Overview

The Global Association of Risk Professionals (GARP) is the awarding body for the FRM (Financial Risk Manager) certification. As a prominent authority in risk management, GARP is recognized worldwide. The FRM certification allows professionals to practice risk management globally, positioning them as experts in industries such as banking, securities, and insurance, with a strong emphasis on liquidity and market risk.

The FRM program is structured into two levels: Part I and Part II. Each level includes a challenging exam that demands substantial preparation. These exams are designed to strengthen both practical risk management abilities and a deep understanding of risk management theory. Given the difficulty of the exams, thorough study is crucial for success.

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FRM Eligibility

There are certain eligibility criteria defined by GARP in order to pursue the FRM credential. The requirements can be split like this:

There are no rigid educational qualifications that one needs to possess in order to get the FRM certification. However, the knowledge in finance, business, accounting, and similar professions may prove to be helpful. The average candidate has an academic background in finance, economics, business administration, or engineering.

A candidate in GARP’s case (the issuer of the FRM with whom one would like to be registered) must have two years of working in risk management or a related field. This work experience may be acquired before, in the course of, or after undertaking the FRM examinations. The work experience criterion assures that the candidate is well grounded in the practical aspects of financial risk management.

On application for the certified FRM, there are two stages of the FRM examination that a candidate has to take; these are Part I and Part II of the FRM examinations. First, the beginner level covers the meaning of risk management terminology, and the second level is the practical use of all the risk management basics that were acquired in the first level. It is also implied that other obligations, such as complying with GARP’s Code of Conduct and Ethics, also exist for potential certificate holders.

FRM Duration

The FRM certification process may range for several months depending on the preparation/study period and the dates scheduled by the candidate. The following is the indicative time frame of the certification for the candidate:

  • Preparation Time: Most individuals take around 4 to 6 months to prepare for each part of the FRM exam. This preparation time is flexible, depending on the individual's previous knowledge and study methods. A study schedule should be devised to ensure all exam topics are covered.
  • Exam Schedule: The FRM exams are conducted twice a year in May and November. Candidates must choose one of these periods for their examinations. It is advisable to visit the official GARP page for the latest information regarding exam dates and registration periods.
  • Certification Award: Candidates who pass both parts of the FRM exams and have the required work experience will earn the FRM certification. The entire process, from preparation to the exam, can take approximately a year or more, depending on individual circumstances.

FRM Fees

The fees incurred towards acquiring the FRM certification can be quite high, but it is worth taking as a career booster. There is a breakdown of the course program costs and other related expenses to the certification at hand.

Registration Fees

GARP requires its candidates to pay a fee for each part of the FRM exam. Effective January 2024, both Part I and Part II examinations will command a fee of around $750. There may be some discounts for registering early for a fee, so it’s good to register early to minimize costs.

Study Materials

Apart from the examination fees, candidates are likely to incur more costs in terms of study aids such as textbooks, online lessons, or exam simulations. Such items can range from $200 to $1000 depending on the choices of the individual. Therefore, most of the students tend to buy full course plans in order to maximize their chances of success.

Additional Costs

However, some additional cost risks should be taken into consideration, such as travel risks in cases of having to go to an exam center and the risks of taking the exam again within a certain time frame if they are unable to pass it within a specified time frame. GARP charges a fee of approximately $750 per part for retaking.

FRM Certification

The FRM certification is accepted in every country across the world since it indicates the holder's ability to manage risks in finances. So it's good to know about the requirements of certification:

Certification Process

In order to be awarded the FRM certification, it is necessary to pass both Part I and Part II of the FRM exams, satisfy the work-related experience requirements, and respect GARP’s Code of Conduct and ethics. In return, upon hypothesis verification, such professionals will be awarded the FRM designation and enlisted in the GARP registry of professionals who have undergone appropriate additional training programs.

Benefits of Certification

The FRM certification has much to offer, and the following are its main advantages:
  • Careening Up the Ladder: The FRM designation can create avenues for promotions and better pay in risk management and finance.
  • Professional Prestige: The FRM-certified professional is respected by employers and colleagues, and is recognized in other professions.
  • Worldwide Acceptance: The FRM is recognized globally, making it crucial for professionals seeking careers in other regions.

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FRM Syllabus

The FRM exams are designed in a manner that covers all dimensions of risk management within financial smears. Below is the detailed overview of the Part I and II syllabus of the FRM examination:

Part I Syllabus

Section I of the FRM exam concentrates upon the risk management fundamentals. The most important are:
  • Foundations of Risk Management: This focuses mainly on the concepts and principles of risk management.
  • Quantitative Analysis: Statistical and mathematical methods applied to risk management are discussed.
  • Financial Markets and Products: Knowledge of instruments and structures of markets.
  • Valuation and Risk Models: Methods for assessing risk and valuing financial instruments.

Part II Syllabus

Section II of the FRM exam is a continuation of Part I and deals with more complex issues. The key domains include:
  • Engagement Planning
  • Engagement Execution
  • Communicating Engagement Results

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CA Vinod Chandran

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Vinod Chandran is a Chartered Accountant and certificate holder of specialized executive finance program from IIM, Lucknow. He started his professional career with Hindustan Aeronautics Ltd and played a pivotal role in pricing of many of the Helicopter projects and for finalization of major contracts under Ministry of Defence . Later on joined Capgemini, France at Top Management level. Vinod headed the commercial finance globally for tenure of 3 years. In addition, Vinod also handled the finance controller role of India operations of Century Link Technologies, USA.

Vinod is also an academician helped 1000s of students to become Professionals is a founder director of MyLogic, a leading finance professional training institution globally.

About Course Material

It is required to have access to high-quality course material while preparing for the FRM exams. Here is a guide for the essential materials required to pass the FRM exam.

Recommended Textbooks

The following books are worthy for oneself who intends to undergo FRM preparation:
  • “FRM Exam Part I: 2024 Study Guide,” Wileyxamcom 2024.
  • “Financial Risk Manager Handbook” – Philippe Jorion.
  • Hull, John C., “Risk Management and Financial Institutions," 2006.

Online Courses and Practice Exams

Complementary tools in the examination preparation are the online courses and the practice exams. Here are some frequently utilized options:
  • GARP’s Official Study Materials: GARP offers official study guides, mock exams, and online courses for sale.
  • Kaplan Schweser: Known for a wide range of study packages and exam questions offered to candidates.
  • Bloomberg Exam Prep: Provides dedicated study aids and practice tests.

Study groups and forums

Preparation is heightened through the joining of study groups and forums where members can explain and defend the ideas. Pim and Leslie added that there are some sites like Reddit or LinkedIn that have FRM-thriving communities.

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MyLogic is the leading coaching institute for professional finance courses. With highly qualified and experienced trainers and industry professionals, MyLogic does not leave a leaf unturned in enabling students achieve their goal. Here are highlights about MyLogic -

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Assignments & Exam Practice Sessions

Assignments and practice questions are incorporated in the training to help students get a comprehensive understanding of the concepts.

MyLogic offers over 2000 practice questions which build confidence in the students and prepares them for the exam. Practice questions are the key to performing well in the exam.

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Aakash Mehta

"MyLogic's FRM course was an incredible journey! The curriculum was comprehensive and well-structured, covering all essential areas of financial risk management. The instructors were experts in their fields and provided invaluable insights. I passed the FRM exam on my first attempt!"

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Divya Nair

"I can't thank MyLogic enough for their exceptional FRM program. The interactive sessions made complex topics easy to understand, and the real-world case studies helped me apply my knowledge effectively. The resources provided were top-notch!"

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Vikram Kapoor

"Completing the FRM course at MyLogic was a fantastic decision. The detailed study materials and mock exams prepared me well for the actual exam. I now feel confident in my ability to analyze and manage financial risks."

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Rhea Singh

"My experience with MyLogic's FRM program was transformative. The blend of theory and practical application gave me a thorough understanding of financial risk management. The networking opportunities with fellow students were also a huge plus!"

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Kunal Desai

"Enrolling in the FRM course at MyLogic was one of the best decisions I've made for my career. The support from instructors and peers was invaluable, and the knowledge I gained has opened new doors in my professional journey!"

Frequently Asked Questions

The FRM certification is a globally recognized credential for professionals in risk management, awarded by the Global Association of Risk Professionals (GARP).

The FRM is ideal for risk management professionals, financial analysts, portfolio managers, and anyone involved in risk assessment and management in financial institutions.

There are no formal prerequisites, but a background in finance, mathematics, or related fields is beneficial.

The FRM exam consists of two parts: Part I focuses on foundational knowledge, while Part II covers advanced risk management topics.

Key topics include risk management concepts, quantitative analysis, financial markets and products, valuation and risk models, and credit, market, and operational risk.

Part I consists of 100 multiple-choice questions, while Part II has 80 multiple-choice questions, each with a time limit of four hours.

The FRM exams are typically offered twice a year, in May and November.

Most candidates spend 200-300 hours preparing for each part, spread over several months.

GARP provides official books, but many candidates also use third-party study guides, online courses, and practice exams.

While GARP does not publish a specific passing score, it is generally considered to be around 60%.

Candidates must pass both parts within four years.

Benefits include enhanced career opportunities, increased earning potential, and recognition as a knowledgeable professional in risk management.

Yes, FRM holders must earn 40 continuing professional education (CPE) credits every two years to maintain their certification.

Yes, you can take the exams without prior experience, but you must demonstrate at least two years of professional experience in risk management or related fields to obtain certification.

Candidates can register online through the GARP website. Registration typically opens several months before the exam dates.

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