Management, Law & CA · Updated October 2026
Financial Risk Manager (FRM) Part I
Conducted by the Global Association of Risk Professionals (GARP), FRM Part I is the first of two exams leading to the Financial Risk Manager certification, the leading global credential for risk managers. It is a 4-hour computer-based exam of 100 equally weighted multiple-choice questions, offered in May, August and November, testing the tools used to assess financial risk.
Start for free with FRM Part I syllabus study notes, solved previous year papers, real-pattern mock tests and AI Tutor support.
FRM Part I is the first of two exams in the Financial Risk Manager certification awarded by the Global Association of Risk Professionals (GARP), the leading global credential for financial risk managers. Part I covers the tools used to assess financial risk: foundations of risk management, quantitative analysis, financial markets and products, and valuation and risk models.
The examination process for FRM Part I comprises 1 stage: FRM Exam Part I. The official syllabus tests candidates across 4 core areas — Foundations of Risk Management (20%), Quantitative Analysis (20%), Financial Markets and Products (30%), Valuation and Risk Models (30%) — focusing on conceptual clarity, speed, and accuracy. Results are pass or fail, with quartile results by topic showing how you performed against other candidates. Passing Part I allows your Part II exam to be graded.
Complete snapshot of FRM Part I conducting authority, frequency, mode, stages, negative marking and official portal.
| Particulars | Details |
|---|---|
| Exam Name | FRM Part I — Financial Risk Manager (FRM) Part I |
| Conducting Body | Global Association of Risk Professionals (GARP) |
| Exam Category | Management, Law & CA |
| Exam Level | National level |
| Exam Type & Purpose | Eligibility & certification (Eligibility & Fellowship Certification) |
| Exam Frequency | Three exam windows a year, in May, August and November |
| Usual Notification & Exam Window | Exam windows in May, August and November; early registration for the May window usually opens on 1 December |
| Mode of Application | Online through a GARP account, then scheduling through Prometric |
| Mode of Examination | Computer-based at Prometric test centres |
| Medium / Exam Languages | English |
| Selection Stages | 1 Stage (1 Paper Total): FRM Exam Part I |
| Negative Marking | None |
| Selection / Merit Process | Results are pass or fail, with quartile results by topic showing how you performed against other candidates. Passing Part I allows your Part II exam to be graded. |
| Educational Qualification | No educational or professional prerequisites |
| Age Limit | No age limit |
| Qualification & Fellowship Benefit | Progress toward the FRM certification, valued in market risk, credit risk, treasury, regulation and risk consulting roles |
| Scorecard / Certificate Validity | After passing Part I you have four years to pass Part II |
| Competition Scale | Part I pass rates are typically around 40-50% |
| Official Website | www.garp.org/frm |
Summary for orientation only, last reviewed October 2026. Check eligibility, dates and pattern in the official notification.
Standard annual cycle and application workflow for FRM Part I. Confirm exact notification and closing dates on the official Finance & Accounting website.
| Examination Event | Typical Calendar Window | Cycle / Mode |
|---|---|---|
| FRM Part I Official Notification & Information Bulletin | Exam windows in May, August and November; early registration for the May window usually opens on 1 December | Three exam windows a year, in May, August and November |
| Online Registration & Application Fee Window | Typically remains open for 21 to 30 days from the date of notification release | Online Portal |
| Application Form Correction / Edit Window | 2 to 5 days immediately following the close of the online registration window | As Notified |
| Exam City Intimation & Admit Card Release | City slip 10–15 days prior; Hall Ticket / E-Admit Card 4 to 10 days before the exam date | Via Global Association of Risk Professionals (GARP) |
| FRM Part I — FRM Exam Part I | Exam windows in May, August and November; early registration for the May window usually opens on 1 December | Computer-based at Prometric test centres |
| Provisional Answer Key & Objection Representation Window | Within 3 to 10 days after completion of the objective examination shifts | Online Challenge |
| Final Answer Key, Normalized Result & Merit List / Scorecard | Typically 3 to 6 weeks after conclusion of the examination stage | Merit List PDF / Login |
One-Time Registration (OTR) & Portal Login
Visit www.garp.org/frm and complete your candidate registration using a valid email ID, active mobile number, and Aadhaar / government photo ID details. Online through a GARP account, then scheduling through Prometric.
Fill Academic, Personal & Exam Centre Preferences
Log in to open the FRM Part I application form. Enter your qualifying degree/board details, category/reservation status, medium of examination (English), and choose 3 to 4 preferred test cities.
Upload Photograph, Signature & Category Certificates
Upload a recent passport-size photograph (in prescribed KB dimensions and light background), scanned running-hand signature, and valid SC/ST/OBC-NCL/EWS/PwBD/Domicile certificates where applicable.
Online Application Fee Payment & Confirmation Page
Pay the category-wise examination fee via UPI, Net Banking, Debit/Credit Card, or e-Challan before the closing deadline, then download and preserve the final FRM Part I Confirmation Page / Application PDF for admit card and verification stages.
Candidates applying for FRM Part I must fulfil the academic qualification, age limit, nationality and category reservation rules notified by Finance & Accounting.
No educational or professional prerequisites.
No age limit.
No fixed limit on attempts.
Open to all nationalities.
A valid government-issued photo ID that matches your GARP registration is required. Only approved calculators are allowed, such as the Texas Instruments BA II Plus and HP 12C models.
| Category | Age Relaxation / Rule | Key Conditions & Documentation |
|---|---|---|
| Assistant Professor / Teaching Eligibility (All Categories) | No upper age limit for eligibility certification (unless specified for state cadre posts) | Minimum 55% Master's / 50% D.El.Ed or B.Ed marks for Unreserved; 5% marks relaxation for SC/ST/OBC-NCL/PwBD. |
| Junior Research Fellowship (JRF) — Unreserved / EWS | No age limit. | Applies only to candidates opting for JRF fellowship; Lectureship/TET generally carries no upper age cap. |
| OBC-NCL / SC / ST / PwBD / Third Gender & Women Candidates | Up to 5 years upper-age relaxation for JRF + 5% relaxation in minimum qualifying degree marks | Additional relaxation up to 5 years for candidates with LLM or documented research/armed forces experience where applicable. |
Negative Marking & Evaluation Rule: None. Selection & Merit Weightage: Results are pass or fail, with quartile results by topic showing how you performed against other candidates. Passing Part I allows your Part II exam to be graded.
Computer-based • 1 Paper (Part I) • 100 Questions • Duration: 4 hours • 100 equally weighted multiple-choice questions, each with four answer choices, in a single computer-based exam.
100 equally weighted multiple-choice questions, each with four answer choices, in a single computer-based exam.
| Paper / Section | Questions | Marks | Duration |
|---|---|---|---|
| Part I | 100 | Varies | 4 hours |
Official Global Association of Risk Professionals (GARP) evaluation • Provisional & final answer keys • Normalized score & category cut-off computation
After the examination, Global Association of Risk Professionals (GARP) publishes the provisional answer key and invites representations before releasing the final answer key, normalized scores, and category-wise merit list.
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Progress toward the FRM certification, valued in market risk, credit risk, treasury, regulation and risk consulting roles. Clearing FRM Part I establishes statutory eligibility for teaching, research, or professional recruitment across India.
Progress toward the FRM certification, valued in market risk, credit risk, treasury, regulation and risk consulting roles.
Global Association of Risk Professionals (GARP)
After passing Part I you have four years to pass Part II
Central universities, KVS, NVS, EMRS, state education boards, colleges, and R&D institutions nationwide.
Global Association of Risk Professionals (GARP) publishes category-wise qualifying marks and/or aggregate percentile cut-offs alongside the FRM Part I result. Candidates must secure both the minimum paper-wise qualifying percentage and the category merit threshold (where applicable for JRF or merit lists) to be declared qualified.
| Category | Qualifying Floor / Standard | Recommended Safe Target |
|---|---|---|
| General / Unreserved (UR) | 40% to 60% Aggregate (as per paper rules) | 65%+ Aggregate Marks for comfortable qualification / JRF contention |
| OBC (Non-Creamy Layer) & GEN-EWS | 35% to 55% Aggregate (5% relaxation) | 60%+ Aggregate Marks |
| Scheduled Caste (SC) / Scheduled Tribe (ST) / PwBD | 35% to 55% Aggregate (5% relaxation) | 55%+ Aggregate Marks |
When FRM Part I is conducted across multiple shifts or sessions, Global Association of Risk Professionals (GARP) applies standard score normalization (Equi-Percentile or Mean-Standard Deviation method) to account for any variation in paper difficulty across shifts. Because raw marks are governed by none, maintaining high accuracy (85%+) significantly boosts your normalized score.
City slip 10–15 days prior • Admit Card 4–10 days before exam
Global Association of Risk Professionals (GARP) releases the advance Exam City Intimation Slip followed by the official FRM Part I Hall Ticket / e-Admit Card on www.garp.org/frm. No hard copy is sent by post; candidates must log in with their Registration Number and Date of Birth / Password to download it.
Within 3–10 days after the examination
After conclusion of the objective test, Global Association of Risk Professionals (GARP) uploads the candidate response sheet and Provisional Answer Key on www.garp.org/frm. Candidates can calculate their raw score and submit online representations against any ambiguous question or key discrepancy within the stipulated 48–72 hour window.
3–6 weeks after stage completion
Global Association of Risk Professionals (GARP) declares the FRM Part I result as a stage-wise Merit List PDF (with roll numbers and category cut-offs) and individual Normalized Scorecards on www.garp.org/frm. Shortlisted candidates proceed to the next stage, Document Verification, or Centralised Counselling.
Practice in the official FRM Part I pattern on the Free plan, and unlock 10 full or sectional mocks every month, unlimited chapter and topic tests, and the CBT Exam Simulator with SmartRank Pass.
FRM Part I Full Mock Test 1
FRM Exam Part I · 100 questions · 4 hours
FRM Part I Full Mock Test 2
FRM Exam Part I · 100 questions · 4 hours
FRM Part I Full Mock Test 3
FRM Exam Part I · 100 questions · 4 hours
FRM Part I Full Mock Test 4
FRM Exam Part I · 100 questions · 4 hours
FRM Part I Full Mock Test 5
FRM Exam Part I · 100 questions · 4 hours
Papers come with a solution for every question. Read them, or attempt them as timed tests. See all FRM Part I previous year papers by year
Recent FRM Part I question papers
Included on the Free plan with step-by-step solutions
Complete 10-year FRM Part I paper archive
Up to 10 years of solved papers with SmartRank Pass (4 years with Learn)
Predicted questions for FRM Part I
High-probability questions and topics for your next exam
100 equally weighted multiple-choice questions, to be answered in four hours.
Three times a year, in May, August and November.
Anyone. There are no educational or work-experience prerequisites to register.
Yes, you can sit both parts in the same exam window, but your Part II exam is only graded if you pass Part I.
No. Wrong answers are not penalised, so answer every question.
FRM Part I is conducted by Global Association of Risk Professionals (GARP) across 1 stage: FRM Exam Part I. Results are pass or fail, with quartile results by topic showing how you performed against other candidates. Passing Part I allows your Part II exam to be graded.
Educational Qualification: No educational or professional prerequisites. Age Limit: No age limit.
Progress toward the FRM certification, valued in market risk, credit risk, treasury, regulation and risk consulting roles. Validity: After passing Part I you have four years to pass Part II.
FRM Part I is held three exam windows a year, in May, August and November (Exam windows in May, August and November; early registration for the May window usually opens on 1 December). Online through a GARP account, then scheduling through Prometric.
Select FRM Part I as your target exam on SmartRank to get chapter-by-chapter study material built around its syllabus covering Foundations of Risk Management (20%), Quantitative Analysis (20%), Financial Markets and Products (30%), Valuation and Risk Models (30%), solved previous year question papers, topic and full-length mock tests in the exact FRM Part I pattern, a timed exam simulator, subject-wise analytics, an adaptive daily study plan and an AI Tutor.
Select FRM Part I as your target exam on SmartRank to get chapter-by-chapter study material built around its syllabus covering Foundations of Risk Management (20%), Quantitative Analysis (20%), Financial Markets and Products (30%), Valuation and Risk Models (30%), solved previous year question papers, topic and full-length mock tests in the exact FRM Part I pattern, a timed exam simulator, subject-wise analytics, an adaptive daily study plan and an AI Tutor.