GARP reports FRM pass rates for its May and August windows together, and for November separately. The figures move less than many candidates expect, which makes them a useful planning tool rather than a source of anxiety.
FRM pass rates by window
| Window | Part I | Part II |
|---|---|---|
| November 2025 | 47% | 50% |
| May / August 2025 | 58% | 52% |
| November 2024 | 55% | 52% |
| May / August 2024 | 56% | 52% |
| November 2023 | 45% | 53% |
| May / August 2023 | 47% | 51% |
| November 2022 | 50% | 59% |
| May / August 2022 | 51% | 57% |
Over the last five years, Part I has averaged around 49% and Part II around 56%. Combined 2026 figures had not been published by GARP when this page was checked.
Why Part II used to pass more often, and what changed
Part II covers more topics and expects you to apply risk frameworks rather than recall formulas, so most candidates find it more demanding. For years its pass rate was still higher because the candidate pool is different: everyone has already passed Part I, many work in risk roles, and fewer people sit it "just to try".
Recent windows broke that pattern. Through 2024 and the May/August 2025 windows, Part I passed at 55–58% while Part II held at 52%. In November 2025 both fell back to around 50%. The practical lesson is that neither part is "the easy one". Plan each around your own practice scores, not the headline rate.
What the numbers mean if you sit both parts together
GARP only grades Part II if you pass Part I in the same window. With Part I passing at around half of candidates, a typical candidate who books both at once has roughly a coin-flip chance that the Part II fee is wasted.
- Sit both together if you already work in risk, have strong quantitative skills and consistently score well above average on full Part I mocks.
- Sit them separately if you are new to the field or studying alongside a demanding job. You lose a few months but protect $600–$800.
Our FRM cost calculator shows how a retake or an ungraded Part II changes your budget.
How to read your FRM result
GARP does not publish a passing score. Instead, your result shows whether you passed and a quartile ranking for each topic, comparing you with other candidates. If you do not pass, those quartiles are your best guide:
- Topics in the bottom quartile are where most of your retake study should go.
- Topics in the top quartile need only light review.
- For Part I, the two 30% topics (Financial Markets and Products, Valuation and Risk Models) move your result the most.
Plan your retake hours with the FRM study planner.
Frequently asked questions
What is the FRM Part I pass rate?
GARP reported a 47% pass rate for FRM Part I in November 2025. Over the last five years, Part I pass rates have ranged from the mid-40s to the high-50s, averaging around 49%.
Is the FRM Part II pass rate higher than Part I?
Over the last five years it has been, averaging around 56% against about 49% for Part I, mainly because everyone sitting Part II has already passed Part I. In most 2024 and 2025 windows, however, Part I passed at a similar or higher rate than Part II.
What score do you need to pass the FRM exam?
GARP does not publish a fixed passing score. The passing standard is set for each exam, and results show your performance by quartile in each topic compared with other candidates.
When are FRM results released?
GARP posts results on the candidate portal within eight weeks of the exam window closing.
Are FRM pass rates published for 2026?
GARP had not published combined 2026 pass rates on its site when this page was checked. The latest official figures are for November 2025.