FRM Part I exam: format, fees, dates and syllabus

What is the FRM Part I exam?

FRM stands for Financial Risk Manager, the certification of GARP, the Global Association of Risk Professionals. To earn it you pass two multiple-choice exams and then submit evidence of at least two years of relevant work experience. GARP says more than 100,000 professionals from over 190 countries and regions have completed the certification.

Part I is the first of the two exams. It covers foundations of risk management, quantitative analysis, financial markets and products, and valuation and risk models. Part I comes first in practice too: if you fail or miss Part I, GARP does not grade a Part II taken in the same window.

Source: GARP — FRM certification. Checked 10 October 2026.

FRM Part I exam format

The FRM Part I exam has 100 equally weighted multiple-choice questions, and you have four hours. That is 2 minutes 24 seconds per question if you use the full time.

It is computer-based. GARP lists PSI as the test provider for most candidates and ATA for candidates in China Mainland, Hong Kong SAR China and Thailand. Test center seats are first come, first served, so book early once registration opens. Only approved types of business calculators may be used; GARP’s exam policies list them.

Source: GARP — FRM exam logistics. Checked 10 October 2026.

FRM Part I fees

GARP charges in two parts. New candidates pay a one-time enrollment fee of USD 400 when they first register for Part I. On top of that comes the exam registration fee, which depends on when you register.

For the May 2027 exam, early registration opens on 1 December and costs USD 600; standard registration opens on 1 February and costs USD 800. Payment must reach GARP by 11:59 pm EST on the closing date of the registration period.

So a first Part I registration costs USD 1,000 at the early rate or USD 1,200 at the standard rate. Printed Part I books are optional and cost USD 300 plus shipping; GARP’s digital Part I learning platform is included.

• One-time enrollment fee for new candidates: USD 400
• Part I early registration (opens 1 December): USD 600
• Part I standard registration (opens 1 February): USD 800

Source: GARP — FRM fees and payments. Checked 10 October 2026.

FRM Part I exam dates

GARP offers Part I and Part II in May, August and November. The next Part I window is 14 to 20 November 2026, followed by Part II from 21 to 25 November. GARP lists the 2027 windows as to be determined; early registration for May 2027 opens on 1 December.

If you want to take both parts in one window, GARP allows both on the same day only in August. In May and November you can still take both in the same administration, but on different days.

Source: GARP — FRM exam logistics. Checked 10 October 2026.

FRM Part I syllabus: the four topics

GARP lists four topic areas for Part I. The detailed syllabus — learning objectives, approximate weightings and the specific readings — is in GARP’s FRM Learning Objectives document, which you download from GARP; we have not reproduced the weightings here because we could not verify the current document today.

• Foundations of Risk Management
• Quantitative Analysis
• Financial Markets and Products
• Valuation and Risk Models

Source: GARP — FRM exam information. Checked 10 October 2026.

FRM Part I passing score and results

GARP does not publish a passing score. Both FRM exams are scored pass/fail, and results appear on the GARP candidate portal within eight weeks of the exam window closing. You also receive quartile results that compare your performance with other candidates.

Without a published mark, the safe target is consistency across all four topics rather than a percentage you hope will be enough.

Source: GARP — FRM exam information. Checked 10 October 2026.

FRM Part I study materials and prep

GARP publishes three planning documents: the FRM Candidate Guide, the FRM Learning Objectives with the syllabus and weightings, and the FRM Study Guide with the primary topics and required readings.

For practice, GARP Learning is complimentary for Part I candidates. It includes full-length Part I practice exams and practice questions; GARP states that those practice questions are not representative of actual FRM exam questions. Part I candidates also receive two complimentary 100-question practice exams.

Beyond the two complimentary practice exams, GARP offers an optional third one, which is non-refundable. For Part II, GARP Learning is not included and costs USD 250, so if you plan both parts, budget for that later. Printed books are separate for Part I and Part II and, like the third practice exam, cannot be returned.

If you use a prep course from an Exam Preparation Provider, GARP is explicit that it does not endorse their products or any pass rates they claim. Check any course against GARP’s own Learning Objectives for the current year.

Source: GARP — FRM study materials. Checked 10 October 2026.

What happens after you pass Part I?

GARP gives you four years from the date you pass Part I to take and pass Part II. After passing both exams you submit evidence of at least two years of relevant work experience to become FRM certified.

GARP does not publish FRM salary figures on its exam pages, and this page does not quote any from elsewhere. Passing Part I alone is a step, not the certification.

Source: GARP — FRM exam information. Checked 10 October 2026.

FRM Part I practice questions

Certsqill’s FRM Part I practice questions are expert-developed: every question explains each answer option, and a readiness score for each of the four Part I topics shows where you stand before the pass/fail test, in a format that matches 100 questions in four hours.

FRM Part I questions people ask

How many questions are on FRM Part I?

100 equally weighted multiple-choice questions. Source: GARP, checked 10 October 2026.

How long is the FRM Part I exam?

Four hours. Source: GARP FRM exam information, checked 10 October 2026.

How much does FRM Part I cost?

For May 2027: USD 600 early or USD 800 standard, plus a one-time USD 400 enrollment fee for new candidates. Source: GARP, checked 10 October 2026.

What is the FRM Part I passing score?

GARP does not publish one. Results are pass/fail, with quartile feedback. Source: GARP, checked 10 October 2026.

When is the next FRM Part I exam?

14 to 20 November 2026. GARP offers the exam in May, August and November; 2027 dates are not yet set. Source: GARP, checked 10 October 2026.

What topics does FRM Part I cover?

Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models. Source: GARP, checked 10 October 2026.

Can I take FRM Part I and Part II together?

On the same day only in August; in May and November on different days of the same administration. Part II is not graded if you fail or miss Part I. Source: GARP FAQs, checked 10 October 2026.

Does GARP provide practice questions for Part I?

Yes. GARP Learning is complimentary for Part I candidates and includes practice exams and practice questions. Source: GARP, checked 10 October 2026.

How long do I have to pass Part II after Part I?

Four years from the date you pass Part I. Source: GARP, checked 10 October 2026.