GARP FRM Part I covers Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models. Practice 600+ questions across the four topics — VaR, CAPM, derivatives, fixed income, and credit risk modeling.
997 Questions
4 Topics
3 Difficulty Levels
2026 Syllabus
AI-native · Pay less · Access more
Others charge $1,000+. FreeFellow gives you the 70% you need to pass for free.
The full question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your FRM Part I prep are free forever. No trial period, no credit card. Every lesson ships with AI-narrated audio, and every constructed-response item has a copy-to-AI prompt builder for your own ChatGPT or Claude. Become a Fellow ($59/qtr) only if you want mock exams, flashcards, analytics, AI essay grading, and a personalized study plan.
Everything You Need to Pass
The free tier covers what most candidates need to pass. Fellow ($59/qtr) adds the pacing tools.
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997+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
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Mixed PracticeFREE
Cross-topic sessions to keep recall sharp.
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Readiness TrackingFREE
Pass-probability estimate that sharpens with every session.
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Copy-to-AI Essay PromptsFREE
Structured prompts you paste into your own ChatGPT or Claude for self-graded essay feedback.
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Flashcards & Spaced RepetitionFELLOW
SM-2 review cards for long-term retention.
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Timed Mock ExamsFELLOW
Full-length practice exams weighted to the real blueprint.
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AI Grading for EssaysFELLOW
Instant AI-graded feedback on constructed-response essays using the official rubric.
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Performance AnalyticsFELLOW
Topic-by-topic mastery breakdown with difficulty mix.
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Personalized Study PlanFELLOW
Adapts to your exam date and weakest topics.
What's Free — and What Fellow Unlocks
The 70% of FRM Part I prep you actually need to pass — questions, solutions, lessons, mixed practice, AI-narrated audio, copy-to-AI essay prompts — is free forever. The remaining 30% (mocks, flashcards, analytics, study plan, AI essay grading) unlocks when you become a Fellow. Use the free tier as long as you like.
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Free forever
$0 · no credit card
997 practice questions with detailed solutions
Copy-to-AI essay prompts for your own ChatGPT or Claude
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking with pass-probability estimates
No paywalls on questions · no trial period · no credit card
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Fellow unlock
$59 / qtr · $149 / yr per track
Timed mock exams with weighted scoring
Flashcards (SM-2 spaced repetition)
Topic-level practice to drill weak areas
Performance analytics by topic and difficulty
AI grading for constructed-response essays vs the official rubric
Personalized study plan that adapts to your exam date
Sample Questions
Question 1
Easy
What is the Macaulay duration of a 5-year zero-coupon bond?
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Correct Answer: D
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:
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Correct Answer: A
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
A simple linear regression uses 25 observations with SST = 450 and SSR = 360. What is the F-statistic for this regression?
How many free FRM Part I practice questions does FreeFellow have?
FreeFellow currently offers 997 free FRM Part I practice questions across 4 topics, each with a detailed step-by-step solution. Questions span three difficulty levels and are aligned to the 2026 syllabus. The question bank is updated regularly.
What FRM Part I topics are covered?
The questions cover 4 topics: Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, Valuation and Risk Models. Each topic page shows your progress and lets you filter by difficulty level. You can practice by topic to target your weak areas or take mixed-topic practice exams.
Is FreeFellow really free for FRM Part I prep, or is there a catch?
No catch. The 70% of FRM Part I prep you actually need to pass is free forever: the full question bank of 997 practice questions, detailed solutions on every question, mixed practice, the formula sheet, and readiness tracking. No trial period, no credit card. The remaining 30% (timed mock exams, flashcards with spaced repetition, performance analytics, and a personalized study plan) unlocks when you become a Fellow.
What does the $59 Fellow tier unlock for FRM Part I?
Fellow ($59 per quarter or $149 per year, per track) unlocks four things on top of the free tier: timed mock exams with weighted scoring that match the real exam blueprint, flashcards using SM-2 spaced repetition, topic-level practice to drill weak areas, performance analytics broken down by topic and difficulty, and a personalized study plan that adapts to your exam date. Everything else — questions, solutions, lessons — stays free.
How does FreeFellow compare to Bionic Turtle, AnalystPrep, or Kaplan Schweser on price?
Traditional FRM Part I prep providers charge $200 to $3,500 for a single exam, paid upfront. FreeFellow keeps the question bank, written solutions, and lessons free forever. The optional Fellow tier is $59 per quarter (about 1/20th of what the big providers charge) and adds mock exams, flashcards, analytics, and a study plan. You can pass FRM Part I entirely on the free tier.
How should I use FreeFellow to study for FRM Part I?
Start with topic-based practice to identify weak areas. As your exam date approaches, switch to timed practice exams under realistic conditions. The free tier gives you everything you need to build mastery; if you want pacing tools (mock exams, analytics, a study plan) and long-term retention aids (spaced-repetition flashcards), become a Fellow.
What is the FRM Part I pass rate?
The FRM Part I pass rate has historically averaged around 45-50%, based on GARP-published statistics. Recent sittings have ranged from approximately 43% to 50%. Candidates who fail typically retake the exam in the next available window.
What is the format of FRM Part I?
FRM Part I is a 4-hour, 100-question multiple-choice exam covering Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models. It is offered three times per year (May, August, November) and is administered by GARP at Pearson VUE testing centers.
How many parts is the FRM exam?
The FRM (Financial Risk Manager) certification consists of two parts: Part I and Part II. Both are administered by GARP (Global Association of Risk Professionals). Candidates must pass both parts within four years and complete two years of qualifying risk-related work experience to earn the FRM designation.
What is FreeFellow's relationship with GARP?
FreeFellow is not affiliated with, endorsed by, promoted by, reviewed by, or warranted by GARP. FreeFellow questions and lessons supplement the official GARP curriculum but are not a replacement for it. Candidates should consult GARP-published reading lists for the authoritative source material.
FreeFellow is an AI-native exam prep platform for actuarial (SOA & CAS), CFA, CFP, CPA, CAIA, and securities licensing candidates — built around modern AI as a core capability rather than as a bolt-on. Every lesson ships with AI-narrated audio. Every constructed-response item has a copy-to-AI prompt builder so candidates can paste their answer into their own ChatGPT or Claude for self-graded feedback. Fellow members get instant AI grading on essays against the official rubric (currently CFA Level III, expanding to other essay-bearing sections).
The 70% you need to pass — question bank, written solutions, lessons, formula sheet, mixed practice, readiness tracking — is free forever, with no trial period and no credit card. Become a Fellow ($59/quarter or $149/year per track) to unlock mock exams, flashcards with spaced repetition, performance analytics, AI essay grading, and a personalized study plan.