Back to FRM
Financial Risk Manager (FRM) — Step-by-Step Roadmap
Your journey, phase by phase
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Phase 1 · Graduation Education base There is no fixed degree requirement, but finance, maths and economics help.
- GARP does not require a specific degree to sit the exam, so students from commerce, engineering, economics and statistics backgrounds all attempt FRM.
- Strengthen statistics, probability, basic accounting and Excel before enrolling.
- Final-year students or working professionals are the most common candidates.
- Read about banking, markets and risk to understand what you will be tested on.
- Degree
- No fixed requirement
- Useful skills
- Statistics, Excel, finance
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Phase 2 · When ready Enrol and register for Part I Register on the GARP website and choose an exam window.
- Create a GARP account, pay the enrolment and exam fee, and choose your Part I exam date.
- Part I tests Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models.
- Part I has 100 multiple-choice questions in a computer-based exam.
- GARP schedules multiple windows each year; check the current dates.
- Part I
- 100 MCQs
- Mode
- Computer-based
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Phase 3 · Within a few attempts Part II Advanced risk topics: market, credit, operational and liquidity risk, plus current issues.
- Part II has 80 multiple-choice questions on market risk, credit risk, operational risk and resiliency, liquidity and treasury risk, and risk management and investment management.
- You can attempt Part II after Part I, or in some cases in adjacent windows; check GARP’s rules.
- Plan study blocks around the curriculum of each exam year, and use GARP practice questions.
- Passing both parts is required before you can apply for certification.
- Part II
- 80 MCQs
- Topics
- Market, credit, operational, liquidity risk
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Phase 4 · After passing Two years of risk experience Submit proof of 2 years of relevant work experience.
- You need two years of full-time work in financial risk management, or a related field such as portfolio management, audit or quantitative analysis.
- The experience can be completed before or after passing the exams, within the time limit that GARP sets.
- Submit the experience form with employer details for verification.
- Banks, NBFCs, rating agencies, insurers and consulting firms are the common employers.
- Experience
- 2 years
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Phase 5 · After requirements FRM certification Receive the FRM designation and join GARP’s community.
- After GARP approves your experience, you can use the FRM certification.
- Pay annual membership dues and complete continuing professional development.
- Typical roles include risk analyst, credit risk manager, market risk analyst and regulatory reporting specialist.
- Many professionals combine FRM with CFA, a master’s in finance or an MBA.
- Designation
- FRM
Verify on the official source
Exam dates, fees, paper patterns and eligibility rules are revised by the regulator from time to time. Treat this roadmap as your map, and confirm the current rules on the official site before you register or pay any fee.