Can I Take FRM Level 1 and 2 in the Same Year?

When considering the possibility of taking both FRM (Financial Risk Manager) Level 1 and Level 2 exams within one calendar year, it is important to understand the conditions and requirements set by the Global Association of Risk Professionals (GARP). While GARP does allow candidates to sit for both levels in the same year, certain guidelines must be followed to ensure successful completion.

Can I Take Both Levels in the Same Year?

Yes, it is possible to take both FRM Level 1 and Level 2 exams in the same year, specifically during the May and November sessions. GARP permits candidates to sit for both levels within the same calendar year as long as they meet the registration deadlines and requirements for each exam. However, candidates must be prepared adequately, as both levels cover substantial material and require a significant time commitment.

Preparing for the Exams

Preparing for the FRM exams diligently is crucial. With focused efforts and determination, candidates can prepare effectively within a span of 3 to 4 months. However, this timeframe is challenging, and success often requires a high level of dedication and commitment. If a candidate successfully completes Level 1 in May, they can then sit for Level 2 in November of the same year. It is important to note that Level 2 cannot be attempted unless Level 1 is successfully completed. Additionally, both exams can be taken on the same day if the candidate clears Level 1 first. If Level 2 is not cleared, it will have to be retaken in a subsequent session.

Many candidates choose to take both levels in the same month for convenience, but it is not recommended unless the candidate is well-prepared and confident in their abilities. The FRM exams are highly analytical and test your analytical and problem-solving skills more than theoretical knowledge, making it essential to prepare adequately in advance.

Unique Considerations for Taking Both Exams on the Same Date

One particularly unique aspect to consider is the possibility of taking both exams on the same date - Level I in the morning and Level II in the afternoon. However, candidates should be aware that if they fail Level 1, Level 2 will not be graded. This means that if you fail the morning session, the afternoon exam will be disregarded, and both exams will have to be taken again in a subsequent session.

Best Preparation Strategy

While it is possible to take both exams in the same year, it is generally advised to spread the preparation process over a longer period. For instance, preparing for FRM Level 1 in the first six months and then appearing for FRM Level 2 in the next six months can be a more manageable and effective approach. This strategy ensures that you have sufficient time to absorb and understand the material thoroughly, which is particularly important given the analytical nature of the exams.

GARP requires candidates to work in the industry for at least two years within the next five years after completing the exams to earn the title of a Financial Risk Manager (FRM). Therefore, it is important to consider your career goals and the practical implications of your exam schedule.

Conclusion

In summary, while it is technically possible to take both FRM Level 1 and Level 2 exams in the same year, careful planning and adequate preparation are crucial. It is generally recommended to take the exams in multiple sessions to ensure a comprehensive understanding of the material and a higher chance of success.

Key Takeaways

GARP allows candidates to sit for both FRM Level 1 and Level 2 in the same calendar year. Adequate preparation is essential, particularly within a 3-4 month timeframe. If you fail Level 1, Level 2 will not be graded, requiring both exams to be retaken. Spreading the preparation process over two years can be a more effective strategy.

By following these guidelines and strategies, you can increase your chances of successfully completing both FRM levels within one calendar year.