly

competitive, the
Q. In what languages can I take the Exam?
A. The Exam is administered only in American English. GARP makes
professionals who advance
every effort to ensure all questions and instructions are written clearly are those who can prove
and concisely, and to avoid the use of colloquialisms that may be
their ability to add value.
unfamiliar to non-native American English speakers.
The FRM certifies
Q. Do I have to be a GARP Member to sit for the Exam?
that a candidate possesses
A. No, you do not have to be a Member to register or sit for the Exam.
As part of the initial enrollment in the FRM program though, the knowledge to help their
candidates will receive a one-year GARP Individual Membership and organization succeed.”
all its privileges, which can be set to renew automatically during a
candidate’s registration. FRMs are offered a discounted membership WILLIAM MAY
rate in recognition of their professional achievements and dedication to Global Head,
best practices in financial risk. Certifications and Educational
Programs GARP
Q. Is continuing education mandatory for FRMs?
A. No, but GARP strongly recommends participation in the CPD program
to maintain the value of certification. The program requires FRMs to
earn 40 credits every two years. In general, one credit is awarded for
every hour spent on a relevant educational activity.

Q. How is the FRM Exam changing in 2023?

A. In 2023 all FRM Exams will continue to be administered via CBT. In
addition, GARP is now offering its Exams for multiple days at a time
per month, as opposed to its previous, single-day tradition. For more
information on registration, scheduling, and pricing changes, please
refer to page 10.

Q. Where do I find the most up-to-date information?

A. GARP will provide regular updates on the Important Notices section
on garp.org and via email and social media, ensuring candidates are
kept as informed as possible.

FRM Candidate Guide 2023 garp.org/frm | 18

 HEADQUARTERS
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14th Floor
Jersey City, New Jersey
07310 USA
+1 (201) 719.7210

garp.org LONDON
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4th Floor
ABOUT GARP | The Global Association of Risk Professionals is a non-
London, EC2M 4SQ UK
partisan, not-for-profit membership organization focused on elevating the
+44 (0) 20 7397.9630
practice of risk management. GARP offers the leading global certification
for risk managers in the Financial Risk Manager (FRM®), as well as the
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