FRM® Part II prep, all in one place.
48 study chapters across all six Part II areas, 240 exam-style questions with worked explanations, timed mock exams and an AI tutor beside every chapter.
The Part II exam at a glance
- Questions
- 80, multiple choice with four options
- Time
- 4 hours (3 min a question)
- Windows
- May, August and November
- Pass rate
- 50% in November 2025
- Focus
- Applying the tools to each type of risk
- Calculator
- Only the models on GARP’s approved list
JephAi for FRM Part II
The topics
FRM Part II topics and exam weights
Market, credit and operational risk are 60% of Part II. Current Issues is only 10%, but its readings change every year.
| Topic | Exam weight | Chapters on JephAi |
|---|---|---|
| Market Risk Measurement and Management | 20% | 9 |
| Credit Risk Measurement and Management | 20% | 10 |
| Operational Risk and Resilience | 20% | 8 |
| Liquidity and Treasury Risk Measurement and Management | 15% | 8 |
| Risk Management and Investment Management | 15% | 8 |
| Current Issues in Financial Markets | 10% | 5 |
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Free FRM Part II practice questions
Five Part II questions from five topic areas, with the full explanation.
Under the uncleared margin rules for OTC derivatives, initial margin posted between large dealers MUST typically be:
Pick an answer to see the explanation.
Climate scenario analysis differs from traditional bank stress testing MAINLY because it:
Pick an answer to see the explanation.
A bank holds 80 of Level 1 assets and 50 of Level 2A assets (15% haircut). Over a 30-day stress, outflows are 150 and inflows 60. Its liquidity coverage ratio is CLOSEST to:
Pick an answer to see the explanation.
Under FRTB, a risk factor is classified as non-modellable when it:
Pick an answer to see the explanation.
Under the standardised approach, a bank's loss component (15 times its average annual operational losses) exceeds its business indicator component. Its internal loss multiplier is:
Pick an answer to see the explanation.
FRM Part II questions
How many questions are on FRM Part II?
80 multiple-choice questions with four options each, in a four-hour exam. That is about 3 minutes per question.
What is the FRM Part II pass rate?
GARP reported 50% for Part II in November 2025. Everyone sitting it has passed Part I, so the field is stronger than the similar pass rate suggests.
Can I take Part II before passing Part I?
You can sit both parts in the same window, but GARP grades Part II only if you pass Part I.
What does JephAi include for FRM Part II?
48 study chapters across all six areas, 240 exam-style questions, timed mock exams, notes, analytics and, on the Advanced plan, Jeph, the AI tutor.
Can I try it before paying?
Yes. Every plan starts with 7 days free, and Basic and Premium don’t need a card. You can also answer the five sample questions on this page without signing up.
FRM Part II guides
Start Part II free for 7 days.
No card for Basic or Premium. Or pay once: from €69 for your exam.
Exam format, topic weights and pass rates: GARP. JephAi is not affiliated with GARP. FRM® is a trademark of GARP.