FRM syllabus, exam dates and fees
FRM exams run in May, August and November. Use the schedule, results windows and fees below alongside your exam-year syllabus.
Exam schedule and results
Checked October 10, 2026. November testing dates are published; May 2027 testing dates remain TBD.
| Exam | Testing window | When to expect results |
|---|---|---|
| Part I · November 2026 | Nov 14, 2026 - Nov 20, 2026 | Within 8 weeks of window close. Policy-derived outer date: Jan 15, 2027; not an announced release day. |
| Part II · November 2026 | Nov 21, 2026 - Nov 25, 2026 | Within 8 weeks of window close. Policy-derived outer date: Jan 20, 2027; not an announced release day. |
| Parts I and II · May 2027 | TBD: GARP had not published testing dates. | Within 8 weeks of window close. A calendar date cannot be calculated until the window is confirmed. |
- Part I
- 4 areas20 / 20 / 30 / 30 percent.
- Part II
- 6 areas20 / 20 / 20 / 15 / 15 / 10 percent.
- Document edition
- 2026Recheck the official inventory before a later-year sitting.
Topic weights at a glance*
- Foundations of Risk Management20%
- Quantitative Analysis20%
- Financial Markets and Products30%
- Valuation and Risk Models30%
- Market Risk Measurement and Management20%
- Credit Risk Measurement and Management20%
- Operational Risk and Resilience20%
- Liquidity and Treasury Risk Measurement and Management15%
- Risk Management and Investment Management15%
- Current Issues in Financial Markets10%
Approximate allocations on a common 0-100% scale.
| Document | What it answers | How to use it |
|---|---|---|
| Learning Objectives | What knowledge and tasks are examinable? | Check the reading and its action verbs. |
| Study Guide | Which readings belong in the syllabus? | Check the edition and build a coverage list. |
| Required online readings | What must Part II candidates read beyond the books? | Use the current Current Issues list. |
Part I syllabus: what the four areas mean
The four Part I areas connect governance, data, financial instruments and models. The explanations below show how those areas fit together; the exam-year Learning Objectives remain the authority for the complete reading-level scope.
The examples here are original study illustrations, not official exam questions or a substitute for the assigned readings.
Foundations of Risk Management (20% approximate weight)
Foundations gives the other subjects a decision-making context. A model may estimate a loss, but an institution still needs to decide which risks to accept, how to set limits, and who must act when a limit is breached. Think about the connection between exposures, incentives and oversight rather than learning a list of risk labels in isolation.
For example, a trading desk can reduce its interest-rate exposure with a hedge and still face counterparty or liquidity risk. A useful explanation identifies what the hedge changes, what remains, and who monitors the remaining exposure. This is why numerical skill alone does not replace the qualitative side of Part I.
Explore Foundations of Risk ManagementQuantitative Analysis (20% approximate weight)
Quantitative Analysis supplies tools for reasoning with uncertain outcomes and data. When working with probability, estimation or regression, distinguish the quantity you want to know from the statistic you have estimated. A calculation should come with its units, sample information and assumptions. Otherwise a precise-looking number can answer the wrong question.
A regression coefficient, for instance, describes a relationship in the fitted model; it does not by itself establish causation or guarantee performance on new observations. Use the syllabus objectives to separate calculation tasks from interpretation tasks. Being able to enter numbers into a formula is different from explaining when the result is useful.
Explore Quantitative AnalysisFinancial Markets and Products (30% approximate weight)
Financial Markets and Products connects risk to the instruments that create it. Before trying to value a bond, forward, future, swap or option, describe its cash flows and the obligations of each party. Ask what changes when a market price or rate moves, and whether the position is a right, an obligation, or a combination of the two.
For example, a long call can have a positive payoff at expiry while still producing a loss after its premium is considered. Separating payoff from profit prevents a familiar instrument name from hiding an incorrect calculation. These product mechanics also give meaning to the sensitivities and loss measures in the next area.
Explore Financial Markets and ProductsValuation and Risk Models (30% approximate weight)
Valuation and Risk Models turns positions and assumptions into measures that can inform a decision. A useful result needs an interpretation: what the measure captures, its horizon, and the conditions under which it becomes unreliable. Learn to connect an exposure with a suitable method instead of treating each formula as an interchangeable calculator shortcut.
Duration illustrates a local sensitivity to yields; a loss-distribution measure addresses a different question. A portfolio can have a small estimated rate sensitivity while retaining credit, nonlinear or funding exposures. When reviewing an objective, practise explaining the model limitation as well as obtaining the numerical answer. The detailed lessons below the syllabus map develop those methods.
Explore Valuation and Risk ModelsPart II syllabus: what the six areas mean
Part II organizes the tools around risk-management decisions. The six areas are connected: a market move can alter counterparty exposure, generate a cash need and test an institution’s operating processes.
The examples here are original study illustrations, not official exam questions or a substitute for the assigned readings.
Market Risk Measurement and Management (20% approximate weight)
Market Risk Measurement and Management asks how risk measures behave across positions and changing market conditions. Connect a portfolio exposure with sensitivities, loss models, stress scenarios and the evidence used to challenge the model. A reassuring aggregate number can conceal concentrated factors or assumptions that fail together.
A rates hedge, for example, may offset a small parallel yield move yet leave curve-shape or basis risk. The study task is to explain which scenario the hedge addresses and which additional tests would reveal its limits. This develops the Part I tools into a portfolio-management judgment.
Explore Market Risk Measurement and ManagementCredit Risk Measurement and Management (20% approximate weight)
Credit Risk Measurement and Management concerns losses linked to borrowers and counterparties. Keep default likelihood, exposure at the relevant time and recovery assumptions separate. Two positions with the same default probability can have very different potential losses because their sizes, collateral or recoveries differ.
For a derivative, the amount exposed can change as market values move. That is a different problem from simply multiplying a fixed loan balance by a default probability. In a credit scenario, explain what drives exposure, how losses may be connected across counterparties, and what a proposed control actually changes.
Explore Credit Risk Measurement and ManagementOperational Risk and Resilience (20% approximate weight)
Operational Risk and Resilience shifts attention to how an institution functions. Identify the process, person, system or external dependency that could fail, then distinguish preventing an event from detecting it and recovering from it. A control only helps if it addresses the failure mechanism in the scenario.
Two backup systems are not independent if both require the same network or authentication service. A useful resilience answer traces that common dependency and describes what successful service recovery would look like. The focus is the continuity of the operation, not merely whether a spare piece of equipment exists.
Explore Operational Risk and ResilienceLiquidity and Treasury Risk Measurement and Management (15% approximate weight)
Liquidity and Treasury Risk Measurement and Management examines whether obligations can be met when cash is needed. Distinguish an asset’s estimated economic value from the cash it can generate quickly under stress. Funding needs, collateral demands and the ability to sell or finance assets can change together.
An institution may own valuable long-term assets but struggle to meet an immediate margin call. In that case, a solvency calculation alone does not explain the funding gap. Trace the timing of outflows, available liquidity and restrictions on potential funding sources before deciding whether a contingency response is credible.
Explore Liquidity and Treasury Risk Measurement and ManagementRisk Management and Investment Management (15% approximate weight)
Risk Management and Investment Management connects portfolio choices with the risk being taken to obtain a return. Keep the investment objective and benchmark explicit. Total portfolio risk, active risk against a benchmark and risk-adjusted performance answer related but different questions.
A portfolio that beats its benchmark by taking a much larger concentration is not automatically demonstrating a better repeatable process. Explain where the return came from, what exposure produced it and whether the comparison uses consistent assumptions. This helps turn a reported performance number into an assessment of the investment decision.
Explore Risk Management and Investment ManagementCurrent Issues in Financial Markets (10% approximate weight)
Current Issues in Financial Markets uses an assigned reading list for the exam year. It is not an invitation to replace the syllabus with whichever finance stories are currently prominent. An older research paper can remain required when its argument is relevant to the selected curriculum.
For each assigned reading, record its central mechanism, supporting evidence, limitations and implications for risk management. Then connect it to the other Part II areas. A shared technology provider, for example, can create both an operational dependency and a wider concentration concern. Use the separate reading map for the dated inventory and publisher links.
Explore Current Issues in Financial MarketsRegistration and appointment deadlines
All registration and appointment deadlines below use 11:59 p.m. Eastern Time. Registration pays for a window; scheduling reserves an available seat. The October appointment deadline does not reopen November registration.
Build your plan around three separate events: payment, appointment booking and the sitting itself. Paying during early registration may reduce the exam fee, but it does not confirm your preferred date or test center. After registration, check the appointment confirmation and keep the scheduling deadline in your calendar alongside the exam date.
If you are waiting for November results, notice that May registration opens before the eight-week results period ends. Opening registration does not tell you whether you need a retake or which part you should book. Check the actual result and your candidate eligibility before making that decision; the refund window is short.
| Exam cycle / action | Dates or status at source check | What to do |
|---|---|---|
| November 2026 registration | Closed for both parts. | Already registered? Complete the separate appointment booking. |
| November 2026 Part I: Schedule appointment by (ET) | Oct 24, 2026 | Book your date, time and test center through the provider assigned in your candidate account. |
| November 2026 Part II: Schedule appointment by (ET) | Oct 24, 2026 | Book your date, time and test center through the provider assigned in your candidate account. |
| May 2027 early registration | Dec 1, 2026 - Jan 31, 2027 | Early exam fee: US$600 per part. New Part I candidates also pay enrollment. |
| May 2027 standard registration | Feb 1 - Mar 31, 2027 | Standard exam fee: US$800 per part. |
| May 2027 appointment scheduling | TBD at source check. | Check GARP for the booking period and exact testing dates. |
FRM exam fees and other costs
The exam prices below apply to the published May 2027 registration cycle. All amounts are US dollars. Enrollment is separate from each part’s exam fee.
Applicable VAT/GST and any payment-processing charges are additional. Confirm the price for your selected exam window.
A new Part I candidate therefore starts with US$1,000 in enrollment and exam fees at the early rate, or US$1,200 at the standard rate, before tax and other costs. The US$200 difference comes from registration timing. Buying a course, printed book or question bank does not replace the payment to GARP for the exam.
Keep optional preparation spending separate from the required exam charges. Before buying overlapping products, identify what your existing access includes and when it expires. A budget should also allow for your own travel, any selected payment-method charge and the possibility that changing plans incurs a fee. Those personal costs are not included in the table.
| Charge | Amount | When / where it applies |
|---|---|---|
| One-time enrollment for new Part I candidates | US$400 | Pay GARP in the candidate portal with your first Part I registration. |
| Each part: early / standard registration | US$600 / US$800 | Pay GARP in the candidate portal when registering for the part and window. |
| Deferral | US$250 | Pay GARP by the deferral deadline if changing to one of the next two available administrations. |
| Wire or ACH processing | US$50 | Additional payment-processing fee for these methods. |
| Optional printed books | US$300 per part + shipping | Current listed price for the 2026 books. Confirm the edition and price before buying for a later sitting. |
Original worked example
A new Part I candidate chooses early registration and the optional printed books. What is the subtotal before tax, shipping or processing?
US$400 enrollment + US$600 exam registration + US$300 books = US$1,300.
The book price is the current listed 2026 price, so this is an illustrative budget using the displayed prices. Verify the applicable edition and invoice for your sitting. Without the optional books, the enrollment-plus-exam subtotal is US$1,000.
Syllabus publication dates and official PDFs
GARP labels December 1, 2025 as the last update of both 2026 download pages. That is a reported update date, not proof of the initial publication date. At the October 10, 2026 check, a 2027 curriculum publication date was not confirmed in the checked sources.
The official links may require a download form. Check the year printed on the file: an unchanged URL can later serve a newer edition. Use the exam-year Learning Objectives, Study Guide and required Part II readings together.
| Document | Edition / published update | Use for your sitting |
|---|---|---|
| Learning Objectives | 2026 edition; last updated Dec 1, 2025. | Reading-level tasks and approximate weights. |
| Study Guide | 2026 edition; last updated Dec 1, 2025. | Official reading inventory. |
| Part II Current Issues readings | 2026 list at source check; publication date not stated here. | Include the separate required online readings. |
| 2027 curriculum documents | Publication date not confirmed at source check. | Recheck the official inventory before committing to 2027 materials. |
Refunds, deferrals and booking rules
Keep the payment receipt, appointment confirmation and exam-year reading list together. Each has a different purpose and deadline.
| Item | Published rule | Planning consequence |
|---|---|---|
| Refund request | Within 48 hours of registration. | Review the refund process immediately if you registered in error. |
| Deferral | Once, to one of the next two available administrations. | Request and pay by March 31 for May, June 30 for August, or September 30 for November. The November 2026 deadline has passed. |
| Appointment rescheduling | Once within the same exam window. | Stay within the scheduling deadline and available seats. |
| Regional booking provider | ATA in mainland China, Hong Kong SAR and Thailand; PSI elsewhere. | Follow your candidate account to the correct provider. |
| Digital study access | GARP Learning access ends on the last day of your registered window. | Plan your review before access expires. Part I digital access is included; Part II digital access is a separate purchase. |
| Exam admission | Original valid ID and printed appointment confirmation. | Check the identification and calculator requirements before traveling. |
Check whether your books match your exam year
An unchanged topic name or percentage does not establish that its readings and objectives are unchanged. Start with the official documents for your sitting, then compare the material you intend to use. A provider’s claim that its notes are current should be checked against the actual edition supplied to you.
Work reading by reading. Record whether the reading is present, whether its edition or assigned scope differs, and whether every objective has a place in your materials. Keep a separate list of missing or changed items. Check published corrections as well. This produces a specific gap list instead of a vague conclusion that an older book is probably close enough.
For Part II, also compare the required online reading list. The year in a research paper’s title may differ from the year of the exam assigning it. Conversely, a news article published this year is not automatically an assigned reading. Match the official title and assigned scope before counting a reading as covered.
At this source check, the official download pages list the 2026 documents. A candidate planning a 2027 sitting should recheck that inventory when the relevant edition becomes available. This page does not claim a completed 2026-to-2027 curriculum comparison or an unannounced release date.
Turn weights into a coverage map
Weights are approximate exam allocations, not a promise of a particular question count in your sitting. Use them to prevent a large domain from being neglected. Do not turn them into an inflexible time quota: a weak smaller topic may need more repair time than a strong larger one.
Use a first pass to find out whether you can perform representative tasks in every area. Then change the time allocation using the errors you can explain. If probability and regression are repeatedly blocking later valuation work, extra time on Quantitative Analysis may also help you understand the larger domains. That dependency matters more than matching every study hour to a percentage.
For the 40-hour example below, suppose the initial Quantitative Analysis work reveals substantial gaps. One possible revision is 6 hours on Foundations, 14 on Quantitative Analysis, 10 on Markets and Products and 10 on Valuation and Risk Models. The total stays at 40 hours, but the allocation follows the diagnosed problem. This is an illustration of adjustment, not a recommended split for every candidate.
Original worked example
You reserve 40 first-pass topic hours for Part I. What does a purely weight-based starting allocation look like?
Foundations 8 hours; Quantitative Analysis 8; Markets and Products 12; Valuation and Risk Models 12.
This is 40 × each approximate weight. It excludes separate mock and review time and is only a starting allocation. Revise it after a diagnostic.
Track objectives rather than pages read
A completed chapter is not proof that you can perform its tasks. Record the objective, your attempted problem, the error and the fresh retest. This creates a useful connection between the official outline and your next study session.
Read the verb in the objective before choosing a practice task. An explanation needs a mechanism in words; a calculation needs correct inputs and a defensible method; a comparison needs meaningful differences under stated conditions. A flashcard that only names a formula cannot demonstrate all three.
For example, a duration exercise can produce the correct estimated price change while leaving the assumption of a small yield move unexplained. Record the calculation and the limitation separately. On a later attempt, change the size or shape of the rate move and explain whether the same approximation is still useful. This is an original learning example, not a quoted GARP objective.
Use the ledger to find uncovered tasks as well as mistakes. A clean error log can mean you have only practised familiar material. Check it against the full exam-year objective list, and mark an item as untested when you have no fresh evidence for it. The linked topic lessons provide instruction; the ledger records what you can actually do.
| Objective check | Evidence to save | Next action |
|---|---|---|
| Explain | One sentence in your own words and a counterexample. | Repair an unclear assumption. |
| Calculate | Inputs, units, formula and answer. | Change one input and solve again. |
| Compare | A table showing what changes and what stays constant. | Try a scenario where the preferred method changes. |
Common questions
- When will November 2026 FRM results be available?
- GARP says within eight weeks of the exam window closing, in the candidate portal. Adding eight weeks gives January 15, 2027 for Part I and January 20, 2027 for Part II. These are policy-derived outer dates, not announced release days.
- Are the May 2027 FRM exam dates published?
- At the October 10, 2026 check, testing and appointment scheduling dates were TBD. Early registration is December 1, 2026 to January 31, 2027; standard registration is February 1 to March 31, 2027.
- Does GARP call its syllabus a blueprint?
- The official documents are called Learning Objectives and Study Guide. They serve the syllabus and outline task.
- Are weights exact question counts?
- No. Treat the published allocations as approximate.
- Can I use an older book edition?
- Only after comparing its coverage with your exam-year Learning Objectives, required readings and errata. Do not assume unchanged topic weights mean unchanged readings.
Sources and editorial notes
By MiloPrep editorial team. Source check: . Official requirements and product information can change. Examples and planning allocations are independent teaching material, not official questions or passing standards.
- GARP: study materials ↗
2026 curriculum documents, books, GARP Learning access and official practice exams.
- GARP: 2026 Learning Objectives download ↗
2026 syllabus, approximate weights and reading-level objectives; download page reports a December 1, 2025 last update.
- GARP: 2026 Study Guide download ↗
2026 reading inventory; download page reports a December 1, 2025 last update. Use the edition for your exam year.
- GARP: exam logistics ↗
November 2026 windows, May 2027 registration periods and TBD testing dates, scheduling deadlines and booking providers.
- GARP: program and exams ↗
Exam counts, timing, topic areas, preparation benchmark and results policy.
- GARP: exam fees and payments ↗
Displayed May 2027 registration fees, taxes and the separate one-time enrollment fee for new candidates.
- GARP: exam policies ↗
Identification, calculator rules, refunds, deferrals, appointment changes and certification deadlines.
- GARP: 2026 required Current Issues readings ↗
The six published Current Issues themes and eight required readings.
MiloPrep is an independent study resource and is not affiliated with or endorsed by GARP or the named providers. FRM and provider names are trademarks of their respective owners. Editorial methodology.
Notes
- * Topic weights: Weight reference reviewed 24 August 2026; confirm your exam-year document. Study time also depends on your gaps. ↩ Return to content