FRM PART II MOCK EXAM UPDATED 2026 (LIKE REAL)

2026 FRM PART II MOCK EXAM

The FRM Exam Part I is a 100-question multiple-choice exam emphasizing the tools used to assess financial risk: foundations of risk management, quantitative analysis, financial markets and products, and valuation and risk models. Part I is offered via computer-based testing (CBT) in May and November.

The FRM Exam Part II is an 80-question multiple-choice exam emphasizing the application of the tools acquired in Part I: market risk, credit risk, operational risk and resiliency, treasury and liquidity risk management, risk management and investment management, and current issues in financial markets. Part II is offered via CBT in May and November.

• Part I of the Exam consists of 100 equally weighted multiple-choice questions. Part II of the Exam consists of 80 equally weighted multiple-choice questions.

• The Institution allows four hours for candidates to complete Part I of the Exam and four hours to complete Part II of the exam.

• FRM Exam candidates must pass Part I before they can take Part II. The Institution allows candidates to sit for both Part I and Part II on the same day, however, they must pass Part I before their Part II exam will be graded.

• Most FRM Exam candidates choose to take Part I and Part II on separate exam days.

Part I – Tools Used to Assess Financial Risk

• Foundations of Risk Management

• Quantitative analysis

• Financial markets and products

• Valuation and risk models

Part 2 – Application of the Tools

• Market risk management & measurement

• Credit risk management & measurement

• Operational and integrated risk management; including the Basel regulatory framework

• Liquidity and Treasury Risk measurement & management

• Investment risk management

• Current Issues

FRM Exam Fees

The FRM Exam requires a program enrollment fee of $400, which is payable when a candidate initially registers for the FRM Exam Part I. The enrollment fee is not charged again unless the candidate has not passed the FRM Exam Part II within four years after passing the FRM Exam Part I.