FRM Part I
P1- Foundations of Risk Management
- Quantitative Analysis
- Financial Markets and Products
- Valuation and Risk Models
1 unit free forever
Pass FRM · Practice
FRM Exam Practice Questions for Parts I and II
Targeted MCQ practice across all 10 FRM topics. Detailed explanations, topic-by-topic progress tracking, and free access to Foundations of Risk Management — no card required.
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- Aligned to the GARP FRM exam curriculum
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Aligned to the GARP FRM exam curriculum
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2 modules
Why this works
Three reasons learners actually pass.
The platform is built around retrieval practice: what the published research finds works, and what works in front of the examiner.
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Both FRM Parts Covered
MCQ practice for every topic across FRM Part I and Part II. Questions are organised by topic so you can drill exactly where you need to — from Foundations of Risk Management through to Current Issues in Financial Markets.
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Track Topic Mastery
Your progress dashboard shows mastery across every topic in both parts. See exactly where you stand before exam day and focus your study time on the areas that need the most work.
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Learn From Every Question
Every MCQ comes with a detailed explanation covering the correct answer and the underlying concept it tests. Understanding the why is how you pass the FRM.
How it works
From landing here to passing the paper.
You're answering real questions before you finish reading this page. No content gating and no pre-assessment funnel.
01
Sign Up and Start Free
Create your account and get full access to Foundations of Risk Management — the first topic in Part I — at no cost. No credit card required. Explore the platform before you subscribe.
02
Practise by Topic
Work through MCQs organised by topic across both FRM parts. Each question is written to the style and difficulty of the real GARP exam, with a full explanation after every answer.
03
Track Progress and Pass
Use your dashboard to monitor mastery across every topic. Consistent MCQ performance across all 10 topics is the strongest predictor of FRM exam-day success.
The evidence
Active recall is the literature.
Decades of cognitive-science research find that retrieval practice (answering questions you might get wrong) produces more durable learning than re-reading or highlighting. We built a question bank disciplined enough to use it.
Recall accuracy after 7 days
Roediger & Karpicke, 2006 (n=120, simplified)
Higher is better. Tested condition reflects retrieval practice, the mechanism behind this product.
Syllabus coverage
Every module. Every unit.
Mapped to the published syllabus, weighted to match recent examiner reports, reviewed each session.
Aligned to the GARP FRM exam curriculum
FRM Part II
P2- Market Risk Measurement and Management
- Credit Risk Measurement and Management
- Operational Risk and Resiliency
- Liquidity and Treasury Risk Measurement and Management
- Risk Management and Investment Management
- Current Issues in Financial Markets
Premium only
Full topic index
Every topic, one click away
Browse the complete syllabus before signing up — every module, every unit, every topic.
FRM Part I
FRM Part II
Operational Risk and Resiliency
- Operational Risk Definition and Taxonomy
- Loss Data Collection and Management
- Risk and Control Self-Assessment (RCSA)
- Key Risk Indicators (KRIs)
- Scenario Analysis for Operational Risk
- Advanced Measurement Approach and SMA
- Operational Risk Regulation: Basel Framework
- Conduct Risk
- Cyber Risk
- Business Continuity and Resilience
FAQ
The questions serious applicants actually ask.
What does the FRM exam cover?
The FRM exam is split into two parts. Part I covers Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models. Part II covers Market Risk Measurement and Management, Credit Risk Measurement and Management, Operational Risk and Resiliency, Liquidity and Treasury Risk, Risk Management and Investment Management, and Current Issues in Financial Markets.
How many questions are in the FRM exam?
FRM Part I contains 100 multiple-choice questions answered in 4 hours. FRM Part II contains 80 multiple-choice questions answered in 4 hours. Both parts use a single-best-answer format with four answer choices. There is no negative marking.
What is the FRM exam pass rate?
The FRM Part I pass rate is approximately 40–45% and Part II is approximately 55–60%. The exam is highly rigorous — most successful candidates study 200–240 hours per part. Regular MCQ practice across all topics is one of the most effective preparation strategies.
Can I sit FRM Part I and Part II at the same time?
Yes. GARP allows candidates to sit both parts on the same exam day. However, you must pass Part I before your Part II result will count. Most candidates sit the parts separately to focus their preparation effectively.
Is Pass FRM free to use?
Yes. Foundations of Risk Management — the first topic in FRM Part I — is fully free with no credit card required. A subscription unlocks all remaining topics across Part I and Part II, giving access to the complete FRM question bank.
When can I sit the FRM exam?
GARP offers FRM exam sittings in May and November each year. Both parts are available at each sitting. Registration typically opens several months before each exam window, with early registration offering lower fees.
How long is FRM Part I valid after passing?
Candidates must pass FRM Part II within four years of passing Part I. If Part II is not passed within that window, Part I must be retaken. This makes focused, structured preparation for Part II especially important.
What topics are covered in FRM Part I?
FRM Part I covers four topics: Foundations of Risk Management (20%), Quantitative Analysis (20%), Financial Markets and Products (30%), and Valuation and Risk Models (30%). The topic weightings guide how much emphasis to give each area in your preparation.
What topics are covered in FRM Part II?
FRM Part II covers six topics: Market Risk Measurement and Management (20%), Credit Risk Measurement and Management (20%), Operational Risk and Resiliency (20%), Liquidity and Treasury Risk Measurement and Management (15%), Risk Management and Investment Management (15%), and Current Issues in Financial Markets (10%).
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