Free FRM Part 1 Practice Questions 2026: All 1,076 Solved

Try 3 free FRM Part I questions

Choose an answer, then view its worked solution.

Question 1 Easy

What is the Macaulay duration of a 5-year zero-coupon bond?

Choose an answer (optional) A 5.25 years B 4.85 years C 4.50 years D 5.00 years

Answer and solution

Solution

D is correct. Macaulay duration is the weighted average time to cash flows, where the weights are the present values of each cash flow as a fraction of price. A zero-coupon bond has a single cash flow at maturity, so 100% of the weight sits at year 5. Macaulay duration therefore equals the maturity: 5.00 years.

Question 2 Medium

In the bias-variance tradeoff, increasing model complexity most likely:

Choose an answer (optional) A Decreases bias and increases variance B Increases both bias and variance C Decreases both bias and variance D Increases bias and decreases variance

Answer and solution

Solution

A is correct.

As model complexity increases, the model fits training data more closely, reducing bias (the error from overly simplistic assumptions). However, the model becomes more sensitive to the specific training data used, increasing variance (the error from sensitivity to small fluctuations in the training set). This is the fundamental bias-variance tradeoff.

Question 3 Hard

The 2012 JPMorgan "London Whale" episode is most instructive as a warning about which combination of failures?

Choose an answer (optional) A A rogue trader acting without authority to build a hidden book that management had not approved B A flawed and revised value-at-risk model combined with weak oversight that let a large, concentrated credit-derivatives position grow C A funding run in which counterparties refused to roll the firm's short-term debt D A cyberattack that manipulated payment messages to move funds fraudulently

Answer and solution

Solution

B is correct. The Chief Investment Office accumulated a large, concentrated synthetic credit-derivatives position while a newly implemented VaR model understated the risk, and valuation and control weaknesses allowed losses to accumulate before they were recognized. Unlike Barings, the traders acted within delegated authority; the failure was model risk plus inadequate independent oversight and position-limit discipline.

FreeFellow has 1,076 free FRM Part 1 practice questions, all original, covering GARP's four topic areas. The full original question bank is free with an account, subject to usage limits. Worked solutions, written lessons, mixed practice, and your readiness score stay free. Samples on the FRM Part 1 practice page need no signup. For what paid banks cost, see the FRM cost comparison.

What the bank covers

Part 1 is 100 multiple-choice questions in four hours. GARP splits it across four topics, and the bank is organized the same way:

Scroll horizontally to view all columns.

Topic	Weight	What it covers
Foundations of Risk Management	20%	ERM, governance, CAPM, ethics, LTCM and Barings
Quantitative Analysis	20%	Distributions, hypothesis tests, regression, time series, simulation
Financial Markets and Products	30%	Futures, forwards, swaps, options, fixed income, MBS
Valuation and Risk Models	30%	VaR, expected shortfall, option pricing, duration, convexity

Every question is a FreeFellow original written to the current GARP study guide. Nothing is copied from GARP exams, GARP's practice exams (registered candidates get those directly) or other prep providers. Calculation questions show the arithmetic step by step, and conceptual ones explain why each wrong choice is wrong.

How to use it

This sequence works for most candidates:

Take the free diagnostic quiz to find your weakest topic area. It takes about six minutes and gives you a readiness baseline.
Work on your weak topics. Read every solution, including on questions you got right, and come back to the ones you missed. Mixed practice is free with an account. Topic drills and difficulty filters are part of Fellow, and free accounts get one preview drill a week on Foundations of Risk Management.
Switch to mixed practice once your accuracy by topic settles, because the real exam mixes topics together. Closer to the exam, add timed practice. Fellow's mock exams run 100 questions in four hours, like the real one.
Watch the readiness score, which weights your recent performance by topic. GARP doesn't publish a passing score, so use it to decide what to study next rather than as a forecast of your result.

The 6-month Part 1 study plan turns this into a week-by-week schedule.

Moving on to Part 2

The same free setup applies to FRM Part 2 practice. The FRM Part 2 question bank has 1,242 questions, all free with solutions, and since Part 2 is much more conceptual, the practice mix changes with it. If you're comparing both parts before you commit, the free FRM practice questions overview covers them in one place.

Frequently Asked Questions

How many free FRM Part 1 practice questions does FreeFellow have?

1,076 original multiple-choice questions covering all four GARP topic areas, each with a step-by-step solution. The entire bank is free with an account, subject to usage limits, and there's no trial period or credit card.

Are these real GARP exam questions?

No. Every question is a FreeFellow original written to the current GARP study guide. GARP exam content and GARP practice exams are copyrighted and aren't reproduced here. Registered candidates get GARP's own practice exams through their candidate account.

Do I need to sign up to use the question bank?

You can try the sample questions and the diagnostic without signing up. The full bank and its solutions need a free account, which also gives you progress tracking, mixed practice and a readiness score. The optional Fellow tier adds timed mock exams, flashcards and analytics.

Is the question mix calibrated to the real Part 1?

It's organized around GARP's four Part 1 topic areas, but it hasn't been measured against the live exam, so I wouldn't call it calibrated. Part 1 is the more computational half of the FRM, and the bank covers the calculations you'd expect (pricing, VaR, hypothesis testing, fixed income) alongside conceptual questions on governance and the disaster case studies.

What FRM candidates are saying

“I came across FreeFellow through the FRM subreddit. I was hesitant about signing up, but I'm really glad I did. I especially loved the notes you created; I didn't expect them to be this clear and to the point. It will be my study buddy for both parts.”

Akshaya T.

“So far, I'm finding it really good, easy to work through and good value for money. I'm really enjoying studying from it.”

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Try 3 free FRM Part I questions

What the bank covers

How to use it

Moving on to Part 2

Frequently Asked Questions

What FRM candidates are saying

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