FRM Part I - Financial Risk Manager - Exams in 2026

2026 FRM

The FRM designation is recognized as the benchmark for financial risk professionals and has been adopted by companies to ensure their risk management employees are well versed in the latest financial risk concepts. Becoming an FRM boosts your credibility and respect from employers, peers, and clients and maximizes your personal and professional opportunities within the world of finance.

FRM Exam Format

The FRM Exam Part I is a computer-based, multiple-choice exam. FRM Part 1 contains 100 multiple-choice questions. The exam is offered solely in English—specifically American English—and is typically administered three times per year, in May, August, and November, at hundreds of exam sites around the world. Candidates should know the exam must be completed in four hours or less. This exam is administered via computer-based testing (CBT).

FRM Part I

The FRM Exam Part I focuses on the tools used to assess financial risk:

• Foundations of risk management concepts

• Quantitative analysis

• Financial markets and products

• Valuation and risk models

Candidates should understand that the level of mathematical difficulty of the FRM exam is similar to that found in advanced undergraduate or introductory graduate-level finance courses at most universities. Additionally, while the exam is designed to be conceptual, candidates will still be required to know important formulas and calculations, as well as how to apply them correctly. Please note that formula sheets are not provided with the exam.

FRM Exam Fees

The FRM Exam requires a program enrollment fee of $400, which is payable when a candidate initially registers for the FRM Exam Part I. The enrollment fee is not charged again unless the candidate has not passed the FRM Exam Part II within four years after passing the FRM Exam Part I.