The entire GARP FRM Part II question bank (the second FRM exam, taken after passing Part I) is free: 1,301 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.
1,301 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.
A credit rating transition matrix is BEST described as a tool that:
🎉
Correct Answer: D
Solution
D 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: 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.
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. 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 70% of FRM Part II prep you actually need to pass (questions, solutions, lessons, mixed practice) is free forever. The remaining 30% (mocks, flashcards, analytics, study plan) unlocks when you become a Fellow. Use the free tier as long as you like.
✓
Free forever
$0 · no credit card
1,301 practice questions with detailed solutions
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
$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
How FreeFellow Compares
Per-exam pricing across the major prep providers. The FreeFellow core (questions, solutions, lessons) is free forever. The optional Fellow tier is $79 per quarter, a small fraction of what traditional providers charge.
FreeFellow
$0 · Fellow $79/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 ($79/qtr) adds the pacing tools.
✓
1,301+ Practice QuestionsFREE
Every question includes a detailed, step-by-step solution.
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 1301 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 1301 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 $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?
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 $79 per quarter (a small fraction 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.
About FreeFellow
Jeffrey Ting
FSA, CFA · Founder
FreeFellow was built by Jeffrey Ting, a credentialed actuary and CFA charterholder who passed thirteen of the hardest exams in finance on the first attempt, and paid four-figure prep fees for every one. The learning itself was always free. The price was a moat.
So he started writing his own questions, then lessons, then mock exams, until it grew into a full prep platform covering 40 finance credentials with more than 45,000 original practice questions. The name says exactly what it is: the question bank is free, and Fellow is what you become once you pass.
01
Cost shouldn't decide who gets in.
The exam is a fair gate. A four-figure prep course is not. FreeFellow takes the second gate down, so the exam is the only one left.
02
Free should mean free.
No trial clock, no email gate, no credit card. The question bank, worked solutions, lessons, and readiness score stay free, and they are enough to pass.
03
Built by someone who sat where you sit.
He paid for the big-name courses, found nothing he respected, and built the prep he wished had existed. Not a marketing team that has never sat an exam.
All 1,301 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.
