FRM® Exam Structure


 Note: Candidates may choose to sit for both parts on the same day, however if a candidate fails Part I their Part II exam will not be graded.

Exam topics

FRM Part I Exam:
The FRM Part I curriculum covers the tools used to assess financial risk: quantitative analysis, fundamental risk management concepts, financial markets and products, and valuation and risk models.


FRM Part II Exam:
The FRM Exam Part II focuses on the application of the tools acquired in Part I through a deeper dive into market, credit, operational and integrated risk management, investment management as well as current market issues.


Only certain models of Texas Instruments (BA II Plus) and Hewlett Packard (10B II, 20B, and HP-12C) calculators are allowed to be used during the exam.