The FRM (Financial Risk Manager) exam has two parts, and GARP publishes a pass rate for each after the main sittings. Here is the latest official data and what it means for your preparation. Confirm the current figures on the GARP site, since they update each sitting.
Latest FRM pass rates
| Exam | Latest pass rate | Sitting |
|---|---|---|
| FRM Part I | 47% | November 2025 |
| FRM Part II | 50% | November 2025 |
GARP states these directly on its FRM program page. Pass rates move from sitting to sitting, so treat these as the most recent snapshot, not a fixed figure.
What the numbers tell you
- The two parts have similar pass rates, but they fail people for different reasons. Part I is heavy on quantitative analysis and the foundations of risk; Part II is more applied (market, credit, operational risk and investment management).
- Like the CFA, the FRM is sat by working professionals studying part-time, so the pass rate reflects preparation as much as difficulty.
- A roughly 50% pass rate means half the candidates were not ready on the day. The reliable way onto the right side of that line is covering the full curriculum and practising under time.
For what the exam covers and whether it fits your path, see the FRM overview and, if you are weighing it against the CFA, our finance certification guidance.