GARP (USA)
FRM — Financial Risk Manager
Market scope
Market, credit, operational and liquidity risk at banks, NBFCs, consulting and GICs. The global standard in risk; pairs naturally with CFA (investments) or SCR (climate risk).
Reality check
- Official fees
- ₹1.5L–₹1.9L
- One-time enrolment (USD 400) plus Part I and Part II registrations at USD 600 early or USD 800 standard each (2026); GST extra
- Months to complete
- 9–18
- Pass rate
- ≈42–56% Part I · ≈45–50% Part II (recent administrations)
- Training
- Required, flexible
- 2 years of risk-related experience to certify, after the exams
Recommend when: Quant readiness and a risk, treasury, banking or fintech-lending goal
Hold back when: Weak quant readiness; no banking or markets intent
Official fees in INR (registration, exams, membership — coaching excluded), realistic months including any mandatory training, and the awarding body's published pass rate. Verify with the awarding body before you register.
- Who it is for
- Undergraduates and professionals targeting risk, treasury risk and model validation roles.
- Structure
- Part I · 100 MCQs (foundations of risk, quantitative analysis, markets & products, valuation & risk models). Part II · 80 MCQs (market, credit, operational & resilience, liquidity & treasury, investment risk, current issues). 4 hours each.
- Eligibility
- None to sit. Pass Part II within 4 years of Part I.
- Duration
- 12–18 months.
- Exam windows
- May, August and November.
- Experience requirement
- 2 years of relevant work to certify.
- What comes next
- CQF; AI in Finance.
Facts last reviewed: 2026-10-23
Read more in Learn
Finance careers for engineers: where a B.Tech is an advantage
Engineers move into finance every year, and in three tracks their maths and coding are an edge, not a gap. Here is where to aim and which credential to start.
2 min read
The CFA charter explained in plain English
Three levels, roughly 300 hours each, and 4,000 hours of work experience. Here is what the CFA actually covers, who it is for and when to start.
2 min read
Management accounting vs financial management: the two halves of finance
Every finance career sits in one of two tranches. One looks at a business from the inside; the other looks at it from the markets. Here is the difference, in plain English.
2 min read