If your work involves risk management in financial markets, the FRM certification can give your career a boost. Financial Risk Managers are in demand across the world. Banks, financial institutions, and other organizations highly value their skills and knowledge of intricate risk models.
What makes a certified FRM so special? To gain the certification, you need to pass two rigorous exams:
- FRM Exam Part I: This is offered twice a year. The exam dates are in May and November. It’s always in the morning, and you have four hours to complete it.
- FRM Exam Part II: Also offered in May and November, the Part II exam is in the afternoon.
Passing the two exams isn’t the only requirement, however. You also have to demonstrate a minimum of two years of full-time work experience in a related field. The approved areas of work include portfolio management, industry research, auditing, and risk consulting.
Is the FRM certification popular? The numbers speak for themselves. Currently, there are more than 58,000 FRMs worldwide. Over the last 20 years, approximately 325,000 candidates have taken the FRM exam.
2023 FRM Exam Dates
Here’s a quick overview of the important dates connected with the 2023 FRM exam.
May 2023 FRM exam dates
|Registration for the FRM exam opens||Thursday, December 1, 2022|
|Last date for early registration||Tuesday, January 31, 2023|
|Americans with Disabilities (ADA) applications deadline||Tuesday, February 28, 2023*|
|Last date for registration||Friday, March 31, 2023**|
|Last day to select or change exam site||Friday, April 21, 2023|
|EXAM DAY (Part 1)||May 6 – May 19, 2023|
|EXAM DAY (Part 2)||May 20 – May 26, 2023|
*February 28, 2023, is also the last date for RAD applications (RAD = Request for Alternative Exam Date.) These are permitted for religious reasons only.
**March 31, 2023, is also the last date to defer to the next Exam.
August 2023 FRM exam dates
|Registration for the FRM exam opens||Wednesday, March 1, 2023|
|Last date for early registration||Sunday, April 30, 2023|
|Americans with Disabilities (ADA) applications deadline||Friday, May 31, 2023*|
|Last date for registration||Friday, June 30, 2023**|
|Last day to select or change exam site||Friday, July 21, 2023|
|EXAM DAY (Part 1)||Saturday, August 5, 2023 (Morning)|
|EXAM DAY (Part 2)||Saturday, August 5, 2023 (Afternoon)|
*May 31, 2023, is also the last date for RAD applications (RAD = Request for Alternative Exam Date.) These are permitted for religious reasons only.
**June 30, 2023, is also the last date to defer to the next Exam.
November 2023 FRM exam dates
|Registration for the FRM exam opens||Monday, May 1, 2023|
|Last date for early registration||Monday, July 31, 2023|
|Americans with Disabilities (ADA) applications deadline||Thursday, August 31, 2023*|
|Last date for registration||Saturday, September 30, 2023**|
|Last day to select or change exam site||Friday, October 20, 2023|
|EXAM DAY (Part 1)||November 4 – November 17, 2023|
|EXAM DAY (Part 2)||November 18 – November 24, 2023|
*August 31, 2023 is also the last date for RAD applications (RAD = Request for Alternative Exam Date.) These are permitted for religious reasons only.
**September 30, 2023 is also the last date to defer to the next Exam.
2023 FRM Exam Locations
The FRM exam is held all across the world. There are exam sites in:
In all, there are over a hundred exam sites for the FRM exam. It’s important to remember that while the cities in which the exam is held remain largely unchanged, the locations within each city may change.
What if you register for the FRM exam and then find that you can’t take it? Fortunately, you’re allowed to defer the exam. But there are some rules regarding deferrals that you should know:
- You can defer the exam only once.
- Deferral is permitted only to the next exam.
- Second deferrals are not allowed.
- Your deferral request must be made within the deferral deadline date. For the May 2023 exam, the deadline is April 21, 2023. For the August 2023 exam, the deadline June 30, 2023. For the November 2023 exam, it’s October 20, 2023.
- Deferral involves a $250 fee.
Fees, refunds and other important policies
2023 FRM Exam Fees
FRM Exam Refunds
|FRM Exam Part I||FRM Exam Part II|
|New Candidate Early Registration Fee||$1000||NA|
|Returning Candidate Registration Fee||$600||$600|
|New Candidate Standard Registration Fee||$1200||NA|
|Returning Candidate Standard Registration Fee||$800||$800|
The Global Association of Risk Professionals (GARP — the body that conducts the FRM exam) does not provide refunds.
Time limit for completing the FRM certification process
Gaining the FRM certification involves passing the Part I exam, the Part II exam, and demonstrating that you have two years of related work experience.
But all three requirements need to be completed within a specific timeframe.
After you pass the FRM Exam Part I, you have four years to pass Part II. Additionally, you need to get your work experience verified within five years of passing FRM Exam Part II.
2023 FRM Exam Grading
You must remember that there are several rules you need to follow when you appear for the FRM exam. For example, you aren’t allowed to carry any electronics into the exam room; that means laptop computers, smartphones, and smartwatches are banned.
There are several other stipulations as well. Baggage of any kind isn’t permitted. The list of prohibited items includes laptop bags, pencil cases, and writing instruments.
Here are some other things that you need to take care of when you appear for the FRM exam:
- Carry a valid identification. Which document will serve the purpose? You can carry your original passport or driving license. Just make sure that it’s valid, current, and bears your photograph.
- The calculator you carry must be approved by GARP.
- When you are in the exam room, don’t open the exam booklet until you are instructed to do so. Similarly, don’t start writing before you’re allowed to.
What if you violate one of these rules? GARP views these violations seriously. A candidate’s exam may not be graded if he or she breaks one of these rules.
2023 FRM Exam Results
The exam results are released within six weeks of the exam date and are sent by e-mail to each candidate. Candidates will receive a pass/fail notification as well as percentile ranges comparing their results with those of other candidates. Numerical scores aren’t revealed.
Frequently Asked Questions About The FRM Exam
How much does FRM exam cost?
There are two fees associated with taking the FRM exam. First is an enrollment fee of that needs to be paid once. After that, you’ll need to pay a registration fee for each level of the exam before you take it. It’s a good idea to register for these exams as soon as possible with plenty of lead time before the exam date, since early registration fees are discounted.
How long is FRM exam?
The FRM exam is made up of two parts: Level 1 and Level 2. Level 1 contains 100 multiple-choice questions and has a time limit of four hours. Level 2 has 80 multiple-choice questions and also has a four-hour time limit. You can choose to either take each level on different days or schedule both levels on the same day.
Is FRM harder than CFA?
According to GARP, the organization in charge of the FRM exam, approximately 70% of exam takers pass their tests. This is much higher than CPA exam pass rates, which can imply that the FRM exam is easier. However, GARP also states that the exam is equivalent to a Master’s level college education— which means exam takers are required to have more education than they would in order to take the CPA exam.
Can we postpone FRM exam?
In the event of an emergency like the COVID-19 pandemic, GARP will reschedule FRM exam dates to later in the year without requiring you to pay any extra costs. Otherwise you must pay $250 for each FRM deferment.