FRM Part II · exam guide

FRM Part II Rules and Regulations

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 has a deadline linked to Part I, and certification needs work experience on top of both exams.

• Part II must be passed by December 31 of the fourth year after passing Part I.
• Part I and Part II can be taken on the same day only in the August window, not in May or November.
• If a candidate sits both Parts in the same administration and fails or does not sit Part I, Part II is not graded.
• If Part II is booked in a later administration and the candidate fails or does not sit Part I, the Part II registration is converted to Part I.
• To be certified, a candidate must submit two years of full-time relevant work experience in which identifying, measuring, monitoring or managing risk is a meaningful part of the job.
• Certified FRMs are encouraged, though not required, to earn 40 continuing professional development credits (about 40 hours) every two years.
• Conduct: no personal belongings in the exam room; phones, watches and wearables must be stored, switched off, before the exam. A phone that makes noise ends the session without grading. Any activity that compromises the integrity of the exam can lead to dismissal and the exam not being graded.