FRM Part II exam: format, fees, dates and syllabus

What is the FRM Part II exam?

The Financial Risk Manager (FRM) designation from GARP, the Global Association of Risk Professionals, requires two exams. Part II is the second: it covers market, credit, operational and liquidity risk, risk management in investment management, and current issues in financial markets.

Passing Part II does not by itself make you FRM certified. GARP also requires two years of relevant professional experience, submitted within 10 years of sitting Part II. The experience can be gained before or after the exams.

Source: GARP — FRM Exam information. Checked 10 October 2026.

How much does the FRM Part II exam cost?

GARP charges a registration fee per exam, in two price periods. For the May 2027 exam, Part II costs US$600 in the early registration period, which opens on 1 December 2026, and US$800 in the standard period, which opens on 1 February 2027. Taxes such as VAT or GST are added at checkout.

The one-time US$400 enrollment fee is paid when you first register for Part I, so a Part II candidate who has already passed Part I pays only the Part II registration fee. GARP charges US$250 if you defer to a later window, which you may do only once, and US$50 extra for wire and ACH payments. GARP notes that all fees are subject to change.

Optional GARP materials cost extra: printed Part II books are US$300 plus shipping, and access to the GARP Learning platform for Part II is US$250. The two official practice exams are included for registered candidates.

• Early registration (May 2027): US$600
• Standard registration (May 2027): US$800
• Deferral fee: US$250
• One-time enrollment (paid with Part I): US$400

Source: GARP — FRM fees and payments. Checked 10 October 2026.

FRM Part II exam format and passing score

The FRM Part II exam has 80 equally weighted multiple-choice questions and you have four hours — three minutes per question. It is a computer-based test.

GARP does not publish a passing score. Both FRM exams are scored on a pass/fail basis, and results appear in the GARP candidate portal within eight weeks of the close of the exam window. Without a number to aim for, aim for steady strength across all topics.

Bring an approved calculator. GARP authorises only the HP 12C (including variants), the TI BA II Plus (including the Professional), the HP 10B II, the HP 10BII+ and the HP 20B, and states there will be no exceptions; using any other model means your exam will not be graded.

• Questions: 80, equally weighted, multiple choice
• Time: 4 hours
• Scoring: pass/fail, no published passing score
• Calculators: HP 12C, TI BA II Plus, HP 10B II, HP 10BII+, HP 20B

Source: GARP — FRM Exam information. Checked 10 October 2026.

FRM Part II syllabus: what is on the exam?

GARP’s exam page lists six Part II topics. The detailed syllabus — approximate weightings, readings and a learning objective for every reading — is in GARP’s FRM Learning Objectives document, and the current edition is the 2026 FRM Learning Objectives, last updated on 1 December 2025.

Note a small inconsistency on GARP’s own site: the study materials page lists five Part II topics and leaves out current issues in financial markets, which the exam page includes. Use the Learning Objectives for your exam year as the deciding document.

• Market Risk Measurement and Management
• Credit Risk Measurement and Management
• Operational Risk and Resilience
• Liquidity and Treasury Risk Measurement and Management
• Risk Management and Investment Management
• Current Issues in Financial Markets

Source: GARP — FRM Exam information. Checked 10 October 2026.

FRM Part II exam dates and registration

GARP offers both exams in May, August and November. For November 2026, Part II runs from 21 to 25 November 2026; registration and scheduling for that window are closed.

For May 2027, early registration runs from 1 December 2026 to 31 January 2027 and standard registration from 1 February to 31 March 2027. GARP had not yet published the May 2027 test dates when we checked. All deadlines are 11:59 pm Eastern Time.

You schedule your seat with the test provider: ATA if you test in China Mainland, Hong Kong SAR China or Thailand, PSI everywhere else. Seats are first-come, first-served, and GARP states that the computer-based test is not remote or at-home proctored — you go to a physical test centre.

Source: GARP — FRM exam logistics. Checked 10 October 2026.

Can you take Part I and Part II together?

Yes, in the same exam administration. GARP allows both on the same day in August, but not in May or November.

There is a catch: if you take both in the same administration and fail or miss Part I, your Part II will not be graded. After passing Part I, you have four years from that date to take and pass Part II.

Source: GARP — FRM FAQs. Checked 10 October 2026.

FRM Part II study materials and practice exams

GARP publishes two planning documents: the FRM Exam Study Guide, which sets out the primary topics and required readings, and the FRM Learning Objectives, which adds the syllabus detail and approximate weightings. Start every study plan from these.

Registered Part II candidates get two complimentary, full-length practice exams of 80 questions each, as PDFs. GARP makes them available only to registered candidates, and access ends on the last day of the exam window you are registered for — so use them before exam week, not after.

GARP also sells printed Part II books (US$300 plus shipping) and access to its GARP Learning platform (US$250 for Part II).

Source: GARP — FRM study materials. Checked 10 October 2026.

How long to study and prep for FRM Part II

GARP’s FAQ cites a survey of May 2015 candidates: on average they spent about 240 hours preparing, with individual figures ranging from under 100 hours (10%) to more than 400 hours (14%). It is an old survey and an average across candidates, so treat it as a rough planning figure, not a target.

A practical prep sequence: map the Learning Objectives to a calendar, work through each topic with practice questions as you go, then sit both GARP practice exams under real conditions — 80 questions, four hours, your approved calculator — and spend the final weeks on the topics where you dropped the most questions.

When you review practice questions, practise explaining why each wrong option is wrong. If you can do that, you understand the reading rather than recognising a formula.

Source: GARP — FRM FAQs. Checked 10 October 2026.

After you pass: becoming FRM certified

Once you pass Part II, GARP requires you to submit two years of relevant professional experience within 10 years of sitting the exam to become a certified FRM. Experience gained before the exams counts.

After certification, GARP encourages participation in its continuing professional development programme; meeting the CPD requirements means earning 40 credits, roughly 40 hours, every two years.

Source: GARP — FRM Exam information. Checked 10 October 2026.

FRM Part II practice questions

Certsqill’s FRM Part II practice questions are expert-developed and organised by Part II topic: every question explains each answer option, and a readiness score per topic shows where you stand before you sit the exam.

FRM Part II questions people ask

How many questions are on the FRM Part II exam?

80 equally weighted multiple-choice questions in four hours. Source: GARP, checked 10 October 2026.

What is the FRM Part II passing score?

GARP does not publish one. Both FRM exams are scored pass/fail. Source: GARP, checked 10 October 2026.

How much does FRM Part II cost?

For May 2027, US$600 in early registration or US$800 in standard registration, plus taxes. The US$400 enrollment fee is paid once, with Part I. Source: GARP, checked 10 October 2026.

When is the FRM Part II exam?

GARP offers it in May, August and November. The November 2026 Part II window is 21–25 November; May 2027 dates were not yet published. Source: GARP, checked 10 October 2026.

Can I take FRM Part II online from home?

No. GARP states the computer-based test is not remote or at-home proctored; you go to a PSI or ATA test centre. Checked 10 October 2026.

Do I have to pass Part I before Part II?

Yes. You can sit both in one administration, but Part II is not graded if you fail or miss Part I. After passing Part I you have four years to pass Part II. Source: GARP, checked 10 October 2026.

Where can I find the FRM Part II syllabus?

In GARP’s FRM Learning Objectives for your exam year and the FRM Exam Study Guide, both on GARP’s site. Checked 10 October 2026.

Does GARP provide practice exams?

Yes. Registered Part II candidates get two complimentary 80-question practice exams. Source: GARP, checked 10 October 2026.

How long should I study for FRM Part II?

GARP cites a 2015 candidate survey: about 240 hours on average, ranging from under 100 to over 400. Source: GARP FAQs, checked 10 October 2026.