Financial Risk Management (FRM®) Program - Part 2 Exam

The FRM® Exam Part 2 applies the tools and techniques covered in the FRM® Exam Part 1 and delves more deeply into major sub-areas of risk management. The questions on the FRM® Exam Part 2 are designed to test your ability to apply risk management concepts to real-world situations. Topics covered include:

  1. Market Risk Management
  2. Credit Risk Management
  3. Operational Risk Management
  4. Integrated Risk Management
  5. Investment Management
  6. Current Market Issues

FRM® Part 2 Exam Format

  1. FRM® Part 2 is offered twice a year on the third Saturday of the May and November, alongwith FRM® Part 1 the same day.
  2. Part 2 has 80 multiple-choice questions. Maximum time limit is 4 houRs.

FRM® Part 1 and Part 2 exams are held on the same day. FRM® Part 1 exam is held in the Morning Session and FRM® Part 2 exam is held in the Afternoon Session. A candidate can attempt both the Parts on the same day. However, Part 2 will be graded only if the candidate has cleared Part 1.

FRM® Part 2 Exam Topics and Weights

Topic Weight
Market Risk Measurement and Management 25%
Credit Risk Measurement and Management 25%
Operational and Integrated Risk Management 25%
Risk Management and Investment Management 15%
Current Issues in Financial Markets 10%
Total 100%

FRM® Part 2 Exam Fees and Deadlines

Exam Date - May 21, 2016

Payment Deadlines Program Enrolment Fee (One time) Exam Registration Fee Total Cost Re-attempt
Dec 1, 2015 – Jan 31, 2016 (Early Bird) $300 $350 $650 $350
Feb 1, 2016 – Feb 29, 2016 (Standard Fee) $475 $775 $475
Mar 1, 2016 – Apr 15, 2016 (Late Fee) $650 $950 $650


  1. The above fees are for 1 part of the exam. Fees are the same for both parts of the exam.
  2. Candidates opting to take both the Parts on the same exam day will pay twice the Exam Registration Fees. However, program enrolment fees will not need to be paid again and again.