FRM exam format
Part I builds foundations, quantitative analysis, markets and products, and valuation/risk models. Part II applies market, credit, operational, liquidity, and investment risk, plus a current-issues reading set. Part I builds foundations, quantitative analysis, markets and products, and valuation/risk models. Use MiloPrep tools to plan hours for FRM alongside practice in the app.
Start studying
Start your FRM practice
MiloPrep will cover every FRM sitting under one subscription.
Total sittings
2
Structure
2 parts
Combined content time
480 min
Combined item count
180
Who this fits
Fits you if
- Risk analysts and managers in banking, asset management, or regulation who want an exam programme centred on financial risk measurement and management.
Skip if
- Candidates seeking a broad investment charter (CFA) or alternatives specialisation (CAIA) as their primary path, unless risk is the job.
How to use the format numbers
Step 1
Cover all four Part I topics - none are optional
Foundations and Quant are 20% each; Markets and Valuation are 30% each. Skipping Foundations to chase formulas is a common miss. Tie this stage to the published FRM weights before you expand reading. Watch for: Skipping Foundations to chase Quant formulas, then missing governance and risk-type identification questions that are a full fifth of the exam.
Step 2
Practise Quant with interpretation, not only computation
GARP often asks what a result implies for risk decisions, not only the intermediate arithmetic. Tie this stage to the published FRM weights before you expand reading. Watch for: Over-drilling market risk VaR variants while under-preparing operational resilience and current-issues readings that still carry material weight.
Step 3
Build Part II by risk type
Rotate market, credit, operational, and liquidity blocks weekly so Current Issues does not crowd out core domains. Tie this stage to the published FRM weights before you expand reading. Watch for: Skipping Foundations to chase Quant formulas, then missing governance and risk-type identification questions that are a full fifth of the exam.
Step 4
Keep a Current Issues reading log
Part II’s current-issues weight is smaller but refreshed. Schedule it late enough to be current, early enough to revise. Tie this stage to the published FRM weights before you expand reading. Watch for: Over-drilling market risk VaR variants while under-preparing operational resilience and current-issues readings that still carry material weight.
Step 5
Sit full four-hour mocks for each part
Pace 100 or 80 questions under the real clock. Review by GARP topic weight. Tie this stage to the published FRM weights before you expand reading. Watch for: Skipping Foundations to chase Quant formulas, then missing governance and risk-type identification questions that are a full fifth of the exam.
Step 6
Match practice blocks to sitting length
At least once a week, practise a continuous block close to published content time. Timing skill decays faster than concept recall.
Format readiness checklist
- Know question format and duration for the next sitting
- Have run one timed block within 20% of published length
- Have practised any non-MCQ format the sitting uses
- Have a pacing plan for the first and last 30 minutes
- Have confirmed break rules on the awarding-body page
- Have listed all 2 sittings on a calendar with recovery gaps
FRM study-week checklist
- Open the FRM hub and mark which sittings you will book first.
- Spend at least one block on Part I high-weight topics.
- Run one mixed set, then log every stem you missed with the correct rule.
- Schedule one timed block near published sitting length this week.
- Revisit one troubleshooting symptom from the hub and apply the next step.
Foundations vocabulary in context: Practise governance, risk types, and firm failures as applied stems - not glossary matching.
VaR and model limitations: Know when a VaR figure is misleading. Part I and Part II both punish blind formula trust.
If part i quant feels fine but mocks stall, Audit your last mock by the 20/20/30/30 weights and rebuild the week from the lowest bucket.
If part ii market risk crowds out everything, Cap market-risk study at its 20% weight and force operational and liquidity blocks onto the calendar.
Treat 2 sittings as separate format projects — do not assume one timed mock covers every FRM part.
If mocks are accurate on content but late on the clock, cut new reading and raise timed format blocks for two weeks.
| Part | Focus reminder | Common failure |
|---|---|---|
| Part I | Quantitative and market foundations. 100 multiple-choice questions in a single four-hour s | Skipping Foundations to chase Quant formulas, then missing governance and risk-type identi |
| Part II | Applied risk management across market, credit, operational, liquidity, and investment risk | Over-drilling market risk VaR variants while under-preparing operational resilience and cu |
Sitting-by-sitting format
| Part | Format | Questions | Duration | Sessions |
|---|---|---|---|---|
| Part I | Multiple choice | 100 | 240 min | 1 |
| Part II | Multiple choice | 80 | 240 min | 1 |
Confirm numbers on official pages
Part question counts, sitting lengths, and topic weights come from GARP FRM program materials and the current Learning Objectives. Weights are stated as approximate percentages of each part and can be revised when GARP updates the curriculum year.
How we review structure facts
MiloPrep cites awarding-body materials for FRM. Fees and pass rates are excluded when they move too often to state as facts.
Stat highlight — sittings
FRM is tracked here as 2 sittings (2 parts). Combined published content time across those sittings is about 480 minutes before breaks — use that to size weekly stamina work, then confirm live rules on Global Association of Risk Professionals.
Get the FRM practice library
Sign up for MiloPrep for adaptive FRM drills in the app.
- Mapped practice across every FRM sitting
- Weak-area targeting instead of random question dumps
- One expanding study system across professional exams
Create your account to start practicing.
Next steps
FRM FAQs
- How many parts is the FRM?
- Two: Part I and Part II.
- How many questions are on FRM Part I and Part II?
- Part I has 100 multiple-choice questions in four hours. Part II has 80 multiple-choice questions in four hours, per GARP.
- What are the Part I topic weights?
- Foundations 20%, Quantitative Analysis 20%, Financial Markets and Products 30%, Valuation and Risk Models 30%.
- Can I sit Part II before Part I?
- GARP’s registration rules govern sequencing and windows. Confirm the current policy on garp.org before you book.
- Does MiloPrep cover both FRM parts?
- Yes. The all-access subscription includes Part I and Part II practice.
- How many sittings does the FRM exam include?
- FRM is structured as 2 parts. On this site we track 2 sittings: Part I, Part II. Confirm current windows on Global Association of Risk Professionals pages.
- What question format should I expect on FRM Part I?
- Part I uses Multiple choice across about 100 scored items, with roughly 240 minutes of content time. Always re-check Global Association of Risk Professionals before you book.