2022 FRM Exam Dates


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.

2021 FRM Exam Dates

Here’s a quick overview of the important dates connected with the 2021 FRM exam. 

May 2021 FRM exam dates

Description Date
Registration for the FRM exam opens Sunday, December 01, 2019
Last date for early registration Friday, January 31, 2021
Last date for standard registration Saturday, February 29, 2021*
Last date for registration Wednesday, April 15, 2021**
Release of Admission Tickets for the exam Friday, May 01, 2021
EXAM DAY Saturday, October 24, 2021***

*February 29, 2021 is also the last date for RAD applications (RAD = Request for Alternative Exam Date.) These are permitted for religious reasons only. 

**Wednesday, April 15, 2021 is also the last date to defer to the next Exam.

***This exam date has been revised due to the COVID-19 crisis.

November 2021 FRM exam dates

Description Date
Registration for the FRM exam opens Friday, May 01, 2021
Last date for early registration Friday, July 31, 2021
Last date for standard registration Monday, August 31, 2021*
Last date for registration Thursday, October 15, 2021**
Release of Admission Tickets for the exam Sunday, November 01, 2021 
EXAM DAY Saturday, November 21, 2021

*August 31, 2021 is also the last date for RAD applications (RAD = Request for Alternative Exam Date.) These are permitted for religious reasons only. 

**October 15, 2021 is also the last date to defer to the next Exam. 

FRM Certification dates

2021 FRM Exam Locations 

The FRM exam is held in dozens of cities across the world. There are exam sites in:

  • Africa
  • Americas
  • Asia
  • Europe
  • Oceania

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. 

CFA Deferrals - FRM Exam Locations


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 2021 exam, the deadline is April 15, 2021. For the November 2021 exam, it’s October 15, 2021.
  • Deferral involves a $150 fee. 

Fees, refunds and other important policies

2021 FRM Exam Fees

FRM Exam Part I FRM Exam Part II
Enrollment fee $400
Early registration fee $425 $350
Standard registration fee $550 $475
Late registration fee $725 $650

The enrollment fee of $400 for the FRM Exam Part I entitles you to the Part I eBooks. However, printed books need to be purchased.

FRM Exam Refunds

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.

FRM-Exam-Results and Grading

2021 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.

2021 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.

The exam results for the 2021 FRM exams will be notified on:

Exam day Exam results will be sent on
May 16, 2021 July 1, 2021
November 21, 2021 January 01, 2021

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 $400 that you only need to pay 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. In other cases, you are allowed to defer your exam registration once for free and then pay $150 for each future deferment.