Key facts
- Part I results come as pass or fail only, with no score and no published passing score (check the official website).
- You also get a quartile for each topic area that ranks you against the other candidates of the same exam: quartile 1 is the top quarter, quartile 4 the bottom quarter (check the official website).
- A retake for the May 2027 window costs US$600 (check the official website) early or US$800 (check the official website) standard: a new Part I registration at the early or standard fee, without the one-time enrolment fee (check the official website).
- Results arrive within eight weeks after the exam window closes (check the official website); after November 2026 that still leaves the early registration period for May 2027, 1 December 2026 – 31 January 2027 (check the official website).
- The careers website 300Hours estimates the passing score of recent Part I exams at about 49% to 54% – an estimate from its readers' results, not a GARP figure.
Failing Part I of the FRM® Exam hurts, but it is a result you can work with. Your result is pass or fail only, with no score and no published passing score (check the official website), and you also get a quartile for each topic area that ranks you against the other candidates of the same exam: quartile 1 is the top quarter, quartile 4 the bottom quarter (check the official website). A retake is a new Part I registration at the early or standard fee, without the one-time enrolment fee (check the official website). (300Hours, passing-score estimates (secondary source))
If the result has just arrived, give yourself a few days before you decide anything. You gave this exam months of evenings and weekends, and disappointment, anger or doubt are normal reactions. One exam on one day says nothing about whether you belong in risk management. When you are ready, this page helps you read the result, choose the window and split your hours by your quartiles. The FRM® Exam and its rules are set by GARP (GARP, FRM Exam information).
What does your Part I result tell you?
Two things: whether you passed, and where you stood against the other candidates in each of the four topic areas. There is no score and no percentage (300Hours, passing-score estimates (secondary source)). A quartile is a ranking, not a mark: a quartile 4 area does not mean you got nothing right (AnalystPrep, results and quartiles (secondary source)).
| Quartile | Where you stood in that area | What to do with it |
|---|---|---|
| 1 | Top quarter of candidates | Keep it warm: short reviews and mixed questions |
| 2 | Second quarter, above the middle | Review, then timed practice |
| 3 | Third quarter, below the middle | Rebuild the core topics, then practise |
| 4 | Bottom quarter | Start again from the basics, with questions from day one |
Because quartiles compare you with everyone else, they cannot say how close you came to passing. They tell you where to put your hours, which is what a retake needs.
What score do you need to pass Part I?
Nobody outside GARP knows: the result is pass or fail only, with no score and no published passing score (check the official website). What exists are estimates. The careers website 300Hours collects results from its readers and estimates the minimum passing score of recent Part I exams at about 49% to 54% – 53% for May 2026 and 49% for August 2026 (300Hours, passing-score estimates (secondary source)). These are estimates from a reader survey, not GARP figures, and the bar can move from one exam to the next. The same website suggests aiming for 65% or more in practice exams (300Hours, passing-score estimates (secondary source)). Our Part I dataset looks at the passing-score question in more detail.
Use that as a rough guide, not a target to scrape past. If your timed practice scores were in the 50s, you were probably near the line; if they were well below, plan a fuller cycle.
How do you split your retake hours by quartile?
Our planning rule: multiply each area's exam weight by its quartile number and share your hours in proportion. Weak areas with a high weight get the most time, and no area drops to zero – a quartile 1 area still needs review. The weights are GARP's 2026 weights, as on our course page (GARP, FRM Exam information); check the weights for the year of your retake. An example with 150 hours:
| Topic area | Weight | Quartile | Points | Hours |
|---|---|---|---|---|
| Quantitative Analysis | 20% | 4 | 80 | 40 |
| Foundations of Risk Management | 20% | 2 | 40 | 20 |
| Financial Markets and Products | 30% | 3 | 90 | 45 |
| Valuation and Risk Models | 30% | 3 | 90 | 45 |
Put in your own quartiles and the hours your week really holds – the study-time budget calculator works those out, and the Part I study planner turns them into weeks. Within each area, start with the topics you remember getting wrong, and keep a written note on every question you miss.
When can you sit Part I again?
At the next window you can still register for. Results arrive within eight weeks after the exam window closes (check the official website), and registration for the following window sometimes closes before that. Counting from the latest day a result can arrive:
| You sat Part I in | Result arrives by | Earliest retake you can still register for | Weeks |
|---|---|---|---|
| November 202614–20 November 2026 (check the official website) | 15 January 2027 | May 2027, with early registration still open (1 December 2026 – 31 January 2027 (check the official website)) | 16 |
| May 20278–13 May 2027 (check the official website) | 8 July 2027 | Not August 2027: its standard registration (1 May – 30 June 2027 (check the official website)) can end before the result arrives; November 2027, with early registration still open (1 May – 31 July 2027 (check the official website)) | 18 |
| August 202713–14 August 2027 (check the official website) | 9 October 2027 | November 2027 only if standard registration is still open: check the official website | – |
“Weeks” counts from the latest day the result can arrive to the first day of that window; an earlier result gives you more. If you sat Part I in August 2026, registration for November 2026 is closed – GARP's page listed it as closed on 20 October 2026 (check the official website), so the next window is May 2027, 8–13 May 2027 (check the official website) – from Monday 2 November 2026, 26 full weeks away.
Should you retake at the next window or later?
Our own decision table – the next window is the earliest date, not a deadline:
| Your situation | Our suggestion |
|---|---|
| Mostly quartiles 1 and 2, with one or two areas in quartile 3 | The next window you can register for, with 12–16 weeks on the weaker areas |
| Two or more areas in quartile 4 | A full cycle of about six months, planned like a first attempt |
| Busy season at work, a move or a new baby before the next window | The window after; a rushed second attempt costs another fee |
| You registered, but your weeks will not hold the hours | Deferring one registration costs US$250 (check the official website); check GARP's deferral rules first |
| Second or third fail | Change the method before adding hours (see below) |
The fee is the same as for a first attempt: US$600 (check the official website) early or US$800 (check the official website) standard for May 2027, without the enrolment fee of US$400 (check the official website) you paid the first time. The FRM® Exam cost calculator adds up retakes and a deferral in your currency.
What does a 16-week retake plan look like?
After the November 2026 window, the result arrives by 15 January 2027 at the latest, which leaves 16 full weeks to May 2027. A template for those weeks, our own planning rule:
| Weeks | Focus |
|---|---|
| 1 | Rest, read the result, split your hours by quartile and register in the early period, 1 December 2026 – 31 January 2027 (check the official website); book your exam appointment soon after – the last day to schedule it is 23 April 2027 (check the official website) |
| 2–8 | Rebuild the areas in quartiles 3 and 4 first, with questions from day one and a note on every wrong answer |
| 9–11 | Mixed review across all four areas, coming back to each at growing intervals |
| 12–15 | One timed mock a week in the exam format – 100 questions in 4 hours – and a day of review after each |
| 16 | Light review, sleep, travel and exam-day logistics |
The order rests on learning research: testing yourself beats rereading (Roediger and Karpicke, 2006) (Dunlosky et al., 2013), spacing reviews over time helps you keep what you learned (Cepeda et al., 2006), and mixing topics trains you to tell similar problems apart (Rohrer, 2012). With more weeks – after an August 2026 exam, for example – stretch weeks 2–11 and keep the last five as they are. The exam pace calculator gives the minutes per question for your mocks, and the Part I formula sheet is a quick check of the formulas you need to know cold.
What if you have failed Part I more than once?
The sources we read name no limit on the number of attempts: check the official website. More important than the count is the signal – doing the same again rarely gives a different result. Before you register, answer four questions honestly:
- Did you finish every area, or run out of time on the last ones?
- Did you sit full mocks under exam conditions, and score in them where you needed to be?
- Did you review every wrong answer, or just mark it and move on?
- Did your weeks really hold the hours your plan assumed?
Then change one big thing: start earlier, switch from reading to questions first, or move the exam to a quieter season. And it is fair to ask whether the goal still fits – comparing the FRM® Exam with the CFA® Program can help you check the direction.
Which mistakes are common after a fail?
- Restudying everything equally. Your quartiles show where the hours pay off.
- Reading a quartile as a score. Quartile 4 means the bottom quarter of candidates in that area, not zero.
- Waiting for the result to plan the next window. Check the registration dates first: one of them may close before the result arrives.
- Booking the earliest window by reflex. Check your week with the study-time budget calculator first.
- Keeping it to yourself. Telling a friend, colleague or family member takes some of the weight off.
When should you get support?
Against stress, the NHS suggests simple steps such as staying active, connecting with other people and concentrating on what you can control (NHS, 10 stress busters). If you are struggling to cope, or what you try yourself is not helping:
- In England, book a GP appointment, or refer yourself to NHS talking therapies if you are 18 or over; call NHS 111 if you need help urgently and 999 in an emergency (NHS, stress).
- If you need someone to talk to, Samaritans answer on 116 123 (NHS, stress).
- In the US, the 988 Suicide & Crisis Lifeline takes calls and texts on 988 and chats online, free, confidential and around the clock (988 Lifeline (US)).
- Elsewhere, start with your doctor or local health service.
What this means for you
Take a few days, then write down your four quartiles, choose the window from the table above and split your hours before you open a book. Our FRM® Exam Part I course gives you practice questions with worked explanations by topic area; it complements GARP's own material and does not replace it.
Frequently asked questions
What happens if you fail Part I of the FRM® Exam?
Your result is pass or fail only, with no score and no published passing score (check the official website), and you also get a quartile for each topic area that ranks you against the other candidates of the same exam: quartile 1 is the top quarter, quartile 4 the bottom quarter (check the official website). You can register for a later window; a retake is a new Part I registration at the early or standard fee, without the one-time enrolment fee (check the official website).
What do the quartiles on my FRM® Exam result mean?
You get a quartile for each topic area that ranks you against the other candidates of the same exam: quartile 1 is the top quarter, quartile 4 the bottom quarter (check the official website). A quartile is not a score, so it cannot say how close you were to passing, but it shows where to put your hours.
What is the passing score for FRM® Exam Part I?
It is not published: the result is pass or fail only, with no score and no published passing score (check the official website). The careers website 300Hours estimates about 49% to 54% for recent Part I exams from results its readers report, and suggests aiming for 65% or more in practice exams. These are estimates, not GARP figures.
How much does it cost to retake Part I?
For the May 2027 window, US$600 (check the official website) early or US$800 (check the official website) standard, before taxes: a new Part I registration at the early or standard fee, without the one-time enrolment fee (check the official website).
When can I retake Part I?
At the next window you can still register for. Results arrive within eight weeks after the exam window closes (check the official website). After November 2026 the result arrives in time for early registration for May 2027. After May 2027, standard registration for August (1 May – 30 June 2027 (check the official website)) can close before the result arrives; if it does, the earliest retake is November 2027.
How many times can you take Part I?
The sources we read name no limit: check the official website. After a second fail, change your method – more timed mocks, questions before reading – rather than only adding hours.
How should I split my study time for the retake?
Our rule: multiply each topic area's exam weight by its quartile number and share your hours in proportion. With 150 hours, quartiles 2, 4, 3 and 3 for Foundations, Quantitative Analysis, Markets and Valuation give 20, 40, 45 and 45 hours.
Related tools and pages
Sources
- 300Hours (finance careers website, secondary source): FRM Minimum Passing Score: Our Best Estimates So Far – pass or fail results, quartile bands and estimates from a survey of readers' results (2 September 2026). Accessed 30 October 2026.
- AnalystPrep (exam prep provider, secondary source): FRM May 2026 Exam Results & Next Steps – what the quartiles show (12 July 2026). Accessed 30 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam information: format and exam topics. Accessed 26 October 2026.
- Roediger, H. L. & Karpicke, J. D., Psychological Science 17(3), 249–255: Test-enhanced learning: Taking memory tests improves long-term retention (2006).
- Dunlosky, J., Rawson, K. A., Marsh, E. J., Nathan, M. J. & Willingham, D. T., Psychological Science in the Public Interest 14(1), 4–58: Improving students’ learning with effective learning techniques (2013).
- Cepeda, N. J., Pashler, H., Vul, E., Wixted, J. T. & Rohrer, D., Psychological Bulletin 132(3), 354–380: Distributed practice in verbal recall tasks: A review and quantitative synthesis (2006).
- Rohrer, D., Educational Psychology Review 24(3), 355–367: Interleaving helps students distinguish among similar concepts (2012).
- NHS (National Health Service, England): 10 stress busters (26 June 2026). Accessed 30 October 2026.
- NHS (nhs.uk): Stress – symptoms, things you can try, and when to get help (GP, NHS talking therapies, NHS 111, Samaritans) (6 March 2026). Accessed 30 October 2026.
- 988 Suicide & Crisis Lifeline (United States): 988 Suicide & Crisis Lifeline: call, text or chat 988. Accessed 30 October 2026.
- PrepProviders (comparison website, secondary source): FRM exam dates and fees, 2026 to 2027 (5 October 2026). Accessed 30 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam logistics and test dates. Accessed 26 October 2026.
- 300Hours (finance careers website, secondary source): FRM Exam Guide 2026: Everything You Need to Know. Accessed 30 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam policies: deferral, ID, calculator and more.
- 300Hours (finance careers website, secondary source): FRM Fees: What's The Total Cost? (4 June 2026). Accessed 30 October 2026.
- Omni Finance Academy (exam prep provider, secondary source): FRM® exam dates: which deadline should you act on now? (21 October 2026). Accessed 30 October 2026.
High Performer Certs is an independent study platform. It is not affiliated with, endorsed by, or sponsored by CFA Institute or the Global Association of Risk Professionals (GARP). We are not a CFA Institute Prep Provider and not a GARP Exam Preparation Provider. CFA Institute does not endorse, promote, review or warrant the accuracy or quality of our products and services. GARP does not endorse, promote, review or warrant the accuracy of our products or services. All questions and explanations are our own original material and contain no CFA Institute or GARP exam, curriculum or practice questions. CFA®, Chartered Financial Analyst®, CIPM® and GIPS® are registered trademarks owned by CFA Institute. FRM® and GARP® are trademarks owned by the Global Association of Risk Professionals.