GARP FRM Financial Risk Manager FAQs

Estimated reading time: 21 minutes



Becoming a Financial Risk Manager requires dedication, focus and effort. To attain the coveted status, students are required to be extraordinarily diligent in their studies.

Here are some of the most frequently asked questions with respect to the FRM Program.


FAQ 1: What are the prerequisite qualifications needed to enter the Financial Risk Manager Program?

Many candidates will be delighted to know that there are absolutely no prerequisite qualifications necessary to apply for, begin the program and sit the Financial Risk Manager Exam.


FAQ 2: What are my payment options if I decide to enroll within the Program?

Financial Risk Manager candidates essentially have three payment options at their disposal;

Students may pay online using their credit cards. GARP will accept Visa, MasterCard or Amex Checks

Those that are interested in using a check are allowed to do so, providing that this is a United States Bank check or a foreign check having a United States intermediate bank wire

Students may also use a wire to pay for their enrollment. Wire instructions will be found at the bottom of your official invoice

It must be noted that manual payments that are done by wire or by check requires a US$50 processing fee that is to be added to the candidate’s invoice. 

Students must ensure that a copy of his or her invoice, GARP ID and signature are to be included for approval.


FAQ 3: I would like to pay for my Program using a check. Who should the check be payable to?

All checks for the Program or Financial Risk Manager Exam may be payable to: Global Association of Risk Professionals.


FAQ 4: Where should I mail my payment information to?

Candidates may mail their payment information to the following address:

Attention: Exam Administration

Global Association of Risk Professionals

111 Town Square Place, 14th floor

Jersey City, NJ 07310 USA


FAQ 5: Am I allowed to pay for more than one candidate? Are multiple registrations allowed?

For candidates paying online, only single payments per registration are allowed.

However, in the instance where a candidate is seeking to pay using any of the other aforementioned options, then they must contact GARP directly at:


FAQ 6: I have paid for my registration and examination sitting but I am not able to sit. Can I have a refund?

All students must be aware that the Global Association of Risk Professionals do NOT give refunds. If you are unable to sit your Financial Risk Manager Exam then you may seek a deferral.


FAQ 7: What are the steps required to get certification?

In order for any person to get an official FRM certification, he or she must essentially do three things:

1. Sit and attain a passing grade for Part 1 of the Financial Risk Manager Exam

2. Within 4 years of completing Part 1, the candidate must also pass Part 2 of the Financial Risk Manager Examination

3. Prove to the Global Association of Risk Professionals ( GARP ® ) that you have been working full-time for at least 2 years in a professional capacity that involves financial risk management. This last step is absolutely vital and many persons often forget about this requirement. All candidates must submit a minimum of 4 to 5 sentences, outlining his or her role in managing financial risk for his/her firm Sit and attain a passing grade for Part 1 of the Financial Risk Manager Exam. After an official review by GARP, you will be notified as to whether use of the Designation is permitted.


FAQ 8: What type of work experience will be considered for attaining certification?

Passing the Financial Risk Manager Exam is NOT the only consideration in earning the certification.

Relevant work experience must be of a full-time basis and may include research/teaching within those areas that are deemed to be relevant with respect to the management of financial risk. 

Work experience surrounding internships, experiences while being a student, part-time jobs or student teaching will NOT be considered as relevant in applying for certification.


FAQ 9: What are the timelines that I must know about in applying for and receiving the certification?

It is noted that the work experience to be submitted must not be over 10 years prior to a candidate sitting and passing the Part 2 paper.

Candidates must submit their work experience application under the “My Programs” section in their registered online account.

All candidates will be allowed a 5 year limit to submit the relevant and stipulated full-time work experience AFTER they have sat and passed Part 2 of the examinations.

In the event that one does not adhere to this requirement, he or she will be required to re-enroll in the program once more, pay the relevant exam fees, then retake and pass both Part 1 as well as Part 2 once more.


FAQ 10: When can I use the FRM designation?

All potential Financial Risk Manager candidates are reminded that the designation must not be used under any circumstance until they have been properly and officially certified by the Global Association of Risk Professionals.


FAQ 11: Where may I apply if I am interested in enrolling in the Program?  

Once you are ready to tackle the Financial Risk Manager Program and desirous of having the certification added to your acumen, you may use GARP’s online portal to enroll.


FAQ 12: Can an examination site be moved to another location or shut down?

Yes, there are circumstances where the Global Association of Risk Professionals will seek to move the test site or even shut a site down.

GARP policies take into account scenarios that include; natural disasters, military action, political action, evacuations etc.

GARP has committed to making every effort to inform their Financial Risk Manager candidates of where the new examination test site will be.

Should it be required, GARP will also give students additional options depending on the circumstance.


FAQ 13: Is it possible to change my examination test site?

Yes, students who have a current paid registration status are allowed to change their exam site.

This may be done by logging into one’s online account, then clinking on “My Programs”.

Afterwards, you may click on the “Change your Exam Site” selection. 

It is important to note that the deadline to change one’s Financial Risk Manager Exam site is the 15th of April for those sitting the May Examination. 

While the deadline to change for students sitting the November exam is October 15th.


FAQ 14: I have fully paid for my enrollment and sitting but I am unable to start the program. May I have my examination registration transferred to someone else?  

Regardless of payment or enrollment status, GARP does NOT allow for the transferring of their registration to any other candidate.


FAQ 15: Can I defer my Examination Registration?

Yes, after paying a US$150 fee, it is possible for a registered student to defer their Financial Risk Manager exam registration to the next exam date.

However, this is only allowed once and GARP will not consider a 2nd deferral. 

Students must be fully aware that a deferral is done only to the next examination date and this request must be submitted by the last day of registration.

Once an deferral date has been passed, your request will not be honored.

Students seeking to defer may do so online by logging into their account and navigating to the “My Programs” section, then clicking on the deferral button.

It is understood that students will be automatically re-enrolled for the next examination.

In addition to the above, the deferral fee of US$150 is non-refundable, even in the instance where a student sits for an examination that was originally to be deferred. 

In the case where a student defers his or her Part 2 Exam and ended up failing their Part 2 Exam , then by GARP policies, his or her Exam Part 2 is to be automatically ‘converted’ into a Part 1 registration after the exam results have been published.


FAQ 16: Is it possible to cancel my deferral? 

Yes. Under GARP policy guidelines, students are allowed to cancel an examination deferral after paying a US$150 fee to alter the status.


FAQ 17: I have fully paid for my registration. Do I get the study materials for free?

It must be understood that the price of administration does NOT include study materials!

Where there are free materials available on the GARP website, one must factor in the cost of official Financial Risk Manager study books.


FAQ 18: Is a study plan necessary to have? How many hours do I need to pass the test?

While each candidate is different, GARP advises that having a study plan is always a good idea, particularly as there is a lot of content to get through.

GARP officially uses a 15-week study plan from its website- this, in an attempt to have students properly pace themselves and not suffer ‘burn outs’ towards the exam day.

It is had that, on average, approximately 250 hours are needed to devote oneself towards mastering the content.

At the higher end, some students do report that they have had to use over 400 hours in achieving a proper understanding of the financial risk manager examination.


FAQ 19: How long before I am allowed to go to the examination area?

It is advisable that you go to the exam room at least 1 hour before the official start.

Additionally, if possible, students are always asked to familiarize themselves with the test site and surroundings before the actual test day. 

Note that once the exam doors are closed by the GARP officials, they will NOT be opened for late-comers.

Do not jeopardize your future as a Financial Risk Manager by turning up late!


FAQ 20: Are there any restrictions on leaving the exam room?

A candidate who has finished writing for their Exam is allowed to leave the test room after handing in all material to the Proctor. 

However, during the final 30 minutes of the Exam, no one is allowed to leave the test room. 

Leaving the test area and carrying exam material outside of the room (even as a mistake) will result in your paper not being graded.


FAQ 21: Is it okay for me to take my smartphone to the Exam?

Although candidates are allowed to have their cellular phones in the examination room, their phones MUST be turn off.

The device should be placed underneath the candidate’s seat in the face-down position.

Please make every effort to comply with this regulation, as if a student’s cellular phone rings during the Exam, then:

  • That student will be asked to leave the test immediately
  • That paper will NOT be graded regardless of level of completion


FAQ 22: Will I be searched upon going to the site?

Persons assigned for security duty at the exam area may ask to inspect your belongings.

This is to ensure that there are no prohibited items in your possession


FAQ 23: What am I allowed to carry into the examination room?

In sitting the Financial Risk Manager Exam, students are allowed to have:

  • Their PRINTED admission ticket
  • A government-issued passport or driver’s license that is NOT expired
  • A calculator that is approved by GARP

Items that maybe carried in a clear plastic bag, wallet or purse include:

  • A wallet
  • Money
  • Calculator batteries
  • Ear plugs
  • Eye-glasses
  • Medically necessary items
  • Tissue


GARP policies dictate that all food and drinks must be consumed OUTSIDE of the examination room. 

If you are in possession of items that are not on the above list, then candidates are to immediately notify the officials of this.

You will be directed to storing those items away from the Exam room.

Candidates will NOT have access to these during the test but will be able to have them during the lunch break or after the ending of the Exam. Such items may include:

  • Personal items, such as watches
  • Any form of tobacco or related products
  • Wearable technology
  • Varying forms of baggage, such as tote bags, cases, hand bags etc.
  • Materials, such as Financial Risk Manager textbooks, papers, pads, study guides, manuals etc.
  • Digital tech, such as cameras, smart phones, pagers, portable clocks, Androids, iPhones etc.
  • Writing instruments, such as highlighters, rulers, erasers etc.

Exam site personnel, GARP or its officials will NOT accept any responsibility for the theft of property, damaged property or personal property left at the test site.


FAQ 24: Will I get a formula sheet in the examination?

Students will NOT receive a formula sheet while sitting the Financial Risk Manager Exam.

Although it is conceded that the program is conceptual in nature, students are required to commit formulas to memory. You should be able to apply them freely in an examination environment. 

It is understood that the mathematical difficulty is at a level consistent with an Advanced Undergraduate program or the average university’s introductory level for a course in finance.

Nevertheless, students are provided with:

  1. A standard z-table for use with the Cumulative Distribution Function (CDF). As such, students are not expected to memorize CDF values.
  2. Other relevant data important to CDFs. These may include F tables, Chi-Square tables etc.
  3. A listing of common abbreviations that are used in the examination sitting


FAQ 25: Do I need to carry a hard-copy of the admission ticket for the exam?

Yes and there are no exceptions for this rule. All students MUST carry a printed physical copy of their official GARP ticket to the examination room.

Electronic or soft-copies will NOT be allowed as an acceptable form of identification or an acceptable form of the admin ticket.


FAQ 26: I really need the Designation. Will the exam be in my native language?

All potential candidates are to note that the examinations are only held in the American English format.

While the Association is aware that not all persons speak English as their native language, they have made every effort to have the exam written in a clear manner.

GARP tries to avoid using colloquialisms or phrases that may be confusing to non-native English speakers.

A great way to avoid potential issues is to go through as many questions as you possibly can before exam day!


FAQ 27: What are the accepted method used to identify GARP Financial Risk Manager Exam candidates?

  • As per policy, the Global Association of Risk Professionals will accept a government issued passport that has a ‘current’ status (i.e. not expired)
  • GARP will also accept a government issued driver’s license that has a ‘current’ status (i.e. not expired). It has to be noted that this method of identification MUST only be used within the country of origin (outside of this, only a valid passport may be accepted)
  • GARP will NOT accept employer identification cards, voter identification cards, national ID cards, learner’s permits or student identification cards
  • The candidate’s name must be exactly the same for his or her admission ticket and the form of identification that is being used
  • Photocopies of the candidate’s identification form will NOT be accepted
  • A photo of the sitting candidate MUST be on the passport or driver’s license
  • Failure to present a valid form of identification for the Examination will result in the candidate being barred from entering the exam room
  • There are absolutely no exceptions to the aforementioned rules


FAQ 28: Is it okay for me to keep any materials provided?

No. Each and every Financial Risk Manager Exam material are to be considered as the sole property of GARP. As such, these are to be returned to the Proctor BEFORE leaving the exam room.


FAQ 29: Are there scholarships available?  

The Global Association of Risk Professionals does provide scholarships! GARP scholarships will cover costings related to the Financial Risk Manager Examination registration fees for Part I only.

Scholarships are awarded at the sole discretion of the Association and are based upon merit.

These are only given to Part 1 applicants and are not available for Part 2 of the Program. 

Scholarships will be eligible to those students who are currently enrolled as a full-time grad-level as well as faculty members at universities. 

Scholarship deadlines fall typically within February for those in the May administration and August for those within the November administration.

You may download scholarship applications through the official GARP website.


FAQ 30: Should I use external or third-party exam preparation providers?

Such an action is entirely at the discretion of the candidate. 

The Global Association of Risk Professionals does not promote, endorse or warrant the accuracy of information provided by any Financial Risk Manager Exam third-party provider.

Additionally, GARP is not responsible for any costs incurred by students who wish to use these service providers in an attempt to achieve the Designation.


FAQ 31: Is GARP involved with academic partnerships?

Yes, GARP is involved with academic partners and the various programs that they offer may be located on the GARP official website.


FAQ 32: What are some of the circumstances that will result in my paper not being graded?

Some of the instances that have occurred which resulted in an Financial Risk Manager Examination paper not being graded include:

  • Having an invalid form of identification
  • Reaching the examination room after the officials have closed the doors
  • Having a cellular device ringing within the examination room
  • Having wearable technologies within the examination room. These may include; smart watches, phones, smart wearable devices etc
  • Talking to another candidate during the examination period
  • Having generally disruptive behavior
  • Starting before one is told to do so
  • Continuing after being told to stop
  • Having an unauthorized or unapproved calculator
  • Looking into another student’s workings
  • Using unauthorized materials (such as paper or sticky notes)
  • Leaving the examination room within the final 30-minutes of the exam
  • Taking materials from the examination room


FAQ 33: What is the proper way to use the Designation?

The Designation is taken as a crowning achievement in the risk profession.

As such, having studied, passing the Financial Risk Manager Exam and possessing the right to use the designation will add much value to your professional credentials.

Certified individuals are encouraged to use their designation where appropriate within your business activities, such as on business cards etc. 

The Designation may be used ONLY as prescribed below:

  • FRM
  • Certified FRM
  • Financial Risk Manager – Certified by the Global Association of Risk Professionals


FAQ 34: Where may I apply the use of my newly earned Designation?

In terms of where to use your Designation, you are allowed to apply it in the following instances:

  • At the end of your name on; business cards, letterheads and/or name plates
  • At the end of your name in; written correspondence and/or within one’s email signature
  • The Designation may also be employed as an identifier in; biographies, articles, resumes and CVs
  • Certified persons may also place their credentials within their digital badges on their social or professional networking websites or blogs.
  • Having a digital badge will undoubtedly send a strong and positive signal to potential future employers or recruiters about your accomplishment.


FAQ 35: I am a dual-certified individual with respect to this and ERP, how do I use both designations?  

Both Designations may be used as follows:

  • FRM, ERP
  • Certified FRM, Certified ERP
  • Financial Risk Manager & Energy Risk Professional – Certified by the Global Association of Risk Professionals


FAQ 36: When should I expect my Certificate?

In order to ensure Certification, you will need to secure a few steps;

  • Pass the Part 1 exam
  • Pass the Part 2 exam
  • Upon receiving the email stating that Part 2 has been successfully completed, the candidate will be required to submit proof of his or her 2-years of full-time employment as a professional (this is to be uploaded under the “My Programs” tab in your online account)
  • A description on how you professionally manage financial risk is required in at least 5 sentences. And this must include a 300-word minimum in the job description
  • Once you have received confirmation about passing Part 2, you will have 5 years from the pass-date to submit your resume (or CV) to the Global Association of Risk Professionals for them to verify your work experience

Any candidate failing to submit their resume or CV in 5-years of passing Part 2 will see them being asked to re-enroll in the Program as a totally new candidate that is required to pass both Part 1 and Part 2 again. 

Certificates will be sent out through the United States Postal Service and up to 6 weeks are required, depending on the mailing address being used. 

If a Certificate has not been received due to incorrect information, GARP will be able to replace this as long as they are told of the incident within 3 months of the original mail date. 

There is also a US$100 fee that is to be paid for candidates wishing to request another Certificate.

This is to be done under the “My Programs” section in your online account.


FAQ 37: What is the role of the FRM Committee and Who are the individuals on the Committee?

The role of the Committee is considered to be extremely important with respect to the preparation activities surrounding the exam.

The Committee includes the professionals and risk management experts who are situated in various countries from all around the world.


FAQ 38: I already have my Designation, do I need to take the Continuing Professional Development (CPD) Program?

All Financial Risk Managers are strongly encouraged to take part in the Continuing Professional Development Program.

Passing the Financial Risk Manager Examination alone simply won’t suffice. Continuous risk education is paramount to your professional status.

To meet the stipulated requirements, one must earn 40 ‘credits’ (which translates into approx. 40 hours) every 24-month period.

This, as each CPD cycle is 24-months, starting from the 1st of January and ends on the 31st of December.

A candidate’s CPD cycle will be dependent on the certification date and may start in the current year or even the following January.

Currently, the participation of all Financial Risk Managers in the CPD Program is optional. However, for ERPs, participation in the CPD Program is mandatory.


FAQ 39: How do I earn credits for the CPD Program?

CPD credits may be earned from a number of activities that are relevant to the management of risk. Credits may be had through:

  • Attending a professional forum, conference or seminar
  • Attending a professional chapter
  • Being a participant within employee training
  • Taking and passing other examinations that are considered to be risk relevant
  • Being a GARP volunteer for a particular subject matter or item writer
  • Becoming a participant in a MOOC ( i.e. a Massive Open Online Course)
  • Selected as a participant for a risk related issue through teaching/speaking
  • Selected as a participant in a podcast or webcast


FAQ 40: How should I calculate and approve my CPD Credits?  

Based on time engaged, the general rule is as follows:

  • Each hour of relevant activity will be qualified as 1 CPD Credit
  • Each half hour of activity is to be taken as 0.5 CPD Credit
  • For example, participating in a 90-minute podcast session may be counted as 1.5 CPD Credits
  • All CPD Credits will be tracked online in the Credit Tracker segment of the GARP portal.

Your attendance of GARP’s Chapter Meetings will be recorded and automatically submitted for CPD Credits.

Attendance in GARP activities are not mandatory and you may select those activities that are relevant to your interest and career. 

It is of interest to note that the CPD credit system is based on an ‘honor’ basis and submission of attendance records for every activity is not necessary.

Your concerns or queries with respect to the CPD Program may be emailed to


FAQ 41: What will occur once I earn 40 CPD Credits?

Upon earning your 40 CPD Credits, you will access a certificate that will be printable. Your digital badge will be updated to reflect this achievement. 

We note that there are several ways in which to earn CPD Credit absolutely free of cost.

By signing up for the monthly email updates, you will be notified of various complementary CPD Credit offerings. These may be in the form of; research papers, articles, webcast etc.


FAQ 42: I carry the Designation, how do I access the GARP Individual Membership status?

Being a part of the GARP community does not require an application process, as one simply needs to have an interest in risk management as a professional.

Candidates are asked to register and, if desired, he or she may opt for a paid membership as either a student or an individual.

A complete list of benefits for this program is located on the official GARP website. Renewals may also be done directly from your online account.


FAQ 43: How can I attain the Student Membership status?

If you desire a Student Membership, you will need to be enrolled at a recognized institution and also be registered as a full-time student.

Proof with respect to matriculation is not a GARP requirement at the point of registration but be mindful of being selected in the random audits that occur each year.

Furthermore, your Student Membership is done for 2 one-year terms only and requires approval from the Head of Membership beyond that.


FAQ 44: Tell me about GARP Affiliates  

There are individuals in the GARP community having a “affiliate” status. As an affiliate, you do not pay membership fees and are not entitled to premium features.

Also, you are encouraged to take part in GARP meetings and other Chapter meetings as much as possible. 

Once registered for a GARP Chapter Meeting, you will carry a “GARP Affiliate” status.


FAQ 45: How do I gain access to a GARP Chapter Meeting?

Chapter Meetings are free of cost and may be accessed by anyone as they are not closed events. Individuals need not be a Student Member or even an Individual Member.


FAQ 46: I  already achieved the Designation, why should I attend Chapter Meetings?

There are numerous benefits for you to take time out for these events. The dissemination of valuable knowledge from many professionals around the world is an immeasurable value in itself.

Additionally, opportunities for Financial Risk Managers to network and share information with others also abound.

These meetings will offer information that will be undoubtedly useful to Financial Risk Managers and other risk professionals. Participants range from junior participants to senior ones, in addition to academic elites. 

And don’t worry if you are unable to attend the sessions. Log into the GARP website and download chapter data for your benefit.


FAQ 47: How may I enroll in a local Chapter?

This could be done through invitations. You need only to log into your online profile and setup Chapter information.

Candidates may offer themselves as volunteers that help organize Chapters, recommend topics and aid in the actual setup of Chapter Meetings.

These sessions may be of great benefit to you, considering the great networking opportunities that will be present.

To get a better idea of the proceedings, you may also visit the GARP website and peruse their list of upcoming Chapter Meetings. Sounds interesting? Feel free to seek a Chapter Director at

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