The FRM Exam Part I is a 100-question multiple choice exam emphasizing the tools used to assess financial risk: foundations of risk management, quantitative analysis, financial markets and products, and valuation and risk models. The Exam is offered each year in May, August, and November.

The FRM Exam Part II is an 80-question multiple choice exam emphasizing the application of the tools acquired in Part I: market risk, credit risk, operational risk and resiliency, treasury and liquidity risk management, risk management and investment management, and current issues in financial markets. The Exam is offered each year in May, August, and November.

The FRM Exam process is sequential. Candidates must pass Exam Part I before their Exam Part II will be graded.

Candidates that take Exam Part II prior to receiving a passing score on Exam Part I (e.g., candidates that take Exam Part II in the same month that they take Exam Part I) will not have their Exam Part II graded if they fail Exam Part I. Candidates must take and pass Part II within four years of passing Part I.