Understanding FRM exam pass rates is essential for setting realistic expectations and developing an effective study strategy. This analysis covers historical trends, what the numbers reveal, and how you can position yourself among successful candidates.
Historical FRM Pass Rates
Part 1 Pass Rates (2015–2024)
| Year | May Pass Rate | November Pass Rate |
|---|---|---|
| 2024 | 42% | 44% |
| 2023 | 44% | 46% |
| 2022 | 41% | 44% |
| 2021 | 40% | 46% |
| 2020 | 42% | 45% |
| 2019 | 42% | 46% |
| 2018 | 41% | 50% |
| 2017 | 43% | 43% |
| 2016 | 42% | 47% |
| 2015 | 43% | 48% |
Average Part 1 pass rate: ~44%
Part 2 Pass Rates (2015–2024)
| Year | May Pass Rate | November Pass Rate |
|---|---|---|
| 2024 | 53% | 55% |
| 2023 | 51% | 56% |
| 2022 | 54% | 57% |
| 2021 | 52% | 55% |
| 2020 | 50% | 59% |
| 2019 | 52% | 57% |
| 2018 | 53% | 57% |
| 2017 | 54% | 52% |
| 2016 | 52% | 56% |
| 2015 | 53% | 59% |
Average Part 2 pass rate: ~54%
Key Observations
Part 2 Is Easier — Statistically
Part 2 consistently shows higher pass rates than Part 1. This is partly due to survivorship bias: candidates who passed Part 1 are generally more capable and committed. However, Part 2 material is conceptually more applied, which some candidates find more manageable.
November Pass Rates Are Higher
November exams tend to have higher pass rates than May sessions. This may reflect candidates who failed in May retaking in November with better preparation, or seasonal differences in candidate demographics.
Pass Rates Are Remarkably Stable
Despite changing curricula and growing candidate pools, pass rates have remained in a narrow band. GARP uses a modified Angoff method to set the passing score, which adjusts for exam difficulty.
What Drives Pass or Fail?
Study Hours
GARP recommends 200–300 hours of study per part. Surveys of successful candidates consistently show that those who pass studied 250+ hours on average, while those who failed studied fewer than 150 hours.
Study Materials
Quality study materials matter significantly. As we discuss in our FRM study materials review, choosing the right provider can impact your preparation quality.
Practice Questions
Candidates who completed 1,000+ practice questions pass at significantly higher rates than those who relied primarily on reading. Practice tests reveal gaps and build exam-day stamina. Check out our FRM study plan guide for a structured approach.
Quantitative Background
Candidates with strong quantitative backgrounds (engineering, mathematics, physics, quantitative finance) tend to perform better on the FRM, particularly Part 1, which is heavily mathematical. However, candidates from any background can succeed with sufficient preparation.
How to Beat the Odds
1. Start Early
Begin studying at least 3–4 months before the exam. Cramming rarely works for the FRM due to the breadth and depth of material.
2. Use Multiple Resources
Do not rely on a single study provider. Combine reading materials with video lectures, practice exams, and formula sheets.
3. Focus on Weak Areas
Use quarterly score feedback from GARP to identify your weakest topics and allocate extra time to those areas.
4. Simulate Exam Conditions
Take full-length practice exams under timed conditions. This builds stamina and improves time management — critical for both parts.
5. Master the Quantitative Topics
Quantitative analysis is foundational. Invest extra time in probability, statistics, regression, and simulation techniques, as these concepts permeate multiple topic areas.
What Happens If You Fail?
- You can retake the exam at the next offering (May or November)
- GARP provides quartile scores for each topic area, showing where you fell short
- There is no limit on the number of retakes
- You must re-register and repay the exam fee for each attempt
- Part 1 must be passed before attempting Part 2
Conclusion
With an overall pass rate of approximately 44% for Part 1 and 54% for Part 2, the FRM is a challenging certification that rewards disciplined, structured preparation. Focus on sufficient study hours, quality practice questions, and targeted review of weak areas to maximize your chances of joining the ~50% who pass.