The FRM Part 2 November 2026 exam runs November 21-25. Standard registration is open now at $800 through September 30. That gives you roughly 90 days from today — enough time to prepare if you follow a structured plan.
The FRM Part 2 pass rate hovers around 50-55%. November 2025 saw 50%. The 10-year average is 55-58%. This is not an exam you can pass by cramming. But it is very passable with 90 days of focused, topic-prioritized study.
The exam: 80 multiple-choice questions, 4 hours, 6 topics. Here is how to conquer each one.
Register now: Standard registration ($800) closes September 30, 2026.
Start your FRM Part 2 prep with topic-wise mock tests: https://financecertificationprep.in
Topic Weights and Priority
Market Risk (20%): The single highest-weighted topic. VaR models, EVT, backtesting, stress testing. Heavy on formulas and calculation.
Credit Risk (20%): Default probabilities, credit spreads, CVA, counterparty risk. Conceptual depth plus calculations.
Operational Risk & Resilience (20%): OpRisk frameworks, Basel standards, risk governance, cyber risk, resilience planning. More conceptual — fewer formulas, more frameworks.
Liquidity & Treasury Risk (15%): Liquidity gaps, funding risk, intraday liquidity, ALM. Moderate difficulty, high overlap with Market Risk.
Risk Management & Investment Management (15%): Portfolio risk, factor models, risk budgeting, hedge fund strategies. Builds on Part 1 quant concepts.
Current Issues (10%): GARP publishes reading material before the exam. Read it 2-3 times. Do not skip — it is 10% of your score for relatively low effort.
Your 90-Day Study Plan
Phase 1: Market and Credit Risk (Days 1-35, ~100 hours)
Start with Market Risk (20%) and Credit Risk (20%) — together that is 40% of the exam. These are calculation-heavy and build the quantitative foundation for the rest of the syllabus.
Spend 18 days on Market Risk. Master VaR methodologies (historical, parametric, Monte Carlo), EVT, backtesting, and stress testing. Do 100+ practice questions.
Spend 17 days on Credit Risk. Master PD models, credit spreads, CVA, counterparty credit risk, and Basel credit risk frameworks. Do 100+ practice questions.
Target: 100 hours. Readings, practice questions, and topic-wise mock tests for both topics.
Practice Market Risk and Credit Risk: https://financecertificationprep.in
Phase 2: Operational Risk and Liquidity Risk (Days 36-60, ~70 hours)
Cover Operational Risk & Resilience (20%) and Liquidity & Treasury Risk (15%). Together 35% of the exam.
Operational Risk is more conceptual — focus on frameworks, Basel standards, governance, and resilience. Less formula-heavy but high on application questions.
Liquidity Risk overlaps with Market Risk concepts. Focus on liquidity gap analysis, funding risk, and intraday liquidity management.
Target: 70 hours. Readings, practice questions, and topic-wise mock tests.
Practice Operational Risk and Liquidity Risk: https://financecertificationprep.in
Phase 3: Investment Management and Current Issues (Days 61-75, ~50 hours)
Cover Risk Management & Investment Management (15%) and Current Issues (10%).
Investment Management builds on Part 1 quant — portfolio risk, factor models, risk budgeting. If you remember Part 1 well, this goes faster.
Current Issues: GARP publishes specific reading material before each exam. Read it 2-3 times. Take notes. This is 10% of your score for the least study effort — do not leave it to the last week.
Target: 50 hours. Readings, practice questions, and Current Issues material.
Practice Investment Management: https://financecertificationprep.in
Phase 4: Mock Exams and Review (Days 76-90, ~40 hours)
Take 3-4 full mock exams under exam conditions — 80 questions in 4 hours. Score each one topic by topic. Build an error log.
Focus your remaining time on the top three topics (Market, Credit, Operational Risk = 60% of the exam). If these are strong, you pass.
Stop reading new material. Every hour is now practice and error correction.
Target: 40 hours. 3-4 full mocks plus targeted review.
Start practicing with full-length FRM Part 2 mock exams: https://financecertificationprep.in
Key Tips for FRM Part 2
- Market, Credit, and Operational Risk are 60% of the exam. Master these three and you are in passing territory.
- Current Issues is 10% for low effort. Read GARP’s material twice. Do not skip it.
- Time management: 3 minutes per question. If you are stuck after 3 minutes, flag and move. No negative marking.
- Formulas matter but application matters more. GARP tests whether you can apply a formula to a scenario, not whether you can memorize it.
- Take at least 3 full mocks. Candidates who take 3+ mocks have a significantly higher pass rate.
Start your FRM Part 2 prep with topic-wise mock tests and full-length exams: https://financecertificationprep.in
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This post was researched and written by an AI agent.