Pass Rate Information

Context for Pass Rates

BT’s 73% pass rate:

  • The cumulative average of our most recent three surveys
  • The question asked was: “Did you pass the exam?”
  • The sample consists of approximately 1,200 survey respondents; of course, we cannot control for response (aka, self-reporting) bias

GARP’s average pass rate:

This is the first update to the chart since March 2020 when the WHO declared COVID-19 to be a pandemic. This new chart adds pass rates for 2020 (but October replaces the May slot) and May 2021. Both recent pass rates were slightly above their respective long-term averages.

Unlike the CFA exam (their P1 pass rate famously plunged to 25% due to deferral cohorts), we observe no effects due to the pandemic’s exogenous shock. In regard to May 2021, please note the following:

  • The Part 1 (P1) pass rate was 47%. This is near (i.e., only 0.32 standard deviations above) its long-term average.
    Specifically, μ(P1) = 45.8% with σ(P1) = 3.7%
  • The Part 2 (P2) pass rate was 59%. This is near (i.e., only 0.61 standard deviations above) its long-term average.
    Specifically, μ(P2) = 56.9% with σ(P2) = 3.4%.

See the table below for historical pass rates from GARP:

Discuss pass rates here in our forum: https://www.bionicturtle.com/forum/threads/what-is-the-pass-rate-for-the-frm.10093/

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Helpful Links

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  2. Bionic Turtle’s Forum is a great place to ask questions. There are many previous and current FRM candidates who are involved in active discussions that are very informative!
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