Part II runs in three windows in 2027: May 15 to 17, August 13 to 14 and November 20 to 22. Registration is $600 in the early period and $800 in the standard period.
May 2027
May 15 to 17
August 2027
August 13 to 14 (afternoon sessions)
November 2027
November 20 to 22
Registration
$600 early, $800 standard
2027 windows and registration periods
Window
Part II dates
Early registration ($600)
Standard registration ($800)
May 2027
May 15, 2027 to May 17, 2027
Dec 1, 2026 to Jan 31, 2027
Feb 1, 2027 to Mar 31, 2027
August 2027
Aug 13, 2027 to Aug 14, 2027
Mar 1, 2027 to Apr 30, 2027
May 1, 2027 to Jun 30, 2027
November 2027
Nov 20, 2027 to Nov 22, 2027
May 1, 2027 to Jul 31, 2027
Aug 1, 2027 to Oct 29, 2027
Scheduling deadlines
May 2027: schedule your seat by April 23, 2027.
August 2027: schedule your seat by July 30, 2027.
November 2027: schedule your seat by October 29, 2027.
Good to know
All registration and scheduling deadlines are 11:59 pm Eastern Time.
You can switch your exam month once, for $250.
The one-time enrollment fee is paid when you first register for Part I, not again for Part II.
Part II for November 2026 runs November 21 to 25, 2026; its registration has closed.
Try 4 questions
Question 1The trading book capital rules: expected shortfall and liquidity horizons
Over 250 days a trading desk fails backtesting if it has more than 12 exceptions at 99% VaR or more than 30 exceptions at 97.5% VaR. Desk A has 13 exceptions at 99% and 24 at 97.5%. Desk B has 10 at 99% and 28 at 97.5%. Which desks fail?
Question 2Cyber, third-party, conduct and model risk
Successful ransomware attacks on a bank are modeled as a Poisson process with a mean of 0.6 a year. With e−0.6 = 0.5488, the probability of at least one successful attack next year is closest to:
Question 3Risk monitoring and VaR in investment management
A portfolio exceeds its VaR limit. Marginal VaR per dollar is 0.08 for position A, 0.05 for position B and −0.01 for position C. Position B is the largest holding and has the largest component VaR. To cut portfolio VaR the most for each dollar sold, which position should be reduced first?
Question 4Deposits, early warning indicators and contingency funding
A bank funds $800 million of floating-rate loans, which reprice fully with market rates, with $800 million of non-maturity deposits that have a deposit beta of 0.40. Market rates rise by 150 basis points and deposit rates adjust by beta times the market change. The change in annual net interest income is: