The Global Fund Risk Certification

The certification provided by GFR® validates competencies acquired in the field of risk management for investment funds. The certification targets all participants in the fund industry, whether or not they are directly involved with risk management.

GFR Certification Exam

Chapters

The GFR certification program is based on the book Risk Management for Investment Funds (2023) by L. Neuberg, F. Petit, M. Vogt and P. Kleinbart. The book ensures compliance with regulatory requirements and facilitates the implementation of risk management systems that add value to the investment process. The first four parts of the book form the foundation of the GFR certification program:

PART I
Framework of European Investment Funds
Part I of the book introduces risk and risk management in the European fund industry. It provides an overview of risk management in European fund markets, including the definition of investment funds, fund markets, the main investment strategies for funds, the key players in fund markets, the regulatory framework for risk management and an overview of governance for risk management.
PART II
Risk Management for UCITS Funds
Part II explains the main types of risk for UCITS funds (i.e., market risk, liquidity risk, credit and counterparty risk, operational risk) and describes the characteristics of the corresponding risk management.
PART III
Risk Management for European Alternative Investment Funds
Part III focuses on managing risk for alternative investment funds (AIFs), covering market risk, credit and counterparty risk, liquidity risk and operational risk for AIFs.
PART IV
Recent trends in Risk Management for Funds
Part IV analyses recent trends in risk management for funds, including sustainability risk, cyber risk and risks deriving from new technologies.

Exam policy

Exam Type
The form of the GFR® exam is based on multiple-choice questions. A maximum of 150 questions are asked.

The questions are about the fund industry, the legal framework of risk management for investment funds and the concepts and fundamental methods of risk management.

The exam is divided into 4 sections:

1. Framework of European Investment Funds
2. Risk Management for UCITS Funds
3. Risk Management for European Alternative Investment Funds
4. Recent Trends in Risk Management for Funds

It is not necessary to bring a calculator or other calculating aid as the exam questions do not contain any calculations or computations.

The duration of the GFR® exam is set at a maximum of 3 hours.
Performance Evaluation
After each exam, the Board of GFR® determines the minimum passing score for each section. The purpose of this approach is to ensure fairness to GFR® candidates by taking into account the difficulty of each test.

The GFR® candidate will receive a result of ‘pass’ or ‘fail’ with information on section level.
Identification
The candidate has to bring a valid identity card or an international travel passport proving the holder's identity and nationality.
Non-Disclosure After The Exam
The GFR® candidate must not:

- Record
- Copy
- Disclose in any fashion any exam question or answer, in whole or in part, in any form or by any means (verbally, in writing, on any Internet platform, by text message, or otherwise)

Membership benefits

Membership of the association gives you access to a community of investment fund players with an interest in risk management, from governing bodies to risk managers, including all business lines.

Documentation & Events

As a member of the association, you will have access to newsletters, information on association activities, and access to GFR conferences and roundtables, as well as discounts at events organized by partner associations.

GFR association

As a Certified GFR, you will join an association of professionals and experts in risk management for investment funds, and be able to exchange views on the latest topics, methods, best practices and related regulations.

Certified GFR

Validate your knowledge of risk management for investment funds by passing the GFR certification and you'll become a Certified GFR.

Next exam sessions

Exam Session 5
Exam Session 6
Exam Session 7
Become a member of GFR
By becoming a member of GFR, you join a community of experts with a common interest in risk management for funds. You will interact with fund-industry professionals locally and internationally and you will benefit from conferences, discussion forums and newsletters. You can also obtain the GFR® qualification that certifies and recognizes your expertise in risk management for investment funds.

Membership in GFR gives you access to a community of investment fund professionals who are interested in risk management. Those professionals range from fund administrators to risk managers and include all the business lines in the European fund industry.
Become a member