Can You Pass FRM Part 1 and Part 2 Together? Dual Registration Strategy 2026

Can You Pass FRM Part 1 and Part 2 Together? Dual Registration Strategy 2026

Yes, you can. But the official rules for 2026 make it very clear that “Can You Pass FRM Part 1 and Part 2 Together” is a high-risk strategy that only makes sense for a narrow group of candidates.

Below is the precise picture for 2026 based on GARP’s own policies and exam information, plus what that implies for your odds and study plan.

1. What “passing both together” actually means

To become certified you must:

• Pass FRM Part 1

• Pass FRM Part 2 within four years of passing Part 1

• Then submit two years of relevant full-time risk experience

There is no bonus for passing both in the same window or same year. The only thing you “gain” with a dual registration strategy is calendar speed.

For 2026, you can choose between:

• Same day in August – Part 1 and Part 2 on one day, in separate sessions.

• Same administration (May, August, or November) – Part 1 and Part 2 in the same exam window, but on different days.

• Consecutive administrations – e.g., Part 1 in May 2026, Part 2 in August 2026.

In all cases, your Part 2 result only counts if Part 1 is passed.

2. Official 2026 rules on taking both parts

From GARP’s own exam FAQs and policies for the FRM program, the rules that matter for 2026 are:

• Same-day sitting

  • You can sit FRM Part 1 and FRM Part 2 on the same day in August.

  • You cannot sit both on the same day in May or November, but you can still sit for both within the same exam administration (i.e., same window, different days).

• Same administration scoring rule

  • If you choose to sit for Part 1 and Part 2 in the same administration and you fail or no-show Part 1, Part 2 will not be graded at all.

• Different administrations

  • If you register for both exams in different administrations and you fail or no-show Part 1, your Part 2 registration is converted to Part 1. You are not allowed to sit Part 2 in an earlier administration than Part 1.

• Exam structure

  • FRM Part 1: 100 equally weighted multiple-choice questions, 4 hours.

  • FRM Part 2: 80 equally weighted multiple-choice questions, 4 hours.

  • Both are computer-based, offered in May, August, November.

• Time commitment

  • GARP’s own guidance: candidates average about 240 hours of study per part, with a range reported from less than 100 to more than 400 hours, depending on background.

So the hard constraint for 2026 is simple: you may attempt both parts in the same administration, but Part 2 only “exists” if Part 1 is passed in that same cycle.

3. What the pass-rate history implies for your odds

GARP’s historical pass-rate charts over 2010–2022 show a consistent pattern:

• FRM Part 1 pass rates typically in the low-to-mid-40% range.

• FRM Part 2 pass rates typically in the low-to-mid-50% range.

Even if you assume a generous 45% probability of passing Part 1 and 55% probability of passing Part 2 in a given attempt, the probability of passing both in one go is roughly:

• 0.45 × 0.55 ≈ 25%

And that is under the very optimistic assumption that your performance on one exam is not degraded by the workload of preparing for the other. In reality, splitting your study time between FRM Part 1 and FRM Part 2 at the same time will usually drag your Part 1 odds below what you could achieve if you focused on it alone.

You are gambling both parts on the single weakest link: Part 1.

4. Dual registration options in 2026

If you still want a dual registration strategy for 2026, you effectively have three configurations.

Option A – August same-day attempt

• Structure: Part 1 session + Part 2 session on the same calendar day.

• Upside: Fastest possible path – if you pass both, you are done in a single day.

• Downside:

  • 8 hours of CBT exam time with high cognitive load.

  • If Part 1 goes badly, Part 2 is wasted effort; it will not be graded.

  • You must have both syllabi internalized before that day; there is no gap to regroup.

This is the highest-risk, highest-stress version of “Can You Pass FRM Part 1 and Part 2 Together”.

Option B – Same administration, different days (May, August, or November)

• Structure: Part 1 early in the window, Part 2 later in the same exam window.

• Upside:

  • Slightly less brutal than same-day; you get at least one sleep cycle between exams.

  • Still allows you to complete both parts in a single window.

• Downside:

  • You still must prepare both syllabi before the window starts.

  • The same scoring rule applies: fail/no-show Part 1 → Part 2 not graded.

This is marginally more sensible than same-day, but the risk to your Part 1 performance is still significant.

Option C – Consecutive administrations in 2026

• Example:

  • Part 1 in May 2026, Part 2 in August 2026; or

  • Part 1 in August 2026, Part 2 in November 2026.

• Upside:

  • You can focus your early 2026 on Part 1 only, then pivot fully to Part 2 after results — or once you are confident Part 1 prep is locked in.

  • You still finish both parts within the same calendar year.

• Downside:

  • Slightly longer timeline than same-administration.

  • Requires disciplined planning across two windows and careful use of deferral options.

For most serious candidates, Option C is the only dual-registration approach that is not self-sabotage.

5. Who should even consider taking both parts together?

You should not build a 2026 study plan on a “Can You Pass FRM Part 1 and Part 2 Together” mindset unless all of the following are true:

• Strong quantitative background (probability, statistics, derivatives, fixed income) at advanced undergraduate or postgraduate level.

• Daily study capacity of 3+ focused hours for several months, sustained around a full-time job.

• Ability to log 400–500 hours of serious study in total across the two parts in one year.

• You have already seen a good portion of the content (e.g., prior master’s degree in risk/derivatives, or heavy professional exposure).

If you do not meet that profile, dual registration is just a way to pay more fees and increase your probability of failing Part 1.

For everyone else, the rational sequence is:

1. Register for FRM Part 1 only.

2. Give it the full 200–300+ hours it deserves.

3. Once you are confident or once you pass, then commit to FRM Part 2.

This uses GARP’s four-year window between Part 1 and Part 2 instead of fighting it.

6. A realistic 2026 dual-registration plan (if you insist)

If you are determined to attempt both parts in 2026, treat the plan as a full-scale project:

1. Register for Part 1 first, then Part 2.Make sure your registration and scheduling for 2026 respect all GARP deadlines and the same-administration rules.

2. Front-load Part 1 mastery.

   • First 3–4 months: 100% of your study time on FRM Part 1 topics.

   • Objective: reach a point where you are scoring comfortably above the historical pass-rate level on Part 1 practice exams before you start Part 2.

3. Layer in Part 2 only after Part 1 is stable.

   • Introduce Part 2 reading and question practice once you can work Part 1 questions under exam conditions with high consistency.

   • Do not start Part 2 seriously if you are still struggling with Part 1 foundations like valuation, risk models, or basic market products.

4. Simulate the exact exam configuration.

   • If you are targeting August same-day, do at least one full 8-hour simulation: 4-hour Part 1 block, break, 4-hour Part 2 block.

   • If you are targeting same administration with different days, simulate two full 4-hour sessions on consecutive days.

5. Be willing to sacrifice Part 2 to protect Part 1.If you get close to the exam window and your Part 1 performance is not where it needs to be, drop or defer Part 2. There is no point “sitting” Part 2 when the policy explicitly says it will not be graded if Part 1 fails.

So, Can You Pass FRM Part 1 and Part 2 Together?

• Yes, you can register for and technically “pass” FRM Part 1 and Part 2 together.

• The official rules are designed so that Part 2 only counts if Part 1 is a clear pass in the same cycle.

• For the vast majority of candidates, the rational play is to crush Part 1 first, then use your four-year window to clear Part 2 with focused preparation, rather than try to brute-force both at once.

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