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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 Risk and Resiliency: 20%
  • Liquidity and Treasury Risk Measurement and Management :15%
  • Risk Management and Investment Management :15%
  • Current Issues in Financial Markets: 10%

Ready to Prepare for the Part II FRM® Exam?


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FRM Part II Exam Details

2022 Registration and FRM® Exam Dates

Examination Window:

May 2022 Exam:
  • May 21-27, 2022
November 2022 Exam:
  • November 19-25, 2022

Key Registration Dates:

May 2022 Exam:
  • Registration Opens: December 1, 2021
  • Early Registration Deadline: January 31, 2022
  • Registration Closes: March 31, 2022
November 2022 Exam:
  • Registration Opens: May 1, 2022
  • Early Registration Deadline: July 31, 2022
  • Registration Closes: September 30, 2022


Register for the FRM Exam

2022 FRM® Exam Format

The 2022 FRM Exam Part I and Part II are computer-based, multiple-choice exams. Part II is offered solely in English, twice per year in May and November, at over 100 exam sites around the world.

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Body of Knowledge

Part II

The FRM Exam Part II is an 80 question multiple-choice exam and emphasizes the application of the tools acquired in Part I. Topic areas include market risk, credit risk, operational risk, liquidity risk, investment management, and current issues in the financial markets. Part II must be completed in four hours or less.

Master these concepts with a comprehensive Part II study package:

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FRM® Program Fees

Registration fees vary throughout 2022: 

May 2022 Exam:
  • Early: $550
  • Standard: $750
November 2022 Exam:
  • Early: $600
  • Standard: $800

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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