FRM Part II Exam Pass Rate, Format & Study Guide

The 2026 GARP FRM study guide describes Part II as 80 multiple-choice questions in 4 hours. The six domains and weights are 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%) and Current Issues in Financial Markets (10%). GARP does not publish a pass mark in the documents used for this portal, so the percent score in the portal mock is only a self-check.

The FRM is a widely recognised credential in financial risk management, and Part II covers the advanced topics.

Risk analysts, bankers and fund staff who have passed Part I and are preparing for Part II.

The certifying body does not publicly publish an official pass rate for this exam. Be wary of third-party sites citing a specific number here — treat any pass-rate claim you see elsewhere for this exam as unverified.

Retake and deferral rules are set by GARP; check the current FRM program rules before you reschedule.

GARP does not publish a fixed passing percentage; the percent score in the portal mock is only a self-check. Format: 80 multiple-choice questions in 4 hours on computer; the portal mock uses 80 questions in 240 minutes. No official pass rate is available for this exam, so none is quoted here.

The 2026 GARP FRM study guide describes Part II as 80 multiple-choice questions in 4 hours. The six domains and weights are 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%) and Current Issues in Financial Markets (10%). GARP does not publish a pass mark in the documents used for this portal, so the percent score in the portal mock is only a self-check. 80 multiple-choice questions · 4 hours · computer-based · six domains (2026 study guide). GARP does not publish a fixed passing percentage; the percent score in the portal mock is only a self-check.

• Market Risk Measurement and Management20%
• Credit Risk Measurement and Management20%
• Operational Risk and Resilience20%
• Liquidity and Treasury Risk Measurement and Management15%
• Risk Management and Investment Management15%
• Current Issues in Financial Markets10%

The content outline spreads questions across 6 areas: Market Risk Measurement and Management (20.0%); Credit Risk Measurement and Management (20.0%); Operational Risk and Resilience (20.0%); Liquidity and Treasury Risk Measurement and Management (15.0%); Risk Management and Investment Management (15.0%); Current Issues in Financial Markets (10.0%).

GARP lets you register for the FRM exams and sets the experience needed to be certified after you pass both parts. Read the current rules on the GARP FRM program page.

GARP charges an enrollment fee and an exam fee that depend on the registration window. The amounts change, so no figure is quoted here; confirm them on the GARP site.

Holding the FRM involves GARP continuing professional development and an annual fee; check the current GARP rules.

Start with the three 20% domains, then liquidity and treasury and investment management, finish with current issues, and take timed 80-question runs.

This guide follows the 2026 GARP FRM study guide and the GARP program page, checked October 31, 2026. Fees and registration windows change, so confirm them on the GARP site.