FRM® Exam cost calculator: enrolment, Part I and Part II

How is the result calculated?

The calculator adds the fees GARP sets in US dollars for each part you include and converts them into your currency. Your own costs – a financial calculator, study materials – you enter in your currency; they are converted back for the US dollar total.

$F$ is the total of the exam fees in US dollars and $E$ the one-time enrolment fee (0 if you leave it out). The sum runs over the parts you include: $R_p$ is the early or standard fee of part $p$, $n_p$ the retakes you budget for, each at the same fee, and $d_p$ is 1 if you defer that part once (fee $D$), otherwise 0. $C$ and $P$ are your calculator and study costs in your currency.

$x$ is the number of units of your currency per US$1. The European Central Bank quotes every rate against the euro, so the calculator divides the rate of your currency by the rate of the US dollar and rounds the result to five significant figures (ECB, euro reference rates of 29 October 2026):

You can replace $x$ with the rate your bank or card provider uses. The calculation keeps every decimal; only the amounts on screen are rounded to whole units.

Worked example

You live in the UK and start from scratch: the enrolment fee of US$400 (check the official website), Part I at the standard fee of US$800 (check the official website) with one retake, and Part II at the early fee of US$600 (check the official website), deferred once for US$250 (check the official website). You enter £600 for study materials. On 29 October 2026, the ECB rates give US$1 = 0.75093 GBP.

So you budget about £2,740 (US$3,649), of which £2,140 are exam fees. If you also had to retake Part II, it would add £451 and take the total to £3,191.

When can you register for the May 2027 window?

The fee depends on when you register. These are the registration periods for May 2027. Exam dates of the May 2027 window: 8–13 May 2027 (check the official website).

The other 2027 windows are not in this table; check them on the GARP exam logistics page.

What should you budget for besides the exam fees?

Plan for the parts you will actually sit, a reserve for a retake and your own costs. If you need to buy a financial calculator, check which models GARP allows before you buy one. Study materials range from books to full prep courses; enter what you plan to spend for both parts. If you pay by card in another currency, your bank may add a fee and use its own rate – enter that rate if you know it.

Which cost mistakes are common?

• Counting the enrolment fee twice – or not at all. It is paid once, with the first Part I registration; leave it out if you have paid it.
• Budgeting for Part I only. If you aim for both parts, include Part II to see the whole cost.
• Treating a deferral as free. Moving a registration to a later window has a fee; tick it for each part you might defer.
• Treating the reference rate as the price you pay. The ECB publishes its reference rates for information only (ECB, euro reference rates of 29 October 2026); your card provider uses its own rate.

Study aid only – not legal, financial or careers advice. The tool runs in your browser and stores nothing.

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.