Tax, audit and risk credentials

FRM® exam cost: enrollment, two parts and the 2027 windows

If both parts are passed the first time, the FRM® (Financial Risk Manager) costs $1,600 with early registration and $2,000 at standard prices, the $400 one-time enrollment included. Add retakes and prep below.

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FRM: enrollment and two exam parts

Example, not your result yet· change a figure to see yours

FRM® fees, prep not included

$1,600

One-time enrollment$400
Exam fee × 2$1,200
Your review course and booksnot included: type it above

Part I and Part II cost the same: $600 early, $800 standard (GARP, 2027 sessions).

Compare every credential

The Financial Risk Manager (FRM®) designation is awarded by GARP, the Global Association of Risk Professionals, to candidates who pass two exams, Part I and Part II, and meet its experience requirement. The fees are simple. A new candidate pays a one-time enrollment fee of $400, then $600 per part with early registration or $800 with standard registration, the same for both parts. Passing each part at the first try therefore costs $1,600 with early registration and $2,000 with standard. For 2027, GARP lists three windows: May 8-13, August 13-14, November 13-18 for Part I. Early registration for May 2027 runs to December 1, for August to March 1 and for November to May 1. GARP’s pass rates were not read for this site, so retakes are entered by hand in the calculator.

Fees read and totals checked by Radif Partners · Editorial policy · Method and sources

The 2027 windows

GARP, FRM® exam fees and payments, read on November 7, 2026. Each deadline is the last one before the window.
WindowPart IPart IIEarly registrationStandard registration
May 2027May 8-13, 2027May 15-17, 2027until December 1until February 1
August 2027August 13-14, 2027 (morning)August 13-14, 2027 (afternoon)until March 1until May 1
November 2027November 13-18, 2027November 20-22, 2027until May 1until August 1

The difference between early and standard is $200 per part. Over two parts, registering early saves $400.

Totals with retakes

Enrollment plus two parts plus retakes at the same registration price.
PlanEarly registrationStandard registration
0 retakes$1,600$2,000
1 retake$2,200$2,800
2 retakes$2,800$3,600

Retakes are valued at the same price as the first sitting. GARP’s pass rates were not read for this site, so the calculator does not infer a number of retakes from them.

FRM® or CFA® Program?

The two are often weighed against each other by people in risk and investment roles. In fees, the FRM® is lighter: two exams instead of three, and $1,600 at the first try with early registration against $3,520 for the three CFA® levels. The CFA® exam cost calculator adds the CFA® retakes, which the published pass rates make likely.

Not in the total

GARP membership, the cost of the experience requirement and any travel to a test center are not included. Only fees read on GARP’s fees page are.

Prep

Type what you will spend on books, a course or practice exams, once. This site sells none and does not list prices. If you budget a retake, decide whether your materials would carry over and adjust the amount you type.

The CIA is the other professional designation on this site with a clear price list, and the comparator sets all six side by side.

Early registration, window by window

The early deadlines come months before each window: December 1 for May 2027, March 1 for August and May 1 for November. Standard registration then runs to February 1, May 1 and August 1. A candidate who decides late pays $200 more per part. Over a plan of two parts and one retake, the difference between always registering early and always registering late is $600, on top of an exam bill that is otherwise fixed.

One window or two

In May and November 2027 the two parts fall on different days of the same window; in August they share the same days, morning and afternoon. Sitting both in one window saves time but not money: each part is paid at its own registration fee. Whether both parts are graded when they are taken together is a matter for GARP’s own rules, which this site has not read; check them before paying for both in one window.

Whatever plan you choose, the enrollment fee is paid once, so it weighs less the more parts you sit.

Questions candidates ask before they register

Tap a question to see the answer.

How much does the FRM® exam cost?

$400 once to enroll, then $600 per part with early registration or $800 with standard registration, according to GARP. Both parts at the first try cost $1,600 to $2,000 in total, depending on how early you register for each part.

Can I take FRM® Part I and Part II in the same window?

GARP’s August 2027 window lists Part I and Part II on the same days, Part I in the morning and Part II in the afternoon, which lets a candidate sit both. Check GARP’s rules on grading when both parts are taken together before you plan on it.

Do I pay the FRM® enrollment fee again for a retake?

The enrollment fee is described by GARP as one-time. A retake is paid at the exam registration fee of the window you choose, early or standard. Read GARP’s fees page for the conditions attached to enrollment if your plan stretches over several years.

Related costs and pages

CFA® exam cost

Registration fees for the three levels, the retakes the pass rates make likely, your prep and your dues, in one total.

CIA exam cost

Application and three exam parts at member and non-member prices, for 2026 and from January 4, 2027.

Credential cost comparator

Compare what the CPA, CFA®, CFP®, EA, CIA and FRM credentials cost in total, retakes included.

Fee pages, rules and result files behind this page

Totals worked out by

Independent publisher of total-cost calculators for US finance and accounting credentials, built from the fee schedules and pass-rate files of the credentialing bodies

Fees and pass rates read on · Editorial policy · Contact

Fee schedules for 2026, read on . Estimates only, from official fee schedules and published pass rates: a budget, not a quote, and not financial or career advice. Fees change; the body’s own page is the one that counts.