Financial Risk Manager

FRM® FAQs

Exam specific

• How do I register for the 2008 FRM examination?
  Registration for the FRM examination will start on 3 March 2008 and continue until 15 October 2008. Please visit the GARP® website to register for the exam. You will need your passport to register for the examination and to gain entry to the examination. If your name differs on these then you will not permitted entry to the exam so please ensure you give GARP full information and up-to-date details. If any of your personal details change, please ensure GARP are updated.

• The GARP website has different prices for new candidates, returning candidates and deferral candidates. What do these mean?
  A new candidate is an individual registering to take the FRM examination for the very first time or an individual who registered but did not officially request to defer their registration and did not take the examination. A returning candidate is an individual who took the FRM examination last year but did not pass. A deferral candidate is an individual who registered last year to take the FRM examination and had their registration deferred to this year.

• What are the fees for the exam?
  Please visit the Exam info & registration section for further information.

• Can I carry forward (defer) my registration fee?
  Yes you can. GARP will make a charge for deferral so please contact GARP directly.

• Can I transfer my registration to another candidate?
  No, you can not transfer your registration to another candidate.

• Can I withdraw from the FRM exam?
  Yes, you can withdraw from the exam but you will not receive a refund.

• What is the FRM's historical pass rate?
  The historical pass rates are shown below:

  Year	Pass rate %
  1997:	37.0%
  1998:	42.9%
  1999:	53.0%
  2000:	53.3%
  2001:	62.7%
  2002:	58.9%
  2003:	53.8%
  2004:	52%
  2005:	44%
  2006:	44.75%
  2007:	44.35%

• What format does the FRM exam take?
  The FRM examination is a 5-hour, approximately 140 question multiple-choice examination. The examination is split into two sections, each is 2 ½ hours long. The exam is given in booklet form.

• Are the questions presented by category, e.g. Market Risk, Credit Risk?
  No, an FRM Candidate is expected to be able to address risk-related issues in a comprehensive way. Questions will be presented as if the candidate is to address and formulate a response to an issue in a real-world environment.

• Where can I sit for the examination?
  The FRM examination is offered in various cities around the world. A complete list of the cities is provided under the Examination Sites link on the GARP website
  

• If there is no test site near where I live, what are my options?
  The site listing for the 2008 FRM exam should be viewed as definitive. However, you can contact the FRM Department via email and ask to have your name placed on a list of candidates requesting another test site. If during the course of registration sufficient interest is expressed from candidates to have the exam offered in a location that may be of interest to you, you will be contacted. GARP have administered the FRM exam at additional test sites under this approach.

• What topics will be covered in the 2008 examination and how will they be weighted?
  2008 Topic coverage and weightings are as follows:

  • Quantitative Analysis - 10%
  • Credit Risk Measurement and Management - 25%
  • Market Risk Measurement and Management - 30%
  • Operational and Integrated Risk Management, Legal and Ethics – 25%
  • Risk Management in Investment Management - 10%

• When will I receive notification of my test site?
  Email notification of your test site and confirmation of your ID number will be sent on 20 October 2008. At that time you will be able to download from the GARP website your official Admission Ticket to the examination. It is your responsibility to keep GARP informed of your current email address so that they can send you up-to-date information.

• What do I take to the exam?
  You must bring your passport to the exam. The name on your ticket must match the name on your valid passport to gain access to the test site. You will not be able to take the examination if there is a discrepancy between the information on GARP's system and the identification you present at the test site. GARP’s ID Policy will be strictly enforced. You can take the following items to the exam:

  • Your calculator(s) and batteries if needed (see calculator policy).
  • Pencils (no pens should be used).
  • Lunch, food/drink must be consumed outside of the testing room but can be brought into test room in a clear bag.

• Can I use a personal calculator?
  You may only use a Texas Instruments BA II Plus (including the BA II Plus Professional) calculator or a Hewlett Packard 12C (including the HP 12C Platinum) calculator. GARP will strictly enforce its calculator policy. No other calculators, handhelds or PDA’s will be allowed in the exam.

• Can I bring scrap paper to work out my answers?
  No. There are blank sheets of paper in the exam test booklet that can be used for scrap paper. No other paper will be allowed on your desk during the test. You may NOT remove the scrap book from the booklet.

• Should I use a pencil or pen?
  Only pencils are allowed for the FRM examination.

• Can I use a dictionary?
  No dictionaries, books or study materials of any kind are allowed in the room during the examination.

• Can I eat a snack during the exam?
  No food or beverages are to be consumed in the testing room during the examination. You should bring your own lunch and water, which is only to be consumed outside of the testing room.

• When will I receive my test results?
  Each candidate will be sent an email stating their pass/fail status by 20 January 2009. Candidates should note that the specific results of their examination will not be released for review after completion of the examination and they will receive only a PASS or FAIL notification. GARP ID numbers of all passing candidates will be posted on the GARP website by 5 February 2009.

• When will I receive my certificate?
  Once you receive email notification that you passed the FRM examination, you will need to upload your CV to the CV builder on the GARP website. You may not use the FRM designation until GARP verify you have met the required full-time professional work experience. FRM candidates that have posted their resumes by 31 March 2008 will have their certificate mailed out on 15 April 2008.

• What should I do if I change my postal or email address?
  You can update your address and contact details at any time by going to the Membership section of GARP's website. If you have misplaced your password, please contact GARP's Membership Services Manager at membership@garp.com