Frequently asked Questions (FAQ)

• How much time is there to prepare for the FRM Exam?

This will vary with individual’s prior experience, concept familiarity and academics background Therefore, it is difficult to give out a specific number of hours to prepare for this exam. However a survey in May 2012 FRM Exam Part I test takers indicates that, on average, individuals devoted about 240 hours to Exam preparation though it varied from less than 100 to more than 400 hours.

• What are my career opportunities after becoming a Certified FRM?

There are various career prospects available as it is one of the most widely accepted designations in risk management industry. It provides a competitive edge as against other peers. It is a valued designation by employers around the world. FRM holders can have positions such as Chief Risk Officer, Senior Risk Analyst, Head of Operational Risk, and Director, Investment Risk Management, to name a few. It is a great value addition to skills, credentials and resume

• How much work experience is required before applying for the FRM Exam?

To become a Certified FRM, individuals must have professional experience of two years in risk-related full-time professional experience positions including portfolio management, risk consulting, and other fields. However, there are no educational or professional prerequisites to apply for the FRM Exam.

• When can one appear for the exam?

Part I & Part II exams are available on 3 rd  Saturday of May & November each year.

• Are there any exemptions offered by GARP for either part of the exam?

Though there are many other reputed professional designations in the financial services industry, GARP does not accept other designations in partial fulfillment of their requirements. To maintain the integrity of the FRM certification and to fulfill their obligations to the risk management community, therefore, GARP cannot rely on the assessments performed by other designation-granting organizations. Thus, there are no exemptions that are offered to students for either part of the exam.

• If a candidates appear for Part I and II in one day and does not pass Part I, Part II are not marked. Why so?

The FRM Exam tests cumulative knowledge, concepts tested on Part I is needed for Part II. Thus to grade Part II, a candidate must first clear Part I.  Hence, if a candidate has appeared for both Part I and Part II on the same day, will not be graded for Part II, unless a candidate has passed Part I. Also the candidate will have to re-take Part I until they pass.

• Is use of calculator allowed during the exam?

Yes, it is allowed to use specified financial calculators (TexasI BA II Plus or professional and HP 12C)

• What is the mode of examination for both Part I and Part II exam?

Both the exams would be manual via paper and pencil.