There are 40 female chess players who hold the title of Grandmaster (GM), the highest title awarded by the International Chess Federation (FIDE). The Grandmaster title was formally established by FIDE in 1950. Modern regulations typically require players to achieve a FIDE rating of 2500 and three tournament norms that include a GM-level performance rating of 2600 to be awarded the title, although there are various exceptions. Since 1993, players who win the Women's World Championship are directly awarded the Grandmaster title. Like all FIDE titles, the Grandmaster title is awarded for life and does not require a player to maintain a performance level or remain active after the award.