Understanding FRM exam logistics — format, dates, fees, approved calculators, and testing center procedures — eliminates unnecessary stress so you can focus entirely on preparation. This guide answers every logistics question that comes up repeatedly on r/FRM, based on the latest GARP policies.
What Is the FRM Exam Format?
The FRM exam consists of two parts, both administered as computer-based tests (CBT) at Prometric testing centers worldwide.
Part I:
- Questions: 100 equally weighted multiple-choice questions
- Time: 4 hours
- Pace: 2.4 minutes per question
- Subjects: Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, Valuation and Risk Models
Part II:
- Questions: 80 equally weighted multiple-choice questions
- Time: 4 hours
- Pace: 3 minutes per question
- Subjects: Market Risk, Credit Risk, Operational Risk and Resilience, Liquidity and Treasury Risk, Risk Management and Investment Management, Current Issues
Key format details:
- All questions are standalone multiple-choice with 4 answer options (A, B, C, D)
- There is no penalty for wrong answers — always answer every question
- Questions are not adaptive — every candidate receives the same question set
- You can flag questions and return to them within your exam session
- A basic on-screen calculator is available, but most candidates prefer their approved physical calculator
- No break is built into the schedule, but you can take restroom breaks (time continues to run)
Computer-Based Testing (CBT) transition: The FRM exam transitioned from paper-based to CBT in 2021. This shift has generally been viewed positively by candidates — you can flag and review questions more easily, the testing environment is more standardized, and results are released faster.
What Is the Minimum Passing Score (MPS)?
GARP does not publicly disclose the Minimum Passing Score. Here's what we know:
How the MPS is determined:
- GARP uses a modified Angoff method to set the MPS after each exam
- A panel of subject matter experts estimates the probability that a "minimally qualified candidate" would answer each question correctly
- The MPS can change between exam windows based on question difficulty
Community estimates:
- Most r/FRM analysis places the MPS between 50% and 60% for both parts
- The MPS appears to fluctuate, with harder exam windows having a lower threshold
- GARP has never confirmed these estimates
What you receive after the exam:
- A pass/fail result
- Quartile scores for each topic area (1st = top 25%, 4th = bottom 25%)
- No numerical score or percentage
Practical implication: Don't aim for the estimated MPS. Aim for 70%+ on practice exams to give yourself a comfortable margin above whatever the MPS turns out to be.
When Are the FRM Exam Dates and Registration Deadlines?
The FRM exam is offered twice per year: May and November.
Typical exam window schedule (2026):
| Phase | May Exam | November Exam |
|---|---|---|
| Early Registration Opens | December 1 | June 1 |
| Early Registration Closes | January 31 | July 31 |
| Standard Registration Opens | February 1 | August 1 |
| Standard Registration Closes | March 31 | September 30 |
| Late Registration Opens | April 1 | October 1 |
| Late Registration Closes | April 15 | October 15 |
| Exam Window | May 5–17 | November 3–15 |
Fee structure (approximate):
| Fee Type | Amount |
|---|---|
| First-time enrollment fee | $400 (one-time, covers both parts) |
| Early registration (per part) | $550 |
| Standard registration (per part) | $750 |
| Late registration (per part) | $1,000 |
Cost-saving strategy: Register during the early registration window — the savings of $200–450 per part can be redirected toward quality study materials.
Pair early registration with FRM Quiz Bank and you'll have the maximum study runway with the most comprehensive question bank available — our plans start well below what you save by registering early.
What Calculator Is Allowed on the FRM Exam?
GARP permits only two calculator models on the FRM exam:
- Texas Instruments BA II Plus (including the Professional model)
- Hewlett Packard 12C (including the Platinum and Prestige models)
No other calculators are allowed. This includes:
- ❌ Texas Instruments BA II Plus CE
- ❌ Scientific calculators (TI-84, Casio, etc.)
- ❌ Financial calculators not on the approved list
- ❌ Phone or smartwatch calculators
Which should you choose?
| Feature | TI BA II Plus | HP 12C |
|---|---|---|
| Input method | Algebraic (standard) | Reverse Polish Notation (RPN) |
| Learning curve | Easier for most candidates | Steeper if unfamiliar with RPN |
| Popularity among FRM candidates | ~80% | ~20% |
| Best for | Candidates without calculator preference | Candidates already familiar with HP 12C |
Critical advice: Whatever calculator you choose, practice with it extensively during your preparation. Calculator fumbling under exam pressure costs precious seconds on every calculation question.
Can I Postpone or Defer My FRM Exam?
Yes, GARP allows exam deferrals under specific conditions:
Current deferral policies:
- Deferrals must be requested before the registration deadline for your current exam window
- A deferral fee applies (typically $150–200)
- You can defer to the next available exam window only (May → November or November → May)
- Each exam registration can typically be deferred only once
Valid reasons for deferral (no questions asked):
- Work schedule conflicts
- Personal circumstances
- Feeling underprepared
When to defer vs. when to sit:
- Defer if: You haven't completed your study material and can't score 50%+ on mock exams
- Sit if: You've completed your study plan but feel "not quite ready" — exam anxiety is normal, and prepared candidates often underestimate their readiness
Deferral is NOT available:
- After the exam window has started
- For candidates who want to switch between Part I and Part II
- After missing a scheduled appointment without prior notice
What Should I Bring (and Not Bring) on Exam Day?
Required items:
- ✅ Valid, government-issued photo ID (passport is strongly recommended as the safest option globally)
- ✅ Exam appointment confirmation (printed or on your phone — check before you leave)
- ✅ Approved calculator (with fresh batteries!)
- ✅ A second form of ID (recommended backup, not required)
Not allowed in the testing room:
- ❌ Mobile phones, smartwatches, or any electronic devices
- ❌ Notes, study materials, or formula sheets
- ❌ Food or drinks (except water in a clear container at some centers)
- ❌ Bags, wallets, or personal items (stored in a locker)
- ❌ Coats or jackets (may need to be stored)
- ❌ Earplugs (noise-canceling headphones provided by the center)
Prometric testing center procedures:
- Arrive 30 minutes before your scheduled time
- Present your ID and appointment confirmation
- Store all personal items in a locker
- Submit to a palm vein scan (at most centers)
- Receive scratch paper (or a whiteboard) and a pen/marker
- Be escorted to your testing station
Pro tip: Visit your Prometric testing center in advance if possible — familiarize yourself with the location, parking, and check-in process. Reducing logistical anxiety on exam day makes a real difference.
Is the FRM Exam Administered at Prometric Testing Centers?
Yes, since the transition to computer-based testing (CBT), all FRM exams are administered at Prometric testing centers globally.
Key details:
- Prometric has 8,000+ testing centers across 160+ countries
- You select your preferred testing center and date/time during registration
- Popular centers in financial hubs fill up quickly — register early for the widest selection
- If your preferred center is full, you may need to travel to an alternative location
What to expect at Prometric:
- Professional, standardized testing environment
- Individual workstations with partitions
- On-screen exam interface with question flagging, review functionality
- Noise-canceling headphones available
- Scratch paper or whiteboard provided
- Video surveillance throughout the exam
Common testing center complaints from r/FRM:
- Some centers have uncomfortable chairs or cold temperatures — dress in layers
- Keyboard and mouse quality varies — the exam is click-based, so this rarely matters
- Ambient noise from other test-takers (different exams in the same room) — use the provided headphones
How Long Does It Take to Get FRM Exam Results?
Results timeline:
- Results are typically released 6–8 weeks after the exam window closes
- GARP sends results via email and posts them to your GARP account
- Results are released for all candidates simultaneously
What you receive:
- Pass/Fail determination
- Quartile scores for each topic area (1st through 4th quartile)
- If you passed Part I and registered for Part II: your Part II result as well
Understanding quartile scores:
- 1st quartile: Top 25% performance in that topic area
- 2nd quartile: 25th–50th percentile
- 3rd quartile: 50th–75th percentile
- 4th quartile: Bottom 25% performance
If you failed: Quartile scores are your most valuable diagnostic tool. Focus your preparation on 3rd and 4th quartile topics — these represent the areas where improvement will have the greatest impact on your next attempt.
What Happens If I Pass Part I but Fail Part II?
Good news: Your Part I pass does not expire for a period of time, but there are important deadlines:
The 4-year rule:
- You must pass Part II within 4 years of passing Part I
- If you do not pass Part II within this window, your Part I result expires, and you must re-register and re-pass Part I
- The 4-year clock starts from the date of your Part I exam, not the results release date
Practical implications:
- With exams offered in May and November, you have up to 8 attempts at Part II within the 4-year window
- Most candidates who pass Part I pass Part II within 1–2 attempts
- If you fail Part II on your first attempt, analyze your quartile scores and adjust your study plan accordingly
Recommendations after failing Part II:
- Take 1–2 weeks completely off from studying to recover mentally
- Analyze quartile scores to identify weak areas
- Switch or supplement study materials — if you used only Schweser, add BT or FRM Quiz Bank questions
- Increase your practice question volume by 50%+ for the retake
- Target the next exam window (6 months later) to give yourself adequate preparation time
Can I Take Part I and Part II on the Same Day?
Yes. GARP allows candidates to register for both parts in the same exam window, and they are administered on the same day:
- Part I: Morning session (typically 8:00 AM – 12:00 PM)
- Part II: Afternoon session (typically 2:00 PM – 6:00 PM)
The reality of same-day testing:
This is an extremely demanding proposition — 8+ hours of high-stakes testing (180 questions total) with only a 2-hour lunch break in between. Here's what same-day candidates report:
Preparation requirements:
- 500–700+ hours of total study time
- Strong quantitative foundation
- Completion of 3,000+ practice questions
- Multiple full-day practice simulations (morning + afternoon mock exams)
Physical and mental demands:
- Mental fatigue is significant by the afternoon session
- Some candidates report a 10–15% performance drop in Part II due to exhaustion
- Proper nutrition, hydration, and a brief walk during the break are essential
The critical risk: If you fail Part I, your Part II is NOT graded — all your Part II preparation would be wasted. GARP grades Part I first, and only grades Part II if Part I is passed.
If you're considering both parts in one sitting, intensive practice with exam-realistic questions is non-negotiable. FRM Quiz Bank's timed mock exam feature lets you simulate the full exam day experience with morning and afternoon sessions, building the stamina you'll need.