First we review existing results concerning the non-planar spectrum of N=4 SYM. Next, using an effective vertex method we explicitly derive the two-loop dilatation generator of ABJM theory in its SU(2) x SU(2) sector, including all non-planar corrections. This generator is then applied to a series of finite length operators as well as to two different types of BMN operators. As in N=4 SYM, at the planar level the finite length operators are found to exhibit a degeneracy between certain pairs of operators with opposite parity -- a degeneracy which can be attributed to the existence of an extra conserved charge and thus to the integrability of the planar theory.When non-planar corrections are taken into account the degeneracies between parity pairs disappear hinting the absence of higher conserved charges. The analysis of the BMN operators resembles that of N=4 SYM. Additional non-planar terms appear for BMN operators of finite length but once the strict BMN limit is taken these terms disappear.