FRM
What is on the GARP FRM Part II exam?
FRM Part II is 80 equally weighted multiple-choice questions in four hours, at a test center, scored pass or fail. In 2026 it covers six topic areas: market, credit and operational risk at 20% each, liquidity and treasury risk and investment management at 15% each, and Current Issues in Financial Markets at 10%, taught from online readings that change every year.
Every fact below comes from GARP's own pages: FRM Program and Exams, FRM Exam Policies, FRM Exam Logistics, FRM Study Materials, the FRM FAQs, and the 2026 Study Guide and Candidate Guide, all read on 2 October 2026.
How is FRM Part II structured?
GARP's Program and Exams page says Part II "has 80 equally weighted questions" and that candidates get four hours, so you have 3 minutes a question, against about 2 minutes 24 seconds on Part I. It is computer-based at a physical test center, booked through PSI, or through ATA in China Mainland, Hong Kong SAR China and Thailand. There is no remote option.
You cannot sit Part II in a later administration until you have passed Part I. You can sit both parts in the same administration, and on the same day in August, but if you fail or miss Part I, your Part II is not graded. Only the approved business calculators are allowed: the HP 12C family, the TI BA II Plus and BA II Plus Professional, the HP 10B II, the HP 10BII+ and the HP 20B, with memory cleared.
GARP FRM Exam Policies; FRM FAQs
Which FRM Part II topics carry the most weight?
| Area | 2026 weight |
|---|---|
| Market Risk Measurement and Management | 20% |
| Credit Risk Measurement and Management | 20% |
| Operational Risk and Resilience | 20% |
| Liquidity and Treasury Risk Measurement and Management | 15% |
| Risk Management and Investment Management | 15% |
| Current Issues in Financial Markets | 10% |
The three risk-type areas make up 60% of the paper. GARP reviews the weights every year, and new study materials come out each 1 December for the following year, so these are the 2026 figures. A sample learning objective shows the level: under backtesting VaR, you should "evaluate the accuracy of a VaR model based on exceptions or failure rates by using a model verification test".
What is in Current Issues for 2026?
The 2026 Study Guide lists six topics: artificial intelligence, private credit, geopolitical risk, the risks of rising government debt, cryptocurrency and digital assets, and digital resilience. The area is marked "online only", and its eight readings include the Financial Stability Board's November 2024 report on the financial stability implications of AI and a February 2025 BIS paper on the global drivers of private credit.
Current Issues changes every year. If you sit in May 2027, do not study the 2026 list; wait for the 2027 Study Guide on 1 December 2026. At 10% of 80 questions, this area is worth about 8 questions, our arithmetic on GARP's weight.
What else does Part II test?
More than GARP's books. GARP says the online readings listed for Part II "are considered required readings and are a part of the FRM curriculum". The Basel texts in the Study Guide are different: they are listed as optional regulatory readings, and GARP's 2026 Candidate Guide says every reading in the Study Guide is tested except those explicitly listed that way. The Basel Committee's principles for operational resilience are one of them, worth reading for understanding even though they are not tested.
One date to know. GARP's Operational Risk and Resilience book, published in 2022, includes a case study on model risk and model validation. In April 2026 the Federal Reserve issued SR 26-2, Revised Guidance on Model Risk Management, which "supersedes and replaces" the 2011 guidance, SR 11-7. The UK equivalent is the PRA's SS1/23. The exam tests GARP's readings, but at work, cite the current guidance.
How is FRM Part II scored?
Both FRM exams are scored pass or fail. GARP's 2026 Candidate Guide says "There is no numerical score available for review", and results come with a comparison of your performance against other candidates, within eight weeks of the exam window closing. There is no penalty for incorrect answers.
GARP FRM Program and Exams; 2026 FRM Candidate Guide
GARP does not publish a pass mark. It does publish pass rates: for November 2025, 50% for Part II and 47% for Part I.
When can you sit, and what does it cost?
| What | As published, 2 Oct 2026 |
|---|---|
| November 2026, Part II | 21 to 25 November; registration closed on 30 September |
| Last day to select or change a November site | 24 October 2026 |
| May 2027, early registration | 1 December 2026 to 31 January 2027, USD 600 |
| May 2027, standard registration | 1 February to 31 March 2027, USD 800 |
| GARP Learning for Part II | USD 250, nonrefundable |
Fees exclude taxes such as VAT and GST. Part II candidates get two free full-length practice exams of 80 questions each, as PDFs in the candidate portal; GARP Learning, free for Part I, is a paid extra here. You must pass Part II by 31 December of the fourth year after passing Part I, or the USD 400 enrollment fee is charged again.
FRM Part II study planner and exam-day checklist
GARP FRM Part II: study planner and exam-day checklist
Topic weights come from GARP's 2026 FRM Study Guide; rules from GARP's FRM Exam Policies, FRM FAQs, FRM Exam Logistics, FRM Study Materials and the 2026 FRM Candidate Guide, all read on 2 October 2026. GARP releases new study materials each 1 December for the following year, and the Current Issues readings change every year, so check the 2027 Study Guide before you plan for May 2027. The hours are our suggestion.
Hours by topic area
GARP's website says candidates spend about 240 hours studying on average, and its 2026 Candidate Guide says about 275. Neither splits the figure by part, so treat both columns as budgets for Part II alone, split by the 2026 weights.
| Area (2026 weight) | 240 hours | 275 hours |
|---|---|---|
| Market Risk Measurement and Management (20%) | 48 | 55 |
| Credit Risk Measurement and Management (20%) | 48 | 55 |
| Operational Risk and Resilience (20%) | 48 | 55 |
| Liquidity and Treasury Risk Measurement and Management (15%) | 36 | 41.25 |
| Risk Management and Investment Management (15%) | 36 | 41.25 |
| Current Issues in Financial Markets (10%) | 24 | 27.5 |
| Total | 240 | 275 |
Pace for timed practice
| Set | Questions | Time at the exam's average pace |
|---|---|---|
| One question | 1 | 3 minutes |
| Short timed set | 20 | 1 hour |
| Full exam | 80 | 4 hours |
Readings checklist
- GARP's Part II books for the five main areas (GARP)
- The online required readings, which are part of the curriculum (GARP: FRM Required Readings)
- The 2026 Current Issues readings, online only: AI, private credit, geopolitical risk, rising government debt, crypto and digital assets, digital resilience (GARP 2026 Study Guide)
- Optional regulatory readings only if you want the full framework; GARP says they are not tested (2026 Candidate Guide)
- GARP's two free 80-question practice exams, downloadable as PDFs from the candidate portal (GARP)
Calculator (GARP rule: anything else and your exam is not graded)
- One of: HP 12C (including 12C Platinum, 12C Platinum 25th Anniversary, 12C 30th Anniversary, 12C Prestige); TI BA II Plus (including BA II Plus Professional); HP 10B II; HP 10BII+; HP 20B
- Memory cleared before the exam (GARP rule)
- Practiced on the same calculator you will take in (our suggestion); GARP does not provide one, and no formula sheet is given
Exam day
- Government-issued passport or driver's license; digital IDs are not accepted (GARP rule)
- A printed Confirmation of Appointment email (GARP rule)
- Test center only: the FRM is not remotely proctored (GARP)
- Breaks do not stop the clock (GARP rule)
- No penalty for wrong answers, so answer every question (GARP)
Dates and deadlines (as published on 2 October 2026)
| What | Date |
|---|---|
| November 2026 Part II window | 21 to 25 November 2026 (registration closed 30 September) |
| Last day to select or change a November site | 24 October 2026 |
| May 2027 early registration (USD 600) | 1 December 2026 to 31 January 2027 |
| May 2027 standard registration (USD 800) | 1 February to 31 March 2027 |
| Part II must be passed by | 31 December of the fourth year after passing Part I |
| Experience for certification | Two years full-time risk management, within 10 years of sitting Part II |
What happens after you pass?
To be certified, you submit two years of full-time professional risk management experience within 10 years of sitting Part II. GARP raised that limit from five years in April 2025, so older guides that say five are out of date. The experience can come before or after the exams, but internships, part-time jobs and work during school do not count. Once certified, GARP expects 40 CPD credits every two years and strongly recommends the program, though it is not mandatory.
How should you prepare?
Split your hours by the weights, as the planner does, and leave Current Issues for last so you read the right year's list. The FRM Part II exam guide follows GARP's 2026 Study Guide, with every chapter mapped to a published area, and it dates its Current Issues material up front. For practice, the 200 FRM Part II practice questions are sized to the 2026 weights, 20 of them on Current Issues.
What should you do this week?
If you are booked for November, confirm your test site before 24 October. If not, put 1 December 2026 in your calendar for early registration and the 2027 Study Guide. Credential Press is independent of GARP, and nothing here comes from inside the exam.
Frequently asked questions
How many questions are on FRM Part II?
80 equally weighted multiple-choice questions in four hours, at a test center. That is 3 minutes a question on average.
What is the FRM Part II pass mark?
GARP reports results as pass or fail and does not publish a passing score. Its 2026 Candidate Guide says there is no numerical score available for review.
What are the FRM Part II topic weights in 2026?
Market risk, credit risk, and operational risk and resilience at 20% each; liquidity and treasury risk, and risk management and investment management, at 15% each; Current Issues in Financial Markets at 10%.
What is in Current Issues for 2026?
Artificial intelligence, private credit, geopolitical risk, the risks of rising government debt, cryptocurrency and digital assets, and digital resilience. The readings are online only and change every year.
Can I sit Part I and Part II in the same window?
Yes, in the same administration, and on the same day in August. If you fail or miss Part I, your Part II is not graded.
What is the FRM Part II pass rate?
50% in November 2025, the latest sitting GARP had published on 2 October 2026. A pass rate describes a past sitting; it is not a pass mark.
FRM Part I: test yourself in five minutes
Which books prepare you for FRM Part II?
A study companion for the GARP Financial Risk Manager Exam Part II. 11 chapters, 391 pages.
FRM Part II Practice Questions
Practice questions with full rationales, sized to the published domain weights. 216 pages.
Sources
Every figure above was read from GARP's own pages and documents on 2 October 2026, except where another publisher is named.
- GARP, FRM Program and Exams
- GARP, FRM Exam Policies
- GARP, FRM Exam Logistics
- GARP, FRM Study Materials
- GARP, 2026 FRM Study Guide
- GARP, 2026 FRM Candidate Guide
- Board of Governors of the Federal Reserve System, SR 26-2, Revised Guidance on Model Risk Management, 17 April 2026
Credential Press is not affiliated with, endorsed by or authorized by GARP. Exam names and trademarks belong to their owners.