The FRM is one of the more affordable professional finance credentials: two exams, one enrolment fee and no late-registration tier. Even so, prep material and retakes can double your spend. This guide lists every GARP fee for 2026 and shows what candidates typically pay in total.
FRM total cost calculator
| Enrolment fee | $400 |
| Part I and Part II registration | |
| Retakes | |
| Tax on GARP fees | |
| Prep materials |
Uses GARP's 2026 fees. Retakes are priced at your chosen registration fee plus about a quarter of your prep spend for extra practice.
GARP fees for 2026
| Fee | Amount | Notes |
|---|---|---|
| Enrolment fee | $400 | Paid once with your first Part I registration |
| Part I or Part II, early | $600 | Register before the early deadline |
| Part I or Part II, standard | $800 | Register after the early deadline, until registration closes |
| Both parts, first attempt | $1,600–$2,000 | Including enrolment |
GARP has no late-registration tier, so missing the standard deadline means waiting for the next window. Local taxes such as VAT or GST are added at checkout depending on where you live.
What candidates typically spend in total
| Lean | Typical | Premium | |
|---|---|---|---|
| GARP fees | Early: $1,600 | Early: $1,600 | Standard: $2,000 |
| Prep | GARP books only: $0 | Question bank or budget course: about $600 | Premium course: about $2,000 |
| Retakes | None | One part: about $675 | One part: about $1,050 |
| Total before tax | $1,600 | about $2,875 | about $5,050 |
Is it worth paying for both parts at once?
You can register for Part I and Part II in the same window. It looks efficient, but GARP only grades Part II if you pass Part I. If Part I goes wrong, you have paid $600–$800 for a Part II exam that is never marked.
Sitting both together makes sense mainly for candidates who already work in risk and score consistently well on Part I practice exams. For most people, passing Part I first and booking Part II for a later window is cheaper on average, even though it takes longer.
Costs after you pass
- Experience submission: you need two years of relevant full-time experience, submitted to GARP, before you are certified.
- Continuing education: certified FRMs follow GARP's continuing professional development requirements.
- The four-year rule: if you do not pass Part II within four years of passing Part I, you may have to pay the enrolment fee again.
How to keep FRM costs down
- Register early. It saves $200 per part, $400 across both.
- Ask your employer. Banks and regulators often reimburse FRM fees, sometimes on passing.
- Start with GARP's own books and a question bank. Add a paid course only if your practice scores stall.
- Do not double-book unless you are confident on Part I. An ungraded Part II is the most common wasted fee.
See also: FRM pass rates and the FRM study planner.
Frequently asked questions
What is the total cost of the FRM certification?
GARP fees for passing both parts at the first attempt are $1,600 with early registration or $2,000 at standard prices, including the one-time $400 enrolment fee. Prep materials, local taxes and any retakes are extra.
Do I pay the FRM enrolment fee again for Part II?
No. The $400 enrolment fee is paid once, with your first Part I registration. You may have to pay it again if you do not pass Part II within the four-year window.
How much does it cost to retake an FRM part?
A retake costs the registration fee again: $600 early or $800 standard per part. There is no separate retake price.
Is tax added to FRM fees?
Yes, where it applies. GARP adds local taxes such as VAT or GST at checkout based on where you are, so the amount you pay can be higher than the listed fee.
Is the FRM cheaper than the CFA?
Yes. GARP fees for both FRM parts are $1,600 to $2,000, compared with $3,520 to $4,570 for the three CFA levels, and the FRM needs roughly half the study hours.
Official sources