Free practice + study guide

FRM Part 1 Practice Questions

  • 19 free practice questions, every one explained · no signup
  • Timed mock exam (19 questions, 19 minutes) — free
  • Study guide: free to read online
Practice free 19 questions · explanations · no signup

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01

Test what you know · free, all of it

Four ways to practise.

The same 19 questions, dealt four ways. Pick the one that fits the time you have.

By section
Pick Foundations of Risk Management, Quantitative Analysis, Financial Markets & Products, Valuation & Risk Models. An explanation appears the moment you answer.
19 questionsuntimed
Timed mock
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19 questions19 minutes
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02

Learn what the questions test

Practice · free
19
questions, each explained — finds what you don't know yet
Learn · free
5
chapters, free to read online

The five chapters, free online

every chapter free online
  1. 1Foundations of Risk Management22% of the exam — the largest sectionRead free →
  2. 2Quantitative Analysis22% — the largest sectionRead free →
  3. 3Financial Markets & Products20%Read free →
  4. 4Valuation & Risk Models20%Read free →
  5. 5Credit & Operational Risk16%Read free →
03

Before you sit

Know the exam you're walking into.

Free study guideEvery section, onlineTopics by weightWhat to study firstHow hard is it?Honest answer, with numbersScores & retakesWhat the board publishesOne-page cram sheetNight-before facts
04

See the questions first

Two from the bank, answered.

Real items, with the answer marked and the reason written out — the same format as all 19.

Foundations of Risk Management

The risk that a counterparty fails to meet its financial obligations is:

  1. ALiquidity risk
  2. BMarket risk
  3. CCredit riskCorrect
  4. DModel risk

Why: Credit (default) risk is the risk a counterparty does not pay as agreed.

Financial Markets & Products

A call option gives the holder the right to:

  1. ASell the underlying at the strike
  2. BDefault without penalty
  3. CReceive fixed coupons
  4. DBuy the underlying at the strikeCorrect

Why: A call is the right (not obligation) to buy the underlying at the strike price.

Read all 19 questions with answers →

06

The exam itself

FRM Part 1 Practice Questions, by the numbers.

SectionsFoundations of Risk Management · Quantitative Analysis · Financial Markets & Products · Valuation & Risk Models · Credit & Operational Risk
Our bank19 questions · updated August 2026Written from GARP
LanguagesEnglish
SourceGARP

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09

Questions

Asked before starting.

Is the practice really free, or does it stop after a few questions?

All 19 questions, the timed mock and the report are free with no sign-up. A free account only adds saving your progress.

Practice questions are AI-assisted study material written from GARP and reviewed by PrepPass — for practice only, not official exam questions. Bank updated August 2026. PrepPass is an independent study resource and is not affiliated with, endorsed by, or approved by GARP. Always confirm current exam details with GARP.
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