FRM Part I · exam guide

FRM Part I Rules and Regulations

Checked against GARP's official pages, as of 12 October 2026. Rules and fees change; confirm on the official site before you act.

Part I must be passed before Part II can count, and Part II must then be passed within a fixed period.

• Part I and Part II can be taken on the same day only in the August window, not in May or November.
• If a candidate sits both Parts in the same administration and fails or does not sit Part I, Part II is not graded.
• If Part II is booked in a later administration and the candidate fails or does not sit Part I, the Part II registration is converted to Part I. Part II cannot be sat in a different administration before Part I is passed.
• After passing Part I, a candidate must pass Part II by December 31 of the fourth year after passing Part I.
• Certification requires passing both Parts and submitting two years of full-time relevant financial risk management work experience.
• Conduct: no personal belongings in the exam room; phones, watches and wearables must be stored, switched off, before the exam. A phone that makes noise ends the session without grading. Any activity that compromises the integrity of the exam can lead to dismissal and the exam not being graded.