Financial Risk Manager credential artwork

Financial Risk Manager (FRM)

Validates knowledge of financial risk measurement and management across market, credit, operational and liquidity risk, using quantitative methods.

Summary

FRM is GARP's financial-risk credential for people who work on market, credit, operational and liquidity risk. It is a two-exam program that shows employers you can measure and manage financial risk across those areas.

Good fit if

  • You want to work in financial risk, treasury or investment risk
  • You want a focused, quantitative risk curriculum
  • You can pair the exams with relevant professional experience

Look elsewhere if

  • You want investment analysis and portfolio management: CFA
  • You want IT and enterprise risk: CRISC
  • You want internal audit and assurance: CIA

Salary & jobs

Prerequisites

Experience required for certification

2 years of relevant professional experience

Required

Risk identification, measurement, monitoring or management must be a meaningful part of your full-time role. Submit the experience within ten years of passing Part II.

You can register for the exams without a degree or work experience. Pass Part II by December 31 of the fourth year after passing Part I.

Cost

USD · Early registration for both parts
$400
$600
$600
Standard registration costs $800 per part, making the required total $2,000. Part I GARP Learning and both parts’ official practice exams are included.

What holders say

Renewal

FRM does not expire. GARP encourages ongoing professional development.

Validity
No expiry
CPD target
40 credits / 2 years
CPD participation
Voluntary
GARP continuing professional development ↗

Alternatives

Certified in Risk and Information Systems Control credential artwork
CRISC$810 required · Advanced

Better fit for IT and enterprise risk roles rather than financial risk.

Certified Internal Auditor credential artwork
CIA$1,515 required · Intermediate

The better choice for an internal audit and assurance career.

Certified Management Accountant credential artwork
CMA$1,685 required · Intermediate

Closer to corporate finance and management accounting than risk measurement.

FAQ

What are the FRM requirements?

Pass Part I and Part II, then submit two years of relevant full-time professional experience within ten years of passing Part II. There are no education or experience prerequisites to register for the exams.

How much does FRM cost?

Early registration costs $1,600 in total: $600 per exam and a one-time $400 enrollment fee. Standard registration totals $2,000.

Can I take both parts together?

You can take them in the same administration. In August, they can be taken on the same day. Part II is graded only if you pass Part I.

Does FRM expire?

No. GARP encourages 40 CPD credits every two years; participation is voluntary.

Can I reschedule?

You can move an appointment once within the same exam window at no charge. A deferral to a later administration costs $250 and has a request deadline.

FRM or CFA?

FRM specializes in financial risk through two exams. CFA covers broader investment analysis and portfolio management through three levels.

Last updated October 2026