The Financial Risk Manager (FRM) certification is a two-part professional credential from the Global Association of Risk Professionals (GARP), and it remains one of the most respected certifications for anyone building a career in risk management, banking or asset management. You can register and check official schedules directly via the GARP FRM Portal. If you are weighing whether to take it up in 2026, this guide covers the syllabus, fees, eligibility, registration process and what the certification can realistically do for your career.
Poor risk management has real consequences, and not just for a single company. Weak controls at the institutional level have historically triggered ripple effects across entire economies. FRM-certified professionals are trained to spot these risks early and build the frameworks that keep them in check, which is exactly why banks and asset managers actively hire for the credential.
This article walks through the full FRM curriculum for both parts, the current GARP fee structure, exam windows for 2026, how to register step by step, and what kind of salary and job roles you can expect once you clear both parts.
What Is the FRM Course?
FRM is a two-part, exam-based certification, not a classroom course. Here's what that actually means for you:
No fixed course duration, no mandatory classes. You study the GARP curriculum on your own, or through a prep provider, then sit for computer-based exams whenever you're ready.
Most candidates finish both parts in 12 to 18 months. It's technically possible to go faster if you clear Part I and Part II back to back in the same year.
No specific degree needed to start. You can register for Part I straight out of school, with zero prerequisites.
The one thing GARP does require, before it hands you the actual FRM designation, is two years of relevant work experience in risk, financial services or a closely related field.
A lot of candidates choose to pair FRM with a formal degree rather than take it as a standalone certification. If that's the plan, it's worth exploringFinance Courses in USA to see how a degree and the certification timeline can run alongside each other.
FRM Course Curriculum
GARP refreshes the syllabus every year. For 2026, Part I stayed largely stable, while Part II saw bigger changes, including new readings on AI, model validation and private markets.
FRM Part I Syllabus
Part I is a 100-question multiple-choice exam completed in 4 hours. It builds the core toolkit every risk professional needs before moving on to applied concepts.
Topic
Weight
Foundations of Risk Management
20%
Quantitative Analysis
20%
Financial Markets and Products
30%
Valuation and Risk Models
30%
Financial Markets and Products and Valuation and Risk Models together make up 60% of the exam. Expect this to be the most calculation-heavy chunk, covering Value at Risk, Expected Shortfall and option pricing models.
FRM Part II Syllabus
Part II has 80 multiple-choice questions in 4 hours and shifts from theory to application, testing how institutions actually manage risk day to day.
Topic
Weight
Market Risk Measurement and Management
20%
Credit Risk Measurement and Management
20%
Operational Risk and Resiliency
20%
Liquidity and Treasury Risk Measurement and Management
15%
Risk Management and Investment Management
15%
Current Issues in Financial Markets
10%
Important to note: you must clear Part I before your Part II result is recognised, even if you sit for both on the same day during the August window.
There's no minimum eligibility to register for FRM Part I, which is exactly why it attracts candidates from such varied academic backgrounds.
Open to everyone. Anyone can register for Part I, regardless of degree or field of study.
Final-year students can start early. You're allowed to sit for Part I before your degree is officially conferred.
Sequential clearing. You must pass Part I before you're eligible to sit for Part II.
Work experience only matters at the end. Getting the actual FRM designation, once you pass both parts, requires two years of relevant work experience in risk, finance or a related field.
Four-year window. Both parts must be completed within four years of registering for Part I.
Registration for FRM happens entirely on GARP's official website, and while the process itself is simple, it helps to know exactly what to expect at each step before you start.
Step 1: Create your GARP account. Head to garp.org and set up your candidate profile. You'll need to fill in your basic personal details, contact information and a valid ID, since this profile is what GARP uses to track your progress across both parts of the exam, right up to when you're eligible for the actual designation.
Step 2: Pick your exam part and window. Choose whether you're sitting for Part I, Part II, or both in the same window. GARP runs three windows a year, May, August and November, so pick whichever gives you a realistic runway to prepare. If you're a first-time candidate, Part I is where you start regardless of how confident you feel with the material.
Step 3: Pay the enrollment fee, if you're a first-timer. First-time Part I candidates pay a one-time USD 400 (₹37,800) enrollment fee. This is charged only once in your entire FRM journey and covers your registration into the GARP program itself, separate from the exam fee. Returning or Part II candidates skip this step entirely.
Step 4: Pay your exam fee. This is where early versus standard registration makes a real difference to your wallet. Registering early saves you USD 200 per part compared to standard registration, and this fee is charged separately for each part you sign up for, whether that's Part I, Part II, or both together.
Step 5: Schedule your test appointment. Once your registration and payment go through, log back into the GARP candidate portal to lock in your preferred test date, time slot and centre. Popular centres, especially in cities like Mumbai and Delhi NCR, tend to fill up fast, so it's worth scheduling as soon as your registration is confirmed rather than waiting until closer to the exam.
Worth remembering: the actual FRM certification only comes through after you clear Part II, not Part I alone. The enrollment fee is strictly a one-time charge and won't be billed again for Part II, unless you end up taking longer than four years to clear both parts, in which case GARP resets your enrollment.
FRM Exam Fees
GARP prices are entirely in USD, and what you actually end up paying depends heavily on how early you lock in your registration.
Fee Type
Early Registration
Standard Registration
One-time enrollment (first-timers only)
USD 400 (₹37,800)
USD 400 (₹37,800)
Part I exam fee
USD 600 (₹56,700)
USD 800 (₹75,600)
Part II exam fee
USD 600 (₹56,700)
USD 800 (₹75,600)
Quick math for first-timers:
Early registration total: USD 1,000 (₹94,500). This is the enrollment fee plus the early Part I exam fee combined.
Standard registration total: USD 1,200 (₹113,400). Same enrollment fee, but the exam fee jumps by USD 200 once you miss the early window.
Returning candidates and Part II candidates only pay the exam fee for that specific part. There's no repeat enrollment charge, so your Part II registration costs less than Part I did.
Registering early isn't just about saving money either. It also buys you more runway to prepare, since the early window typically opens months before the exam date.
A few extra costs worth budgeting for, since these catch a lot of first-time candidates off guard:
USD 50 (₹4,725) processing fee if you pay via wire transfer or ACH, so factor this in if you're not using a credit card.
USD 250 (₹23,625) deferral fee, only applicable if you need to push your exam to a later window after registering.
USD 195 (₹18,428) a year, completely optional, if you choose to maintain GARP individual membership once you're certified. You don't need this to use the FRM title professionally.
FRM Exam Dates and Deadlines 2026
GARP runs three exam windows every year, and 2026 sticks to the same familiar pattern of May, August and November.
Window
Part I Dates
Part II Dates
May 2026
Concluded
Concluded
August 2026
7 to 8 August
7 to 8 August
November 2026
14 to 20 November
21 to 25 November
Where things stand right now:
August 2026 registration is closed. If you were targeting this window, you'll need to shift your plans to November.
Early registration for November 2026 closed on 31 July 2026. Standard registration is your live option if you're planning to sit for the exam this year, so budget for the higher fee accordingly.
Deadlines and exam dates can shift slightly from year to year, so it's worth cross-checking the exact cut-off on GARP's official fees and dates page before you finalise your prep schedule.
FRM opens doors across a wide spread of employers, banks, asset managers, hedge funds, insurers and regulatory bodies all actively hire for the credential. Demand for risk professionals has only grown as regulations tighten and markets get more volatile, which means this isn't a niche or shrinking field.
In India: entry-level FRM holders typically start around ₹8 to 12 lakh a year. Senior and specialised roles, especially at multinational banks or NBFCs with large risk desks, go up to ₹25 to 30 lakh or more, depending heavily on the employer, the city, and how much prior experience you're bringing in alongside the certification.
Globally: US-based FRM holders see an even wider range. Entry-level compensation starts around USD 75,000 (₹7,08,750), while Chief Risk Officer roles at large institutions can go up to USD 250,000 to 325,000+ (₹2.36 crore to ₹3.07 crore), per industry salary trackers and Glassdoor data.
Top hiring firms for FRM-certified professionals span both global banks and consulting majors, giving you options across different types of risk work:
Global banks like JP Morgan Chase, HSBC, Citigroup, UBS, Deutsche Bank and Wells Fargo
Consulting majors like KPMG, which run dedicated risk advisory practices
A lot of these roles sit at institutions headquartered in USA, which is exactly why many FRM candidates also look at aMasters in Finance in USA or a dedicatedQuantitative Finance program to strengthen their profile alongside the certification. Having both a strong finance degree and FRM tends to open doors faster than either one alone.
If you're earlier in your academic journey and still deciding on a degree path before taking up FRM, it's worth looking atFinance Courses in USA to see how a finance-focused undergraduate or postgraduate degree can set you up well for the certification later on.
Conclusion
Here's the gist, plus a few honest thoughts on who this actually makes sense for:
FRM is a two-part, GARP-run certification testing risk frameworks, quantitative tools, and applied market, credit and operational risk management.
Part I has no eligibility bar at all, so you can start early, even in your final year of graduation.
The full designation needs both parts cleared plus two years of relevant work experience, so it's not a quick add-on to your resume.
Total cost for a first-time candidate sits around USD 1,000 to 2,150+ (₹94,500 to ₹2,03,175+), depending on how early you register and whether you use paid prep material.
Pass rates hover in the 40s for Part I and mid-to-high 50s for Part II, so it does need genuine study time. GARP candidates report around 240 hours of prep on average.
If you're set on a long-term career in risk management, banking, or asset management, and don't mind self-paced study without a classroom structure, FRM is a strong, globally recognised choice. It pairs especially well with a finance-focused degree or a stint working in financial services, since the two years of required work experience overlaps naturally with either path.
If you're looking for something with a faster payoff, or you're not sure risk management specifically is your path yet, it might be worth exploring a broader finance certification or a full postgraduate degree first, and coming back to FRM once you have more clarity on the exact risk function you want to specialise in. Either way, your options in finance stay wide open.
It depends on what you want to do. FRM is built specifically for risk management roles, so if you want to work in market risk, credit risk or operational risk, it's the more targeted choice. CFA is broader and leans toward investment management, equity research and portfolio management. Many professionals in banking and asset management end up doing both, since the two credentials complement each other rather than compete.
What is the cost of FRM course?
A first-time candidate registering early pays around USD 1,000 (₹94,500), which includes the one-time USD 400 (₹37,800) enrollment fee plus USD 600 (₹56,700) early exam fee for Part I. Standard registration pushes this up to USD 1,200 (₹113,400). Factor in study material and prep courses, and the total realistic cost for both parts usually lands between USD 2,150 and 3,948 (₹2,03,175 to ₹3,73,086).
Which is better, CA or FRM?
CA is a broader accounting and finance qualification recognised mainly in India, while FRM is a globally focused risk management credential. If your goal is a career in Indian accounting, auditing or taxation, CA makes more sense. If you're aiming at risk roles in global banks, asset managers or multinational financial institutions, FRM carries more weight internationally.
Is FRM very difficult?
It's a demanding exam but not impossible with consistent preparation. Pass rates typically sit in the low-to-mid 40s for Part I and mid-to-high 50s for Part II, and GARP candidates report studying around 240 hours on average. The difficulty comes more from the volume and calculation-heavy content than from any single topic being exceptionally hard.
Can I pursue FRM right after graduation?
Yes, there's no eligibility requirement to start FRM Part I, and even final-year students can register before their degree is officially conferred. The two years of work experience is only needed to receive the final FRM designation after you clear both parts, not to sit for the exams themselves.
How long does it take to complete the FRM course?
Most candidates take 12 to 18 months to clear both parts, spacing out preparation with a break in between. The fastest realistic path is around 9 months if you pass Part I in May and Part II in the following November, though this leaves little room for a retake.
Do I need a finance background to take FRM?
No, FRM is open to candidates from any academic background. That said, a quantitative or finance-related degree does make the Valuation and Risk Models and Quantitative Analysis sections easier to grasp, since these are calculation-heavy.
Is the FRM certification recognised in India?
Yes, FRM is widely recognised by Indian and multinational banks, NBFCs and consulting firms operating in India. Employers like risk consulting arms of KPMG and global banks with Indian operations actively hire FRM-certified professionals for credit risk, market risk and operational risk roles.
Can I take both Part I and Part II in the same exam window?
Yes, GARP allows this only during the August window. However, your Part II result is only marked and released if you've already passed Part I, so most candidates prefer to clear Part I in an earlier window before attempting Part II.
What happens if I fail a part of the FRM exam?
You can retake that part in any future exam window within the four-year window allowed to complete both parts. There's no cap on the number of attempts, but each retake requires paying the exam fee again for that part.
Is GARP membership required after getting FRM certified?
No, GARP membership is completely optional and costs USD 195 (₹18,428) a year if you choose to keep it. You do not need to be a member to use the FRM designation professionally once you've earned it.
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