Frequently Asked Questions

How do I register for the 2008 FRM Examination?

You may start the registration process by clicking on the 2008 FRM Registration Page.  Please remember when filling in the registration form to use the name exactly as it appears on your current passport and/or government issued photo ID. You will need to bring your current un-expired passport and/or government issued photo ID for identification purposes to gain entry to the test site and the name on that identification must match the name you used to register for the FRM. 

What are the fees for 2008?

The fees for 2008 are listed below.

I've registered but do not want to take the exam this year.  Can I carry forward (defer) my registration fee to next year?

You have the option of deferring your registration to the next year only.  You must request a deferral no later than August 31st.  Please click here to view our exam deferral policy.

Can I transfer my registration to another candidate?

No, you cannot transfer your registration to another candidate.

Can I withdraw from the FRM Exam?

No, you cannot withdraw from the exam.  No fees will be refunded.  However, you may defer your registration to the following year.

What is the FRM's historical pass rate?

The historical pass rate is noted below:

What format does the FRM Exam take?

The FRM Examination is a 5-hour comprehensive examination consisting of approximately 140 multiple-choice questions. The examination is split into two sections, each is 2.5 hours in length with a lunch break in between. The exam is given in booklet form.

Are the questions presented by category, e.g. market Risk, credit Risk?

No, an FRM Candidate is expected to be able to address risk-related issues in a comprehensive way. Questions are written and presented to the candidate in such a way as to reflect as much as possible a real-world environment.

Where can I sit for the Examination?

The FRM Examination is offered in various cities around the world. A complete list of the cities is provided under the Examination Sites link on the GARP website.

If there is no test site near where I live, what are my options?

The site listing for the 2008 FRM exam should be viewed as definitive. However, you can contact the FRM Department via email and ask to have your name placed on a list of candidates requesting another test site. If during the course of registration sufficient interest is expressed from candidates to have the exam offered in a location that may be of interest to you, you will be contacted. In the past we have added test sites by identifying additional interest for a new site by using this approach.

What topics will be covered in the 2008 Examination and how will they be weighted?

2008 Topic coverage and weightings are as follows:

Quantitative Analysis - 10%
Credit Risk Measurement and Management - 25%
Market Risk Measurement and Management - 30%
Operational and Integrated Risk Management, Legal and Ethics – 25%
Risk Management in Investment Management - 10%

Are there sample questions for FRM candidates to review?

GARP provides a number of options for candidates to review sample FRM exam questions.

1) 2008 FRM Practice Exams I II and III have been developed to aid candidates in their preparation for the FRM Examination in November 2008. These practice exams are based on a sample of questions from the 2006 FRM Examination and are representative of the questions that will be in the 2008 FRM Examination. Each practice exam contains 40 multiple-choice questions, and the downloaded file includes candidate answer sheets, exam questions, exam answer keys, and detailed explanations for all answers. Paid 2008 FRM Candidates can obtain the 2008 FRM Practice Exams through the GARP Digital Library at no cost by logging  into the library and going to the 2008 FRM Practice Exam page.  (The practice exams are available to non-FRM candidates at a cost.) 

2) The FRM Handbook, 4th Edition contains previous years’ FRM exam questions throughout the book as well as an interactive CD with questions from the 2000 – 2003 FRM exams.

Does GARP provide an exam study guide?

Yes. Please click here to download a free copy of the 2008 FRM Study Guide.

Is there a recommended reading list?

Yes.  The exam's recommended readings are listed in the 2008 FRM Study Guide.

Where can I buy titles from the recommended reading list?

The GARP Digital Library offers most core readings from the 2008 FRM Study Guide and has made them available in a variety of ways:

• All the free core readings are available for download 
• A 2008 FRM Core Readings Course Pack, which includes 43 readings from the 2008 FRM Study Guide is available for purchase at a substantial savings to FRM candidates.
• Individual FRM core readings are available for purchase from the Library. Click here to see a listing of all individual FRM core readings available.

Recommended core readings are also readily available for purchase as part of complete books at bookstores or via the Internet through online book vendors.

Are there review courses I can take or study groups I can join?

GARP does not offer FRM preparation courses as the Association considers this to be a conflict of interest. GARP also does not endorse any FRM review course or FRM course provider. However, as a service to our FRM candidates GARP does provide a listing of  FRM course providers on its website.  These Course Providers have asked to have their information posted for your review and have not been preselected by GARP.

GARP also facilitates the finding and development of local FRM study groups via its website. Click here to see and post information about local study groups.

Will there be a new FRM Handbook for the 2008 Exam?

No, the 4th Edition of the FRM Handbook will not be updated for 2008. The FRM Handbook includes general coverage of important FRM examination topics, FRM questions with explanations and a summary of certain regulatory developments. The FRM Handbook includes the FRM Interactive Sample Review Test CD-ROM.

The FRM Handbook’s retail cost is USD $170 plus shipping costs. The Handbook will be sold to FRM candidates and GARP Individual members at a price of USD $119 (plus shipping). For more information about purchasing the FRM Handbook, 4^th Edition, please click here.

It should be noted that The FRM Handbook was designed to help the FRM candidate review the material and is not a textbook.  Also, The FRM Handbook is not sufficient to prepare a candidate to pass the FRM examination.

When will I receive notification of my test site?

Email notification of your test site and confirmation of your FRM ID number will be sent no later than October 20, 2008 (12:00 pm EST). At that time you will be able to download from the GARP website your official Admission Ticket to the examination. It is your responsibility to keep GARP informed of your current email address so we can send you necessary FRM exam-related information.

What do I bring with me on Test Day? 

• Your government issued photo ID
• Your admission ticket
• Approved calculator
• Pencil(s)

May I use a personal calculator?

Yes, calculators are allowed so long as they comply with GARP's calculator policy.  You may only use a Texas Instruments BA II Plus (including the BA II Plus Professional) calculator or a Hewlett Packard 12C (including the HP 12C Platinum), Hewlett Packard 10b II or Hewlett Packard 20b calculators. GARP will strictly enforce its calculator policy. NO OTHER CALCULATORS, HANDHELD PDAs OR ANY OTHER ELECTRONIC DEVICES WILL BE ALLOWED INTO THE TEST SITE.

May I bring scrap paper to work out my answers?

No. There are blank sheets of paper in the exam test booklet that can be used for scrap paper. No other paper will be allowed on your desk during the test. You may NOT remove the scrap paper from the test booklet.

Should I use a pencil or pen?

Only pencils are allowed for the FRM Examination.

May I use a dictionary?

No dictionaries, books or study materials of any kind are allowed in the room during the examination.

Can I eat a snack during the exam?

No food or beverages are to be consumed in the testing room during the examination. You may bring your own lunch so long as it is in a clear bag, and a water bottle.  Any food you bring may only to be consumed outside of the testing room.

Can I change my exam test site after I've registered?

Yes, you can change your examination site until October 31 by clicking here. A USD $50 processing fee will be charged if you change your examination testing site after October 15.  No examination test site changes will be accepted after October 31, 2008.

When will I receive my test results?

Each 2008 FRM candidate will be sent an email stating their pass/fail status by January 20, 2009 (12:00 pm EST). Please note: specific results of examinations will not be released for review, candidates will receive only a PASS or FAIL notification and an analysis as to how the candidate performed in each subject area as compared to all other candidates who sat for the exam. GARP ID numbers of all passing candidates will be posted at www.garp.org by February 5, 2009.

When will I receive my FRM certificate?

Candidates will be mailed their certificates according to the schedule below. Only candidates who have passed the FRM Exam and provided GARP with proof of their 2 years of work experience will receive a certificate.  Once you receive email notification that you passed the FRM Examination, you will need to upload and/or complete your resume/CV via the Resume Builder. 

You may not use the FRM designation until GARP verifies you have met the full-time professional work experience requirement.  

Assuming an FRM candidate has met the 2-year work experience requirement, FRM Certificates will be distributed as follows in 2008:

• For those candidates who have uploaded their CV/Resume via the Resume Builder by March 31st, FRM Certificates will be mailed by April 15, 2008.
   
• For those candidates who have uploaded their CV/Resume via the Resume Builder between April 1 and June 25th, FRM Certificates will be mailed by June 30, 2008.
   
• For those candidates who have uploaded their CV/Resume via the Resume Builder between June 26 and September 25th, FRM Certificates will be mailed by September 30, 2008.
   
• For those candidates who have uploaded their CV/Resume via the Resume Builder between September 26th and December 26th, FRM Certificates will be mailed by December 30, 2008.

Note:  If you passed the FRM Exam prior to 2005, you will need to email your resume as an attached Word document to frm@garp.com.  Be sure to include your GARP ID, your name, complete mailing address and the year in which you took the exam. 

If your certificate does not arrive due to an incorrect or insufficient address, you will be assessed a $50.00 fee to re-issue the certificate.  For GARP members that have lost their certificates; or wish to receive a duplicate certificate, there is a $50 replacement fee.  You can either fax your request to GARP at +1 201 222 5022, or send it via email to frm@garp.com.  Your credit card information and expiration date are required in order to have your Certificate re-issued.   

What if I do not have the required 2 years of relevant work experience?

If you passed the FRM exam but have less than the 2 years of relevant work experience, GARP will issue you a letter stating you passed the FRM exam.  You will not be eligible to use the FRM designation until such time as you have gained the 2 years of work experience, submitted proof of such to GARP, and have received confirmation from GARP that you are formally included on its registry of certified FRM holders.

What should I do if I change my postal or email address?

You can update your address and contact details at any time by going to the Membership section of GARP's website by clicking here. If you have misplaced your password, please contact GARP's Membership Services Manager at membership@garp.com.

IT IS IMPORTANT THAT YOU NOTIFY US OF ANY PERSONAL INFORMATION CHANGES.  FAILURE TO DO SO MAY RESULT IN A DELAY OF IMPORTANT INFORMATION REACHING YOU.