FRM Passing Score 2025: What Score Do You Need to Pass?

One of the most common questions from FRM candidates is: "What score do I need to pass?" Unfortunately, GARP (the Global Association of Risk Professionals) doesn't make this straightforward. Unlike many professional certifications that publish a clear passing percentage, GARP uses a unique quartile-based scoring system that leaves many candidates uncertain about where they stand.

This comprehensive guide demystifies the FRM passing score, explains exactly how GARP evaluates your exam, and provides data-driven insights to help you understand what it truly takes to pass both Part I and Part II.

Quick Answer: What Is the FRM Passing Score?

Why the range? The FRM uses an "absolute" passing standard, meaning GARP sets a consistent benchmark rather than curving scores against other candidates. However, the exact threshold isn't published and may vary slightly between exam administrations to account for differences in question difficulty.

How GARP's Quartile Scoring System Works

Understanding GARP's quartile system is essential for interpreting your exam results and knowing where you need to improve if you don't pass.

The Quartile Framework

When you receive your FRM exam results, GARP provides a quartile ranking for each topic area rather than a raw percentage score. Here's what each quartile means:

Important clarification: These quartiles compare your performance to the minimum passing standard, not to other candidates. This is a crucial distinction:

• 1st Quartile (Q1): You performed significantly above the passing threshold in this topic
• 2nd Quartile (Q2): You performed above the passing threshold
• 3rd Quartile (Q3): You performed near the passing threshold
• 4th Quartile (Q4): You performed below the passing threshold

How Pass/Fail Is Determined

GARP uses a holistic approach to determine pass/fail status. According to GARP's official guidance:

1. The FRM Committee establishes a passing threshold for each exam administration based on the difficulty of questions
2. Your total score is compared to this threshold — if your overall performance meets or exceeds it, you pass
3. Individual topic performance matters, but not in isolation — you can have one weak area and still pass if your overall score is sufficient
4. There's no negative marking — wrong answers don't cost you points beyond the missed opportunity for a correct answer

The practical implication: You can pass with a Q4 in one topic area if your performance in other areas compensates. However, multiple Q4s make passing very difficult.

Topic Weights by Exam Part

Understanding topic weights helps you prioritize your study time and interpret your quartile results:

FRM Part I Topic Weights
Foundations of Risk Management	20%
Quantitative Analysis	20%
Financial Markets and Products	30%
Valuation and Risk Models	30%

FRM Part II Topic Weights
Market Risk Measurement and Management	20%
Credit Risk Measurement and Management	20%
Operational Risk and Resiliency	20%
Liquidity and Treasury Risk	15%
Risk Management and Investment Management	15%
Current Issues in Financial Markets	10%

Historical FRM Pass Rates

Historical pass rates provide context for understanding how difficult the FRM exam truly is and how your preparation compares to the broader candidate pool.

FRM Part I Pass Rates (2019-2024)

Part I Average Pass Rate (2019-2024): ~42-46%

FRM Part II Pass Rates (2019-2024)

Part II Average Pass Rate (2019-2024): ~52-58%

Why Is Part II Pass Rate Higher?

Part II consistently shows higher pass rates than Part I, which might seem counterintuitive since Part II is generally considered more difficult. Here's why:

• Selection effect: Only candidates who passed Part I attempt Part II, creating a more prepared pool
• Experience advantage: Part II candidates already know how to study for and take an FRM exam
• Career motivation: Part II candidates have already invested significantly and are more committed to passing
• Better preparation: Having passed Part I, candidates typically have better study habits and exam strategies

Overall Pass-Through Rate

The true difficulty of earning the FRM designation is best understood through the overall pass-through rate:

This means that of all candidates who begin the FRM journey with Part I, only about 15-25% ultimately earn the FRM designation. This accounts for failures at both levels and candidates who pass Part I but never attempt or complete Part II.

How Many Questions Do You Need to Get Right?

While GARP doesn't publish the exact passing threshold, we can make educated estimates based on historical data, candidate reports, and the structure of the exam.

Breaking Down the Numbers

Score Range	Questions Correct	Likely Outcome
Below 50%	< 50 questions	Almost certainly fail
50-55%	50-55 questions	Risky — possible fail
55-65%	55-65 questions	Borderline — depends on topic distribution
65-70%	65-70 questions	Likely pass
70-80%	70-80 questions	Very likely pass
Above 80%	80+ questions	Almost certainly pass

Why the Range Exists

Several factors create uncertainty in the exact passing threshold:

• Question difficulty varies: Some exam administrations have harder questions than others, and GARP adjusts accordingly
• Topic distribution matters: Scoring 60% overall but getting 80% in high-weight topics vs. 40% in high-weight topics produces very different outcomes
• GARP's proprietary methodology: The exact scoring algorithm isn't public
• Pretest questions: Some questions don't count toward your score and are being evaluated for future exams

Part I vs Part II: Which Is Harder to Pass?

Candidates often ask which FRM exam is harder. The answer depends on your definition of "harder" and your personal background.

Part I Characteristics

Aspect	FRM Part I
Pass Rate	~42-46% (lower)
Content Focus	Foundational concepts, quantitative methods, basic derivatives
Question Style	More calculation-heavy, formula application
Study Time	150-200 hours recommended
Candidate Pool	Includes first-time test-takers, less filtering
Key Challenges	Quantitative rigor, derivatives pricing, time management

Part II Characteristics

Aspect	FRM Part II
Pass Rate	~52-58% (higher)
Content Focus	Applied risk management, regulation, current issues
Question Style	More conceptual, scenario-based, qualitative reasoning
Study Time	150-200 hours recommended
Candidate Pool	Only Part I passers—more prepared, committed
Key Challenges	Breadth of topics, Basel regulations, current issues

The Verdict

Part I is statistically harder to pass (lower pass rate), but Part II is often considered harder in terms of content. The higher Part II pass rate reflects the fact that only successful Part I candidates take it—not that the exam itself is easier.

• If you're strong in math: Part I may feel more manageable; Part II's qualitative content may be more challenging
• If you're strong in concepts: Part II's applied focus may suit you; Part I's calculations may be harder
• If you have work experience in risk: Part II content will feel more familiar and practical

Understanding Your FRM Exam Results

When you receive your FRM results, here's how to interpret them:

If You Passed

Congratulations! Your results email will simply confirm that you passed. GARP doesn't provide detailed score breakdowns for passing candidates—you'll only see that you met the passing standard.

After passing:

• Part I passers: You have 4 years to pass Part II before your Part I result expires
• Part II passers: You can apply for the FRM designation once you've accumulated 2 years of relevant work experience

If You Didn't Pass

Your results will include quartile scores for each topic area, helping you identify where to focus your studying for the next attempt.

Example Part I Results (Not Passed):

Topic Area	Weight	Your Quartile	Interpretation
Foundations of Risk Management	20%	Q2	Above passing standard
Quantitative Analysis	20%	Q3	Near passing standard—needs improvement
Financial Markets and Products	30%	Q4	Below passing—priority focus area
Valuation and Risk Models	30%	Q3	Near passing standard—needs improvement

In this example, the candidate's Q4 in Financial Markets and Products (a 30% weighted section) combined with Q3s in other heavy sections resulted in not passing. The study strategy should prioritize Financial Markets and Products, then Valuation and Risk Models and Quantitative Analysis.

Results Timeline

Strategies to Ensure You Pass

Based on analysis of successful candidates and the FRM scoring system, here are evidence-based strategies to maximize your chances of passing:

1. Target 70%+ on Practice Exams

If you're consistently scoring 70% or higher on quality practice exams (like GARP's official practice exams or reputable third-party materials), you have a strong probability of passing. This buffer accounts for:

• Exam-day nerves and pressure
• Unfamiliar question phrasings
• Topics that may be tested differently than in practice
• Time pressure on the actual exam

2. No Topic Left Behind

Don't sacrifice any topic area completely. Even low-weight topics contribute to your overall score. A Q1 in a 10% topic area won't save you if you have Q4s in major sections, but consistent Q2-Q3 performance across all topics builds a solid foundation.

3. Prioritize High-Weight Sections

Allocate your study time proportionally to topic weights. For Part I:

• Financial Markets and Products (30%): Master derivatives, bonds, swaps
• Valuation and Risk Models (30%): VaR, Greeks, binomial trees
• Don't neglect Foundations and Quantitative Analysis, but recognize their relatively lower weight

4. Practice Under Timed Conditions

Time management is critical with 100 questions in 4 hours (2.4 minutes per question). Practice full-length exams under timed conditions to build stamina and pacing skills.

5. Master Your Calculator

Many questions require calculations. Fumbling with your BA II Plus or HP 12C wastes precious time. Practice until calculator operations are automatic.

6. Review GARP's Learning Objectives

GARP publishes specific learning objectives for each reading. Questions are designed to test these objectives. Ensure you can address every learning objective before sitting for the exam.

What If You Don't Pass?

Failing the FRM exam is disappointing but not uncommon—more than half of Part I candidates don't pass on their first attempt. Here's how to move forward:

Analyze Your Results

Use your quartile feedback to identify weak areas. Create a study plan that addresses Q4 topics first, then Q3 topics. Don't completely abandon Q1-Q2 topics—maintain them with periodic review.

Retake Policies

• You can retake the exam at the next available exam window
• There's no limit on the number of retakes
• You must pay the exam fee again for each retake
• Part I results remain valid for 4 years — you have time to pass Part II

Retake Study Strategy

1. Don't rush to retake: Give yourself adequate time to genuinely improve
2. Change your approach: If self-study didn't work, consider a prep course
3. Focus on weak areas: Spend 60-70% of time on Q3-Q4 topics
4. Use different materials: Different explanations may help concepts click
5. Do more practice problems: Active learning beats passive reading

Retake Success Rates

While GARP doesn't publish retake-specific pass rates, anecdotal evidence suggests that candidates who genuinely address their weak areas and increase their preparation time have strong chances of passing on a second attempt. The key is honest self-assessment about what went wrong and making real changes to your approach.

Frequently Asked Questions