The Financial Risk Manager (FRM) is a certification in Financial Risk Management conducted by the Global Association of Risk Professionals (GARP). The certification allows a person interested in financial risk management to gain the required knowledge to be successful in the field. It is also a niche certification highly valued by financial institutions operating in risk management worldwide.
To be conferred the FRM designation, a candidate not only have to pass the exam, but should also have an active membership in GARP and a minimum of two years of experience in the area of financial risk management or another related field including, but not limited to, trading, portfolio management, academic or industry research, economics, auditing, risk consulting, and/or risk technology.
The FRM exam is conducted every November (only once in a year) and the registration usually starts from March of that year. The registration can be done online. The registration fees range between USD 550 and USD 950, depending upon whether one registers early or late.
The FRM Examination is a 5 hour comprehensive examination consisting of approximately 140 multiple-choice questions. The examination is split into two sections; each is 2.5 hours in length with a lunch break in between. The exam is given in booklet form. The exam is conducted at designated test sites across the world.
Compared to Chartered Financial Analyst (CFA), the FRM is a niche exam exclusively for Risk Management Professionals. So, those who are aspiring for a Risk Management profession shall prefer FRM to CFA.
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FRM holders form a pretty elite group, which is slightly less than 18 000 members around the world. This creates a well-recognized as a standard and a useful network.
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I have both a CFA and an FRM, and I can say that there is limited overlap between what is covered in the FRM program and the risk studies in the CFA program. I would recommend the FRM to any individual who already has the CFA.
Cheers!
Great article.
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Great Post! FRM stands for Financial Risk Manager. The FRM Certification is a professional certification offered by the Global Association of Risk Professionals (GARP).
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