In November 2025, 50% of Part II candidates passed, GARP's program page says. Part I's rate in the same window was 47%.
Questions
80, equally weighted
Time
4 hours
Format
Multiple choice, computer-based
2027 windows
May, August and November
Part II pass rate, November 2025
50%
The latest pass rates
Window
Part I
Part II
November 2025
47%
50%
What the number says
Half of Part II candidates passed in November 2025, even though all of them had already passed Part I or sat it in the same window.
A candidate who fails or misses Part I in a window where they also sat Part II does not have Part II graded.
Your own odds depend on your weakest topic area, which a pass rate cannot show.
Measure your own readiness instead
Take the free diagnostic: 12 questions, 2 from each topic area, scored by area.
Fix the weakest area with its lesson, then try four fresh questions on it.
Sit a full 80-question mock in four hours before your window.
Try 4 questions
Question 1Backtesting VaR
A bank's VaR model had 3 exceptions over the last 250 days, which is in the green zone (0 to 4 exceptions, multiplier 3; the yellow zone starts at 5 exceptions with a plus factor of 0.40). Yesterday's 10-day 99% VaR is $9.5 million and the 60-day average is $7.0 million. Capital is the larger of yesterday's VaR and the multiplier times the 60-day average. Capital is closest to:
Question 2Credit analysis, ratings and capital structure
A borrower reports net income of $54 million, income tax expense of $18 million, interest expense of $48 million, and depreciation and amortization of $36 million. Its EBITDA interest coverage ratio is closest to:
Question 3Operational risk capital under the standardized approach
A bank's three-year averages are: interest income $3.0 billion, interest expense $1.2 billion, interest-earning assets $60 billion, dividend income $0.1 billion, services component $0.9 billion and financial component $0.15 billion. The interest, leases and dividend component is the smaller of net interest income and 2.25% of interest-earning assets, plus dividend income. The business indicator is the sum of the three components. The business indicator is closest to:
Question 4The liquidity coverage and net stable funding ratios
A bank's funding is: regulatory capital $1,200 million (available stable funding factor 100%), stable retail deposits $5,000 million (95%), less stable retail deposits $2,000 million (90%) and funding under one year from nonfinancial corporates $2,500 million (50%). Its assets are: Level 1 HQLA $2,000 million (required stable funding factor 0%), Level 2A HQLA $1,000 million (15%), residential mortgages $4,000 million (65%), corporate loans over one year $5,000 million (85%), loans to financial institutions under six months $500 million (10%) and fixed assets $400 million (100%). Its net stable funding ratio is closest to: