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 reports that, on average, FRM candidates spend approximately 240 hours preparing for the 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 Resilience: 20%
- Liquidity and Treasury Risk Measurement and Management:15%
- Risk Management and Investment Management :15%
- Current Issues in Financial Markets: 10%
FRM Part II Exam Details
2025 Registration and FRM® Exam Dates
Key Registration & Exam Dates:
May 2025 Exam:
- Part II May 2025 Exam Dates: May 17–20, 2025
- Registration Opens: December 1, 2024
- Early Registration Deadline: January 31, 2025
- Registration Closes: March 31, 2025
August 2025 Exam:
- Part II August 2025 Exam Dates: August 8–9, 2025 (PM sessions only)
- Registration Opens: March 1, 2025
- Early Registration Deadline: April 30, 2025
- Registration Closes: June 30, 2025
November 2025 Exam:
- Part II November 2025 Exam Dates: November 15–19, 2025
- Registration Opens: May 1, 2025
- Early Registration Deadline: July 31, 2025
- Registration Closes: September 30, 2025
2025 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 is typically administered three times per year, in May, August, and November, at hundreds of 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).
2025 FRM® Exam Body of Knowledge
The FRM Exam Part II focuses on the tools used to assess financial risk:
- Market Risk Measurement and Management 20%
- Credit Risk Measurement and Management 20%
- Operational Risk and Resiliency Resilience 20%
- Liquidity and Treasury Risk Measurement and Management 15%
- Risk Management and Investment Management 15%
- Current Issues in Financial Markets 10%
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:
FRM® Exam Fees
The FRM Exam requires a program enrollment fee of $400, 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 2025:
FRM Part II
MAY 2025 EXAM:
- Early Registration: $600
- Standard Registration: $800
AUGUST 2025 EXAM:
- Early Registration: $600
- Standard Registration: $800
NOVEMBER 2025 EXAM:
- Early Registration: $600
- Standard Registration: $800
Our Part II study packages are built to replicate the exam, leaving no surprises on exam day. Begin your preparation today.
Requirements to Earn the FRM®
- Register for the FRM Part I Exam
- Pass the FRM Part I Exam
- Register for the FRM Part II Exam
- Pass the FRM Part II Exam
- 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.
