The entire GARP FRM Part II question bank is free: 1,157 practice questions on Market Risk, Credit Risk, Operational Risk and Resilience, Liquidity and Treasury Risk, Investment Management, and Current Issues. Backtesting VaR, FRTB, copulas, xVA, Basel III, stress testing. From FreeFellow, where 'free' is in the brand name. No trial, no signup to browse, no credit card.
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.
Instant readiness score in about 6 minutes. No signup to start.
Sample Questions
Question 1
Easy
A credit rating transition matrix is BEST described as a tool that:
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Correct Answer: B
Solution
B is correct. A credit rating transition (or migration) matrix tabulates the empirical probability that an issuer currently in a given rating category will move to each other rating category, or to default, over a specified time horizon, typically one year. It is used in portfolio credit risk models such as CreditMetrics to drive mark-to-market changes from rating migrations.
Question 2
Medium
Why does a high level of public debt create tension between fiscal and monetary policy, according to the BIS?
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Correct Answer: B
Solution
B is correct. With high public debt, monetary tightening raises debt-service costs and can strain public finances, creating pressure on the central bank to keep policy loose, a risk of fiscal dominance. This is the central tension: the stance needed for price stability may conflict with debt sustainability.
Question 3
Hard
Which combination of policy stances is MOST likely to lie outside the region of stability over a sustained horizon?
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Correct Answer: B
Solution
B is correct. A sustained combination of large primary deficits and accommodative monetary policy while inflation exceeds target tests all three boundaries at once (price stability, debt sustainability, and ultimately financial stability) and lies outside the region. The other mixes are consistent with the joint stability the region describes.
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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 II 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.
What's Free, and What Fellow Unlocks
The 70% of FRM Part II 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.
✓
Free forever
$0 · no credit card
1,157 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
✦
Fellow unlock
$59 / qtr · $149 / yr per track
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
AI grading for constructed-response essays vs the official rubric
Personalized study plan that adapts to your exam date
How We Compare Save 90%+
Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever. The optional Fellow tier is $59 per quarter, roughly 1/20th of what traditional providers charge.
FreeFellow core free
$0 · Fellow $59/qtr
Bionic Turtle
$400–$600/year
AnalystPrep
$199–$399/part
Traditional providers bundle prep into a single up-front fee. FreeFellow keeps the question bank and lessons free forever and charges only for deeper study tools (mocks, flashcards, analytics). All numbers are competitor list prices as of 2026.
Everything You Need to Pass
The free tier covers what most candidates need to pass. Fellow ($59/qtr) adds the pacing tools.
✓
1,157+ 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.
✨
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.
⏱
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.
How many free FRM Part II practice questions does FreeFellow have?
FreeFellow currently offers 1157 free FRM Part II practice questions across 6 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 II topics are covered?
The questions cover 6 topics: Market Risk, Credit Risk, Operational Risk and Resilience, Liquidity and Treasury Risk, Risk and Investment Management, Current Issues in Financial Markets. 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 II prep, or is there a catch?
No catch. The 70% of FRM Part II prep you actually need to pass is free forever: the full question bank of 1157 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 II?
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, 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?
Traditional FRM Part II 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 II entirely on the free tier.
How should I use FreeFellow to study for FRM Part II?
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 II pass rate?
The FRM Part II pass rate has historically averaged around 55-60%, based on GARP-published statistics. Part II candidates have already passed Part I, so the population is more selective and the pass rate runs higher than Part I.
What is the format of FRM Part II?
FRM Part II is a 4-hour, 80-question multiple-choice exam covering Market Risk, Credit Risk, Operational Risk and Resilience, Liquidity and Treasury Risk, Risk and Investment Management, and Current Issues in Financial Markets. It is offered three times per year (May, August, November) and must be passed within four years of passing Part I.
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.
FreeFellow is a free exam prep library for actuarial (SOA & CAS), CFA, CFP, CPA, CAIA, GARP FRM, IRS Enrolled Agent, IMA CMA, and FINRA / NASAA securities licensing candidates. The entire question bank, written solutions, and lessons are free for every candidate, with no trial period and no credit card. Lessons include narrated audio, and 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.