Studying for the Part II Exam Is Crucial, and It Takes a Substantial Effort.

There are no shortcuts. The one thing standing between you and success on the FRM Exam Part II is hard work. GARP recommends you aim to spend at least 275 hours preparing for Part II exam. Schweser’s Prepare, Practice, Perform® methodology gives you the structure you need to get the most of the time you spend preparing.

Previous Knowledge

Anyone can register to take the exam. FRM certification is awarded after a candidate has passed two rigorous multiple-choice exams (FRM Exam Part I and Part II) and demonstrated two years of relevant work experience. Candidates must take the FRM Exam Part I before taking Part II. Certified FRMs are strongly encouraged to earn 40 hours of Continuing Professional Development (CPD) every two years to maintain the latest best practices in risk management.

Part II Curriculum

  • Market Risk Measurement and Management: 20%
  • Credit Risk Measurement and Management: 20%
  • Operational and Integrated Risk Management: 20%
  • Liquidity and Treasury Risk Measurement and Management :15%
  • Risk Management and Investment Management :15%
  • Current Issues in Financial Markets: 10%

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FRM Part II Exam Details

2023 Registration and FRM® Exam Dates

Select Your FRM Exam Level (Part II):

MAY 2023 EXAM:
  • May 20–26, 2023 
AUGUST 2023 EXAM (afternoon session):
  • August 5, 2023
  • November 18–24, 2023

Key Registration Dates:

MAY 2023 EXAM:
  • Registration Opens: 12/01/2022
  • Early Registration Deadline: 01/31/2023
  • Registration Closes: 03/31/2023
  • Registration Opens: 03/01/2023
  • Early Registration Deadline: 04/30/2023
  • Registration Closes: 06/30/2023

  • Registration Opens: 05/01/2023
  • Early Registration Deadline: 07/31/2023
  • Registration Closes: 09/30/2023

Register for the FRM Exam

2023 FRM® Exam Format

The FRM Exam Part II is a computer-based, multiple-choice exam. Part II contains 80 multiple-choice questions. The exam is offered solely in English—specifically American English—and it is typically administered two times per year, in May and November, at more than 100 exam sites around the world. Candidates should know the exam must be completed in four hours or less. This exam is administered via computer-based testing (CBT).

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2023 FRM® Exam Body of Knowledge

The FRM Exam Part II focuses on the tools used to assess financial risk: 

  • Market risk measurement and management
  • Credit risk measurement and management
  • Operational and integrated risk measurement and management
  • Liquidity and treasury risk measurement and management
  • Risk management and investment management
  • Current issues in financial markets

Per the Global Association of Risk Professionals (GARP®), candidates should understand that the level of mathematical difficulty of the FRM exam is similar to that found in advanced undergraduate or introductory graduate-level finance courses at most universities. Additionally, while the exam is designed to be conceptual, candidates will still be required to know important formulas and calculations, as well as how to apply them correctly. Please note that formula sheets are not provided with the exam

Master these concepts with a comprehensive Part II study package:

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Mathematical Formulas: Source:

FRM® Exam Fees

The FRM Exam requires a program enrollment fee of $US400, which is payable when a candidate initially registers for the FRM Exam Part I. The enrollment fee is not charged again unless the candidate has not passed the FRM Exam Part II within four years after passing the FRM Exam Part I.

Registration fees vary throughout 2023:


MAY 2023 EXAM:
  • Early: $US550
  • Standard: $US750
  • Early: $US600
  • Standard: N/A
  • Early: $US600
  • Standard: $US800

    Our Part II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.

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    Requirements to Earn the FRM®

    1. Register for the FRM Part I Exam
    2. Pass the FRM Part I Exam
    3. Register for the FRM Part II Exam
    4. Pass the FRM Part II Exam
    5. Demonstrate two years of relevant work experience

    Please note that if a candidate elects to take Part II on the same day as Part I, their Part II Exam will not be marked by GARP unless they first pass Part I.

    Give yourself the best chance to pass your FRM Exam with Part II Study Packages.

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