FRM® Part II syllabus, 2026

Every topic and learning outcome on the 2026 Part II curriculum, each with a plain-English note, its formulas and a worked practice question.

Standalone multiple-choice questions with 4 answers, A to D. The exam is 80 questions in 4 hours of testing. 590+ learning outcomes · 3,500+ practice questions in the app · enough for 44 full-length mock papers before any question repeats.

Topics, by weight in the exam

Credit Risk Measurement and Management

20% of the exam · 190+ learning outcomes

Market Risk Measurement and Management

20% of the exam · 100+ learning outcomes

Operational Risk and Resilience

20% of the exam · 99 learning outcomes

Liquidity and Treasury Risk Measurement and Management

15% of the exam · 65 learning outcomes

Risk Management and Investment Management

15% of the exam · 96 learning outcomes

Current Issues in Financial Markets

10% of the exam · 31 learning outcomes

Weights are GARP’s published ranges for the 2026 exam. The learning outcomes are restated in Charta’s own words; they are not GARP’s wording.

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