FreeFellow has 1,242 free FRM Part 2 practice questions, all originals with step-by-step solutions, covering all six GARP 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 are open without signup, and you can start at the free FRM Part 2 question bank. Part 2 is where commercial question bank prices climb the most, to several hundred dollars for one study phase, and the FRM cost comparison has the line items.
How Part 2 differs from Part 1
A lot of candidates prepare for Part 2 with calculation-heavy banks, then walk into an exam that mostly asks them to reason through frameworks, regulation and scenarios. Real Part 2 sittings run roughly a third computational, and the FreeFellow bank is calibrated to that mix. Credit Risk questions here spend more time on wrong-way risk and securitization waterfalls than on plugging numbers into formulas, because that's how the real exam weights it.
Here's how I'd practice for it:
- Start with the free diagnostic, which gives you a baseline across all six topics in a few minutes. Your Part 2 weak spots are rarely where your Part 1 strengths would predict.
- Drill Market and Credit risk until they're solid, since they anchor the exam.
- On conceptual questions, read the solutions carefully. The notes on each choice explain why each wrong answer fails, and telling those apart is the skill Part 2 grades.
- Finish with mixed practice and the readiness score to check your accuracy holds when topics are mixed.
The six topic areas
Part 2 is 80 multiple-choice questions in 4 hours across six topics, and the bank follows the same structure:
Scroll horizontally to view all columns.
| Topic | What it covers |
|---|---|
| Market Risk Measurement and Management | Advanced VaR, expected shortfall, backtesting, copulas, extreme value theory |
| Credit Risk Measurement and Management | Counterparty risk, CVA, default modeling, securitization and structured credit |
| Operational Risk and Resilience | Capital approaches, scenario analysis, cyber and model risk, resilience frameworks |
| Liquidity and Treasury Risk | Funding and market liquidity, balance-sheet management, LCR and NSFR |
| Risk Management and Investment Management | Portfolio risk, risk-adjusted performance, hedge fund risk |
| Current Issues in Financial Markets | GARP's rotating reading list of contemporary topics |
Each topic has its own practice page. GARP rotates the Current Issues reading list each cycle, and the bank gets swept when readings retire, so you're never drilling last cycle's topics.
Every question is a FreeFellow original written to the current GARP study guide. GARP's own practice exams are copyrighted and go to registered candidates through GARP, so they aren't reproduced here, and any site offering those PDFs for download is hosting them without permission.
Still on Part 1, or retaking it? The free FRM Part 1 question bank has a separate 1,076 questions, and the free FRM practice overview puts both parts side by side, with 2,318 free questions in all. CFA vs FRM compares the two tracks, and What Is the FRM Exam covers the whole credential, including the experience requirement.