FRM Exam Part II: the practice module
Exam body: GARP. Verified for GARP 2026 FRM Study Guide, FRM Exam Part II on October 18, 2026.
What it covers
Covers: standard multiple-choice questions written to this exam’s outline, format and timing.
Does not cover: nothing else; the real exam is multiple-choice throughout.
Question format
- Every question has exactly 4 options.
- One correct answer per question.
- Not allowed as an option: “all of the above”, “none of the above”.
- Stems follow the exam’s conventions, such as “Which of the following statements is correct?”, “most likely”, “closest to”, “most appropriate”.
Exam mode
The real exam is 80 questions in 240 minutes. Exam mode keeps that pace for any number of questions.
Topics
The official topic list, as the exam body names it. Your questions must use these names; the coverage dashboard compares your set to each topic’s official weight.
| Topic | Weight | Subtopics |
|---|---|---|
| Market Risk Measurement and Management | 20% | VaR and other risk measures · Modeling dependence: correlations and copulas · Term structure models of interest rates · Volatility: smiles and term structures · Fundamental Review of the Trading Book (FRTB) |
| Credit Risk Measurement and Management | 20% | Credit analysis · Default risk: quantitative methodologies · Expected and unexpected loss · Credit VaR · Counterparty risk · Credit derivatives · Structured finance and securitization |
| Operational Risk and Resilience | 20% | Governance of operational risk management frameworks · Identification, classification, and reporting of operational risks · Measurement and assessment of operational risks · Mitigation of operational risks · Cyber-resilience and operational resilience · Risks related to money laundering, financing of terrorism, financial crime, and fraud · Third-party outsourcing risk · Model risk and model validation · Stress testing banks · Risk-adjusted return on capital (RAROC) · Economic capital frameworks and capital planning · Regulation and the Basel Accords |
| Liquidity and Treasury Risk Measurement and Management | 15% | Liquidity risk principles and metrics · Liquidity portfolio management · Cash-flow modeling, liquidity stress testing, and reporting · Contingency funding plan · Funding models · Funds transfer pricing · Cross-currency funding · Balance sheet management |
| Risk Management and Investment Management | 15% | Factor theory · Portfolio construction · Portfolio risk measures · Risk budgeting · Portfolio performance measurement and analysis · Hedge funds and private markets · Risk monitoring and due diligence · Scenario analysis and stress testing · Asset liquidity |
| Current Issues in Financial Markets | 10% | Artificial intelligence (AI) · Private credit · Geopolitical risk · Risks of rising government debt · Cryptocurrency and digital assets · Digital resilience |
Trademarks
DoMcq is an independent practice tool. It is not affiliated with, endorsed by, sponsored by or approved by any exam body. Exam names are used only to say which exam a module is for. DoMcq holds no exam content: a module is the exam body's published topic names, the question format, the exam's timing, its published weights and a prompt, and every question in DoMcq is a student's own. The marks below belong to their owners. Trademarks
DoMcq is an independent practice tool and is not affiliated with, endorsed by or sponsored by the Global Association of Risk Professionals (GARP); GARP does not endorse, promote, review or warrant the accuracy of DoMcq. FRM® is a registered trademark of the Global Association of Risk Professionals, Inc.; the names are used here only to identify the exam.
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