FRM Part II

Part II consists of 80 multiple-choice questions, according to GARP. Unlike Part I's 100-question foundation exam, Part II emphasizes the application of tools and techniques, so expect scenario-style items that ask you to compute, interpret and then choose a course of action rather than simply recall a definition.

GARP lists six: 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; and current issues in financial markets. The current-issues reading changes most often, so always study the curriculum year you are actually registered for.

GARP states that candidates typically invest around 240 hours over several months, while noting this varies by individual. In practice, build a calendar that spreads those hours across the whole syllabus rather than concentrating them in the final weeks, and register early - GARP advises early registration precisely to allow a comfortable study pace.

FRM Exams are offered each year in May, August and November at testing sites around the world. GARP notes that seats are available on a first-come, first-served basis, so pick your sitting early rather than assuming a place will remain open near the registration deadline.

No - the experience requirement applies to earning the certification, not to registering. GARP states that to earn the certification you must pass two multiple-choice exams and submit evidence of at least two years of relevant work experience, so candidates commonly sit the exams first and submit experience afterward.

Not the same way as Part I. GARP says the full curriculum is accessible through its online GARP Learning platform, complimentary for Part I candidates but available for purchase for Part II candidates. Printed books for both curriculums can also be purchased, and official practice exams are offered for each exam part.

Starting with May 1 registration for the November 2025 exams, GARP offers the FRM Exam in both Simplified Chinese and American English in Mainland China. Outside that arrangement the standard exam language is American English, so confirm the language options on your registration before you book.

GARP's FRM overview page does not state a retake limit or waiting period; those rules sit in its Exam Policies documentation. Check that page before you register so you understand retake, deferral and scheduling constraints, and build your study plan assuming you want to pass on the first attempt.

Treating Part II as memorization. Because the exam emphasizes applying Part I techniques, weak candidates recognise a concept but cannot execute the calculation or interpret the output under time pressure. Practise full-length, timed questions across all six topic areas, and revisit the Part I material that underpins each Part II reading.

A practical sequence is market risk, then credit risk, then liquidity and treasury risk, then operational risk and resilience, then risk management and investment management, leaving current issues for last so you can use the most recent curriculum. Interleave practice questions from earlier topics so retention holds across the full syllabus.