Whose figures these are
Every number on this page is GARP's, from its historical pass rates document and its FRM programme page, read on 30 Oct 2026. We quote no provider's claimed pass rate, anywhere on this site.
The latest sitting
November 2025: 47% of Part I candidates passed and 50% of Part II candidates. GARP publishes the rate and not the number of candidates behind it.
Every sitting GARP has published
| Sitting | Part I | Part II |
|---|---|---|
| November 2025 | 47% | 50% |
| May and August 2023 | 47% | 51% |
| November 2022 | 50% | 59% |
| May and August 2022 | 51% | 57% |
| November 2021 | 45% | 63% |
| May 2021 | 47% | 59% |
| November 2020 | 45% | 59% |
| October 2020 | 44% | 62% |
| November 2019 | 46% | 59% |
| May 2019 | 42% | 60% |
| November 2018 | 50% | 56% |
| May 2018 | 41% | 53% |
| November 2017 | 42% | 52% |
| May 2017 | 42% | 54% |
| November 2016 | 45% | 54% |
| May 2016 | 45% | 50% |
| November 2015 | 49% | 62% |
| May 2015 | 43% | 52% |
| November 2014 | 49% | 59% |
| May 2014 | 42% | 58% |
| November 2013 | 51% | 58% |
| May 2013 | 46% | 57% |
| November 2012 | 47% | 56% |
| May 2012 | 47% | 61% |
| November 2011 | 47% | 57% |
| May 2011 | 53% | 62% |
| November 2010 | 39% | 55% |
| May 2010 | 53% | 54% |
The sittings from November 2023 to August 2025 are missing because they were not in any GARP publication we read. We would rather show the gap than fill it from a review site. The 2022 and 2023 rows combine the May and August sittings, as GARP's document does.
What the series shows
- Part I has stayed in the forties and low fifties for fifteen years. Its lowest published rate was 39% in November 2010.
- Part II has run higher in 28 of 28 sittings, peaking at 63% in November 2021. Everyone sitting it has already passed Part I.
- The gap between the two parts has narrowed in the most recent figures: 47% against 50% in November 2025.
What a pass rate does not tell you
It is the share of a sitting that passed, not your odds. GARP's own line on study time is that candidates typically invest around 240 hours. How those hours are spent, and on what materials, is the choice this site is here to help with.
PrepProviders research. Published 5 Oct 2026.
Quick answers
What is the FRM Part I pass rate?
GARP's latest figure is 47% for November 2025. Across the 28 sittings GARP has published since May 2010, Part I has averaged 46%, by our arithmetic on GARP's series.
What is the FRM Part II pass rate?
GARP's latest figure is 50% for November 2025. Across the published sittings since May 2010, Part II has averaged 57%.
Is FRM Part II easier than Part I?
A higher share pass it. Part II's rate was above Part I's in 28 of the 28 published sittings. That reflects who sits it as much as the paper: everyone sitting Part II has already passed Part I.
Why are some recent sittings missing?
GARP's published series that we could read runs to August 2023, and its programme page gives November 2025. The sittings from November 2023 to August 2025 were not in any GARP publication we read on 30 Oct 2026. Review sites quote figures for them, but we show GARP's own numbers only.
Do prep providers publish FRM pass rates?
Some claim them. We do not repeat any, because no provider publishes the method behind its figure, and GARP's own notice says it does not endorse any pass rate a provider claims.
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