What Is the FRM Part 1 Exam?
The FRM (Financial Risk Manager) Part 1 exam is the first of two levels in the globally recognised FRM certification programme administered by the Global Association of Risk Professionals (GARP). It tests foundational knowledge across quantitative analysis, financial markets, risk management frameworks, and valuation and risk models — the building blocks every risk professional needs.
FRM Part 1 is a computer-based exam consisting of 100 equally weighted multiple-choice questions to be completed in four hours. GARP offers the exam in three windows each year — May, August and November — at PSI testing centres worldwide. In India, centres are typically available in Mumbai, Delhi NCR, Bangalore, Chennai, Kolkata, Hyderabad, Pune, Ahmedabad, and several other major cities.
This guide covers everything you need to know about the FRM Part 1 exam in 2026 — exam dates, registration fees (including INR equivalents), eligibility requirements, the complete syllabus with topic weights, exam format, pass rates, scoring methodology, recommended study hours, and what has changed for 2026.
What Are the FRM Part 1 Exam Dates in 2026?
The remaining FRM Part 1 exam dates in 2026 are August 7–8 and November 14–20, per GARP's official calendar; the May 2026 window has already concluded. GARP runs three Part 1 windows a year — May, August and November — and within each window you select your specific exam date when scheduling your PSI appointment.
| Exam Window | Testing Period | Early Registration Deadline | Standard Registration Deadline | Results Released |
|---|---|---|---|---|
| August 2026 | August 7 – August 8, 2026 (Part I, AM session) | Early window not offered for August | June 30, 2026 | Within approximately 8 weeks of window close |
| November 2026 | November 14 – November 20, 2026 | July 31, 2026 | September 30, 2026 | Within approximately 8 weeks of window close |
Important scheduling notes: Always verify exact dates and deadlines on GARP's official Fees and Dates page, as schedules and deadlines are subject to change. Scheduling at popular Indian PSI test centres — particularly in Mumbai and Delhi NCR — tends to fill quickly, so candidates who register and schedule early have the widest choice of slots. Per GARP, results are made available on the candidate portal within approximately eight weeks of the exam window closing.
How Much Does FRM Part 1 Cost in 2026?
A first-time FRM Part 1 candidate pays USD 1,000 (~INR 84,000) with early registration or USD 1,200 (~INR 1,00,800) with standard registration, per GARP's official 2026 fee schedule — a one-time USD 400 enrollment fee plus a USD 600 (early) or USD 800 (standard) exam fee. Registering during the early window therefore saves USD 200; re-sitters pay only the exam fee.
| Fee Component | Amount (USD) | Approx. Amount (INR) | Notes |
|---|---|---|---|
| Enrollment Fee | $400 | ~INR 33,600 | One-time; paid at first registration only |
| Early Registration Exam Fee | $600 | ~INR 50,400 | Lowest available fee |
| Standard Registration Exam Fee | $800 | ~INR 67,200 | After early deadline |
| Total Cost — First-Time Early | $1,000 | ~INR 84,000 | Enrollment + Early Exam Fee |
| Total Cost — First-Time Standard | $1,200 | ~INR 1,00,800 | Enrollment + Standard Exam Fee |
INR conversions are approximate at a rate of USD 1 = INR 84 and will vary with prevailing exchange rates on the date you actually pay. GARP charges fees in USD and accepts major credit cards (MasterCard, Visa, Amex, Discover); wire and ACH options are also available. Indian candidates should also account for any foreign-transaction or currency-conversion fees charged by their bank (typically around 1.5–3.5%) as well as applicable taxes (VAT/GST) that may apply per GARP's terms.
If you are re-sitting FRM Part 1, you pay only the exam fee — the enrollment fee is a one-time charge. GARP also runs scholarship programmes from time to time; current eligibility criteria are published on the GARP website. Fees are subject to change, so always confirm current amounts on GARP's Fees and Payments page before paying.
Who Is Eligible for FRM Part 1?
Everyone — the FRM programme has no formal eligibility prerequisites. There is no minimum degree, work-experience or age requirement to register for Part 1. Unlike CFA (which requires a bachelor's degree or equivalent work experience), FRM Part 1 is open to everyone — regardless of your educational qualifications, work experience, or geographic location.
Who can register for FRM Part 1:
- Undergraduate students (any year, any discipline)
- Working professionals looking to enter or advance in risk management
- Graduates from any field — commerce, engineering, science, arts
- Career switchers from non-finance backgrounds
- International candidates from any country
The only requirement is that you register on GARP's official website and pay the applicable fees. However, to earn the FRM designation (after passing both Part 1 and Part 2), you must submit two years of full-time relevant professional work experience in financial risk management or a closely related field. Per GARP, this experience must be submitted within five years of passing Part 2, although qualifying experience from up to ten years before passing can also count.
What Is the FRM Part 1 Syllabus & Topic Weights for 2026?
The 2026 FRM Part 1 syllabus covers four knowledge areas, weighted per GARP's official Study Guide: Foundations of Risk Management (20%), Quantitative Analysis (20%), Financial Markets & Products (30%) and Valuation & Risk Models (30%). GARP updates the syllabus annually and publishes the official learning objectives and the FRM Study Guide on its website. Candidates should always cross-check the latest Study Guide for any 2026 readings that have been added, revised, or retired.
| Topic | Weight | Approx. Questions | Key Areas Covered |
|---|---|---|---|
| Foundations of Risk Management | 20% | ~20 | Risk management frameworks, governance, ERM, risk appetite, case studies (LTCM, Barings, etc.) |
| Quantitative Analysis | 20% | ~20 | Probability, statistics, linear regression, time series, Monte Carlo simulation, machine learning basics |
| Financial Markets & Products | 30% | ~30 | Banks, insurance, funds, OTC derivatives, exchanges, forwards, futures, swaps, options, securitisation, hedging |
| Valuation & Risk Models | 30% | ~30 | VaR, bond valuation, duration, convexity, option pricing (Black-Scholes, Greeks), credit risk models, stress testing |
Financial Markets & Products and Valuation & Risk Models together account for 60% of the exam. These are the highest-yield topics for exam preparation and should receive the largest share of your study time. That said, Foundations of Risk Management is often underestimated — the case study and governance questions in this section have tripped up many candidates who focused exclusively on quantitative topics.
What Is the FRM Part 1 Exam Format?
FRM Part 1 is a 4-hour, computer-based exam with 100 equally weighted multiple-choice questions (four options each), delivered in English at PSI test centres with no negative marking. That averages 2 minutes 24 seconds per question. The complete structure:
| Parameter | Details |
|---|---|
| Number of Questions | 100 multiple-choice questions (MCQs) |
| Duration | 4 hours (240 minutes) |
| Time per Question | 2 minutes 24 seconds (average) |
| Question Format | Four answer choices (A, B, C, D) per question |
| Negative Marking | No penalty for incorrect answers |
| Delivery Mode | Computer-based at PSI test centres |
| Calculator | GARP-approved models only — Texas Instruments BA II Plus (incl. Professional), Hewlett Packard 12C (incl. Platinum and Anniversary), HP 10B II, HP 10BII+ and HP 20B |
| Language | English only |
Since there is no negative marking, candidates should never leave any question unanswered. Even an educated guess gives you a 25% probability of scoring a mark. Time management is crucial — at 2.4 minutes per question, you need to move steadily through the exam without spending excessive time on any single question.
What Is the FRM Part 1 Pass Rate?
The FRM Part 1 pass rate was 47% in the November 2025 sitting, per GARP-reported figures, and has typically ranged between approximately 40% and 55% over the last decade, with recent windows trending toward the upper end of that range.
GARP does not publish a fixed passing score for FRM exams. Instead, it uses a standard-setting methodology in which the pass/fail threshold is determined after each administration, based on the overall difficulty of the question set and candidate performance. Because of this, the percentage of questions you need to answer correctly to pass is not a fixed number, and GARP does not officially disclose it.
| Window | Approximate Part 1 Pass Rate | Notes |
|---|---|---|
| Historical range (last decade) | ~40% – 55% | Varies window to window |
| Recent windows (2024–2025) | Approximately mid-40s to high-50s% | Trend has been at the higher end of the historical range |
| November 2025 | 47% | Per GARP-reported figures |
Key observations from the pass rate data:
- The FRM Part 1 pass rate has typically sat in the approximately 40–55% range over the last decade, with recent windows trending toward the higher end.
- Pass rates differ from window to window, reflecting differences in question difficulty and candidate mix; no single window's rate should be read as a guarantee of future windows.
- Part 1 pass rates have generally been lower than Part 2, partly because the Part 2 candidate pool has already self-selected by clearing Part 1.
How FRM Scoring Works
GARP reports FRM results as pass or fail along with a quartile performance breakdown across each topic area. Within each of the four topics, you are placed into one of four quartiles relative to other candidates (1st = top quartile, 4th = bottom quartile). This lets you understand your relative strengths and weaknesses by topic — useful both to plan a re-sit and to focus your preparation for Part 2.
GARP uses a standard-setting process to determine the passing threshold after each administration. As a result, there is no fixed percentage of correct answers that guarantees a pass — the threshold is calibrated per sitting based on overall item difficulty and candidate performance.
How Many Hours to Study for FRM Part 1?
According to GARP's candidate surveys, FRM Part 1 candidates spend approximately 240 hours on average preparing for the exam, with individual hours ranging from under 100 to over 400 depending on prior background. Based on this benchmark and feedback from QuintEdge's own coaching programme, indicative ranges by background are:
| Candidate Profile | Recommended Study Hours | Preparation Duration |
|---|---|---|
| Strong quantitative background (engineering, statistics, economics) | 150–200 hours | 3–4 months |
| Commerce/finance graduate with basic statistics | 200–250 hours | 4–5 months |
| Non-quantitative background (arts, law, other disciplines) | 250–300 hours | 5–6 months |
| Working professionals (studying part-time, 10–12 hours/week) | 200–240 hours | 5–6 months |
The single most effective study strategy is to begin mock exams early — ideally 6-8 weeks before exam day. Candidates who take at least 4-6 full-length practice exams under timed conditions consistently outperform those who rely solely on reading and note-making. Topic-wise question practice is also critical: focus especially on Financial Markets & Products and Valuation & Risk Models, which together carry 60% of the exam weight.
What's New in FRM Part 1 for 2026
GARP revises the FRM curriculum each year, and the 2026 Study Guide will typically include a mix of added, revised, and retired readings across the four Part 1 topics. Rather than rely on second-hand summaries, candidates should refer directly to the official 2026 FRM Study Guide and the changes document that GARP publishes alongside it.
- Annual reading refresh: Expect some readings to be added or replaced across Quantitative Analysis, Financial Markets & Products, and Valuation & Risk Models, in line with how the risk-management discipline is evolving.
- Themes that have grown over recent years: Machine learning concepts within Quantitative Analysis, ongoing discussion of Expected Shortfall alongside Value at Risk, and increasing attention to climate-related financial risk have all been increasingly visible in recent FRM curricula. Whether and how these appear in 2026 is governed by the official Study Guide.
- Exam delivery: The exam continues to be delivered exclusively as a computer-based test at PSI test centres. GARP has not used paper-based delivery for the FRM exams for several years.
How Should You Prepare for FRM Part 1?
The most reliable approach is a three-phase plan over roughly 20 weeks: build foundations first, then concentrate on the two 30%-weight topics, and finish with 4–6 timed mock exams. Based on outcomes data from candidates who have cleared the exam through QuintEdge's programme, here is the framework in full:
Phase 1 — Foundation Building (Weeks 1-8): Cover the entire syllabus systematically. Start with Foundations of Risk Management and Quantitative Analysis, as these provide the conceptual base for the more applied topics. Complete topic-wise question banks as you finish each section.
Phase 2 — Deep Dive (Weeks 9-14): Focus on Financial Markets & Products and Valuation & Risk Models. These two topics carry 60% of the exam weight and require the most calculation practice. Work through numerical problems daily and build fluency with your approved calculator.
Phase 3 — Revision & Mock Exams (Weeks 15-20): Take 4-6 full-length mock exams under timed conditions. Analyse your quartile scores by topic after each mock. Focus revision time on your weakest quartiles. Review formulae, key concepts, and common traps daily in the final two weeks.
Frequently Asked Questions: FRM Part 1 Exam 2026
GARP offers the FRM Part 1 exam in three windows per year. The May 2026 window has already concluded; the remaining 2026 sittings are August 7–8, 2026 (Part I AM session) and November 14–20, 2026. Candidates select their specific date within each window when they schedule their appointment through PSI. Always confirm exact dates on GARP's official website before planning.
For first-time candidates, the total cost with early registration is approximately INR 84,000 (USD 1,000 — a USD 400 one-time enrollment fee plus a USD 600 early exam fee). With standard registration, the total is approximately INR 1,00,800 (USD 1,200 — USD 400 enrollment plus USD 800 standard exam fee). For re-sitting candidates, only the exam fee applies: roughly INR 50,400 (USD 600 early) or INR 67,200 (USD 800 standard). INR figures are indicative at USD 1 = INR 84 and exclude any bank conversion fees or applicable taxes such as GST.
No. FRM Part 1 has no eligibility prerequisites. There is no minimum educational qualification, no degree requirement, and no work experience requirement to register for or sit the exam. Anyone — including current undergraduate students — can register. The two-year work experience requirement applies only to the final FRM certification after passing both Part 1 and Part 2.
FRM Part 1 consists of 100 equally weighted multiple-choice questions with four answer options each (A, B, C, D). The exam is 4 hours long, giving you an average of 2 minutes and 24 seconds per question. There is no negative marking, so you should attempt every question.
Over the past decade, the FRM Part 1 global pass rate has typically sat in the approximately 40–55% range, with recent windows trending toward the higher end. GARP, for example, reports a 47% pass rate for the November 2025 Part I sitting. Pass rates can vary from window to window, so they should be used as a rough benchmark rather than a fixed expectation.
GARP does not publish a fixed passing score. The pass/fail threshold is determined after each exam through a standard-setting process that takes overall question difficulty and candidate performance into account, so the percentage of correct answers required to pass can vary from one sitting to another. As a planning rule of thumb, prepare to comfortably answer significantly more than half of the questions correctly across all four topics.
Per GARP candidate surveys, the average preparation time is approximately 240 hours, with individual hours ranging from under 100 to over 400 depending on background. Candidates with a strong quantitative background may need toward the lower end of that band, while those from non-quantitative backgrounds typically need more. Most candidates spread their preparation over 4–6 months and combine curriculum study with at least 4–6 full-length, timed mock exams in the final 6–8 weeks before exam day.
Yes. GARP allows candidates to register for both FRM Part 1 and Part 2 in the same exam window. Both exams are scheduled on different days within the testing period. However, your Part 2 result will only be released if you pass Part 1. If you fail Part 1, your Part 2 attempt is not scored. Most candidates and coaching providers recommend clearing Part 1 first before attempting Part 2, unless you have exceptional quantitative skills and can dedicate 400+ hours to combined preparation.
