Part I runs in three windows in 2027: May 8 to 13, August 13 to 14 and November 13 to 18. Registration is $600 in the early period and $800 in the standard period, plus a one-time $400 enrollment fee for new candidates.
May 2027
May 8 to 13
August 2027
August 13 to 14 (morning sessions)
November 2027
November 13 to 18
Registration
$600 early, $800 standard
2027 windows and registration periods
Window
Part I dates
Early registration ($600)
Standard registration ($800)
May 2027
May 8, 2027 to May 13, 2027
Dec 1, 2026 to Jan 31, 2027
Feb 1, 2027 to Mar 31, 2027
August 2027
Aug 13, 2027 to Aug 14, 2027
Mar 1, 2027 to Apr 30, 2027
May 1, 2027 to Jun 30, 2027
November 2027
Nov 13, 2027 to Nov 18, 2027
May 1, 2027 to Jul 31, 2027
Aug 1, 2027 to Oct 29, 2027
Scheduling deadlines
May 2027: schedule your seat by April 23, 2027.
August 2027: schedule your seat by July 30, 2027.
November 2027: schedule your seat by October 29, 2027.
Good to know
All registration and scheduling deadlines are 11:59 pm Eastern Time.
You can switch your exam month once, for $250: by March 31 for May, June 30 for August and September 30 for November.
Part I for November 2026 runs November 14 to 20, 2026; its registration has closed.
Try 4 questions
Question 1Pricing forwards and futures
The spot exchange rate is 1.0850 US dollars per euro. The US dollar risk-free rate is 4.5% and the euro risk-free rate is 3.0%, both per annum with continuous compounding. The six-month forward rate, in dollars per euro, is closest to:
Question 2Option sensitivities and delta hedging
A trader is long 2,000 calls with delta 0.55 and short 3,000 puts with delta −0.40 on the same stock. To make the position delta neutral, the trader should:
Question 3Regression with one explanatory variable
A regression of a stock's excess return on the market's excess return over 50 months gives a slope of 1.24 with a standard error of 0.40. An analyst tests the null hypothesis that the true slope is 1 against a two-sided alternative. The two-tailed 5% critical t-value with 48 degrees of freedom is 2.010. The result is:
Question 4Corporate governance and risk appetite
A bank estimates it could absorb losses of up to $800 million before it breaches its minimum capital requirement. Its board states that it will accept a 1-in-20-year loss of no more than $300 million. Which statement is correct?
May 8 to 13, August 13 to 14 and November 13 to 18, 2027, on GARP's exam logistics page.
When does registration open for May 2027?
Early registration runs December 1, 2026 to January 31, 2027 at $600; standard registration runs February 1 to March 31, 2027 at $800.
How much does Part I cost?
$600 in the early period or $800 in the standard period for each 2027 window, plus a one-time $400 enrollment fee if you are new to the program. Taxes are extra.