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
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.
6 topics · 180+ LOS
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.
2,000+ questions
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.
4 full mocks
Spaced-repetition flashcards
The models and frameworks you need on instant recall, scheduled to your forgetting curve.
Keyed to your gaps
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.
Benchmarked to MPS
Integration traps, called out
The cross-topic traps that catch Part II candidates are flagged inside the readings where they strike — with a worked example showing the correct treatment.
Flagged in the reading
Part II topic reference
Review this topic reference together with its source and applicable exam cycle.
- 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
A worked study example
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
About the FRM® charterCan I take Part I and Part II on the same day?
GARP allows it, but we recommend against it. Most candidates pass faster spacing them two sittings apart, and our guided plan is built that way.
How current is your Part II content?
Part II readings are reviewed every sitting and explicitly versioned against the GARP study guide release — including the current-issues topic.
How is FRM Part II structured?
A single 4-hour computer-based exam of 80 multiple-choice questions across market, credit, operational, liquidity, investment, and current-issue risk. Our mocks mirror that format and weighting.
Do you cover the practitioner-style cases?
Yes. Every Part II topic has at least one full case walkthrough — quantitative working, not just narrative.
Can I upgrade later?
Yes — move up a tier at any time and pay only the difference. Your progress and notes carry over.
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.
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