The complete FRM® Part II study package
Application-level notes, scenario-driven drills, and full-length mocks across market, credit, operational, and liquidity risk — so you walk into Part II ready. One full topic is free, no card required.
180+
Learning outcomes covered
2,000+
Practice questions
~260 hrs
Guided study plan
Everything in the Part II package
One source-cited body of material, drilled six ways — so you learn it, retain it, and walk in genuinely ready.
Source-cited study notes
Application-level notes on market, credit, operational, and liquidity risk — every claim traceable to the current GARP study guide, with the working shown.
Adaptive question bank
Scenario-driven drills that adapt to your weak areas, built around the integrated way Part II actually tests — each with a full rationale.
Full-length mock exams
Timed mocks replicating the 4-hour, 80-question Part II format, scored across all six topic areas so you see exactly where marks leak.
Spaced-repetition flashcards
The models and frameworks you need on instant recall, scheduled to your forgetting curve.
Ready-to-Sit analytics
Readiness by topic, benchmarked against the published Part II minimum-passing-score band (~51–52%) so you know when you are ready to sit.
Evidence Panel on every reading
Tested-frequency, candidate-reported difficulty, and the integration traps that catch Part II candidates — surfaced on each reading.
Mapped to the real Part II weights
The package follows the published CAIA topic-area weights, so your study time tracks where the marks actually are — not an even split across topics.
- Market Risk Measurement & Mgmt20%
- Credit Risk Measurement & Mgmt20%
- Operational Risk & Resilience20%
- Liquidity & Treasury Risk15%
- Risk & Investment Management15%
- Current Issues in Financial Markets10%
GARP · FRM Part II Exam Weights
Part II curriculum
180+ LOS · ~260 hrs
- Market Risk Measurement & Mgmt20%
- Credit Risk Measurement & Mgmt20%
- Operational Risk & Resilience20%
- Liquidity & Treasury Risk15%
- Risk & Investment Management15%
- Current Issues in Financial Markets10%
Source: GARP · FRM Part II Exam Weights
See the work, not a claim
Every competitor calls their notes rigorous. Here is one, with the moves that make it different named in the margin.
From VaR to Expected Shortfall
Expected shortfall answers what VaR cannot: given that we breach VaR, how bad is the average loss? ES is the mean of the losses beyond the VaR threshold, which makes it coherent (sub-additive) where VaR is not.1
Under Basel’s FRTB, the regulatory measure moved to a 97.5% ES — you average the tail beyond the 2.5% quantile rather than reading a single point.2 On the same book ES ≥ VaR always; reporting ES of $5.6m against VaR of $4.0m is expected, not an error.3
- 1
Coherence, stated precisely
Sub-additivity is the property VaR fails and ES satisfies. Naming why diversification can raise VaR earns the first mark.
- 2
The regulatory shift, current
FRTB replaced 99% VaR with 97.5% ES. We keep the Basel framing versioned to the live curriculum.
- 3
The relationship, not just the formula
ES ≥ VaR on the same book — the comparison Part II item-sets hinge on.
Choose your Part II plan
Same source-cited content in every tier — pick how far you want the support to go. Move up anytime and pay only the difference.
Part II questions, answered
Still deciding? These are the things candidates ask before they start.
About the FRM® charterGARP allows it, but we recommend against it. Most candidates pass faster spacing them two sittings apart, and our guided plan is built that way.
Try a topic before you decide.
One full Part II topic is free — notes, questions, and the tools — so you can judge the material against how you actually study before paying anything.
Start free