FRM EXAM PART I - A 100-question multiple choice exam, the FRM Exam Part I focuses on the tools used to assess financial risk: quantitative analysis, fundamental risk management concepts, financial markets and products, and valuation and risk models. Part I is always offered in the morning and must be completed in four hours or less. There are no penalties for wrong answers.
FRM EXAM PART II - The FRM Exam Part II is an 80-question multiple choice exam, emphasizing the application of the tools acquired in Part I: market, credit, operational and integrated risk management, investment management as well as current market issues. Part II is always offered in the afternoon and must be completed in four hours or less. There are no penalties for wrong answers.
Please note that if a candidate elects to take Part II on the same day as Part I, their Part II Exam will not be graded unless they first pass Part I.