FRM (Financial Risk Manager)
GARP
Complete guide to passing the FRM (Financial Risk Manager) exam on your first attempt.
$1,500-$2,000 total
~45% Part 1
Lifetime
Global
GARP
$100k-$180k
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Complete Overview
The Financial Risk Manager (FRM) certification is awarded by the Global Association of Risk Professionals (GARP) and is earned by passing two multiple-choice exams and documenting two years of professional risk management experience. The money comes in three pieces: a one-time USD 400 enrollment fee for new candidates, plus a registration fee for each exam part, which GARP set at USD 800 for standard registration for the November 2026 administration. Applicable taxes such as VAT and GST are added at payment based on your location, and wire or ACH payments carry a USD 50 processing fee.
FRM Exam Part I contains 100 equally weighted multiple-choice questions. Part II contains 80. Candidates get four hours for each, and both are delivered by computer-based testing. GARP offers both parts in May, August and November. For November 2026 the Part I window runs November 14 to 20 and Part II runs November 21 to 25. Candidates in China Mainland, Hong Kong SAR China and Thailand schedule through ATA; everyone else schedules through PSI.
GARP does not publish a numeric passing score. Both exams are scored on a pass or fail basis, and results reach the GARP candidate portal within eight weeks of the exam window closing. Alongside the pass or fail, candidates receive quartile results showing how their performance in each topic area compared with other candidates. That quartile report is the only granular feedback GARP releases.
Part I tests the tools of risk measurement and is weighted 20 percent Foundations of Risk Management, 20 percent Quantitative Analysis, 30 percent Financial Markets and Products and 30 percent Valuation and Risk Models. Part II tests their application and is weighted 20 percent Market Risk Measurement and Management, 20 percent Credit Risk Measurement and Management, 20 percent Operational Risk and Resilience, 15 percent Liquidity and Treasury Risk Measurement and Management, 15 percent Risk Management and Investment Management, and 10 percent Current Issues in Financial Markets.
There are no educational or professional prerequisites to register. The people who take it work in bank risk functions, model validation, trading, portfolio management, treasury, audit and consulting, and GARP accepts full-time work in any of those where identifying, measuring, monitoring or managing risk is a meaningful part of the job. GARP describes the mathematical difficulty as consistent with an advanced undergraduate or introductory graduate finance course, and warns that formula sheets are not provided: the learning objectives that begin with Calculate, Compute or Derive mark the formulas to memorise.
Certification requires passing Part I, then passing Part II by December 31 of the fourth year after passing Part I, then submitting two years of full-time relevant experience described in at least four to five sentences. GARP allows 10 years after sitting Part II to submit that experience. Miss the window and you re-enrol as a new candidate and retake both exams. Internships, part-time jobs and student teaching do not count. You cannot use the FRM designation after your name until GARP has certified you.
Why Get FRM (Financial Risk Manager) Certified?
The FRM is a two-exam program with a lifetime certification, so once GARP certifies you there is no re-examination. GARP asks certified professionals for 40 continuing professional development credits every two years rather than another exam.
The curriculum is rebuilt annually by GARP's FRM Committee, with revised materials released on December 1 for the following calendar year, so the 2026 Part II Current Issues readings carry subjects such as artificial intelligence, private credit and geopolitical risk.
There are no educational or professional prerequisites to register, so a candidate can begin Part I before finishing a degree or working in risk.
Registration includes real study material. Part I candidates get GARP Learning access with the full curriculum and two complimentary full-length 100-question practice exams; Part II candidates get two complimentary 80-question practice exams as downloadable PDFs.
Registration includes one year of complimentary GARP Individual Membership for candidates who have not already received it through another GARP program.
GARP allows four years to complete Part II after passing Part I, and 10 years after sitting Part II to submit the work experience, so the program tolerates career interruptions better than most.
Part I is a fair signal of quantitative capability: 60 of the 100 questions come from Financial Markets and Products and Valuation and Risk Models, which are the two most computation-heavy areas.
Exam Format & Structure
Duration
Four hours for each part
Questions
FRM Exam Part I has 100 equally weighted questions. FRM Exam Part II has 80 equally weighted questions
Passing Score
GARP does not publish a passing score. Both exams are graded pass or fail, and candidates also receive quartile results comparing their topic performance with other candidates
Question Types
- Multiple choice, equally weighted, no partial credit
- Computation items where GARP provides no formula sheet
- Application questions in Part II built on the tools introduced in Part I
Delivery Method
Computer-based testing at a test center. Candidates in China Mainland, Hong Kong SAR China and Thailand schedule through ATA; all other candidates schedule through PSI. Seats are first come, first served
Exam Domains & Topics
About 20 of the 100 Part I questions. It covers what risk management is for and how it creates value, along with governance, performance measurement and the ethics component. GARP includes financial disasters and risk management failures here, and it also carries the Capital Asset Pricing Model, multifactor models and risk-adjusted performance measures, which are calculation topics rather than reading topics.
Key Topics to Master:
- Basic risk types, measurement and management tools
- Creating value with risk management
- Risk governance and corporate governance
- Credit risk transfer mechanisms
- The Capital Asset Pricing Model
- Risk-adjusted performance measurement and multifactor models
- Data aggregation and risk reporting
- Financial disasters and risk management failures
- Ethics and the GARP Code of Conduct, and enterprise risk management
About 20 of the 100 Part I questions and the most mathematical block of the exam. It runs from probability distributions and parameter estimation through hypothesis testing, correlation, single and multiple regression, time series forecasting, simulation methods and machine learning.
Key Topics to Master:
- Discrete and continuous probability distributions
- Estimating the parameters of distributions
- Population and sample statistics
- Bayesian analysis
- Statistical inference and hypothesis testing
- Measures of correlation
- Linear regression with single and multiple regressors
- Time series analysis and forecasting
- Simulation methods and machine learning
About 30 of the 100 Part I questions, tied for the largest area. It covers the institutions and the instruments: how banks, insurers and funds are structured, how exchange and over-the-counter markets work, and the mechanics and valuation of forwards, futures, swaps and options, together with interest rate sensitivity, foreign exchange risk and mortgage-backed securities.
Key Topics to Master:
- Structures and functions of financial institutions
- Structure and mechanics of over-the-counter and exchange markets
- Structure, mechanics and valuation of forwards and futures
- Swaps and options valuation
- Hedging with derivatives
- Interest rates and measures of interest rate sensitivity
- Foreign exchange risk
- Corporate bonds
- Mortgage-backed securities
About 30 of the 100 Part I questions and the direct bridge into Part II. Value at Risk and expected shortfall are introduced here, along with volatility and correlation estimation, economic and regulatory capital, stress testing, option and fixed-income valuation, country and sovereign risk, credit ratings and an introduction to operational risk.
Key Topics to Master:
- Value at Risk and its limitations
- Expected shortfall
- Estimating volatility and correlation
- Economic and regulatory capital
- Stress testing and scenario analysis
- Option valuation and fixed-income valuation
- Hedging
- Country and sovereign risk models
- External and internal credit ratings, expected and unexpected losses, operational risk
Recommended Study Plan
- 1Download the current FRM Learning Objectives and Study Guide from GARP, both last updated December 1 for the exam year
- 2Highlight every learning objective beginning with Calculate, Compute or Derive, since GARP names these as the formulas to memorise and provides no formula sheet
- 3Log in to GARP Learning, which is complimentary with Part I registration, and confirm access to the full Part I curriculum
- 4Check your calculator against GARP's authorised list and buy one if needed: HP 12C and its variants, TI BA II Plus or BA II Plus Professional, HP 10B II, HP 10BII+ or HP 20B
- 5Confirm your scheduling provider, PSI for most locations and ATA for China Mainland, Hong Kong SAR China and Thailand, and book a seat early since seats are first come, first served
- 1Work through the GARP Foundations of Risk Management book chapters on the building blocks of risk management and risk governance
- 2Distinguish expected loss from unexpected loss with worked examples of each
- 3Study how conflicts of interest affect risk management and how risk management creates value
- 4Read the GARP Code of Conduct, which is examinable in this area
- 5Answer the end-of-chapter questions in GARP Learning for every chapter covered
- 1Study the Capital Asset Pricing Model and its assumptions until you can criticise them
- 2Work risk-adjusted performance measures and multifactor models with calculations rather than definitions
- 3Cover credit risk transfer mechanisms and enterprise risk management frameworks
- 4Read the financial disaster case material and write one paragraph per case naming the specific control that failed
- 5Study data aggregation and risk reporting principles
- 1Work fundamentals of probability, event spaces, independence and conditional independence
- 2Study discrete and continuous distributions and where each is used in risk measurement
- 3Cover parameter estimation and the difference between population and sample statistics
- 4Work Bayesian analysis problems by hand before using any shortcut
- 5Answer 60 quantitative questions and separate errors into setup errors and arithmetic errors
- 1Study hypothesis testing, confidence intervals and the interpretation of p-values
- 2Work single and multiple regression, including interpreting coefficients and diagnostics
- 3Cover measures of correlation and their limitations
- 4Study time series analysis and forecasting, then simulation methods and the machine learning topics in the current curriculum
- 5Sit a 40-question timed quantitative section under four-hour pacing, roughly 2.4 minutes per question
- 1Study banks, insurance companies, pension plans, mutual funds and hedge funds as institutions with distinct risk profiles
- 2Cover economic capital versus regulatory capital and the motivation for Basel committee regulation
- 3Work the structure and mechanics of exchange-traded and over-the-counter markets, including central clearing
- 4Study forward and futures pricing, margining and settlement
- 5Answer 60 questions on this block and rebuild any topic scoring below 70 percent
- 1Work swap valuation and the mechanics of interest rate and currency swaps
- 2Study option mechanics and the trading strategies GARP includes
- 3Cover interest rates, compounding conventions and measures of interest rate sensitivity
- 4Study foreign exchange risk and corporate bond features
- 5Work through mortgage-backed securities, including prepayment behaviour
- 1Study the mean-variance framework, the efficient frontier and how the normal distribution differs from actual return distributions
- 2Define Value at Risk precisely, including holding period and distribution assumptions, and be able to argue its limitations
- 3Calculate expected shortfall and compare it with VaR as a coherent risk measure
- 4Work volatility and correlation estimation methods
- 5Answer 50 questions restricted to this block on a four-function pace with your authorised calculator
- 1Study economic and regulatory capital and how each is used
- 2Work stress testing and scenario analysis design
- 3Cover option valuation and fixed-income valuation, including hedging applications
- 4Study external and internal credit ratings, expected and unexpected loss, and country and sovereign risk models
- 5Read the operational risk introduction in this area, which becomes a full 20 percent area in Part II
- 1Sit one of the two complimentary GARP practice exams as a single timed 100-question, four-hour session
- 2Score by topic area against the real weights: 20, 20, 30 and 30
- 3Convert every wrong answer into a one-line statement of the concept it tested, not the answer letter
- 4Rework the two weakest areas from the underlying GARP chapters rather than from more questions
- 5Practise entering cash flows and computing yields on your authorised calculator until it is automatic
- 1Spend the whole week only on topics that scored in your bottom quartile on the practice exam
- 2Rewrite your formula sheet from memory, then check it against the Calculate, Compute and Derive learning objectives
- 3Redo every question you got wrong in weeks 4 through 9 without looking at your notes
- 4Work the Basel regulatory capital material until you can state what each measure is for
- 5Answer 100 mixed questions weighted to the real blueprint
- 1Sit the second complimentary GARP practice exam under full four-hour conditions
- 2Print your Confirmation of Appointment email, since GARP will not admit you with an electronic copy
- 3Check that the name on the confirmation matches your passport or driver's licence exactly, including any middle name or initial
- 4Confirm your calculator is on GARP's authorised list and fit a fresh battery
- 5Do a final read of the ethics and Code of Conduct material, which is short, examinable and easy to leave until it is too late
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Best Study Resources
GARP FRM Learning Objectives
Official syllabus PDFThe syllabus with approximate weightings for every knowledge domain, the curriculum readings for each area, and individual learning objectives per reading. Updated December 1 for the following exam year.
Free
GARP FRM Study Guide
Official study guide PDFSets out the primary topics and required readings. GARP revises the curriculum annually under the direction of the FRM Committee and releases the revision on December 1.
Free
GARP Learning platform
Official digital curriculumCarries all material from the FRM Books for both parts, hosts the Part I full-length practice exams, tracks study performance and offers chapter practice questions. Access is revoked on the last day of the exam window you registered for.
Included with Part I registration; USD 250 for Part II
GARP FRM Exam Books
Official printed curriculumPart I books cover Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models. Part II books cover the five main Part II areas. All printed books are non-refundable.
USD 300 plus shipping per part
GARP FRM practice exams
Official practice examsPart I candidates receive two complimentary full-length 100-question practice exams in GARP Learning. Part II candidates receive two complimentary 80-question practice exams as downloadable PDFs from the candidate portal.
Included with registration; a third Part I exam can be purchased
GARP FRM Exam Policies
Official policy pageThe identification rule, the printed confirmation requirement, the authorised calculator list, the personal belongings and mobile phone rules, break policy and the exam policy violation process.
Free
GARP FRM Fees and Payments
Official fees pageThe USD 400 one-time enrollment fee for new candidates, the per-part registration fee by deadline, the USD 50 wire and ACH processing charge, and the note that VAT and GST are added at payment based on location.
Free
GARP FRM Exam Logistics
Official logistics pageExam window dates, registration and scheduling deadlines, the split between PSI and ATA testing providers, and the ADA accommodations form.
Free
GARP Exam Preparation Provider directory
Third-party provider listGARP publishes a list of third-party preparation providers as a service and states it does not endorse, promote, review or warrant their products, nor any pass rates they claim. GARP itself does not offer preparation courses.
Paid; price set by each provider
GARP Continuing Professional Development program
Official CPD pageExplains the 24-month CPD cycle and the 40 credits every two years expected of FRM certified professionals, with the activity types and providers that carry credit.
Free to review
Common Mistakes to Avoid
Turning up with an unauthorised calculator.
GARP authorises only the HP 12C family including the Platinum, 25th Anniversary, 30th Anniversary and Prestige editions, the TI BA II Plus and BA II Plus Professional, the HP 10B II, the HP 10BII+ and the HP 20B. GARP states there are no exceptions and that using any other calculator means the exam is not graded. Buy an authorised model early and learn it, and fit a fresh battery before exam day.
Bringing an electronic copy of the Confirmation of Appointment email.
GARP will neither accept nor admit you with an electronic version. You need a printed copy, and it must sit on your desk for the whole exam alongside your original passport or driver's licence. Print it the week before, not the morning of.
Assuming a name mismatch will be waved through.
GARP requires the name on the Confirmation of Appointment email to match the name on your passport or driver's licence exactly, including first name, last name and any middle name or initial. Only the order is irrelevant. A mismatch means no exam, no reschedule and a forfeited fee.
Waiting for a numeric score to judge progress.
GARP grades pass or fail only and releases quartile results comparing you with other candidates. There is no percentage to aim for, so use the GARP practice exams as your calibration and track raw questions per topic area rather than an imagined pass mark.
Building a formula sheet to take into the exam.
GARP states formula sheets are not provided, and the exam supplies only two sheets of scratch paper and a pencil, which are collected and destroyed afterwards. The formulas you need are marked by the learning objectives beginning Calculate, Compute or Derive. Memorise from that list.
Registering for Part I and Part II in the same administration without a plan for failing Part I.
GARP states that if you sit both in one administration and fail or no-show Part I, your Part II exam is not graded. If you register for them in different administrations and fail or no-show Part I, the Part II registration converts into a Part I registration. Either way you cannot pass Part II before passing Part I.
Leaving a phone in the locker on airplane mode.
GARP requires the phone to be completely off, and states airplane mode is not sufficient. If a phone emits any noise during the exam, even from inside the locker or storage bag, the candidate is escorted out and the exam is not graded.
Treating the four-hour clock as generous.
Part I is 100 questions in four hours, about 2.4 minutes each, and Part II is 80 questions in the same four hours, about three minutes each. The on-screen clock is the official timekeeper and does not pause for restroom breaks. GARP grades only the final answers you confirm and submit, so leave time to submit deliberately.
Letting the Part II deadline drift after passing Part I.
GARP requires Part II to be passed by December 31 of the fourth year after passing Part I. Missing that means re-enrolling as a new candidate, paying all fees again and retaking both exams. Book Part II within the first two administrations after passing Part I.
Exam Day Tips
- 1
Two items get you into the exam room and there are no exceptions: an original, valid, non-expired government-issued passport or driver's licence bearing a photograph, and a printed Confirmation of Appointment email. A digital passport or licence is not accepted.
- 2
If you use a driver's licence rather than a passport, it must be issued by the country where the exam site is located. Travelling to sit the exam in another country means bringing your passport.
- 3
Both items must stay on your desk for the entire exam, and you must take your identification with you if you leave the workstation.
- 4
Arrive before the start time on your Confirmation of Appointment email. GARP states that candidates who check in after that time are not admitted, do not qualify for a refund or a deferral, paid or free, and forfeit the exam fee.
- 5
You get two sheets of scratch paper and a pencil at the start, provided by the proctor, and they are collected and destroyed at the end. Plan your working around that limit.
- 6
No personal belongings enter the room. Watches, wearable technology including fitness trackers, and all electronic devices go in a locker or storage bag, and your phone must be switched completely off rather than set to airplane mode.
- 7
Bring only an authorised calculator: HP 12C in any of its listed editions, TI BA II Plus or BA II Plus Professional, HP 10B II, HP 10BII+ or HP 20B. Any other model means your exam will not be graded.
- 8
You may step away for a restroom break, but the on-screen clock keeps running and it is the official timekeeper. Over a four-hour exam that trade-off is worth deciding in advance.
- 9
GARP grades only the final answers you confirm and submit at the end of the exam, so reserve the last few minutes for review and submission rather than for one more difficult question.
Career Paths & Salary Ranges
Market risk analyst or manager
Measures and reports trading book risk using the VaR, expected shortfall, backtesting and Fundamental Review of the Trading Book material that makes up 20 percent of FRM Part II.
$100k-$180k
Credit risk manager
Works on default probability modelling, expected and unexpected loss, counterparty risk and credit derivatives, which is another 20 percent of Part II and connects directly to the Part I valuation and risk models area.
$100k-$180k
Model validation or model risk specialist
GARP names model validation explicitly as qualifying work experience. The role draws on the quantitative analysis area of Part I and the model risk and validation content in Part II operational risk.
$100k-$180k
Operational and enterprise risk manager
Covers governance of operational risk frameworks, cyber and operational resilience, financial crime and fraud risk, third-party outsourcing, stress testing and economic capital planning, which together form 20 percent of Part II.
$100k-$180k
Treasury and liquidity risk manager
Applies the liquidity metrics, cash-flow modelling, contingency funding plans, funds transfer pricing and balance sheet management topics that make up 15 percent of Part II.
$100k-$180k
Buy-side risk and portfolio analytics
Uses factor theory, portfolio construction, risk budgeting, performance attribution and hedge fund due diligence, the 15 percent Risk Management and Investment Management area of Part II.
$100k-$180k
Prerequisites & Requirements
- There are no educational or professional prerequisites to register for the FRM Exam. GARP states this directly in its FRM FAQs.
- Certification, as opposed to registration, requires three things: passing Part I, passing Part II by December 31 of the fourth year after passing Part I, and submitting two years of full-time relevant risk management work experience.
- The work experience must be full-time and must involve identifying, measuring, monitoring or managing risk as a meaningful part of the role. GARP names risk analysis, model validation, trading, portfolio management, treasury, audit and consulting as examples.
- Internships, part-time jobs and student teaching do not count, and experience completed during school is excluded.
- You have 10 years after sitting Part II to submit the work experience, and experience from up to 10 years before passing counts. Miss that and you re-enrol as a new candidate and retake both exams.
- You cannot use the FRM designation after your name in any manner until GARP has certified you.
Frequently Asked Questions
How many questions are on the FRM exams and how long are they?
FRM Exam Part I has 100 equally weighted multiple-choice questions and FRM Exam Part II has 80 equally weighted multiple-choice questions. Candidates are allotted four hours for each exam, and both are delivered by computer-based testing.
What is the passing score for the FRM exam?
GARP does not publish a passing score. Both parts are scored on a pass or fail basis. Along with the result, candidates receive quartile results showing how their performance compared with other candidates, which is the only granular feedback GARP provides.
What does the FRM cost in total?
New candidates pay a one-time USD 400 enrollment fee when registering for Part I, plus a registration fee for each exam part. GARP set standard registration at USD 800 per part for the November 2026 administration. Applicable taxes such as VAT and GST are calculated and added at payment based on your location, and wire or ACH payments carry a USD 50 processing fee.
How long do FRM results take?
Results are posted to the GARP candidate portal within eight weeks of the exam window closing. GARP emails candidates to say the results have been posted. If you sat both parts in the same administration and failed or did not show for Part I, your Part II exam is not graded.
What happens if I fail an FRM exam?
You register and pay again for a future administration. GARP publishes no waiting period between attempts, so the practical constraint is the next exam window: GARP offers both parts in May, August and November. GARP does not refund the enrollment fee or the exam registration fee.
Can I defer my FRM exam?
Once. GARP allows a candidate to postpone a registration only one time, to one of the next two available administrations, for a USD 250 administrative processing fee. The deferral must be submitted and paid by the deadline: March 31 for May exams, June 30 for August exams and September 30 for November exams. Deferred candidates must log in and schedule the new appointment themselves.
Can I get a refund?
Only within 48 hours of registering. GARP accepts refund requests submitted by email to member services within 48 hours of exam registration. Outside that window GARP states it does not provide refunds for either the enrollment fee or the registration fee, and printed books and Part II GARP Learning access are non-refundable.
What identification do I need on FRM exam day?
Two items, with no exceptions. First, an original, valid, non-expired government-issued passport or driver's licence bearing a photograph. A digital version is not accepted, and a driver's licence must be issued by the country where the exam site is located. Second, a printed Confirmation of Appointment email. GARP will not admit you with an electronic copy. The name on the confirmation must match the name on the identification exactly, including any middle name or initial, though the order of names does not matter.
Which calculators are allowed on the FRM exam?
Only five families: the Hewlett Packard 12C, including the 12C Platinum, 12C Platinum 25th Anniversary Edition, 12C 30th Anniversary Edition and 12C Prestige; the Texas Instruments BA II Plus, including the BA II Plus Professional; the Hewlett Packard 10B II; the HP 10BII+; and the HP 20B. GARP states there are no exceptions and that using an unauthorised calculator at any point means the exam will not be graded. GARP also advises checking the battery beforehand.
Is a formula sheet provided?
No. GARP states that formula sheets are not provided with the exam. To identify which formulas to commit to memory, GARP directs candidates to the learning objectives and specifically to any statement beginning with Calculate, Compute or Derive. Two sheets of scratch paper and a pencil are provided at the start of the exam and collected at the end.
Can I take a break during the FRM exam?
Yes, for the restroom or to step away from the workstation, and you must take your identification with you. Time does not stop or pause while you are on break, and the on-screen clock is the official timekeeper for the four-hour session.
What languages is the FRM exam offered in?
The FRM Exam is primarily administered in American English. GARP also offers candidates in Mainland China the option of taking the exam in Simplified Chinese on designated dates, and states the Simplified Chinese offering is identical to the American English one.
How much study time does the FRM take?
GARP reports an average of about 240 hours of preparation, based on a survey of May 2015 FRM candidates, and notes that individual figures varied from under 100 hours for 10 percent of respondents to more than 400 hours for 14 percent. GARP describes the mathematical difficulty as consistent with an advanced undergraduate or introductory graduate level finance course.
How long do I have to pass Part II after passing Part I?
Four years. GARP requires Part II to be passed by December 31 of the fourth year after you pass Part I. You cannot sit Part II in an administration before you have taken and passed Part I.
What work experience does GARP accept for certification?
Two years of professional, full-time risk management work where identifying, measuring, monitoring or managing risk is a meaningful part of the job. GARP names risk analysis, model validation, trading, portfolio management, treasury, audit and consulting as qualifying examples. You describe the role in at least four to five sentences through the online application. Experience completed during school does not count, including internships, part-time jobs and student teaching.
Is there continuing education after certification?
GARP runs a Continuing Professional Development program on 24-month cycles and expects FRM certified professionals to earn 40 credits every two years. Credits come from a range of activities including training courses, conferences, webcasts, featured readings and volunteering, and GARP partners with more than 40 organisations for pre-approved programming.
Are accommodations available for the FRM exam?
Yes. GARP publishes an Americans with Disabilities Act accommodations form on its FRM Exam Logistics page, which candidates download and submit to request accommodations for their exam.
How does the FRM compare with the CFA charter?
The FRM is a two-exam program focused entirely on financial risk: market, credit, operational, liquidity and investment risk, plus the quantitative tools behind them. GARP requires two years of relevant risk experience and allows four years to complete Part II after Part I. The CFA program is three levels covering broader investment analysis and portfolio management. Candidates in bank risk functions, model validation and treasury usually choose the FRM; those in investment research and portfolio management more often choose the CFA.
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