Best Free FRM Study Materials in 2026

FRM prep has traditionally meant paying Bionic Turtle, AnalystPrep, or Kaplan Schweser somewhere between $199 and $700 per part on top of GARP's own fees. In 2026 that is optional. The single most useful free resource is FreeFellow: the entire FRM question bank, 997 Part I questions and 1,157 Part II questions, is free. Not a sample slice behind an email gate. The whole bank, with step-by-step solutions, no time limit, no question cap, and no signup required to browse.

This guide ranks the free resources worth your time, including the two practice exams GARP itself gives every registered candidate.

The Best Free FRM Resources (Ranked)

1. FreeFellow FRM Question Banks

What it offers: 997 Part I and 1,157 Part II practice questions covering every GARP topic area, with detailed step-by-step solutions and per-choice notes. Plus 59 written lessons across both parts with AI-narrated audio, formula sheets, mixed practice, and a readiness score.

Why it ranks first: Volume and feedback. Both FRM parts are won on applied quantitative practice, and a full free bank means you never ration questions. The per-topic accuracy tracking shows exactly where you are leaking points.

Start practicing FRM Part I or FRM Part II

2. GARP's Own Candidate Materials

What it offers: Registration includes the study guide, the learning objectives, and two complimentary practice exams per part through the GARP candidate portal.

Why it is essential: GARP writes the exam. The two practice exams per part are the most representative practice in existence, and the learning objectives are the authoritative list of what is testable.

How to use them: Save the practice exams for the final 4 to 6 weeks and sit them under real timing. Treat the results as your best pass-probability signal.

3. Free FRM Video Content

David Harper's Bionic Turtle channel on YouTube has a deep library of free quantitative walkthroughs, and it is particularly strong on the Part I valuation and risk-model material. Topic-by-topic searches (for example, expected shortfall or key rate duration) also surface solid one-off explainers.

Videos earn their keep in the learning phase and on topics where the curriculum text does not land. They are not a substitute for question volume.

4. Flashcards and Formula Review

  • FreeFellow formula sheets for Part I and Part II are free downloads
  • Anki shared decks built by past candidates cover the definitional material (search FRM on Anki's shared decks)

The FRM leans harder on applied calculation than raw recall, so treat flashcards as maintenance, not the main event.

5. Candidate Communities

The Bionic Turtle forum and r/FRM are active, and both are useful when a specific practice problem will not click. Reading worked-solution debates is an underrated way to stress-test your understanding.

How to Combine Free Resources

Months 1 to 3: Learning phase. Work through the GARP curriculum readings against the learning objectives. Watch free videos for the topics that will not land. Drill 20 to 30 FreeFellow questions per topic as you finish it.

Months 3 to 5: Practice phase. Shift to volume: 40 to 60 questions per day, mixed across topics. Use the per-topic accuracy data to target the weak areas. The quantitative topics reward daily reps.

Final 4 to 6 weeks: Mock phase. Sit GARP's two practice exams under real 4-hour timing, spaced two to three weeks apart. Between them, do timed FreeFellow mixed sets and review every miss.

Key Concept

Pass rates run roughly 45 to 50% per part, and GARP guidance puts typical prep at 200 to 350 hours per part. The candidates who fail mostly ran out of runway, not ability. Start earlier than feels necessary.

If you have the budget, these add structured instruction on top of the free foundation:

  • Bionic Turtle (about $400 to $600 per year) for David Harper's full quantitative video library and forum
  • AnalystPrep ($199 to $399 per part) for video lessons and additional mocks
  • Kaplan Schweser ($500 to $700 per part) for condensed notes and a structured calendar
  • FreeFellow Fellow ($59 per quarter or $149 per year) adds timed mock exams, spaced-repetition flashcards, topic drilling, performance analytics, and a personalized study plan on top of the free bank

None of it is required. The GARP readings, the free question bank, and GARP's own practice exams cover the full syllabus.

The Bottom Line

GARP fees are the unavoidable floor, about $1,400 to $2,000 across both parts depending on when you register ($400 one-time enrollment plus $600 early or $800 standard per part). Study materials do not have to add another $1,000 on top. Free resources in 2026 cover the full FRM syllabus with question volume, worked solutions, the exam maker's own practice exams, and video instruction.

Start with the free FRM Part I question bank, or take the free Part I diagnostic for an instant readiness score, no signup required.