FRM Exam Part II

The FRM Exam Part II is an 80-question multiple choice exam emphasizing the application of the tools acquired in Part I: market risk, credit risk, operational risk and resiliency, treasury and liquidity risk management, risk management and investment management, and current issues in financial markets. Part II is offered via pencil and paper in May, and via CBT in December in the relevant year.

The FRM Exam process is sequential. Candidates must pass Exam Part I before their Exam Part II will be graded.

Candidates that take Exam Part II prior to receiving a passing score on Exam Part I (e.g., candidates that take Exam Part II in the same month that they take Exam Part I) will not have their Exam Part II graded if they fail Exam Part I. Candidates must take and pass Part II within four years of passing Part I.


The study guide can be downloaded online by clicking here. Also, the changes to study guide can be downloaded by clicking here.