What is on the GARP FRM Part I exam?

FRM Part I is 100 equally weighted multiple-choice questions in four hours, taken at a test center and scored pass or fail. In 2026 its four topic areas are weighted 20%, 20%, 30% and 30%, so Financial Markets and Products and Valuation and Risk Models carry 60% of the paper. Registration for November 2026 has closed; the next window, May 2027, opens for early registration on 1 December 2026.

Every fact below comes from GARP's own pages: FRM Program and Exams, FRM Exam Policies, FRM Exam Logistics, fees, the FRM FAQs, and the 2026 Study Guide and Candidate Guide, all read on 2 October 2026.

How is FRM Part I structured?

GARP's Program and Exams page says Part I "contains 100 equally weighted questions" and that candidates get four hours, about 2 minutes 24 seconds a question. It is a computer-based exam at a physical test center, booked through PSI, or through ATA if you are in China Mainland, Hong Kong SAR China or Thailand. GARP's FAQ is explicit that it is "not remote/in home proctoring". There are no educational or professional prerequisites, and no exemptions.

Which FRM Part I topics carry the most weight?

The 2026 Study Guide gives four areas, each with its own GARP book.

Every exam question maps to at least one of GARP's learning objectives, published alongside the Study Guide. Two 2026 details are worth knowing early. Quantitative Analysis includes two machine-learning chapters, and Foundations ends with the GARP Code of Conduct, which GARP makes free to read. Foundations also covers the Basel Committee's principles for effective risk data aggregation and risk reporting, so read the original alongside GARP's chapter.

How is FRM Part I scored?

GARP does not publish a pass mark. It does publish pass rates: for November 2025, 47% for Part I and 50% for Part II. A pass rate describes how a past sitting went; it tells you nothing about the score you need.

When can you sit, and what does it cost?

The May 2027 exam dates were still "TBD". Fees exclude taxes such as VAT and GST, and registration includes a year of GARP membership if you have not had one through another GARP program. You have 48 hours after registering to ask for a refund. Part I candidates also get GARP Learning free, with two full-length practice exams of 100 questions.

What happens after Part I?

You cannot sit Part II in a later administration until you have passed Part I. In August you can sit both parts on the same day; in May and November you can sit both in the same administration on different days, and if you fail Part I, Part II is not graded. After passing Part I, you must pass Part II by 31 December of the fourth year, or the enrollment fee is charged again.

To be certified, you then submit two years of full-time professional risk management experience within 10 years of passing Part II. GARP raised that limit from five years in April 2025. The experience can come before or after the exams, but internships, part-time jobs and work during school do not count.

How should you prepare?

GARP's website puts the average study time at about 240 hours; its 2026 Candidate Guide says about 275. Split either by the weights, as the planner does, and give the two 30% areas the most time. GARP releases new study materials each 1 December for the following year and reviews the weights yearly, so if you sit in May 2027, check the 2027 Study Guide on 1 December before you lock your plan.

The FRM Part I exam guide follows GARP's 2026 Study Guide and gives each area its weight in pages. For practice, the 202 FRM Part I practice questions are split by the same 2026 weights.

What should you do this week?

Put 1 December 2026 in your calendar for early registration and the 2027 Study Guide, buy one of the approved calculators, and start on Foundations. Credential Press is independent of GARP, and nothing here comes from inside the exam.

Frequently asked questions

How many questions are on FRM Part I?

100 equally weighted multiple-choice questions in four hours, taken on a computer at a test center. There is no penalty for a wrong answer.

What is the FRM Part I pass mark?

GARP does not publish one. Results are pass or fail, with no numerical score, and come with a comparison against other candidates. GARP does publish pass rates: 47% for Part I in November 2025.

What are the FRM Part I topic weights?

In 2026: Foundations of Risk Management 20%, Quantitative Analysis 20%, Financial Markets and Products 30%, and Valuation and Risk Models 30%. GARP reviews the weights every year.

When can I next sit FRM Part I?

Registration for November 2026 closed on 30 September. Early registration for May 2027 opens on 1 December 2026 at USD 600, plus a one-time USD 400 enrollment fee for new candidates. GARP had not set the May 2027 exam dates on 2 October 2026.

Which calculators are allowed in the FRM exam?

Only the HP 12C family, the TI BA II Plus and BA II Plus Professional, the HP 10B II, the HP 10BII+ and the HP 20B. GARP says an exam taken with any other calculator will not be graded.

Can I take FRM Part I and Part II on the same day?

Only in August. In May and November you can sit both parts in the same administration but not on the same day, and if you fail Part I, your Part II is not graded.

Which books prepare you for FRM Part I?

FRM Part I Exam Guide

Financial Risk Manager. 13 chapters, 358 pages.

What is insideBuy on Amazon

FRM Part I Practice Questions

Practice questions with full rationales, sized to the published domain weights. 215 pages.

What is insideBuy on Amazon