Can it be done? Yes.
“Should you do it?” is another question altogether. I would advise taking and passing Part 1 first.
There are reasons that sitting for FRM Part 1 and Part 2 together may not be a good idea:
- Firstly as you stated, if you don’t pass FRM Part 1, your Part 2 exam won’t be graded.
- The risk of failing Part 1 is increased when you try and study Part 2 alongside Part 1.
- Your chances of passing both are not good, except you spend 4-5 months preparing for it, every day, on a full-time basis.
- The advantage of taking both exams in the same sitting is not clear. You get your Part 2 earlier? Not that much of an advantage in my opinion compared to what you’re risking.
Most FRM candidates do not attempt to take both Parts 1 and 2 in the same sitting. Is there a particular reason why you’re considering this?