GARP FRM® Pass Rates: What You Really Need To Know in 2025

Thinking about tackling the FRM exam this year? You’re not alone. One of the first things most candidates want to know is this: what are the chances of passing?

If you’re searching for the FRM pass rate, FRM passing percentage or just want the latest FRM exam results, you’ve come to the right place. We’ve got the latest data, insights from real candidates and practical study tips to help you improve your own FRM result.

What Is the FRM Pass Rate for 2024 and Early 2025?

Here are the most recent FRM exam pass rates provided by GARP:

If we zoom out a bit, here’s what we find:

• The FRM Part I pass rate consistently averages around 44%.
• The FRM Part II pass rate continues to hover around 56%.

And remember, there’s no published FRM passing score. GARP uses a relative scoring system, meaning your performance is benchmarked against other candidates sitting the same exam. You don’t need to ace it; you just need to do better than the majority.

Why Is the FRM Exam Still So Tough in 2025?

Is FRM tough? The short answer is: yes, and that hasn’t changed.

Here’s why the FRM passing rate remains low:

1. Candidates Still Underestimate the Exam

Many assume it’ll be similar to academic tests or other finance designations. But the FRM goes deep into real-world applications of risk frameworks, quantitative analysis, market risk modeling and regulatory changes.

2. Study Discipline Remains a Challenge

With GARP still recommending 275–300 hours of prep time per part, the importance of consistent, long-term study can’t be overstated. Too many candidates burn out or start too late.

3. Life Keeps Getting in the Way

Remote work, side gigs, family demands; life in 2025 is busier than ever. If you’re juggling responsibilities, a clear study plan is your lifeline.

4. Mock Exams Are Still Underused

Despite abundant access to study materials, many candidates avoid full-length practice exams. Don’t fall into this trap; mocks train your brain to handle the unique style of FRM exam questions.

Historical FRM Pass Rate Trends

Let’s take a moment to appreciate the bigger picture:

FRM Part I Results (Past 5 Years):

• Lowest: 41% (May 2018)
• Highest: 51% (August 2022)
• Recent average: 44%

FRM Part II Results:

• Lowest: 50% (May 2016)
• Highest: 63% (November 2021)
• Recent average: 56%

One thing to note: Unlike exams like the CFA that saw major fluctuations due to COVID-19, FRM exam pass rates have remained relatively steady. That’s good news; it makes it easier to benchmark your own progress.

For an easy-to-understand breakdown, refer to the table below:

What Are FRM Candidates Saying in 2025?

We combed through forums, survey feedback and user testimonials. Here’s what current test-takers are saying:

• Part II remains unexpectedly qualitative. It’s not all formulas. You’ll need to interpret scenarios, explain models, and apply regulation-based reasoning.
• Some questions feel ambiguous. There can be more than one seemingly correct answer, but only one is the best. That’s a hallmark of GARP’s testing style.
• Topic focus varies wildly. One session might lean heavily into EVT or FRTB, while skipping popular areas such as Basel or credit derivatives. Broad prep is crucial.

Here’s a quote from Nina, who sat the November 2024 exam: “Mock exams saved me. I went from 40% accuracy to 75% just by practicing full sets. Don’t skip them.”

How to Boost Your FRM Exam Pass Rate in 2025

Do you want to be part of the group that gets their FRM results and sees “Pass” at the top? Here’s how:

Tip #1: Start Early

Begin studying 5 to 6 months ahead of your exam. Space out learning, do frequent reviews, and leave the final month for practice tests.

Tip #2: Focus on High-Weight Areas

For Part I:

• Foundations of Risk Management
• Quantitative Analysis
• Financial Markets and Products
• Valuation and Risk Models

For Part II:

• Market Risk Measurement and Management (20%)
• Credit Risk Measurement and Management (20%)
• Operational Risk and Resiliency (20%)
• Liquidity and Treasury Risk (15%)
• Risk and Investment Management (15%)
• Current Issues in Financial Markets (10%)

Tip #3: Use Reputable Study Resources

• GARP readings
• Third-party references for deep dives
• Online tutorials, webinars, and visual explanations
• AnalystPrep FRM prep packages, designed to cover everything with focus

Tip #4: Take Mocks (and Review Them Deeply)

Mocks aren’t optional; they’re vital. Aim for three to five full mocks. After each one, go through every question you got wrong. You’ll be amazed at how much you improve.

Tip #5: Stick to a Study Plan

Your time is your biggest resource. Use a calendar. Track progress. Set micro-goals each week. Reward yourself after each milestone.

When Are the FRM Results Released in 2025?

FRM result dates tend to follow a pattern: around 6 weeks after the exam date.

Here are the expected dates for 2025:

• May 2025 exams: Results expected by mid-July
• August 2025 exams: Results likely by early October
• November 2025 exams: Should arrive in early January 2026

So, if you’re typing “FRM result date 2025” or “FRM Part 1 results” into your browser, just remember it takes time, but the wait will be worth it.

Conclusion

Absolutely. The GARP FRM certification is a valuable asset in 2025, opening up roles in enterprise risk, treasury, banking regulation, fintech, and beyond. Sure, the FRM exam pass rate isn’t high. But the test isn’t designed to be impossible—it’s designed to certify those truly prepared.

Let your prep match the challenge.

Start early. Study smart. Take mocks. Trust yourself.

Explore more:

• Mistakes Every New FRM Candidate Should Avoid
• Secrets to FRM Success: Your Guide to the Financial Risk Manager Exam
• Which is the Best Way to Study for FRM: Self Prep or Guided Study?