FRM Part II — Free Online Mock Test
80 MCQ / 4 hours. · Official language: English.
Elite
Finance & Professional
80 questions
240 min
50 distinct variants
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FRM Part II exam at a glance
FRM Part II section breakdown
The FRM Part II mock test on Wrexa Edge replicates the real exam's section structure — same names, same question count per section, same time limits. No inter-section breaks — the timer runs continuously.
FRM Part II scoring & marking scheme
Strategy: FRM Part II has no negative marking. Attempt every question — blank answers cost you potential marks but cannot pull your score down.
Scale: FRM Part II (pass via curve).
How FRM Part II is conducted
Mode
Standard — practice without proctoring on Wrexa Edge, or enable optional webcam proctoring to simulate test-day conditions.
Test format
Linear / fixed-form — every candidate sees the same number of questions per section.
Backtracking
Allowed — you can revisit and change answers within a section.
Mark for review
Available — flag tough questions and return to them before submitting the section.
Tools available during the FRM Part II exam
Wrexa Edge renders these tools inside the mock test exactly as they appear on the real FRM Part II exam — same shortcuts, same behaviour.
FRM Part II time strategy
With 80 questions in 240 minutes, you have about 180 seconds per question on average. Successful candidates aim for the following pacing on each section:
FRM Part II — Full Exam (80 Q)
Target ~180 sec/question. If a question takes more than 270 seconds, mark for review and move on.
Wrexa Edge's analytics show your actual time-per-question after every mock so you can spot which sections you're losing time on.
FRM Part II topics covered
Across the 50 Wrexa Edge variants of FRM Part II, the following topics appear most often (sample distribution from one variant):
FRM Part II — Full Exam (80 Q)
- Ethics — Standards · 17
- Quant — Statistics · 4
- Quant — TVM · 3
- Quant — Returns · 2
- CFA II — OAS · 1
- CFA II — Swaps · 1
- CFA II — MBS Prepayment · 1
- CFA II — Z-Spread · 1
Sample FRM Part II questions
A preview of real practice questions from the Wrexa Edge FRM Part II bank — the same style, phrasing and difficulty you'll face on test day. Full solutions unlock free inside the mock.
FRM Part II — Full Exam (80 Q) · CFA II — OAS
Q1. Option-Adjusted Spread (OAS) is:
Why: Correct answer: D — The spread over Treasury after removing the value of embedded options — comparable across callable/putable bonds. Topic: CFA II — OAS.
FRM Part II — Full Exam (80 Q) · CFA II — Swaps
Q2. In an interest rate swap, the fixed-rate payer:
Why: Correct answer: A — Receives floating (e.g., SOFR) and pays a fixed rate set at inception. Topic: CFA II — Swaps.
FRM Part II — Full Exam (80 Q) · CFA II — MBS Prepayment
Q3. Prepayment risk in MBS arises because:
Why: Correct answer: B — Mortgagors can prepay (e.g., refinance) when rates fall — shortening duration when investors least want it. Topic: CFA II — MBS Prepayment.
FRM Part II — Full Exam (80 Q) · CFA II — Z-Spread
Q4. The Z-spread is:
Why: Correct answer: C — The constant spread added to each spot rate to make PV of cash flows equal the bond's market price. Topic: CFA II — Z-Spread.
FRM Part II — Full Exam (80 Q) · CFA II — Key Rate Duration
Q5. Key rate duration measures sensitivity to:
Why: Correct answer: D — A non-parallel shift in a specific point of the yield curve (e.g., 5-year), holding others constant. Topic: CFA II — Key Rate Duration.
FRM Part II — Full Exam (80 Q) · CFA II — Black-Scholes
Q6. In Black-Scholes, the call option price depends on five inputs:
Why: Correct answer: A — Spot price (S), strike (K), time to expiry (T), risk-free rate (r), and volatility (σ). Topic: CFA II — Black-Scholes.
These are a handful of the 4000 unique FRM Part II questions across all 50 Wrexa Edge variants — start a free mock to attempt the full set with instant scoring.
FRM Part II difficulty calibration
Elite tier. Elite-tier: among the toughest exams in its category. Most successful candidates prepare for 6-12+ months.
80 MCQ / 4 hours. · Official language: English.
Verified content — Wrexa Edge's FRM Part II bank has been deeply curated with real exam-aligned content (estimated 100% syllabus coverage).
How Wrexa Edge prepares you for FRM Part II
Real test-day interface
Our sat skin mirrors the actual FRM Part II testing software — same timer, palette, tools, and navigation.
50 distinct variants
4000 unique practice questions, each variant a fresh test — not just shuffled options.
Detailed analytics
Scaled score, section accuracy, topic-wise heatmap, time-per-question — see where to focus after every attempt.
Spaced repetition (Notebook)
Wrong answers and flagged questions flow into an SM-2 spaced-repetition deck so you actually retain what you learn.
Optional proctoring
Browser-based face-api detection (no install) — turn it on to simulate a high-stakes environment.
Free to start
No credit card. Sign up, pick a variant, and your first FRM Part II mock starts in under a minute.
FRM Part II study plan
A phase-by-phase roadmap from your first concept to test-ready. Stretch or compress each phase to fit the time you have before your attempt.
1
Phase 1 — Learn the syllabus
Weeks 1–4
- Work through every section — FRM Part II — Full Exam (80 Q) — from your core study material
- Make short notes and a formula/fact sheet you can revise quickly
- Attempt topic questions right after finishing each area
2
Phase 2 — Practice & sectionals
Weeks 5–8
- Solve previous-year and practice questions section by section
- Time yourself on FRM Part II — Full Exam (80 Q) and your weakest areas
- Keep an error log and revisit every mistake weekly
3
Phase 3 — Full-length mocks
Weeks 9–12
- Take full-length FRM Part II mocks in the real test interface
- Analyse accuracy, time per question and silly mistakes after each mock
- Revise from notes and re-attempt only weak-topic questions
Where FRM Part II can take you
A strong FRM Part II result opens up these careers and higher-study paths:
Banking & financial services
Roles across retail and corporate banking, insurance and non-banking financial companies.
Accounting, audit & analysis
Positions in audit, taxation, financial analysis and advisory at firms and corporates.
Professional designation path
A stepping stone toward advanced qualifications and senior finance and consulting roles.
Frequently asked questions
- What is the FRM Part II exam pattern?
- FRM Part II contains 80 questions across 1 section: FRM Part II — Full Exam (80 Q). Total duration is 240 minutes (about 180 seconds per question).
- Does FRM Part II have negative marking?
- No — FRM Part II has no negative marking. Each correct answer is worth 1 mark, so attempt every question.
- How is FRM Part II scored?
- Scaled score range: 0 to 100. FRM Part II (pass via curve).
- How can I practise FRM Part II online for free?
- Wrexa Edge gives you 10 free full-length FRM Part II mock tests — with instant scoring, detailed explanations and analytics — plus 40 more with Pro. Start practising in under a minute, no card required.
- What is the difficulty level of FRM Part II?
- FRM Part II is rated Elite difficulty on Wrexa Edge. Elite-tier: among the toughest exams in its category. Most successful candidates prepare for 6-12+ months. 80 MCQ / 4 hours. · Official language: English.
- How long is the FRM Part II exam?
- FRM Part II runs for 240 minutes total. On Wrexa Edge the timer is enforced exactly as on the real exam — including no inter-section breaks.
- What topics are covered in FRM Part II?
- FRM Part II is split into: FRM Part II — Full Exam (80 Q). Each section is timed and weighted separately. 80 MCQ / 4 hours. · Official language: English.
- What tools or aids are allowed during FRM Part II?
- On-screen scientific calculator (matches the real exam interface).
- Is the FRM Part II test adaptive?
- No — FRM Part II is a fixed-form (linear) test. Every candidate sees the same number of questions per section.
- How many FRM Part II mock tests does Wrexa Edge offer?
- Wrexa Edge generates 50 distinct FRM Part II variants — each with different question content, not just shuffled options — the first 10 free for everyone and 40 more with Pro. That's 4000 unique practice questions in the real test-day interface.
- Is there a free FRM Part II test series 2026?
- Yes. The Wrexa Edge FRM Part II test series for 2026 gives you 10 free full-length mock tests (50 in total) plus subject-wise and topic-wise tests — instant scoring and detailed analysis, no card required.
- Are FRM Part II previous year question–style papers included?
- Every FRM Part II mock is modelled on the official exam pattern and the style of previous years' papers — the same 80-question structure, sections and marking — so your practice mirrors the real paper you'll sit.
- Which is the best free FRM Part II mock test online?
- Wrexa Edge's FRM Part II mock test replicates the real exam interface, timing and marking scheme, with instant score, section-wise analysis and 50 fresh variants — a strong free choice for 2026 preparation.
- Can I take the FRM Part II mock test on mobile?
- Yes. FRM Part II mock tests run in any browser on mobile, tablet or desktop — no app or download needed. Start on your phone and your progress and analytics sync when you sign in.
- What is the FRM Part II syllabus?
- The FRM Part II syllabus maps to its 1 section: FRM Part II — Full Exam (80 Q). Wrexa Edge's mock tests cover the complete syllabus topic by topic — see the topics-covered breakdown above — so you practise every area at real exam difficulty.
- What is the eligibility for FRM Part II?
- Eligibility for FRM Part II — age, qualification and number of attempts — is set by the official conducting body and can change each cycle, so always confirm the current official notification before applying. Wrexa Edge focuses on realistic FRM Part II practice: 10 free full-length mocks in the exact exam pattern, ready whenever you are.
- When is the FRM Part II exam and how should I prepare?
- Official FRM Part II exam dates are announced by the conducting body for each cycle — check the latest notification for the current schedule. To be ready, follow a phased study plan and take full-length timed mocks; Wrexa Edge gives you 10 free FRM Part II mocks with instant scoring so you can track your readiness week by week.
Ready to ace FRM Part II?
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