Finance Exams
FRM Part 1 Exam Prep — 444 Flashcards + Free Mock
444 cards across FRM Part 1 foundations, quant, markets, and valuation — with a free 50-question readiness check.
Instant .apkg download · Gumroad secure checkout
Free readiness check
Free FRM Part 1 Practice Test 2026 | 50-Question
Run the linked 50-question timed practice test for topic scoring, answer review, and a pass/no-pass remediation plan before deciding what to drill next.
Take free 50-question FRM Part 1 practice testSample cards
What are the investment grade vs speculative grade rating boundaries?
Investment grade: Baa3/BBB- and above. Speculative grade or high yield: Ba1/BB+ and below. Fallen angels are IG bonds downgraded to HY; rising stars are HY bonds upgraded to IG.
What is a CDS and how does it work?
A credit default swap is insurance against bond default. The protection buyer pays a periodic CDS spread; if default occurs, the seller pays par minus recovery value.
What is credit risk (counterparty risk) in derivatives?
Counterparty credit risk is the risk that the counterparty defaults when the derivative has positive mark-to-market value to you. It is one-sided and only exists when the contract has positive value.
Product facts
- Cards
- 444
- Coverage
- Full FRM Part 1 curriculum structure
- Format
- .apkg
- Price
- $11 USD
- Checkout
- Gumroad
- Exam cycle
- Current FRM Part 1 cycle
- Delivery
- Digital download through Gumroad (364 KB)
Coverage by exam topic
| Topic | Exam weight | Cards |
|---|---|---|
| Foundations of Risk Management | FRM Part 1 topic | High-yield cards |
| Quantitative Analysis | FRM Part 1 topic | High-yield cards |
| Financial Markets and Products | FRM Part 1 topic | High-yield cards |
| Valuation and Risk Models | FRM Part 1 topic | High-yield cards |
More about FRM Part 1Exam format, study tips, and how this deck compares
FRM Part 1 exam prep
Cards track GARP Part 1 structure: risk governance, VaR and Expected Shortfall, credit and operational risk, fixed income and derivatives Greeks. The free FRM mock scores topic gaps so you drill valuation models and market mechanics — not random card volume.
Built for: FRM Part 1 candidates who want active recall practice for formulas, concepts, definitions, and risk-management logic.
Covers: Full FRM Part 1 curriculum structure.
- Spaced-repetition flashcards
- 444 exam-focused flashcards
- Topic coverage table and samples on this page
- Linked free 50-question practice test
How this deck compares
444 cards for FRM Part 1 matches the current full frm part 1 curriculum structure in the coverage table — sized for daily review, not maximum download size. Start with the free 50-question FRM Part 1 practice test, then drill weak rows from the table.
| Approach | Typical size | Tradeoffs |
|---|---|---|
| Free community decks | 1,000–3,000 |
|
| Budget mega-packs | 1,000+ |
|
| This deck | 444 exam-focused flashcards |
|
FRM Part 1 study guide
What is inside
444 cards across Part 1: risk governance, CAPM and regression diagnostics, futures/forwards/swaps/options mechanics, VaR and Expected Shortfall methods, credit risk metrics, operational risk frameworks, and fixed-income valuation. Greeks and volatility surfaces appear in valuation-and-risk-models rows.
Plan with the free FRM mock
**Phase 1 (6 weeks out):** 25 cards/day from quant and markets. **Phase 2:** Free 50-question mock — remap daily reviews to valuation models and credit if those topics score low. **Final month:** No new cards; ES and VaR calculation prompts daily.
Pitfalls this deck targets
Candidates swap parametric vs historical VaR, mis-state delta-gamma approximations, and confuse settlement conventions on derivatives. Cards flag those calculation boundaries.
FRM Part 1 is the first of two exams for the Financial Risk Manager certification administered by GARP. This page summarizes structure, topic weights, and independent UniPrep2Go study products (not official GARP material).
- Questions
- 100 multiple-choice
- Time
- 4 hours
- Passing score
- No fixed passing score published; GARP sets the cutoff each cycle
- Delivery
- Computer-based at Pearson VUE test centers
- Administered by
- Global Association of Risk Professionals (GARP)
Knowledge domains and weights
| Domain | Weight |
|---|---|
| Foundations of Risk Management | 20% |
| Quantitative Analysis | 20% |
| Financial Markets and Products | 30% |
| Valuation and Risk Models | 30% |
High-yield facts (commonly tested)
- Value at Risk (VaR) estimates the maximum loss over a horizon at a given confidence level.
- Delta measures the sensitivity of an option's price to the underlying asset price.
- Credit risk is the risk of loss from a counterparty's failure to meet contractual obligations.
- Basel frameworks set capital requirements for banking institutions.
- Expected shortfall (CVaR) averages losses beyond the VaR threshold.
Verify current exam fees, scheduling, and administrative details at www.garp.org/frm. Independent study aid — not official exam material.
FAQ
How many questions are on FRM Part 1?
100 multiple-choice questions in 4 hours.
What are the FRM Part 1 topic weights?
Foundations of Risk Management (20%), Quantitative Analysis (20%), Financial Markets and Products (30%), Valuation and Risk Models (30%).
Do you need to pass FRM Part 1 before Part 2?
Yes. Candidates must pass Part 1 before Part 2 can be graded.
More questions (2)
What file format is delivered?
An Anki-compatible .apkg file delivered through Gumroad.
Is this affiliated with GARP?
No. This is an independent study aid and is not affiliated with, endorsed by, or sponsored by GARP. FRM is a trademark of the Global Association of Risk Professionals.
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Last updated 2026-05-31.