FRM Part II · exam guide

How the FRM Part II Exam Is Conducted

Checked against GARP's official pages, as of 12 October 2026. Rules and fees change; confirm on the official site before you act.

Part II is a four-hour, computer-based multiple-choice exam taken in person at a test centre.

• 80 equally weighted multiple-choice questions in four hours.
• Topics: 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.
• Computer-based testing at test centres worldwide, not remote. GARP's provider is PSI in most locations and ATA in Mainland China, Hong Kong SAR China and Thailand.
• The exam is offered in English (American English).
• Only approved calculators are allowed: Texas Instruments BA II Plus (including Professional) and Hewlett Packard 12C (including Platinum, Anniversary and 12C Prestige editions), 10B II, 10B II+ and 20B. Using any other calculator means the exam is not graded.
• ID: an original, valid, non-expired passport or driver's licence with a photograph (digital IDs are not accepted; a driver's licence must be issued by the country of the test centre), plus the printed Confirmation of Appointment email. The name must match exactly, including any middle name or initial.
• Candidates who arrive after the start time on their appointment are not admitted and forfeit the exam fee.
• Two sheets of scratch paper and a pencil are provided and collected at the end. Breaks are allowed, but the clock does not stop.