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FRM® Part 2

The FRM Exam Part 2 focuses on the application of the tools acquired in the FRM Exam Part 1 through a deeper exploration of market risk measurement and management, credit risk measurement and management, operational and integrated risk management, risk management and investment management and current issues in financial markets.

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Distance Learning study packages only. Book online by 8th February 2024. Your saving will be applied upon checkout.

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FRM Part 2 consists of 80 equally weighted questions which are mandatory and multiple choice. You have four hours to complete the exam. FRM Part 2 is a computer-based exam and is tested in May and November 1-week exam windows.

Entry requirements

You’ll need to pass FRM Part 1 before your Part 2 paper will be marked.


Below is a syllabus overview detailing topics and their approximate exam weighting. For more information, please visit the GARP website.

Part 2 Approximate exam weight
Market Risk 20%
Credit Risk 20%
Operational Risk and Resiliency 20%
Liquidity and Treasury Risk Management 15%
Risk Management for Investment Management 15%
Current Issues 10%

Study package

Our Distance Learning package has been designed to maximise your time and help you pass your exam. You’ll receive high quality resources and continuous support right up to your exam.

Get a free 7-day trial of our FRM course

Distance Learning

Study at your own pace with OnDemand tuition and OnDemand revision classes. This package offers maximum flexibility for independent study and comes with integrated Kaplan Schweser study materials.

20% off


This product's previous price was £780

VAT not applicable

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  • 15 OnDemand classes with intensive tuition and course slides
  • Access to module quizzes, problem solving techniques and sample exam questions.


  • Get exam confident with 8 hours of OnDemand revision
  • Access to hundreds of exam standard questions
  • With Schweser's Secret Sauce®, you'll get lots of exam tips on how to prepare and apply your knowledge on exam day.

Our Guarantee

The FRM exams can be tough, but if you don’t pass, everything’s not lost. With Kaplan’s Pass Protection (PDF) you may be eligible to receive the same material package for the next exam sitting for free. T&C’s apply.

Optional Extras

We also offer a range of optional extras to assist you in preparing for your exam, these range from online mock exams, 1-2-1 tutor sessions, and the official calculator. These are the only items that would add cost to your package but they are great value for money.

Optional extras

Although we have designed our packages to include key items to assist you in preparing for your exam, there are additional items that you may choose to purchase:

Schweser Mock Exam 3 and 4

The Online Schweser Mock Exam is as close as you can get to the actual FRM exam in format, difficulty, and length. The Mock Exam helps develop your test-taking skills, identify your weak areas, and demonstrate your mastery of the FRM curriculum. Afterward, view answer explanations, check your score compared to those of other candidates, and drill deeper into each question with our Mock Exam Tutorial.

from £65.00 per exam

(VAT not applicable)

Calculator (BA II Plus Pro)

There are only certain business calculators authorised for use during your exam. We recommend the Texas Instruments BA II Plus Professional.


Including UK delivery

(£67.50 excl. VAT)

Exams, sittings and resits


There are three exam sittings per year, in May, August and November. You'll need to make sure that you register with GARP® for exam entry. Exam results are either pass or fail, and you’ll receive your results within six weeks after the exam.

You are required to pass Part 2 within four years of passing Part 1.

How long does it take to pass?

Your preparation time will vary significantly based on your experience and background but, on average, GARP reports that candidates spend about 275 hours studying for each Part, and that some candidates study up to 400 hours. You’ll also need to demonstrate two years of relevant work experience to complete your certification.

What are pass rates like?

Passing Part 2 takes the same level of commitment as Part 1. GARP reported the August/November pass rate as 51%.

What FRM resits are available

We do everything we can to help you pass your FRM exam first time. However, should you need a second chance, then don’t worry. With Pass Protection, there are lots of ways we can support you as you prepare for your exam resit. For further information, please refer to our pass protection policy (PDF).

You can access your resit support by filling in the resit enrolment form.

picture_as_pdfResit enrolment form

Study materials and delivery costs

We offer a wealth of study materials to enhance your learning experience. These include hard copy books as well as online resources on Schweser’s study portal.

Distance Learning packages come with core materials, including:

  • Getting Started Guide

    Explains how to use the resources effectively to maximise your chance of passing the exam.
  • Schweser Online Study Portal

    Includes dashboard with activity feed and performance metrics
  • SchweserNotes

    Clear, concise study notes and examples that cover every learning outcome statement (downloadable as eBooks as well as in print).
  • Schweser Secret Sauce

    This is a concise review of the curriculum which provides insights and exam tips on how to effectively prepare and apply your knowledge on exam day.
  • OnDemand Tuition Slides

    A copy of the OnDemand Tuition slides to help with your OnDemand sessions.
  • Quicksheet

    A compact study tool summarising key formulae, definitions and concepts (downloadable as an eBook as well as in print).
  • Resource Library

    A collection of online reference videos to prepare you for your studies.
  • Kaplan Schweser Community

    Access our community forum to engage with our experts and other CAIA candidates to post questions, find answers, and engage in meaningful discussions throughout your studies.
  • SchweserPro QBank

    Hundreds of practice questions to work through online and build custom exams.
  • Schweser Checkpoint Exams

    Two key tests that you will be prompted to work through online during your studies. These mimic the difficulty and format of the actual exam. Performance reports then highlight your understanding and weak areas where more review is needed.
  • Schweser Online Mock Exam 1 – 2

    Practice taking the computer-based test before exam day with the online Schweser mock exam. This realistic exam simulates the interface, format, difficulty, and length of the actual FRM exam.

Study Material availability

Study materials are normally made available in eBook format in January and hard copy materials follow after. Schweser releases study materials on a piecemeal basis as soon as they are available, so you may receive more than one release/delivery of eBooks/hard copy materials. Release dates can be subject to change depending on the size of the new curriculum changes.

Delivery costs

Materials are delivered to the address you provide us (and must be signed for on delivery). For detailed information on delivery prices please refer to our delivery page.

Online study portal

Kaplan Schweser’s online portal provides access to a wide variety of resources to help you prepare for your exams.

Get a free 7-day trial of our FRM course

Online Features

Depending on the study package you choose, features can include the following:

  • View your online materials in one place and access your content in a few clicks
  • Take the guesswork out of your study plan with strategically placed weekly tasks
  • Track your performance against that of other candidates
  • Complete tests and get instant feedback
  • Access on mobile, tablet and computer

For more information on technical support available and minimum system requirements for Kaplan Schweser’s online portal, visit the Schweser portal technical support.

Access duration

Once study material is released access is available up until your registered exam sitting.

Study materials are normally made available in January. Schweser releases study materials on a piecemeal basis as soon as they are available, so you may receive more than one release. Release dates can be subject to change depending on the size of the new curriculum changes.

Tutor support

We’ll support you every step of the way throughout your learning experience with us. You can contact a tutor and get the help you need within 48 working hours.

We are open weekdays (excluding bank holidays) 9:00am to 5.30pm. In addition, our classroom tutors will provide you with their personal contact details.

Testing and mocks

Vital to passing your exam will be attempting as many questions and mocks as possible. Depending on your chosen package, you will gain:

  • SchweserPro QBank

    Access to hundreds of questions in the SchweserPro™ QBank. Adaptive and personalised technology has taken our world-renowned QBank study tool to the next level. Question difficulty adapts to a student's ability on a given topic, measuring their knowledge and keeping them motivated as they move through the content.
  • Checkpoint exams

    Two Checkpoint Exams with questions that mimic the difficulty and format of the actual FRM Exam.
  • Schweser Online Mock Exam (1 – 2)

    Practice taking the computer-based test before exam day with the online Schweser mock exam. This realistic exam simulates the interface, format, difficulty, and length of the actual FRM exam.

As well as the material included in your study package we also have another two additional Schweser mocks. These can be purchased with your study package or when you get closer to your revision stage.

Additional Schweser Online Mocks

You can now practice the computer-based test before your exam by using the Online Schweser Mock Exam. It’s a realistic exam that simulates the interface, format, difficulty, and length of the exam. It’ll help you develop your test-taking skills, identify your weak areas, and show you just how much you’ve learnt. After taking the mock exam, you can see how well you scored and compare your score to other candidates. You can review answer explanations and drill deeper into each question with the addition of our mock exam tutorial videos.

Course pricing and funding options

Pricing structure

Package Price (excl. VAT) Price (incl. VAT)
Distance Learning £780 £780 (VAT not applicable)

Get a free 7-day trial of our FRM course

Funding options

Employer sponsoredchevron_right

Your employer may fund the costs of your studies if you’re already working in a related field and want to develop your learning. You’ll need to speak to them to see if you’re eligible and confirm that they’re happy to pay for your studies.

Payment planschevron_right

Our FRM packages are covered with our interest-free payment plan, providing the total cost is £500 minimum (including VAT). The plan lets you spread the cost of your studies over a period of up to 12 months, with no extra costs.

How to enrol

Enrol online, call us on 020 7920 3060 or enrol with a form which you can email to

Why study FRM Part 2 with Kaplan?

World-class experience

Learn from world-class tutors with years of teaching and industry experience - rest assured you are in capable hands.

Flexible study options

Our study tools are flexible enough to fit around your lifestyle. From online to classroom, we give you all the support and materials you need to succeed.

Pass protection

We know the exams are tough but we’re here to help you every step of the way. Should you need a second chance we’ll put you back on track with our pass protection.

Unrivalled study materials

We understand that FRM is a big time commitment, which is why you will get access to comprehensive Schweser study materials and practice questions to keep you on track.

Don't just take our word for it

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"The course material is well structured and gets to the point. The weekly online courses with my tutor provided a very personal atmosphere with direct feedback and very supportive dynamics in an international group."

Picture of Geison Souza

"I was offered the right combination of high quality materials, excellent lecture videos and support. The interactive tool also allowed me to keep on track of my studies. I would definitely recommend the course."

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"I would recommend Kaplan because they break down an overwhelming amount of topics into manageable parts. The interactive set up of the online classes enabled me to use Kaplan tailored to my needs. So by exam day, I felt well prepared, calm and focused."

Related courses

FRM Part 1

Full level (all subjects):

£780 (Inc. VAT where applicable)

*GARP does not endorse, promote, review or warrant the accuracy of the products or services offered by Kaplan Financial of GARP Exam related information, nor does it endorse any pass rates that may be claimed by Kaplan Financial. Further, GARP is not responsible for any fees or costs paid by the user to Kaplan Financial nor is GARP responsible for any fees or costs of any person or entity providing any services to Kaplan Financial. SCR®, FRM®, GARP® and Global Association of Risk Professionals®, in standard character and/or stylized form, are trademarks owned by the Global Association of Risk Professionals, Inc.