FRM Fees: How Much Does It Truly Cost?

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​Here’s a proper guide on all the relevant FRM fees you really need to budget for both Parts of the FRM exams.

First, we are going to dive straight into the total cost of FRM exams (and its assumptions).

Then, we will delve into the details of the 5 main types of costs, before finally discussing money-saving tips to further slash these fees.

Let’s go! 🙂

Table Of Contents

The total FRM fees ranges from $2,050 – $3,548 for both Parts

frm fees infographic

The total cost of all FRM exams ranges from $2,050-$3,548, assuming 2 consecutive passes with no travel & accommodation costs.

This is the FRM fees breakdown by Part:

  • FRM Part 1: $1,250 – $1,999
  • FRM Part 2: $800 – $1,549

The two significant factors that affect the cost range are:

  • the date of exam registration, and
  • whether a candidate chooses to use third party study material or not.

Let’s go through each of the 5 key cost components so you can further improve your cost estimates.

1) FRM enrolment and registration fees [REQUIRED]

CFA Enrollment and Registration Fees

FRM fees consists of:

  1. a one-off enrolment fee of US$400​ (paid once the first time you register for Part 1), plus
  2. a registration fee (for each Part or retake) of $550-$750, depending on when you register for your exams.

Here are the exam fees payable to GARP and relevant registration deadlines (until 11:59pm Eastern Daylight Time respectively):

Fee Type (for all Parts)FRM Exam Cost ​(US$)
One-time Enrolment Fee
​(paid once only during first Part 1 registration)
Registration Fee
​(for each Part or retake):
          Early Registration$550
          Standard Registration$750

2) FRM exam calculator’s price [REQUIRED]

TI BA II Plus guide - how to use BA II Plus CFA calculator

This is something most FRM candidates forget to budget in for, although it’s a relatively small amount of $50 on average.

For those who prefer to bring a spare calculator as a backup during exams, remember to double the cost below accordingly.

Here are the prices of each of the 4 most popular FRM exam approved calculators:

Not sure which calculator to choose? Check out our BA II Plus vs. HP12C guide →

3) FRM study materials cost [REQUIRED]

CFA Study Material Cost Level 1,2 and 3

GARP’s FRM curriculum cost

Unlike CFA exams, FRM registration fee does not include any study materials cost, so you need to factor that in.

There are 2 aspects to this, which depends on whether you’re using GARP’s FRM curriculum or third party study materials as your primary source of learning:

  • GARP’s FRM curriculum books (extra $250-300 per Part): As mentioned previously, FRM registration fees does not include any GARP study materials by default. If you prefer to use GARP’s curriculum, you can get the ebooks for $250 per Part, or physical books for $300 per Part.
  • Third party study materials ($249-$799 per Part): While it is perfectly feasible to study just from GARP curriculum itself, some candidates may choose to spend a little extra to use more concise third party study materials to save time. The cost depends on the type of package and prep provider you choose for each FRM Part.

What this means is that it is perfectly feasible to not use GARP curriculum itself (although most candidates do), and rely exclusively on third party study materials which are just as affordable.

FRM third party study materials cost comparison

Here is a quick summary of the main types of third party study material packages offered by each FRM prep provider, and its associated cost per Level:

Study Material Cost,
​per FRM Part (US$)
Study Notes OnlySelf Study*Premium (​+ Review) Course*
Kaplan Schweser$249$399$799​
Bionic Turtle$249$349-449
Cost Range ($)$249 ​per Part$249 – $399 ​per Part$349 – $799 per Part

* Self study packages typically include study notes, question bank and practice exams. Premium courses (online-based) include learning materials in self-study package, plus video lessons and review sessions.

4) Other FRM exam costs: Travel, retake & rescheduling costs [IF APPLICABLE]

CFA Exam Retake Fee & Travel Cost

With global test locations available for the new computer-based testing (CBT) starting in 2021, some FRM candidates may still have to travel some distance to a test center, and/or make accommodation arrangements to stay overnight nearby. These additional costs – if applicable – needs to be taken into account for both Parts as well.

Another significant cost consideration would be exam retake fees (and the associated study material costs). As you can see from the Registration Fee and Study Material sections, each exam retake costs another $550-750 in registration fees and perhaps another $249-$799 if you need to purchase the latest study materials.

Finally, with CBT exams, there is also a standard $200 deferral fee applicable if you need to defer your original exam appointment to the next exam cycle.

5) GARP’s annual membership fee [OPTIONAL]

frm fees

Finally, if you have passed both Parts of the FRM exams, and submitted 2 years of qualifying work experience, you can then obtain your FRM Certification.

An important note: GARP does not currently require you to be an Individual Member to use your FRM designation.

However, if you choose to do so, this annual membership costs US$150 per year going forward for certified FRMs.

How to reduce FRM exam fees: Tips, discounts & free resources

How to Reduce CFA Exam Costs Discount Promo Code
  • Aim for Early registration, if you can: This saves $200 off the Standard registration fee of $750 for every Part. We also recommend candidates to register early in order to have sufficient study time to maximize your pass chances. Refer to our latest key FRM exam dates here.
  • Apply for GARP’s FRM scholarships: Students and faculty in GARP Academic Partner programs have exclusive access to scholarships which covers FRM Part 1’s registration fees. Do check them out and apply!
  • Finally, check our Offers Page for FRM study material sale & discounts: Third party study materials can be a valuable time-saver and excellent, complementary study resource to GARP’s curriculum. It is worth checking out the FRM section of Offers page before purchasing. 

Hope this helps with FRM fee budgeting. How much did you spend so far on your FRM exam preparations? Leave a comment below!

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