GARP FAQ:
If I sat for both the FRM Exam Part I and Part II on the same day, will I receive one or two pass/fail letters? A: You will receive a letter stating whether or not you passed or failed Part I of the Exam. If you passed Part I, you will receive an additional letter stating whether you passed or failed Part II. If you failed Part I, Part II will not be graded. You must demonstrate proficiency in the topics covered in Part 1 before Part 2 will be graded. If you are unsuccessful on Part 1 you will have to register again for both Parts of the Exam.