How the FRM exam is structured: two parts, ten topics and how they are weighted
The FRM® exam is split into two parts, each a separate computer-based exam made up entirely of multiple-choice questions. Knowing the shape of both before you start studying changes how you practise: which topics deserve the most hours, how fast you need to work, and what to do when a question is beyond you. This guide sets the structure out in one place. For help turning it into a timetable, see how to plan your FRM study.
At a glance
| Part | Questions | Time | Answers |
|---|---|---|---|
| Part I | 100 | 4 hours | Four, A to D |
| Part II | 80 | 4 hours | Four, A to D |
Every question is multiple choice with four answers, and every question in a part is worth the same. There is no penalty for a wrong answer, so a blank can never score better than a guess: answer everything.
Time per question
Four hours for 100 questions in Part I is 2 minutes 24 seconds a question on average. Four hours for 80 questions in Part II is 3 minutes a question. The difference matters. Part I questions are shorter and test one idea or one calculation; Part II questions tend to be longer and more applied, with more reading before you reach the question. Your pacing needs to follow: in Part I you can afford to move quickly through the ones you know and bank minutes for the hard ones, and in Part II you need to read faster and decide sooner what the question is really asking.
Part I: four topics
Part I covers the foundations, the quantitative tools and the instruments that the second part builds on.
| Topic | Weight |
|---|---|
| Foundations of Risk Management | 20% |
| Quantitative Analysis | 20% |
| Financial Markets and Products | 30% |
| Valuation and Risk Models | 30% |
Two topics carry 30% each, so between them Financial Markets and Products and Valuation and Risk Models decide most of the paper. Quantitative Analysis is only 20% of the questions, but it is the topic whose ideas (distributions, regression, time series, simulation) recur in the other three, so weakness there tends to show up everywhere.
Part II: six topics
Part II applies the tools to the main risk types and to the management of risk in firms and portfolios.
| Topic | Weight |
|---|---|
| Market Risk Measurement and Management | 20% |
| Credit Risk Measurement and Management | 20% |
| Operational Risk and Resilience | 20% |
| Liquidity and Treasury Risk Measurement and Management | 15% |
| Risk Management and Investment Management | 15% |
| Current Issues in Financial Markets | 10% |
Three topics carry 20% each. The last, Current Issues, is the smallest and the one that changes most from year to year, so it rewards late and up-to-date preparation more than early memorisation.
What the weights mean for your hours
A weight is a share of the questions, so it is a sensible starting point for a share of your hours. If you put 30% of your time into a 30% topic you are matching the exam. The adjustment that matters is your own weakness: shift hours from topics where you already answer well to topics where you keep losing marks, rather than spreading time evenly. A diagnostic and a log of what you get wrong are the way to find out which those are.
How practice follows the structure
Charta's practice follows the structure above: the same number of questions in a part, the same four hours and the same four answers, with mock exams drawn by topic weight. Your result is shown by topic, with the range it could sit in. It is not a score on GARP's scale, and it is not a prediction of the real result.
Common questions
How many questions are on each part of the FRM exam?
Part I has 100 and Part II has 80, all multiple choice with four answers.
How long do you get?
Four hours for each part, taken on a computer.
Is there a penalty for a wrong answer?
No. A wrong answer scores the same as leaving it blank, so answer every question.
Which topics are weighted most?
In Part I, Financial Markets and Products and Valuation and Risk Models, at 30% each. In Part II, Market Risk, Credit Risk and Operational Risk and Resilience, at 20% each.
Sources
- GARP, the FRM programme: what the exam is and its two parts.
The exam and the syllabus can change. Check GARP's current details before you book, including exam dates, registration and fees.