Finance credentials · free timed practice test · GARP
Free FRM Part 1 Readiness Check
This free FRM Part 1 readiness check targets foundations of risk, quant, markets and products, and valuation models so GARP candidates can see which Part 1 pillars still need daily Anki before booking the exam window.
Official-source aligned. Topic weights, timing, and pass rules follow published Global Association of Risk Professionals (GARP) outlines. Questions are original UniPrep2Go study aids — not leaked official items. Verify on the official site ↗
Loading timed practice test…
- Questions
- 50
- Time
- 120 min
- Pass target
- 70%
- Domains
- 4
- Exam body
- GARP
- Status
- Live · free
Finance credentials · GARP
FRM Part 1 practice test
50 Q · 120 min · 70% target
Sample FRM Part 1 Readiness practice questions
These sample items mirror the domains in the timed FRM Part 1 Readiness mock. Correct answers and explanations unlock inside the practice session.
Sample 1
Which statement correctly describes the difference between direct and indirect exchange rate quotes as tested in financial markets and products?
$$Direct = \frac{1}{Indirect}$$
- A. Direct quote: domestic currency per unit of foreign currency (DC/FC)
- B. the difference between direct and indirect exchange rate quotes always eliminates all investment, legal, and regulatory risk for every cust…
- C. the difference between direct and indirect exchange rate quotes has no application in US securities, insurance, or licensing markets
- D. the difference between direct and indirect exchange rate quotes is identical to FDIC deposit insurance for every customer account
Sample 2
Which statement correctly describes the holding period yield on a money market instrument as tested in FRM quantitative analysis?
$$HPY = \frac{P_1 - P_0 + D_1}{P_0} = \frac{F - P_0}{P_0}$$
- A. Actual return over holding period — not annualized
- B. the holding period yield on a money market instrument always eliminates all investment, legal, and regulatory risk for every customer
- C. the holding period yield on a money market instrument has no application in US securities, insurance, or licensing markets
- D. the holding period yield on a money market instrument is identical to FDIC deposit insurance for every customer account
Sample 3
Which statement correctly describes the inverse relationship between bond price and yield as tested in valuation and risk models?
$$\frac{dP}{dr} < 0$$
- A. When YTM rises → bond price falls
- B. the inverse relationship between bond price and yield always eliminates all investment, legal, and regulatory risk for every customer
- C. the inverse relationship between bond price and yield has no application in US securities, insurance, or licensing markets
- D. the inverse relationship between bond price and yield is identical to FDIC deposit insurance for every customer account
Sample 4
Which statement correctly describes the expected return of a two-asset portfolio as tested in FRM foundations of risk?
$$E(R_p) = w_1 E(R_1) + w_2 E(R_2)$$
- A. the expected return of a two-asset portfolio always eliminates all investment, legal, and regulatory risk for every customer
- B. Weighted average of individual asset expected returns
- C. the expected return of a two-asset portfolio has no application in US securities, insurance, or licensing markets
- D. the expected return of a two-asset portfolio is identical to FDIC deposit insurance for every customer account
Sample 5
Which statement correctly describes covariance between two random variables as tested in FRM quantitative analysis?
$$Cov(R_i, R_j) = \sum P(s) \times [R_i(s) - E(R_i)][R_j(s) - E(R_j)]$$
- A. Measures how two variables move together
- B. covariance between two random variables always eliminates all investment, legal, and regulatory risk for every customer
- C. covariance between two random variables has no application in US securities, insurance, or licensing markets
- D. covariance between two random variables is identical to FDIC deposit insurance for every customer account
What is the FRM Part 1 Readiness exam?
FRM Part 1 Readiness is an exam pathway administered under GARP. Readiness check aligned to FRM Part 1 topic weights. Not official GARP exam material. This UniPrep2Go page is an independent timed practice test — not official exam material.
Administered by: GARP (official site ↗)
Official resources: GARP FRM Program · FRM Part 1 learning objectives
Who this exam is for
FRM Part 1 candidates who want a timed baseline before committing to a full mock provider.
How to prepare
Start with this free timed diagnostic to see which FRM Part 1 Readiness domains are weak, then review the published Global Association of Risk Professionals (GARP) outline on the official site and drill missed topics with the linked Anki deck before exam day.
Confirm current fees, eligibility, and scheduling with Global Association of Risk Professionals (GARP) before you book the real exam.
Topic outline
Core domains candidates usually study for FRM Part 1 Readiness: Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, Valuation and Risk Models.
Foundations of Risk Management
Quantitative Analysis
Financial Markets and Products
Valuation and Risk Models
About this free FRM Part 1 practice test
A timed FRM Part 1 diagnostic sampled across foundations of risk, quant, financial markets and products, and valuation and risk models — with weighted topic feedback, then spaced repair in the linked $29 / 444-card Anki deck.
Built for: FRM Part 1 candidates who want a timed baseline before committing to a full mock provider.
Topics on this practice test: Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, Valuation and Risk Models.
- 50 timed multiple-choice questions
- 120-minute pacing target
- 70% pass threshold with topic breakdown
- Full answer review after you submit
Free timed mock with full topic report — no signup. After your score, buy the linked Anki deck on Gumroad to drill weak topics with spaced repetition.
Buy FRM Part 1 Anki deck to drill weak topicsOfficial Financial Risk Manager (FRM) Part 1 facts
Structure and domain weights candidates verify against the certifying body before exam day.
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.
FRM Part 1 practice test — quick answers
Is there a free FRM Part 1 practice test?
Yes — UniPrep2Go hosts a free online FRM Part 1 practice test with 50 timed questions, 120 minutes, a 70% pass target, topic scoring, and a full answer review report. Free timed practice test.
How many questions are on this free FRM Part 1 practice test?
This UniPrep2Go practice test has 50 multiple-choice questions timed against a 120-minute target. Readiness check aligned to FRM Part 1 topic weights. Not official GARP exam material.
What score do you need on this FRM Part 1 practice test?
The pass target on this practice test is 70%. Your report also breaks down performance by topic so you can see weak areas before the real exam.
Who should take this FRM Part 1 practice test?
FRM Part 1 candidates who want a timed baseline before committing to a full mock provider.
Where can I take a FRM Part 1 practice test online?
UniPrep2Go hosts the Free FRM Part 1 Readiness Check at https://uniprep2go.study/mock-exams/frm-part-1-readiness-check with a timed runner and full readiness report.
Is this official exam material?
No. This is an independent readiness diagnostic. It is not official FINRA, CFA Institute, or GARP exam material and does not guarantee an exam result.
More FAQAdditional format, scoring, and disclaimer questions
- What does the report show after the mock?
- Your report shows a pass/no-pass verdict with explanation, topic diagnosis, pacing notes, full question review with explanations, and a repair plan that links to the paid Anki deck on Gumroad for weak-topic drilling.
- Where do the questions come from?
- Questions are original UniPrep2Go practice items aligned to published topic outlines — not leaked official exam questions.