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FRM® Financial Risk Manager

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.

Selected courses are starting to run in-centre as we transition back into the classroom. We expect all classes purchased with face-to-face teaching to be run in-centre from October onwards.

Total package (excluding exams): help_outline

£630 - £1,477 (inc. VAT where applicable)

1. Structure

FRM Part 2 consists of 80 equally weighted questions which are mandatory and multiple choice. You have four hours to complete the exam. The FRM Part 2 exam is transitioning to computer-based testing in 2021. The May 2021 exam will be paper-based and December 2021 will be computer-based.

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 launch.

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%


Market Risk

This section tests your knowledge of market risk measurement and management techniques. Topics include VaR and other risk measures, modeling dependence, correlations and copulas, term structure models of interest rates, volatility - smiles and term structures.

Credit Risk

This area focuses on your understanding of credit risk management with some focus given to structured finance and credit products such as collateralized debt obligations and credit derivatives. Topics include credit analysis, default risk (quantitative methodologies), expected and unexpected loss, credit VaR, counterparty risk, credit derivatives and structured finance and securitization.

Operational Risk and Resiliency

This area focuses on Operational Risk and Resiliency as well as Enterprise Wide Risk Management. Topics include principles for sound operational risk management, risk frameworks and culture, IT infrastructure and data quality. Other topics include model risk, validating ratings models, assessing the quality of risk measures, and the application of RAROC and ARAROC methodologies. In addition topics include stress testing, economic capital practices, Basel III reforms, money laundering, managing outsourcing risks and both operational risk and cyber risk resiliency.

Liquidity and Treasury Risk Management

This area focuses on funding liquidity risk, asset liquidity risk and treasury risk mangement. Topics include, liquidity and leverage, early warning indicators, liquidity stress testing, illiquid assets and contingency finding planning. A focus on asset liability management includes topics on managing and pricing deposit services, managing non deposit liabilities, risk management for changing interest rates, ALM and duration management techniques.

Risk Management for Investment Management

This area focuses on your knowledge of risk management techniques applied to the investment management process, including factor theory, portfolio construction, portfolio risk measures, risk budgeting, risk monitoring and performance measurement, portfolio-based performance analysis and hedge funds.

Current Issues

FRM Part II always includes a focus on current risk issues. Big Data, Machine Learning, Artificial Intelligence, FinTech and Cyber Risk are all topics impacting the world around us. GARP selects these hot topics for each exam year selecting the current issues impacting and challenging risk management today and for the future

Select your package

2. Study methods

Classroom courses are currently being taught via Live Online. Stay on track, study online.

Our study methods have been designed to maximise your time and help you pass your exam. Whichever study method you choose, you’ll receive high quality resources and continuous support right up to your exam.

Simply choose a study package below:

grid_on Study method comparison table

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Blended Enhanced

Package combining OnDemand tuition and classroom revision study options with Kaplan Schweser study materials.

excl. VAT)
laptop laptop
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.

(VAT not applicable)

Or you can choose a revision classroom course without the supporting Kaplan Schweser study materials.

Revision only

Classroom revision without the Kaplan Schweser study materials.

excl. VAT)

Timetables - Classroom and Live Online

OnDemand tuition classes take place over 15 sessions. Classroom revision courses take place over 3 days (from 9-5pm)

date_rangeView timetable

location_on Classroom location

All classes take place at our Moorgate training centre:

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 1 and 2

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 £45.00 per exam
(VAT not applicable)
1-2-1 tutor sessions

A one hour 1-2-1 meeting with your tutor, either at our training location or online, within the last two weeks leading up to your exam. You can get your final questions answered before the exam day.

(£75.00 exc. VAT)
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.

from £60.00
(from £50.00 exc. VAT)

Inhouse training

Our public classroom courses run in central London. Like many of our courses, we can also offer these courses inhouse for your team or organisation. Please contact us on 020 7920 3060 or email us at to find out more about how we can help train your team.

3. Exams, sittings and resits


The Part 1 exams take place in May, July and November. The Part 2 exams take place in May and December. You'll need to make sure that you register with GARP® launch for exam entry. Please note, you can take both Part 1 and Part 2 exams in one day, but you need to pass Part 1 before your Part 2 paper is graded. 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 November 2019 pass rate as 59%.

Can Kaplan help if I fail an exam?

We do all we can to help you to pass the exam. However, if you don't pass first time then don't worry. There are a lots of ways we can support you. What you will be entitled to will depend on the last study package you purchased with us.

What FRM resits are available

Below is a table showing you what resit support you will be entitled to depending on what package you purchased from us in the first place.

Package Resit support
  Lifetime Pass Guarantee Schweser Commitment Pass Assurance
Classroom Enhanced check check  
Blended Enhanced check check  
Tuition Plus   check check
Distance Learning   check  
Tuition only     check
Revision only     check

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

Resit enrolment form

Lifetime Pass Guarantee

Lifetime pass guarantee is applicable to Classroom Enhanced and Blended Enhanced packages. Depending on your study option, you may qualify for unlimited weekday revision for free. You'll be able to make the most of our guarantee, right up until you pass the exam... however many times it may take. However, if you don't meet the criteria, then you may be entitled to Pass Assurance.

Terms and conditions – You'll need to have attended both the live or online tuition course and the live revision course in the same sitting with Kaplan. An attendance record of at least 90% is needed. This will be based on your signature given at class registers and/or the time you logged into online classes when using the online study portal. The Lifetime Pass Guarantee will expire if you do not attend 100% of the free weekday revision course or if an exam sitting is missed.

The Schweser Commitment

Schweser Commitment is applicable to Classroom Enhanced, Blended Enhanced, Distance Learning and Tuition Plus. Should you need a second chance, you may be eligible to receive the same material package at the next exam sitting for free. However, if you don't meet the criteria, then you may be entitled to PassProtection™ which entitles you to 50% off from your same-part purchases for the next exam sitting.

Terms and conditions – Available for 2019 purchasers of Complete Enhanced, Blended Enhanced, Tuition Plus, Distance Learning, Essential, Premium, or PremiumPlus™. You must answer at least 50% of the available questions from your QBank and Practice Exams. Your Performance Tracker dashboard will turn from red to green when your Questions Used shows at least 50%. If you meet the criteria you will receive the same study package (eBook and hardcopy) FREE of charge for the 2019 exam. Please note this does not include the delivery fee of £65 but you can opt to select just the ebooks which would not include the delivery fee. If you don't meet the criteria, you can still receive PassProtection™.

Pass Assurance

Pass assurance is applicable to Tuition Plus, Tuition Only and Revision Only. If you failed your exam then you can benefit from receiving 15% off a Revision course.

Terms and conditions – You should have taken a Tuition/Revision course with Kaplan.

4. Study materials and delivery costs

Study materials

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. View a full comparison of the study materials launch included in each package.

Blended Enhanced and 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 and Revision Slides

    A copy of the OnDemand Tuition and Revision 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.

  • SchweserPro QBank

    Thousands 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.

  • Kaplan Schweser Practice Exams

    2 full-length practice exams to help you perform on exam day.

Additional materials come with the Blended Enhanced package:

  • Classroom Revision Materials - MindMap and Q&A Book inc. full mock exam

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.

5. Kaplan Schweser Online Study Portal

Kaplan Schweser’s online portal provides access to a wide variety of resources to help you prepare for your exams. It also hosts all our OnDemand tuition and revision classes.

Online Features

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

  • check
    Dashboard (Activity feed and Performance Metrics) - Take the guesswork out of your study plan, and focus on the tasks that will help you pass.
  • check
    OnDemand Tuition - 15 OnDemand class sessions combining the structure and focus of the classroom with the convenience of prerecorded online class sessions.
  • check
    OnDemand Revision Classes - 8 hours of OnDemand revision classes.
  • check
    Ask your Instructor - Ask questions and receive answers from your tutor within 24 to 48 hours. (In addition, for those on classroom courses you will also receive personal tutor contact details.)
  • check
    SchweserNotes™ - Clear, concise study notes and examples that cover every learning outcome statement (downloadable as eBooks as well as in print). These notes also include module quizzes and topic assessments which can demonstrate your level of mastery of a topic and where you need to focus additional attention.
  • check
    Kaplan Schweser Quicksheet - A compact study tool summarising key formulae, definitions and concepts.
  • check
    Resource Library - A collection of online reference videos to prepare you for your studies.
  • check
    SchweserPro™ QBank - Thousands of practice questions to work through online and build custom exams.
  • check
    Schweser Checkpoint Exams - You will be prompted to undertake these during your revision. Questions will mimic the difficulty and format of the actual exam and your performance report will identify how well you understand the topics that have been covered and highlight weak areas where more revision is needed.
  • check
    Kaplan Schweser Practice Exams - 2 full-length practice exams to help you perform on exam day.
  • check
    Schweser Mock Exam 1 and 2 - these are as close the actual exam in format, difficulty, and length as possible and will help develop your test-taking skills, identify your weak areas, and demonstrate your mastery of the curriculum.

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

You can access your content from 48 working hours of purchase (subject to availability) until your examination date.

6. 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.

7. Testing and mocks

Vital to passing your exam will be attempting as many questions and mock exams as possible. Depending on your chosen package, you will gain access to over 1000 questions in the SchweserPro™ QBank, two checkpoint exams and two online practice exams.

In addition, we offer Schweser Online Mock Exam 1 & 2. This mock will:

  • Provide additional question practice using exam standard questions that are not replicated in any other products.
  • Provide final practise for your timings and techniques.
  • Highlight any weak points in your knowledge so you can focus on these areas pre exam day.

You will also be provided with fully worked solutions at the end of the mock session.

After the mock, many candidates also take the opportunity of a final 1-2-1 meeting with a tutor.

You can find information about our mocks and 1-2-1s in our comparison table launch.

8. Course pricing and funding options

Pricing structure

Below are our study package prices. The only additional costs will be delivery and if you decide to purchase any optional extras.

You can find information about our packages and optional extras in our comparison table launch.

Package Price (excl. VAT) Price (incl. VAT)
Blended Enhanced £1,321 £1,477
Distance Learning £630 (VAT not applicable)
Revision only £780 £936

Funding options

Employer sponsored ›

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 plans ›

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

Download enrolment form launch

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 commitment

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 commitment.

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

Peter Rutzendorfer

“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.”

Peter Rutzendorfer
Distance Learning

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.”

Geison Souza
Distance Learning

Britta Sadzik

“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.”

Britta Sadzik
Distance Learning

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Total package:

£630 — £1,447

*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. ERP®, 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..