The FRM pass percentage is one of the first things people search before deciding whether to register. You want to know how hard it actually is before putting months of preparation and a fair amount of money into it. This blog covers the latest numbers for Part 1 and Part 2, what the historical data looks like, and what all of it actually means when you are planning your study timeline.
About FRM: A Brief Summary
- Full Form: Financial Risk Manager
- Awarding Body: GARP (Global Association of Risk Professionals)
- Eligibility: No educational prerequisites to register for Part 1
- Structure: 2 Parts
- Duration: 1 to 2 years for most candidates
- Exam Format: 100 MCQs per part, computer-based, 4 hours each
- Exam Windows: May, August, and November
- Work Experience: 2 years in financial risk management, submitted after both parts
- Part 1 Pass Percentage (Long-Run Average): 46 to 48%
- Part 2 Pass Percentage (Long-Run Average): 55 to 58%
- Global Charterholders: Over 97,000 across 190 countries
The FRM certification is the most recognised risk management qualification globally. GARP has been running the exam since 1997 and publishes pass rates after each window on their official website at garp.org
Key Takeaways
- FRM pass percentage for Part 1 has a long-run average of 46 to 48%, jumping to 55 to 56% in 2024 before pulling back to 47% in November 2025
- Part 2 passes at higher rates than Part 1, averaging 55 to 58% over 16 years
- GARP does not set a fixed minimum score; the threshold changes after every sitting
- Your result comes as pass or fail with quartile rankings by topic, not a percentage
- Most candidates who pass put in 200 to 240 hours of study per part with regular timed mocks
What is FRM?
FRM stands for Financial Risk Manager. GARP gives out this qualification after you clear both exam parts and submit two years of relevant work experience. Part 1 covers the tools of risk measurement. Part 2 covers how those tools are used inside real financial institutions.
What is FRM worth in the job market? Risk teams at banks, hedge funds, insurance companies, and regulators look for it when hiring. In India, it carries weight across large banks and the growing risk consulting sector. The FRM certification is recognised in 190 countries and UK ENIC has benchmarked it at master’s degree level in terms of rigour.
How GARP Decides Who Passes
There is no fixed score you need to hit. GARP’s Board of Trustees sets the passing threshold after each exam based on how hard that particular sitting was and how the whole candidate group performed. So the bar moves slightly between windows.
You never see a numerical score. Your result is pass or fail, plus a quartile ranking for each topic. That ranking shows whether you were in the top 25%, second 25%, and so on for each section. If you do not pass, that breakdown tells you where to focus next time.
Candidate surveys suggest the score needed to pass FRM exam is typically somewhere between 50% and 57% for Part 1, and around 51% to 52% for Part 2. But these are estimates from candidate feedback, not figures GARP publishes.
FRM Pass Percentage: Part 1 Data
The FRM pass percentage for Part 1 is lower than Part 2 for a reason. It is heavy on calculation and the syllabus is wide. Valuation and Risk Models and Financial Markets and Products together make up 60% of the paper, and both sections test you hard on applied maths under time pressure.
| Window | Part 1 Pass Rate |
| May 2019 | 41% |
| November 2019 | 50% |
| 2020 windows | 42 to 46% |
| 2021 windows | 44 to 45% |
| May to August 2022 | 51% |
| November 2022 | 50% |
| 2023 windows | 47 to 48% |
| May to August 2024 | 55 to 56% |
| November 2024 | 55% |
| November 2025 | 47% |
The 2024 jump to 55 to 56% was the highest since 2010. November 2025 came back down to 47%, which is much closer to the long-run average. The data from 2014 to 2022 stayed almost entirely between 41% and 51%, which shows how stable this exam is over time.
FRM Pass Percentage: Part 2 Data
FRM Part 2 consistently passes at higher rates than Part 1. Once you have cleared Part 1, you already know what GARP’s exam style feels like. Most people who get to Part 2 have also prepared more seriously for it.
| Window | Part 2 Pass Rate |
| May 2019 | 53% |
| November 2019 | 56% |
| 2020 windows | 59 to 60% |
| 2021 windows | 59 to 63% |
| May to August 2022 | 57 to 59% |
| November 2022 | 59% |
| 2023 windows | 50 to 52% |
| 2024 windows | 55 to 60% |
| 2025 estimates | Around 52% |
The 16-year average sits at around 56%. The 2023 dip to 50 to 52% was an outlier. 2024 recovered and came back in line with the longer trend.
Source: GARP.org
What the Numbers Actually Mean
A pass rate around 47 to 56% does not mean it is a coin flip. The people applying for FRM exam are mostly working finance professionals who have prepared seriously. Roughly half of that group still does not pass. That tells you something real about the difficulty.
The exam is not hard because there is too much to memorise. It is hard because it tests whether you can actually solve problems under time pressure. You get a scenario or a calculation and you need to work through it accurately within the time available. Reading the material is not enough on its own.
A few things the FRM pass percentage does not tell you:
- How many hours each candidate studied
- Whether they used good preparation material
- How many were sitting for the first time versus coming back for a second attempt
The candidates who pass are not necessarily smarter. They tend to put in the full 200 to 240 hours, practice regularly on timed mocks, and cover every topic rather than skipping sections they find difficult.
Why Part 1 Is Harder Than the Numbers Suggest
FRM Part 2 has a higher pass rate but that does not mean Part 1 is harder in every way. The reason Part 1 trips more people up comes down to a few specific things.
- First, the quantitative sections are steeper than many candidates expect. Valuation and Risk Models covers Value at Risk, option pricing, and risk model construction. Financial Markets and Products covers derivatives, interest rates, and hedging mechanics. Both require calculation speed and accuracy, not just concept recall.
- Second, the syllabus spans four topic areas and you need to be solid across all of them. GARP’s quartile system means a weak area brings your overall standing down even if you did well elsewhere.
- Third, most Part 1 candidates are new to how GARP writes questions. The style is scenario-based and occasionally ambiguous. Part 2 candidates already have one exam worth of experience with that format.
FRM Certification: 2026 Exam Windows and Result Dates
For the FRM certification, GARP offers three exam windows per year. Results follow roughly six weeks after each window closes.
| Window | Exam Dates | When Results Come |
| May 2026 | Passed | Released late June 2026 |
| August 2026 | August 7 to 8 | Around mid to late September 2026 |
| November 2026 | November 14 to 20 | Around early January 2027 |
What to Do With This Data When You Are Preparing
The FRM pass percentage is a calibration point, not a prediction. Here is what it points toward practically.
- Study hours are not optional. GARP recommends 200 to 240 hours per part and the data backs that up. Candidates who fall significantly short of this tend to fall into the group that does not pass.
- Mocks are where preparation actually becomes exam-readiness. Reading and note-taking build knowledge. Timed mocks under exam conditions build the speed and decision-making you need on the day. Four to six full-length mocks in the final weeks before an exam is the pattern that most passing candidates report.
- If you do not pass, use the quartile report. GARP gives you a topic-by-topic breakdown. Candidates who use that breakdown to target their weakest areas in their next attempt pass at noticeably higher rates than those who simply repeat the same preparation.
- Part 2 is not a free pass. The higher pass rate reflects a more experienced and committed candidate group, not an easier exam. The content is more qualitative and scenario-based than Part 1, and some windows pull hard on regulation and case-based reasoning.
Conclusion
The FRM pass percentage has been stable for a long time. Part 1 averages around 46 to 48% and Part 2 averages around 55 to 58%. The 2024 jump in Part 1 to 55 to 56% was an outlier. November 2025 came back down to 47%. Neither number should make you feel the exam is impossible or that it is easy.
The qualification is demanding and the people sitting it are mostly serious finance professionals. Roughly half of them do not pass on the first attempt. Preparation quality, study hours, and mock exam practice matter more than anything else in terms of which side of that line you end up on.
Check GARP’s official results page for the most current figures after each window, build your study plan around 200 to 240 hours per part, and do not skip mock exams in the final stretch.
FAQs
What is the FRM pass percentage for Part 1 in 2025 to 2026?
November 2025 recorded 47% per GARP. The 2024 windows ran at 55 to 56%. The long-run average sits at 46 to 48%.
Is FRM Part 2 easier than Part 1?
Part 2 passes at higher rates but is not easy. The content is more qualitative and scenario-based, which catches some candidates off guard.
Does GARP publish a minimum passing score?
No. The threshold is set after each sitting and never disclosed. You get pass or fail with quartile rankings by topic.
How many hours does it take to pass the FRM?
GARP recommends 200 to 240 hours per part. Most candidates who pass report putting in close to this with regular timed mock practice.
Where can I find official FRM pass rate data?
GARP publishes pass rates after each window at garp.org