Free FRM Part 2 Practice Questions

FreeFellow hosts 1,157 free FRM Part 2 practice questions, all original items with step-by-step solutions, covering all six GARP topic areas. No trial window, no question cap, no signup required to browse. Start at the FRM Part 2 practice page.

Key Concept

Part 2 question banks are where commercial pricing climbs steepest, several hundred dollars for one study phase. The FRM cost comparison has the line items.

What the Bank Covers

Part 2 is 80 multiple-choice questions in 4 hours across six topics. The FreeFellow bank mirrors the structure:

  • 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 drill page, and the free diagnostic baselines you across all six in a few minutes.

The Mix Matters More on Part 2

Part 2 has a reputation: candidates who prepared with calculation-heavy banks walk in and meet an exam that mostly asks them to reason through frameworks, regulation, and scenarios. Real Part 2 sittings run roughly a third computational.

The FreeFellow bank is deliberately 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 is how the real exam weights it. If a practice session feels more conceptual than your Part 1 prep, that is the point.

Original Questions, Current Readings

Every item is a FreeFellow original written to the current GARP study guide. GARP's own practice exams are copyrighted and distributed to registered candidates through GARP; they are not reproduced here, and any site offering those PDFs for download is hosting them without authorization.

The Current Issues topic deserves a note: GARP rotates the reading list each cycle, and the bank is swept when readings retire so you are never drilling last cycle's topics. Retired themes drop out; the current list's themes come in.

How to Use It

  1. Diagnostic first. Part 2 weaknesses are rarely where Part 1 strengths predict.
  2. Drill the two risk pillars (Market, Credit) until solid; they anchor the exam.
  3. Read solutions on conceptual items carefully. The per-choice notes explain why each distractor fails, which is exactly the discrimination skill Part 2 grades.
  4. Finish with mixed practice and the readiness score to confirm you hold accuracy when topics interleave.

For the decision upstream of all this, CFA vs FRM compares the two tracks, and What Is the FRM Exam covers the full credential picture including the experience requirement.