Management, Law & CA · Updated October 2026
Financial Risk Manager (FRM) Part II
Conducted by the Global Association of Risk Professionals (GARP), FRM Part II is the second and final exam of the Financial Risk Manager certification and focuses on applying risk tools across market, credit, operational and liquidity risk. It is a 4-hour computer-based exam of 80 equally weighted multiple-choice questions, offered in May, August and November, and must be passed within four years of passing Part I.
Start for free with FRM Part II syllabus study notes, solved previous year papers, real-pattern mock tests and AI Tutor support.
FRM Part II is the second and final exam of the Financial Risk Manager certification awarded by the Global Association of Risk Professionals (GARP). It focuses on applying risk tools in practice across market risk, credit risk, operational risk and resilience, liquidity and treasury risk, investment risk, and current issues in financial markets.
The examination process for FRM Part II comprises 1 stage: FRM Exam Part II. The official syllabus tests candidates across 6 core areas — 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%) — focusing on conceptual clarity, speed, and accuracy. Results are pass or fail, with quartile results by topic. After passing Part II, you submit two years of relevant work experience to be awarded the FRM certification.
Complete snapshot of FRM Part II conducting authority, frequency, mode, stages, negative marking and official portal.
| Particulars | Details |
|---|---|
| Exam Name | FRM Part II — Financial Risk Manager (FRM) Part II |
| Conducting Body | Global Association of Risk Professionals (GARP) |
| Exam Category | Management, Law & CA |
| Exam Level | National level |
| Exam Type & Purpose | Eligibility & certification (Eligibility & Fellowship Certification) |
| Exam Frequency | Three exam windows a year, in May, August and November |
| Usual Notification & Exam Window | Exam windows in May, August and November |
| Mode of Application | Online through a GARP account, then scheduling through Prometric |
| Mode of Examination | Computer-based at Prometric test centres |
| Medium / Exam Languages | English |
| Selection Stages | 1 Stage (1 Paper Total): FRM Exam Part II |
| Negative Marking | None |
| Selection / Merit Process | Results are pass or fail, with quartile results by topic. After passing Part II, you submit two years of relevant work experience to be awarded the FRM certification. |
| Educational Qualification | You must have passed Part I, or sit Part I in the same exam window (Part II is graded only if you pass Part I) |
| Age Limit | No age limit |
| Qualification & Fellowship Benefit | The FRM certification, recognised by banks, asset managers, regulators and consultancies for risk management roles |
| Scorecard / Certificate Validity | Part II must be passed within four years of passing Part I; otherwise you must re-enrol and retake Part I |
| Competition Scale | Part II pass rates are typically around 50-60% |
| Official Website | www.garp.org/frm |
Summary for orientation only, last reviewed October 2026. Check eligibility, dates and pattern in the official notification.
Standard annual cycle and application workflow for FRM Part II. Confirm exact notification and closing dates on the official Finance & Accounting website.
| Examination Event | Typical Calendar Window | Cycle / Mode |
|---|---|---|
| FRM Part II Official Notification & Information Bulletin | Exam windows in May, August and November | Three exam windows a year, in May, August and November |
| Online Registration & Application Fee Window | Typically remains open for 21 to 30 days from the date of notification release | Online Portal |
| Application Form Correction / Edit Window | 2 to 5 days immediately following the close of the online registration window | As Notified |
| Exam City Intimation & Admit Card Release | City slip 10–15 days prior; Hall Ticket / E-Admit Card 4 to 10 days before the exam date | Via Global Association of Risk Professionals (GARP) |
| FRM Part II — FRM Exam Part II | Exam windows in May, August and November | Computer-based at Prometric test centres |
| Provisional Answer Key & Objection Representation Window | Within 3 to 10 days after completion of the objective examination shifts | Online Challenge |
| Final Answer Key, Normalized Result & Merit List / Scorecard | Typically 3 to 6 weeks after conclusion of the examination stage | Merit List PDF / Login |
One-Time Registration (OTR) & Portal Login
Visit www.garp.org/frm and complete your candidate registration using a valid email ID, active mobile number, and Aadhaar / government photo ID details. Online through a GARP account, then scheduling through Prometric.
Fill Academic, Personal & Exam Centre Preferences
Log in to open the FRM Part II application form. Enter your qualifying degree/board details, category/reservation status, medium of examination (English), and choose 3 to 4 preferred test cities.
Upload Photograph, Signature & Category Certificates
Upload a recent passport-size photograph (in prescribed KB dimensions and light background), scanned running-hand signature, and valid SC/ST/OBC-NCL/EWS/PwBD/Domicile certificates where applicable.
Online Application Fee Payment & Confirmation Page
Pay the category-wise examination fee via UPI, Net Banking, Debit/Credit Card, or e-Challan before the closing deadline, then download and preserve the final FRM Part II Confirmation Page / Application PDF for admit card and verification stages.
Candidates applying for FRM Part II must fulfil the academic qualification, age limit, nationality and category reservation rules notified by Finance & Accounting.
You must have passed Part I, or sit Part I in the same exam window (Part II is graded only if you pass Part I).
No age limit.
No fixed limit on attempts within the four-year window.
Open to all nationalities.
Certification requires two years of relevant full-time work experience, submitted within 10 years of sitting Part II. Only approved calculators are allowed.
| Category | Age Relaxation / Rule | Key Conditions & Documentation |
|---|---|---|
| Assistant Professor / Teaching Eligibility (All Categories) | No upper age limit for eligibility certification (unless specified for state cadre posts) | Minimum 55% Master's / 50% D.El.Ed or B.Ed marks for Unreserved; 5% marks relaxation for SC/ST/OBC-NCL/PwBD. |
| Junior Research Fellowship (JRF) — Unreserved / EWS | No age limit. | Applies only to candidates opting for JRF fellowship; Lectureship/TET generally carries no upper age cap. |
| OBC-NCL / SC / ST / PwBD / Third Gender & Women Candidates | Up to 5 years upper-age relaxation for JRF + 5% relaxation in minimum qualifying degree marks | Additional relaxation up to 5 years for candidates with LLM or documented research/armed forces experience where applicable. |
Negative Marking & Evaluation Rule: None. Selection & Merit Weightage: Results are pass or fail, with quartile results by topic. After passing Part II, you submit two years of relevant work experience to be awarded the FRM certification.
Computer-based • 1 Paper (Part II) • 80 Questions • Duration: 4 hours • 80 equally weighted multiple-choice questions, each with four answer choices, in a single computer-based exam.
80 equally weighted multiple-choice questions, each with four answer choices, in a single computer-based exam.
| Paper / Section | Questions | Marks | Duration |
|---|---|---|---|
| Part II | 80 | Varies | 4 hours |
Official Global Association of Risk Professionals (GARP) evaluation • Provisional & final answer keys • Normalized score & category cut-off computation
After the examination, Global Association of Risk Professionals (GARP) publishes the provisional answer key and invites representations before releasing the final answer key, normalized scores, and category-wise merit list.
SmartRank organizes chapter-wise study notes for every subject below in 12 languages, with an AI Tutor on hand for doubts. Start exploring for free, and unlock the complete syllabus with Learn or SmartRank Pass.
The FRM certification, recognised by banks, asset managers, regulators and consultancies for risk management roles. Clearing FRM Part II establishes statutory eligibility for teaching, research, or professional recruitment across India.
The FRM certification, recognised by banks, asset managers, regulators and consultancies for risk management roles.
Global Association of Risk Professionals (GARP)
Part II must be passed within four years of passing Part I; otherwise you must re-enrol and retake Part I
Central universities, KVS, NVS, EMRS, state education boards, colleges, and R&D institutions nationwide.
Global Association of Risk Professionals (GARP) publishes category-wise qualifying marks and/or aggregate percentile cut-offs alongside the FRM Part II result. Candidates must secure both the minimum paper-wise qualifying percentage and the category merit threshold (where applicable for JRF or merit lists) to be declared qualified.
| Category | Qualifying Floor / Standard | Recommended Safe Target |
|---|---|---|
| General / Unreserved (UR) | 40% to 60% Aggregate (as per paper rules) | 65%+ Aggregate Marks for comfortable qualification / JRF contention |
| OBC (Non-Creamy Layer) & GEN-EWS | 35% to 55% Aggregate (5% relaxation) | 60%+ Aggregate Marks |
| Scheduled Caste (SC) / Scheduled Tribe (ST) / PwBD | 35% to 55% Aggregate (5% relaxation) | 55%+ Aggregate Marks |
When FRM Part II is conducted across multiple shifts or sessions, Global Association of Risk Professionals (GARP) applies standard score normalization (Equi-Percentile or Mean-Standard Deviation method) to account for any variation in paper difficulty across shifts. Because raw marks are governed by none, maintaining high accuracy (85%+) significantly boosts your normalized score.
City slip 10–15 days prior • Admit Card 4–10 days before exam
Global Association of Risk Professionals (GARP) releases the advance Exam City Intimation Slip followed by the official FRM Part II Hall Ticket / e-Admit Card on www.garp.org/frm. No hard copy is sent by post; candidates must log in with their Registration Number and Date of Birth / Password to download it.
Within 3–10 days after the examination
After conclusion of the objective test, Global Association of Risk Professionals (GARP) uploads the candidate response sheet and Provisional Answer Key on www.garp.org/frm. Candidates can calculate their raw score and submit online representations against any ambiguous question or key discrepancy within the stipulated 48–72 hour window.
3–6 weeks after stage completion
Global Association of Risk Professionals (GARP) declares the FRM Part II result as a stage-wise Merit List PDF (with roll numbers and category cut-offs) and individual Normalized Scorecards on www.garp.org/frm. Shortlisted candidates proceed to the next stage, Document Verification, or Centralised Counselling.
Practice in the official FRM Part II pattern on the Free plan, and unlock 10 full or sectional mocks every month, unlimited chapter and topic tests, and the CBT Exam Simulator with SmartRank Pass.
FRM Part II Full Mock Test 1
FRM Exam Part II · 80 questions · 4 hours
FRM Part II Full Mock Test 2
FRM Exam Part II · 80 questions · 4 hours
FRM Part II Full Mock Test 3
FRM Exam Part II · 80 questions · 4 hours
FRM Part II Full Mock Test 4
FRM Exam Part II · 80 questions · 4 hours
FRM Part II Full Mock Test 5
FRM Exam Part II · 80 questions · 4 hours
Papers come with a solution for every question. Read them, or attempt them as timed tests. See all FRM Part II previous year papers by year
Recent FRM Part II question papers
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Predicted questions for FRM Part II
High-probability questions and topics for your next exam
80 equally weighted multiple-choice questions, to be answered in four hours.
Four years from the date you pass Part I. If you miss this, you must re-enrol and take Part I again.
Two years of relevant full-time professional experience in areas such as risk management, trading, portfolio management or risk-related academia or consulting, submitted within 10 years of sitting Part II.
Three times a year, in May, August and November.
A set of readings refreshed each year on topics such as artificial intelligence, private credit, geopolitical risk and digital assets. It carries 10% of the exam.
FRM Part II is conducted by Global Association of Risk Professionals (GARP) across 1 stage: FRM Exam Part II. Results are pass or fail, with quartile results by topic. After passing Part II, you submit two years of relevant work experience to be awarded the FRM certification.
Educational Qualification: You must have passed Part I, or sit Part I in the same exam window (Part II is graded only if you pass Part I). Age Limit: No age limit.
Yes — None. Candidates should use a two-pass attempt strategy during mock tests to keep accuracy above 85% and minimise negative marking deductions.
The FRM certification, recognised by banks, asset managers, regulators and consultancies for risk management roles. Validity: Part II must be passed within four years of passing Part I; otherwise you must re-enrol and retake Part I.
FRM Part II is held three exam windows a year, in May, August and November (Exam windows in May, August and November). Online through a GARP account, then scheduling through Prometric.
Select FRM Part II as your target exam on SmartRank to get chapter-by-chapter study material built around its syllabus covering 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%), solved previous year question papers, topic and full-length mock tests in the exact FRM Part II pattern, a timed exam simulator, subject-wise analytics, an adaptive daily study plan and an AI Tutor.