GARP FRM® Pass Rates in 2026 and What May and August Suggest About November

Last updated: September 2026

The August FRM results are either out or right around the corner.

November registration is still open.

That combination creates the same conversation every year.

Candidates start comparing pass rates.

They want to know whether the exam is becoming more difficult, whether pass rates are moving in a particular direction and whether November candidates should expect anything different from the cohorts that tested earlier in the year.

The answer is usually less dramatic than people expect.

FRM pass rates move from one administration to the next but they tend to be more stable than many professional exams. That’s why a single exam window rarely tells the whole story.

To understand the FRM pass rate 2026, it makes more sense to step back and look at the broader picture. What do we know from May so far? What might August reveal? And is there anything in the data that should change how you approach November?

May and August 2026 Pass Rate Recap

At the time of writing, GARP’s most recently published pass rates remain those from the November 2025 administration.

The table below will be updated as 2026 figures become available.

Exam Window	Part I	Part II
November 2025	47%	50%
May 2026	Refer to our FRM May 2026 Results article	Refer to our FRM May 2026 Results article
August 2026	Pending	Pending
November 2026	Not yet administered	Not yet administered

For now, anyone researching the FRM Part 1 pass rate 2026 or FRM Part 2 pass rate 2026 is still working with November 2025 as the latest official reference point.

That will change once GARP updates its published statistics for the 2026 exam cycle.

What the Numbers Actually Say

Two exam windows do not make a trend.

That’s worth remembering because candidates often look at one unusually high or low result and assume something fundamental has changed.

The long-term data tells a different story.

Over the past 16 years, the GARP FRM historical pass rate has been remarkably stable. Part I has averaged roughly 47% while Part II has averaged roughly 56%.

There have been fluctuations, of course.

Part I has historically ranged from the high 30s to the high 50s. Part II has generally stayed between 50% and the low 60s.

The broader pattern matters more than any individual administration.

One interesting development is that recent years appear to have produced stronger Part I results than the period immediately before them. Some industry analyses suggest pass rates climbed into the mid-50% range during portions of 2024 and 2025.

That doesn’t automatically mean the exam became easier.

It may reflect better preparation resources, more effective study strategies, stronger candidate cohorts or a combination of all three.

This is where candidates should be careful.

A genuine FRM pass rate trend requires multiple administrations moving in the same direction over a longer period of time.

At the moment, the strongest conclusion is not that the FRM exam is undergoing a major shift.

It’s that pass rates remain relatively stable by historical standards.

Is the FRM Exam Getting Harder?

This question appears every results season.

Is FRM getting harder?

The pass-rate data doesn’t provide strong evidence that it is.

The exam is difficult. Nobody disputes that.

Part I remains one of the more challenging hurdles in professional finance education because it combines quantitative analysis, financial markets, valuation and risk management into a single exam.

Part II introduces a different challenge. It expects candidates to apply those concepts in practical risk-management settings.

What the numbers show is consistency.

The pass rates move but they don’t swing wildly.

Most years, Part I lands somewhere around the mid-to-high 40% range, while Part II typically remains above 50%.

If candidates perceive the exam as becoming harder, that perception often comes from the breadth of the curriculum or the amount of preparation required rather than a clear deterioration in pass rates.

How to Benchmark Your Own Prep Against It

This is where pass rates become genuinely useful.

Not because they predict your result.

Because they help you ask better questions about your preparation.

A candidate who sees a 47% pass rate often reaches the wrong conclusion.

They think:

“I’ve got roughly a fifty-fifty chance.”

That’s not how pass rates work.

Pass rates describe a cohort.

They don’t describe you.

A much better question is:

“What evidence do I have that I’m ready?”

Start with your mock exams.

Are your scores improving?

Are you consistently performing well across topic areas?

Are you finishing on time?

Are the same mistakes showing up repeatedly?

Those answers tell you far more than an aggregate pass rate ever will.

As a rough benchmark, candidates who consistently score above 60% to 65% across full-length mock exams are often in a strong position heading into exam day. That doesn’t guarantee a passing result but it is usually more meaningful than simply feeling confident.

Once results arrive, your quartile rankings become even more useful.

A pass rate tells you how the overall group performed.

Your quartiles tell you where you performed relative to that group.

If you want a deeper breakdown of quartile scores and result interpretation, see our FRM May 2026 Results guide.

Study Plan Implications Heading into November

Pass rates should influence your preparation strategy.

They shouldn’t dominate it.

Suppose August pass rates come in lower than many candidates expected.

That would not mean November suddenly became a bad idea.

What it should do is encourage candidates to double down on exam-level preparation.

Many candidates spend too much time reviewing notes and not enough time diagnosing mistakes.

The difference matters.

Reading feels productive.

Fixing errors is productive.

The candidates who improve most between mock exams are usually the ones who spend time understanding why they missed questions in the first place.

The long-term data also suggests another practical takeaway.

Part I has historically produced lower pass rates than Part II.

That doesn’t necessarily mean Part I is harder for every candidate but it does suggest that Part I deserves respect.

If you’re preparing for Part I, don’t treat quantitative topics as something you’ll circle back to later.

Build them into your preparation from the beginning.

And if you’re still deciding which exam makes sense for November, our guide on FRM Part 1 or Part 2 in November walks through the decision process in detail.

What Might the November 2026 Pass Rate Look Like?

Many candidates are looking for an FRM November 2026 pass rate prediction.

Understandably so.

Everyone wants to know what they’re up against.

The challenge is that pass rates are reported after the administration, not before it.

No one knows what the November numbers will be.

What history does tell us is that FRM pass rates tend to stay within fairly recognizable ranges.

That means the most reasonable expectation is stability rather than a dramatic surprise.

Could November post a higher pass rate than May?

Yes.

Could it post a lower one?

Also, yes.

Neither outcome would be unusual.

What would be unusual is a result dramatically outside the historical range.

For candidates, the practical lesson is simple.

Your outcome will depend far more on your preparation than on where the overall pass rate eventually lands.

See Where Your Mock Scores Stand

See where your mock scores stand against the FRM pass rate. Free trial of AnalystPrep’s FRM QBank.

Frequently Asked Questions

What is the FRM Part I pass rate for 2026?

The FRM Part 1 pass rate 2026 depends on the specific administration. At the time of writing, candidates should check the latest figures released by GARP as 2026 data becomes available.

What is the FRM Part II pass rate for 2026?

The FRM Part 2 pass rate 2026 will depend on the administration. Updated figures should be verified after GARP publishes official results.

Is the FRM exam getting harder?

There is no clear evidence that the FRM exam is becoming systematically harder. Historical pass-rate data has remained relatively stable over time.

Why is FRM Part I harder than Part II?

Many candidates find Part I more challenging because it covers a broader quantitative foundation. Part II candidates have already passed Part I, which creates a more experienced candidate pool.

Does GARP publish pass rates for every exam window?

Yes. GARP periodically updates published pass rates for FRM exam administrations.

What is the GARP FRM historical pass rate?

Looking across the last 16 years, the GARP FRM historical pass rate averages roughly 47% for Part I and approximately 56% for Part II.

What is the best way to use the FRM pass rate trend?

The FRM pass rate trend is best used as context. It can help you understand how cohorts have performed over time but it should never replace mock-exam performance and topic-level preparation as a measure of readiness.

What is a reasonable FRM November 2026 pass rate prediction?

Any FRM November 2026 pass rate prediction should be treated cautiously. Historical patterns suggest that pass rates are more likely to remain within their long-term ranges than to produce a dramatic surprise.