FRM Part 2

What you'll learn

• Identify knowledge gaps, correct common mistakes and prioritise your revision using practice results and detailed answer explanations.

• Understand and apply core FRM Part II concepts and formulas to solve exam-style questions and make informed risk-management decisions.

• Calculate and interpret value at risk and expected shortfall, and recognise the strengths and limitations of market risk models.

• Assess credit and counterparty risk using default probabilities, expected losses, collateral and credit valuation adjustments.

• Evaluate operational controls, cyber resilience, model risk and governance through practical risk-management scenarios.

• Analyse liquidity, funding and treasury risks using cash-flow measures, stress tests and asset-liability management techniques.

• Evaluate portfolio risk, investment performance and manager due diligence, including hedge funds and private markets.

• Assess how AI, private credit, geopolitical risks and digital assets can affect financial stability and risk-management decisions.