How many questions are on FRM Part I and Part II?

Part I has 100 multiple-choice questions in four hours. Part II has 80 multiple-choice questions in four hours, per GARP.

What are the Part I topic weights?

Foundations 20%, Quantitative Analysis 20%, Financial Markets and Products 30%, Valuation and Risk Models 30%.

Can I sit Part II before Part I?

GARP’s registration rules govern sequencing and windows. Confirm the current policy on garp.org before you book.

Does MiloPrep cover both FRM parts?

Yes. The all-access subscription includes Part I and Part II practice.

How many sittings does the FRM exam include?

FRM is structured as 2 parts. On this site we track 2 sittings: Part I, Part II. Confirm current windows on Global Association of Risk Professionals pages.

FRM · Part II

How to pass FRM Part II

Applied risk management across market, credit, operational, liquidity, and investment risk. 80 questions in four hours. This pass plan ties weights, format, and failure modes into one weekly loop. Part I builds foundations, quantitative analysis, markets and products, and valuation/risk models. Use MiloPrep tools to plan hours for FRM alongside practice in the app.

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MiloPrep will cover every FRM sitting under one subscription.

Duration

240 min

Questions

Sims / cases

—

Topics

Who this fits

Fits you if

Risk analysts and managers in banking, asset management, or regulation who want an exam programme centred on financial risk measurement and management.

Skip if

Candidates seeking a broad investment charter (CFA) or alternatives specialisation (CAIA) as their primary path, unless risk is the job.

Pass plan

Step 1
Lock the blueprint
List every Part II content area and its weight range before you open a course chapter. High-weight bands get calendar priority even when they feel familiar.
Step 2
Drill the format
Practise Multiple choice under partial timing, then full sitting length near 240 minutes. Format skill is a separate skill from content recall.
Step 3
Cover all four Part I topics - none are optional
Foundations and Quant are 20% each; Markets and Valuation are 30% each. Skipping Foundations to chase formulas is a common miss. Tie this stage to the published FRM weights before you expand reading. Watch for: Skipping Foundations to chase Quant formulas, then missing governance and risk-type identification questions that are a full fifth of the exam.
Step 4
Practise Quant with interpretation, not only computation
GARP often asks what a result implies for risk decisions, not only the intermediate arithmetic. Tie this stage to the published FRM weights before you expand reading. Watch for: Over-drilling market risk VaR variants while under-preparing operational resilience and current-issues readings that still carry material weight.
Step 5
Build Part II by risk type
Rotate market, credit, operational, and liquidity blocks weekly so Current Issues does not crowd out core domains. Tie this stage to the published FRM weights before you expand reading. Watch for: Skipping Foundations to chase Quant formulas, then missing governance and risk-type identification questions that are a full fifth of the exam.
Step 6
Attack the known failure mode
Over-drilling market risk VaR variants while under-preparing operational resilience and current-issues readings that still carry material weight. Build two drills this week that force that exact miss pattern into the open.

Part II pass checklist

Weights listed and calendarized
Timed block near 240 minutes completed
Error log has at least 10 recent misses with rules
Failure mode addressed: Over-drilling market risk VaR variants while under-preparing operational resilie…
Retake rules checked only after a real readiness mock

FRM study-week checklist

Open the FRM hub and mark which sittings you will book first.
Spend at least one block on Part I high-weight topics.
Run one mixed set, then log every stem you missed with the correct rule.
Schedule one timed block near published sitting length this week.
Revisit one troubleshooting symptom from the hub and apply the next step.

Pro tip

Foundations vocabulary in context: Practise governance, risk types, and firm failures as applied stems - not glossary matching.

Tip 2

VaR and model limitations: Know when a VaR figure is misleading. Part I and Part II both punish blind formula trust.

Tip 3

If part i quant feels fine but mocks stall, Audit your last mock by the 20/20/30/30 weights and rebuild the week from the lowest bucket.

Tip 4

If part ii market risk crowds out everything, Cap market-risk study at its 20% weight and force operational and liquidity blocks onto the calendar.

Without structured practiceWith MiloPrep-style loops

Read chapters end-to-end with no weight mapBudget weeks to published FRM content-area ranges

Untimed question dumps until exhaustionShort diagnostics → mixed drills → timed sitting blocks

Ignore format (sims / cases / item sets)Separate format drills that match each sitting

Repeat the same miss with no error logLog stem mistakes and retest within 72 hours

Approach	Best for	Watch-out
Part-by-part sprint	Candidates sitting one FRM part soon	Leaving neighbouring topics cold
Weight-first calendar	Working professionals with limited hours	Skipping format practice
Full mock weeks	Final 3–4 weeks before a sitting	Using mocks before a baseline exists

Part II topic weights

Topic	Weight
Market Risk Measurement and Management	20%
Credit Risk Measurement and Management	20%
Operational Risk and Resilience	20%
Liquidity and Treasury Risk Measurement and Management	15%
Risk Management and Investment Management	15%
Current Issues in Financial Markets	10%

Confirm numbers on official pages

Part question counts, sitting lengths, and topic weights come from GARP FRM program materials and the current Learning Objectives. Weights are stated as approximate percentages of each part and can be revised when GARP updates the curriculum year.

How we review structure facts

MiloPrep cites awarding-body materials for FRM. Fees and pass rates are excluded when they move too often to state as facts.

Practice access

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Mapped practice across every FRM sitting
Weak-area targeting instead of random question dumps
One expanding study system across professional exams

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Next steps

Part II hub

Format and topics for Part II.

Open hub

Part II practice

Blueprint explorer and sample question.

Practice

How to study

Study approach for FRM.

Read guide

FRM FAQs

How many parts is the FRM?: Two: Part I and Part II.
How many questions are on FRM Part I and Part II?: Part I has 100 multiple-choice questions in four hours. Part II has 80 multiple-choice questions in four hours, per GARP.
What are the Part I topic weights?: Foundations 20%, Quantitative Analysis 20%, Financial Markets and Products 30%, Valuation and Risk Models 30%.
Can I sit Part II before Part I?: GARP’s registration rules govern sequencing and windows. Confirm the current policy on garp.org before you book.
Does MiloPrep cover both FRM parts?: Yes. The all-access subscription includes Part I and Part II practice.
How many sittings does the FRM exam include?: FRM is structured as 2 parts. On this site we track 2 sittings: Part I, Part II. Confirm current windows on Global Association of Risk Professionals pages.
What question format should I expect on FRM Part I?: Part I uses Multiple choice across about 100 scored items, with roughly 240 minutes of content time. Always re-check Global Association of Risk Professionals before you book.