Finance Exams
Best FRM Part 1 Anki — 444 Cards + Free Timed 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 practice test
Free FRM Part 1 Practice Test 2026 | 50-Question
Same FRM Part 1 exam — run the linked 50-question timed check for topic scoring and a pass/no-pass report before you buy the deck.
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.
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Get 444-Card FRM Part 1 Deck — $29 USDProduct facts
- Cards
- 444
- Coverage
- Full FRM Part 1 curriculum structure
- Format
- .apkg
- Price
- $29 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 |
Exam facts
Financial Risk Manager (FRM) Part 1
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.
Common Financial Risk Manager (FRM) Part 1 questions
Straight answers to the questions candidates usually search before buying prep or booking the exam.
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.
Verify current exam fees, scheduling, and administrative details at www.garp.org/frm. Independent study aid — not official exam material.
More about FRM Part 1Study tips, positioning, 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
Q-bank subscriptions win on question volume. UniPrep wins when you want an ownable Anki file plus one free timed diagnostic — $29 once, then daily spaced repetition on VaR/ES/Greeks gaps the mock surfaces.
| 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.
Financial Risk Manager (FRM) Part 1 & product 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.
What is the best FRM Part 1 Anki deck?
Look for a Part 1–scoped deck with VaR/ES, Greeks, credit risk, and markets cards plus a free timed practice test for topic gaps. UniPrep2Go’s FRM Part 1 Anki deck is 444 cards with a linked free 50-question readiness check.
Is there a free FRM Part 1 practice test?
Yes. Take the free 50-question FRM Part 1 readiness check at uniprep2go.study/mock-exams/frm-part-1-readiness-check, then drill weak topics in this Anki deck.
What file format is delivered?
An Anki-compatible .apkg file delivered through Gumroad.
More questions (1)
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 2026-08-11.