The entire GARP FRM Part I question bank (the first FRM exam, where every candidate starts) is free: 1,076 practice questions across Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, and Valuation and Risk Models. VaR, CAPM, derivatives, fixed income, credit risk modeling. From FreeFellow, where 'free' is in the brand name. Public samples need no signup. The full original question bank is free with an account, subject to usage limits.
1,076 questions4 topics2026 syllabus
Built by Jeffrey Ting, FSA, CFA, who passed thirteen of the hardest finance exams on the first attempt. The full question bank and worked solutions are free forever.
How does the Sortino ratio differ from the Sharpe ratio?
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Correct Answer: C
Solution
C is correct. The Sortino ratio penalizes only downside volatility. It divides the excess return above a minimum acceptable return (MAR) by the downside deviation, the square root of the average squared shortfall below the MAR, N1∑t=1Nmin(Rt−MAR,0)2, where periods at or above the MAR count as zero shortfall. The Sharpe ratio instead divides excess return over the risk-free rate by total standard deviation, so upside volatility also lowers it.
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
The 2012 JPMorgan "London Whale" episode is most instructive as a warning about which combination of failures?
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Correct Answer: B
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.
What FRM Part I candidates are saying
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Free practice questions, worked solutions, and written lessons.
The full original question bank, written solutions, lessons, formula sheet, mixed practice, and readiness tracking for your FRM Part I prep are free forever. Full access requires a free account and is subject to usage limits. No trial period, no credit card. Become a Fellow ($79/qtr) only if you want mock exams, flashcards, analytics, and a personalized study plan.
What's Free, and What Fellow Unlocks
The original question bank, worked solutions, written lessons, mixed practice, and readiness score stay free forever. Full access requires a free account and is subject to usage limits. Fellow adds mock exams, flashcards, analytics, and a personalized study plan.
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Free forever
$0 · no credit card
1,076 practice questions with detailed solutions
Mixed practice sessions across all topics
Formula sheet and reference materials
Readiness tracking based on practice history
No paywalls on original questions · no trial period · no credit card
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$39 / mo · $79 / qtr per track · $199 / yr as Fellow Plus
Timed mock exams with weighted scoring
Spaced-repetition flashcards backed by memory science
Topic-level practice to drill weak areas
Performance analytics by topic and difficulty
Personalized study plan that adapts to your exam date
Dates mark the start of each testing window. Projected dates follow GARP's historical exam cadence for sittings the body has not yet published. Confirm dates directly with GARP before registering.
Exam date
Status
Nov 14, 2026
Confirmed
May 8, 2027
Projected
Aug 6, 2027
Projected
Nov 13, 2027
Projected
Frequently Asked Questions
How many free FRM Part I practice questions does FreeFellow have?
FreeFellow currently offers 1076 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?
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. The original question bank, worked solutions, written lessons, mixed practice, and readiness score stay free forever. Timed mock exams, spaced-repetition flashcards, AI grading on supported exams (5 attempts a day), performance analytics, and a personalized study plan. Practice and grading usage limits apply.
What does the $79 Fellow tier unlock for FRM Part I?
Fellow is $39 per month or $79 per quarter, per exam family (USD). Fellow Plus is $49 per month, $99 per quarter, or $199 per year, per exam family (USD). Every annual plan is Fellow Plus. Fellow adds timed mock exams with weighted scoring that match the real exam blueprint, spaced-repetition flashcards built on memory science from cognitive psychology, 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?
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. The original question bank, worked solutions, and written lessons stay free forever. Fellow is $39 per month or $79 per quarter, per exam family (USD). See https://freefellow.org/pricing for package prices and coverage.
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. 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 taken at PSI test centers (ATA in mainland China, Hong Kong and Thailand).
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 GARP curriculum but are not a replacement for it. Candidates should consult GARP-published reading lists for the authoritative source material.
About FreeFellow
Jeffrey Ting
FSA, CFA · Founder
FreeFellow was built by Jeffrey Ting, a credentialed actuary and CFA charterholder who has passed thirteen of the hardest exams in finance, all on his first attempt. He paid four-figure prep fees along the way.
So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 40 exams with more than 46,000 original practice questions.
01
Cost shouldn't decide who gets in.
A CFA charter, a CPA license, an actuarial credential. Each opens a real career, but prep fees add to the cost of getting there. FreeFellow keeps its original question bank and written lessons free so you can study even if a paid course is out of reach.
02
Free should mean free.
The original question bank, the worked solutions, the topic lessons, mixed practice, and your readiness score stay free, forever. Full access needs a free account, and practice usage limits apply. Fellow adds AI grading on supported exams, spaced-repetition flashcards, full-length mock exams, analytics, and a study plan that adapts to your progress.
All 1,076 FRM Part I questions, worked solutions, and lessons are free. 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.
