The entire GARP FRM Part II question bank (the second FRM exam, taken after passing Part I) is free: 1,242 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. Public samples need no signup. The full original question bank is free with an account, subject to usage limits.
1,242 questions6 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.
The Basel III Net Stable Funding Ratio (NSFR) is designed primarily to:
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Correct Answer: A
Solution
A is correct. The NSFR equals Available Stable Funding (ASF) divided by Required Stable Funding (RSF) and must be at least 100%. ASF weights liability and equity sources by their stability over a one-year horizon, while RSF weights assets and off-balance-sheet items by their liquidity characteristics. The ratio's purpose is to ensure that long-dated, illiquid assets are funded with reasonably stable liabilities over a one-year period, addressing structural maturity mismatches that the LCR's 30-day horizon does not capture.
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: A
Solution
A 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.
What FRM Part II candidates are saying
“I came across FreeFellow through the FRM subreddit. I was hesitant about signing up, but I'm really glad I did. I especially loved the notes you created; I didn't expect them to be this clear and to the point. It will be my study buddy for both parts.”
Akshaya T.
“So far, I'm finding it really good, easy to work through and good value for money. I'm really enjoying studying from it.”
Russell S.
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 II 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.
✓
Free forever
$0 · no credit card
1,242 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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Fellow unlock
$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 21, 2026
Confirmed
May 15, 2027
Projected
Aug 6, 2027
Projected
Nov 20, 2027
Projected
Frequently Asked Questions
How many free FRM Part II practice questions does FreeFellow have?
FreeFellow currently offers 1242 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?
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 II?
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 II?
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 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.
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 1,242 FRM Part II 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.
