Financial Risk Management (FRM®) Program - Part 1 Exam

The FRM® Part 1 exam covers the fundamental tools and techniques used in risk management and the theories underlying their use. The exam focuses on the tools used to assess financial risk, such as:

  1. Quantitative Analysis
  2. Fundamental Risk Management Concepts
  3. Financial Markets and Products
  4. Valuation and Risk Models

FRM® Part 1 Exam Format

  1. FRM® Part 1 is offered twice a year on the third Saturday of the May and November, alongwith FRM® Part 2 the same day
  2. Part 1 has 100 multiple-choice questions. Maximum time limit is 4 houRs.

FRM® Part 1 and Part 2 exams are held on the same day. A candidate can attempt both the Parts on the same day. However, Part 2 will be graded only if the candidate has cleared Part 1.

FRM® Part 1 Exam Topics and Weights

Topic Weight
Foundations of Risk Management 20%
Quantitative Analysis 20%
Financial Markets and Products 30%
Valuation Models 30%
Total 100%

FRM® Part 1 Exam Fees and Deadlines

Exam Date - May 21, 2016

Payment Deadlines Program Enrolment Fee (One time) Exam Registration Fee Total Cost Re-attempt
Dec 1, 2015 – Jan 31, 2016 (Early Bird) $300 $350 $650 $350
Feb 1, 2016 – Feb 29, 2016 (Standard Fee) $475 $775 $475
Mar 1, 2016 – Apr 15, 2016 (Late Fee) $650 $950 $650


  1. The above fees are for 1 part of the exam. Fees are the same for both parts of the exam.
  2. Candidates opting to take both the Parts on the same exam day will pay twice the Exam Registration Fees. However, program enrolment fees will not need to be paid again and again.
  3. The Current Enrollment Fee for FRM® Program is $300. This fees is valid for 4 years after passing Part 1 of FRM® exam and provided Complimentary one year Individual Membership of GARP.