FRM Pass Rates: Part 1 and Part 2 Explained (2026)

GARP’s latest published FRM pass rates are 47% for Part I and 50% for Part II, for the November 2025 exam administration. In other words, about half of the candidates who sat each exam passed. That makes the FRM challenging, but the headline percentage is only a starting point: it does not measure your individual chance of success.

Latest official FRM pass rates

The Global Association of Risk Professionals (GARP) publishes the latest figures on its FRM Program and Exams page. The most recent rates currently shown are:

Do not treat these figures as permanent benchmarks. Pass rates change by administration, and GARP updates its published figures after results are released.

FRM pass-rate history

GARP’s official historical pass-rate table shows why one exam window should not be read in isolation. Selected administrations from that table are shown below alongside the latest published result.

The pattern is more useful than any single number: Part I has often been in the mid-40s to low-50s, while Part II has often been around the low-50s to high-50s. The latest result narrowed that difference to three percentage points.

How to interpret the FRM pass rate

A pass rate is the share of candidates who passed a particular administration. It is not a prediction of whether you will pass. Your preparation, prior knowledge and performance on the day matter far more than the cohort average.

• A rate near 50% does not make the exam easy. It means around half of the candidates who sat the exam did not pass that administration.
• Part I and Part II are not identical candidate pools. Part II candidates have normally already passed Part I. If a candidate sits both parts in the same administration but fails or misses Part I, GARP says their Part II exam will not be graded.
• The rate moves between sittings. Curriculum changes, candidate preparation and the exam cohort can all vary, so use the latest figure as context rather than a target score.

FRM Part I vs Part II difficulty

Both exams are computer-based and allow four hours, but they test different stages of the qualification. Our detailed FRM Part I vs Part II comparison breaks down the syllabus and weightings.

Part I can feel difficult because it combines breadth, calculations and tight pacing. Part II gives slightly more time per question but expects candidates to apply the tools from Part I across more specialised risk areas. A higher Part II pass rate therefore does not automatically mean that Part II is easier.

Why is the FRM exam hard?

GARP describes the mathematical level as comparable with an advanced undergraduate or introductory graduate finance course. Candidates must know important formulas, calculations and how to apply them; a formula sheet is not provided.

The main sources of difficulty are:

• Broad coverage: each part spans several major knowledge areas, and the curriculum is reviewed every year.
• Application rather than recall: knowing a definition is not enough when a question asks you to choose or calculate the correct response in a new scenario.
• Time pressure: Part I allows an average of 2.4 minutes per question, so slow calculations can quickly affect the rest of the paper.
• Cumulative learning: Part II assumes you can use the tools developed in Part I, not simply forget them after the first exam.

How many hours should you study for FRM?

GARP’s candidate survey found an average preparation time of approximately 240 hours. The range was wide: some candidates reported fewer than 100 hours, while others spent more than 400. Treat 240 hours as a planning reference, not a guaranteed threshold.

A practical 16-week plan for 240 hours averages 15 hours per week:

If you are new to quantitative finance, start earlier rather than trying to force the same total into fewer weeks. If you already use risk models professionally, you may move faster through familiar areas but should still practise the full exam format.

How to improve your chances of passing

1. Plan from the current learning objectives. GARP revises the curriculum annually, so make sure your materials match your exam year.
2. Practise from the start. Use questions to test whether you can apply a concept, not just recognise it in your notes.
3. Keep an error log. Record why you missed a question: knowledge gap, formula error, misreading or time pressure. Review the pattern every week.
4. Train under time limits. Topic practice builds understanding; timed mixed sets and full mocks build exam execution.
5. Make formulas usable. Repeatedly calculate and interpret them without relying on a formula sheet.
6. Use both official and course practice. GARP provides registered candidates with two full-length practice exams for each part. Learnsignal FRM students also have practice questions included within their subscription.

Explore the Learnsignal FRM course for structured lessons, practice and progress tracking across both parts.

Should the FRM pass rate put you off?

No. The pass rate tells you to prepare seriously; it does not say that the qualification is out of reach. A sensible decision should also consider your target role, the time and cost involved, and whether the syllabus matches the work you want to do. Our guide to whether the FRM is worth it covers those trade-offs, while the FRM certification guide explains the full route to the designation.

Frequently asked questions

What is the latest FRM Part I pass rate?

The latest figure published by GARP is 47% for the November 2025 administration.

What is the latest FRM Part II pass rate?

The latest figure published by GARP is 50% for the November 2025 administration.

Is FRM Part II easier than Part I?

Not necessarily. Part II has often had a higher pass rate, but its candidate pool has normally already cleared Part I. Part II is also more applied and specialised, so the percentages are not a direct measure of which paper feels easier.

What score do you need to pass the FRM exam?

GARP reports the FRM result as pass or fail and gives candidates quartile results comparing their performance with other candidates. Its public FRM exam page does not state one fixed percentage pass mark, so unofficial cutoff estimates should not be treated as guaranteed.

How long do FRM results take?

GARP says results are available in the candidate portal within eight weeks of the exam window closing.

Is 240 hours enough for FRM?

It is the average reported in GARP’s candidate survey, not a promise. Your starting knowledge, consistency and quality of question practice determine whether you need less or more time.

Can you take FRM Part I and Part II in the same administration?

Yes, but Part II will not be graded if you fail or do not attend Part I. Most candidates should only attempt both together if they can prepare properly for both syllabuses.

Bottom line: the latest official FRM pass rates are 47% for Part I and 50% for Part II. Use those figures to respect the exam and build a realistic plan—then focus on the study hours, practice quality and exam technique you can control.