Your preparation time will vary based on your experience and background, but on average, candidates spend about 275 hours studying. In a recent survey, individual reports varied from less than 100 to more than 400 hours.
No work experience is required to sit for the Exam; however, you must have at least two years of professional work experience to complete your certification and use the FRM designation.
The FRM Exam does have a quantitative component, but the concepts are presented in real-world situations that risk managers face. The level of mathematical difficulty is on par with an advanced undergraduate or introductory graduate level finance course at most universities.
The two designations attest to different skills and aspects of your capabilities, and complement each other well. The FRM is focused on risk, and tests your knowledge of topics such as market risk, operational risk, integrated risk management, valuation and risk models, and investment risk management. The CFA provides an overview of financial topics, but does not cover risk in the same depth as the FRM. Many professionals choose to demonstrate their mutual competencies by earning both designations, especially given the prominent role of risk management in the global financial industry.
No, we do not offer exemptions and cannot accept other designations in partial fulfillment of our requirements. In order to obtain a true, objective representation of your risk management competency, we cannot rely on assessments performed by other designation-granting organizations.
As the world’s most widely accepted risk management designation, the FRM differentiates you from your peers and validates your knowledge of the tools and techniques demanded by the risk management profession. There are currently more than 45,000 FRMs employed globally at nearly every major bank, asset management firm, hedge fund, consulting firm, and regulator.
The Exam is administered in American English only. We work hard to ensure all questions and instructions are written clearly and concisely, and to avoid the use of colloquialisms that might be unfamiliar to non-native American English speakers.
No, you do not have to be a Member to register or sit for the Exam. As part of your initial enrollment in the FRM Program, you will receive a one-year GARP Individual Membership and all its privileges, which can be set to renew automatically during your registration. Certified FRMs are offered a discounted membership rate in recognition of their professional achievements and dedication to best practices in financial risk.
No, but we strongly recommend you participate in our Continuing Professional Development (CPD) Program in order to maintain the value of your certification. The program requires you to earn 40 credits every two years. In general, one credit is awarded for every hour spent on a relevant educational activity