Structure
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.
Syllabus
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.
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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.
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£780.00
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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.
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.
We also offer a range of optional extras to assist you in preparing for your exam, these range from online mock exams 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:
Optional
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)
Optional
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.
£81.00
Including UK delivery
(£67.50 excl. VAT)
Exams, sittings and resits
Exams
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 May/August 2024 pass rate as 52%.
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, 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.
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Schweser Online Study Portal
Includes dashboard with activity feed and performance metrics
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SchweserNotes™
Clear, concise study notes and examples that cover every learning outcome statement (downloadable as eBooks as well as in print).
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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.
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OnDemand Tuition Slides
A copy of the OnDemand Tuition slides to help with your OnDemand sessions.
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Quicksheet
A compact study tool summarising key formulae, definitions and concepts (downloadable as an eBook as well as in print).
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Resource Library
A collection of online reference videos to prepare you for your studies.
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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.
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SchweserPro™ QBank
Hundreds of practice questions to work through online and build custom exams.
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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.
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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.
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Online Features
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 FRM learning experience with us. Our tutors are available for any questions or worries you might have.
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:
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) |
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Funding options
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.
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 citybookings@kaplan.co.uk.