FRM pass rates are 47% for Part I and 50% for Part II. The pass rates generally give you an idea of the level of difficulty and the proportion of candidates who successfully clear each exam level.
- FRM pass rates fluctuate across exam administrations and years.
- Part I generally has a lower pass rate than Part II, although this can vary by exam window
- GARP does not announce a fixed public passing percentage.
- Pass rates don’t measure individual difficulty—preparation, conceptual clarity, and exam performance matter.
- Past pass rates can be useful as a benchmark, but candidates should focus on consistent preparation rather than targeting the average.
What is FRM and why pursue it?
FRM stands for Financial Risk Manager. It is a globally recognised qualification that helps you specialise in risk management. The qualification helps you build expertise in
- Market Risk
- Credit Risk
- Operational Risk
- Investment Risk
- Risk Modeling
Employers highly recognise professionals with a financial risk management certification for its level of difficulty that makes it worth pursuing. However, checking the FRM eligibility is a must before pursuing the qualification.
Recent FRM Pass Rates at a Glance
The latest FRM pass rates issued by GARP are for November 2025.
You can also read our blog on is FRM worth it to understand the career prospects, benefits, costs and potential return on investment of pursuing the qualification.
Current FRM Part 1 Pass Rates
Generally, the pass rates fluctuate variably, reflecting a clear difference between the FRM Part 1 exam and the Part 2 level of exam difficulty. The current recorded FRM level 1 pass rates are,
This data currently shows that FRM Part I pass rates fluctuated across 2024–2025, ranging from 47% to 58%, with the latest November 2025 rate at 47%.
If you want to proceed, read our blog on FRM registration to not waste time and avoid, missing important deadlines and complete the registration process correctly.
Current FRM Part 2 Pass Rates
As the pass rates fluctuate, the table below shows the percentages recorded across recent FRM Level 2 pass rate follows below,
It is clearly seen that FRM Part II pass rates were relatively stable across 2024–2025, staying between 50% and 52%, with 50% recorded in November 2025.
If these pass rates scare you off, you can go through the FRM syllabus in detail to understand whether it suitably aligns with your path or not.
Historic FRM Pass Rates
FRM pass rates have changed over the years, reflecting differences in exam difficulty and candidate performance. This historical data will help candidates understand how the pass rate has changed over time.
FRM Part I pass rates have generally remained around the mid-40% to mid-50% range, while Part II has often recorded higher pass rates, although considerable variation can occur.
What the FRM Pass Rate Trends Tell Us
The historical pass rates show a few noticeable patterns across FRM exam administrations:
- Pass rates fluctuate between exam windows.
- FRM Part I pass rates move across a wider range than Part II.
- Part II has generally remained more stable in recent years.
- Recent pass percentages remain around the 50% mark, rather than showing a continuous upward or downward trend.
FRM pass rates fluctuate across exam windows and years, but the data does not indicate that one particular exam window is consistently easier or harder than another.
How Difficult Is the FRM Exam
The FRM exam is challenging because it tests a broad range of risk-management concepts, quantitative techniques and their practical application. However, the pass rates alone do not determine how difficult the exam is.
Your preparation time, familiarity with quantitative concepts and ability to apply concepts under exam conditions also play an important role. So, for candidates, the difficulty can be understood through three key factors:
Quantitative Concepts
FRM Part I includes quantitative analysis, probability, statistics and financial mathematics.
Breadth of Syllabus
The exam covers multiple areas of financial risk management, requiring both conceptual understanding and application of the learned concepts in practical, real-life situations.
Time pressure
Candidates need to solve questions accurately within a limited exam duration, making time management an important part of preparation.
So, FRM Part I is challenging, but for new candidates it is even more challenging due to the quantitative finance, while Part II requires deeper application of risk-management concepts. But a structured study plan and consistent practice can make the exam considerably more manageable.
How GARP Sets the Passing Score
The passing scores are not set by GARP early on. They do not even publish a fixed passing percentage for the FRM exams. Instead,
- Candidates receive a pass or fail result rather than a numerical passing score.
- The passing standard is determined through GARP’s exam-setting and assessment process for each administration.
- Candidates also receive quartile information showing how their performance compares with other candidates.
- The published FRM pass rate shows the percentage of candidates who passed, not the percentage of questions a candidate needs to answer correctly.
Therefore, FRM pass rates should not be interpreted as a fixed passing score. They show the percentage of candidates who passed a particular exam administration, not the minimum number of questions required to pass.
What Factors Affect FRM Pass Rates?
Certain factors that affect FRM pass rates include,
Exam difficulty
The complexity and application-based nature of questions can influence the number of candidates who pass.
Candidate preparation
Study time, practice questions, mock exams, and understanding of concepts can significantly affect the performance of the candidates.
Syllabus coverage
FRM covers multiple areas of risk management, requiring candidates to prepare across the full syllabus.
Exam format
Time management and the ability to apply concepts under exam conditions can affect candidates’ results.
Candidate background
Having prior knowledge of finance, mathematics, statistics, and risk management certainly reduces preparation time for the candidate while improving their performance.
Exam administration
FRM Pass rates vary all the way across May, August, and November administrations, so a single exam window should not be treated as consistently easier or harder one to crack.
Can You Beat the Average FRM Pass Rate?
Yes, you can beat the average FRM pass rate as it is an overall statistic. It must not be treated as a benchmark that limits your chances of passing. Your result depends largely on how well you prepare and perform in the exam. So you can beat the FRM pass rates by,
- Following a structured study plan covering the complete syllabus.
- Focusing on conceptual understanding rather than memorising formulas.
- Practising exam-style questions regularly to improve accuracy and speed.
- Taking mock tests under timed conditions to identify weak areas.
- Revising consistently instead of relying on last-minute preparation.
- Tracking your performance and spending additional time on topics where your scores are lower.
- Aiming above the historical pass rate, but set your own target based on your preparation and mock-test performance.
Conclusion
At last, we can reach a conclusion that the FRM pass rate is the percentage of students passing the exam. It varies as per exam window and is different for Part 1 and Part 2 exams. You can use these as your reference point while focusing on thorough preparation, practice and time management. With a structured study plan and consistent effort, it is possible to perform well above the average FRM pass rate.
FAQs
What is the FRM Part 2 pass rate?
The FRM Part 2 pass rate was around 50%–52% across the 2025 exam administrations, with a 50% pass rate in November 2025.
How many attempts does it take to pass FRM on average?
There is no official GARP number establishing an average number of attempts needed to pass FRM. But it varies based on a candidate's preparation, background and performance.
How do I check official FRM pass rates?
You can check the latest FRM pass-rate information through GARP's official FRM programme and exam updates. It is best to rely on GARP rather than third-party estimates when citing pass rates.
Is the FRM pass rate the same every year?
No, FRM pass rates can fluctuate across years and exam administrations. Changes in candidate performance and individual exam sessions can contribute to these variations.
Does GARP have a fixed passing score for FRM?
GARP does not publicly state a fixed percentage of questions that candidates must answer correctly to pass. Candidates receive a pass or fail result after the exam.
Why does the FRM pass rate vary between exam windows?
Pass rates can vary because candidate performance and exam outcomes differ across administrations. Therefore, no particular window should automatically be considered easier or harder based solely on historical pass rates.
Can I pass FRM with self-study?
Yes, candidates can prepare through self-study using the official curriculum, practice questions and mock exams. A structured study plan and consistent practice are important.
