Whose figures these are
Every date and fee on this page is GARP's, read from its fees, logistics and policies pages on 30 Oct 2026. GARP says all fees are subject to change and exclude VAT and GST, so check its pages before you pay. No figure here comes from a prep provider.
The next sittings
| Sitting | Part I | Part II |
|---|---|---|
| November 2026 | 14 to 20 November 2026 | 21 to 25 November 2026 |
| May 2027 | To be decided by GARP | To be decided by GARP |
Registration for May 2027
| Window | Opens | Closes | Fee a part |
|---|---|---|---|
| Early | 1 Dec 2026 | 31 Jan 2027 | USD 600 |
| Standard | 1 Feb 2027 | 31 Mar 2027 | USD 800 |
GARP says payment must reach it by 11:59 pm EST on the closing date of each window.
What GARP charges
| Fee | USD | When |
|---|---|---|
| Enrolment | 400 | Once, with your first Part I registration |
| Exam registration, early | 600 | Each part, in the early window |
| Exam registration, standard | 800 | Each part, in the standard window |
| Deferral | 250 | Once, to one of the next two sittings |
| GARP Learning for Part II | 250 | Optional. The Part I platform is included |
| Printed books | 300 | Optional, a part, plus shipping |
So a first-time candidate who sits both parts pays USD 1,600 at early rates or USD 2,000 at standard rates before any prep course. That sum is ours, from GARP's figures.
What registration includes
GARP's study materials page says every registrant gets GARP Learning for Part I, with the curriculum and practice questions, and two full-length practice exams for each part: 100 questions each for Part I inside the platform, 80 questions each for Part II as PDFs. Access to the platform ends on the last day of the exam window. The Part II platform and the printed books are sold separately.
The exam itself
- Part I: 100 equally weighted questions in 4 hours. Part II: 80 equally weighted questions in 4 hours.
- Both parts can be sat in the same window. The same day is possible in August only.
- GARP says "Results will be accessible within eight weeks of the exam window's closing".
- GARP's own line on study time: "Candidates typically invest around 240 hours over several months in study time".
- "Candidates will have four years from the date they pass Part I to take and pass Part II".
If your plans change
GARP's policies page says a candidate may postpone a registration once, to one of the next two sittings, for a USD 250 processing fee. The calculators allowed are the Texas Instruments BA II Plus, including the Professional, the Hewlett Packard 12C, including its variants, and the HP 10B II, 10BII+ and 20B. GARP says there are no exceptions.
PrepProviders research. Published 5 Oct 2026.
Quick answers
When is the next FRM exam?
November 2026. GARP's exam logistics page gives Part I as 14 to 20 November 2026 and Part II as 21 to 25 November 2026. The May 2027 dates were listed as to be decided when we read the page on 30 Oct 2026.
How much does the FRM exam cost?
A one-off enrolment fee of USD 400 with your first Part I registration, then USD 600 a part in the early window or USD 800 in the standard window. Both parts at early rates come to USD 1,600 before any prep course, and USD 2,000 at standard rates. GARP says all fees are subject to change.
When does registration for May 2027 open?
Early registration opens on 1 Dec 2026 and closes on 31 Jan 2027. Standard registration runs from 1 Feb 2027 to 31 Mar 2027. GARP says payment must reach it by 11:59 pm EST on the closing date.
Can I sit Part I and Part II in the same window?
Yes. GARP says you can sit both parts in the same exam administration, and on the same day in August only. In May and November the two parts fall on different days.
How long do I have to pass Part II after Part I?
Four years. GARP's wording: "Candidates will have four years from the date they pass Part I to take and pass Part II". Certification also needs two years of relevant work experience.
Not sure which course suits you?
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