FRM Part I vs Part II: Key Differences and How to Plan Both
FRM Part I builds the toolkit: foundations of risk management, quantitative analysis, financial markets and products, and valuation and risk models, in 100 questions. Part II applies it across market, credit, operational, liquidity and investment risk plus current issues, in 80 questions, and must be passed within four years of passing Part I. Both are 4-hour computer-based exams offered in May, August and November.
FRM Part 1 vs FRM Part 2 at a glance
| Dimension | FRM Exam Part I | FRM Exam Part II |
|---|---|---|
| Role in the program | First of the two FRM exams | Second exam, for candidates who have passed Part I |
| Content areas | Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, Valuation and Risk Models | Market Risk, Credit Risk, Operational Risk and Resilience, Liquidity and Treasury Risk, Risk Management and Investment Management, Current Issues in Financial Markets |
| Questions | 100 equally weighted multiple-choice questions | 80 equally weighted multiple-choice questions |
| Total time | 4 hours | 4 hours |
| Fee (2027 windows) | US$600 early, US$800 standard, plus a one-time US$400 enrollment fee for new candidates | US$600 early, US$800 standard |
| 2027 dates | May 8-13, Aug 13-14 (AM), Nov 13-18 | May 15-17, Aug 13-14 (PM), Nov 20-22 |
| Results | Pass/fail plus quartile results, within eight weeks after the window closes | Pass/fail plus quartile results, within eight weeks after the window closes |
| Recent pass rate | 47% (November 2025) | 50% (November 2025) |
| Deadline | Passing it starts a four-year window to pass Part II | Must be passed within four years of passing Part I |
| After passing | Move on to Part II | Certification also requires 2 years of relevant full-time work experience, submitted within 10 years of sitting Part II |
Choose FRM Part 1 if
- You are new to the FRM program: Part I is the starting exam and carries the one-time enrollment fee.
- You need to build the quantitative base first: probability, statistics, valuation and risk models.
- You want to learn the products and markets that Part II assumes you already know.
- You want to start the four-year clock only when you are ready to follow through on Part II.
Choose FRM Part 2 if
- You have passed Part I and are within four years of that pass.
- You are ready to apply risk tools to market, credit, operational, liquidity and investment risk.
- You want to complete the exams and move on to submitting your 2 years of relevant work experience.
- You are ready for fewer, more applied questions: 80 instead of 100 in the same 4 hours.
Is FRM Part II harder than Part I?
Part II is more applied, while Part I is more quantitative and foundational. GARP reported November 2025 pass rates of 47% for Part I and 50% for Part II. Pass rates alone do not show difficulty, since Part II is for candidates who have already passed Part I.
Do I have to pass FRM Part I before Part II?
Yes. GARP describes Part II as the exam for candidates who have passed Part I. Part II must then be passed within four years of passing Part I.
How many questions are on FRM Part I and Part II?
FRM Part I has 100 equally weighted multiple-choice questions, and Part II has 80. Both exams last 4 hours and are computer-based at test sites worldwide.
What happens after you pass FRM Part II?
Passing both exams is not the final step. GARP also requires 2 years of relevant full-time work experience, submitted within 10 years of sitting Part II, before you are certified.
Can I practice for both parts on KomFi Academy?
Yes. KomFi Academy has separate FRM Part I and FRM Part II topics with practice questions that include full explanations, plus flashcards and a glossary. You can start on the free Basic tier, and Pro unlocks each topic's full question bank.
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Sources: GARP: FRM program exams, GARP: FRM fees and payments.