GARP allows you to take both FRM 1 and 2 on the same day and you’re ambitious, smart and hard-working enough (or else you won’t be here) to attempt both the exams on the same day. Which begs the question – Should you?
FRM credential should be a byproduct of knowledge and experience and GARP goes a long way to ensure that.
FRM candidate, by definition, is at 0 or 1, hoping to move to 2. Some end up at -1. I’ll discuss those cases later.
Why does GARP allow it?
GARP has generously opened this window of opportunity for:
- Candidates, who, thanks to their education and/or experience, are already in Quadrant 1. These candidates already know the FRM curriculum inside out and are ready the earn the FRM credential.
- Candidates who failed FRM Part 1 last time, by a small margin. These candidates have, since then, thoroughly reviewed Part 1 and have also prepared for Part 2.
If you’re one of these candidates, you can stop reading here and have our best wishes for both the exams on the same day.
Are you a newbie?
Let’s consider the risks of taking both the exams on the same day:
If a candidate elects to take Part II on the same day as Part I, their Part II Exam will not be marked by GARP unless they first pass Part I.
It usually takes 3+ months to prepare for one exam. And, it takes more than twice as long to prepare for both the exams together. Take a look at our FRM Part I Nov 2016 Study Plan and FRM Part II Nov 2016 Study Plan to.
It costs the same to do it together or separately. But, if you fail Part 1, money invested in both the exams will be wasted.
Since you would be consuming same amount of knowledge but in shorter timespan, you won’t be digesting it that well.
Alternatively, if you spread out your learning over a longer timespan, you would internalize it and remember it longer. It’s a well documented brain-based learning principles known as Spacing effect.
FRM curriculum is a collection of gems from the best minds in the world. Your FRM journey is a great opportunity to learn from them.
Some students will short circuit this journey, cram everything, clear both the exams in one day and might even get the credential. We believe that they don’t gain much. In fact, they lose the opportunity, time and money and get the credential that they didn’t earn. That’s why we call this state -1.
Wisely, and slow. They stumble that run fast.
The risks outweigh the benefits of taking both FRM Part 1 and 2 on the same day. New candidates are strongly advised to take FRM Part 1 and 2 exams separately.
You would be better off employing Divide and Rule – tackle each exam separately, spend the same amount of money, study less, learn faster, remember longer and have a life in the process.