Finance credentials · timed practice test · free 25-question / 60-minute diagnostic · GARP
FRM Part 1 Practice Questions — 25 Free, 50Q Full Mock
Free 25-question diagnostic, then $5 for 5 full attempts · no signup
UniPrep2Go's free FRM Part 1 practice test is a 25-question, 60-minute timed diagnostic with a free topic report and answer review — no email, no account. The full mock is 50 questions / 120 minutes on the $5 UniPrep2Go Mock Pass (5 attempts on any mock).
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 ↗
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- Questions
- 25 free · 50 full
- Time
- 60 min free · 120 min full
- UniPrep2Go readiness target
- 70%
- Domains
- 4
- Exam body
- GARP
- Status
- Live · free 25-question / 60-minute diagnostic
Exam version & sources
Financial Risk Manager (FRM) Part 1— what this product is (and isn't)
- Exam version
- 2026 FRM Learning Objectives (GARP)
- Official source
- GARP — FRM exam information
- Last reviewed
- October 15, 2026
- What this covers
- 50-question timed diagnostic (120 min; free 25-question / 60-min version) across 4 topic areas, with topic scoring and answer review. Official form: 100 equally weighted multiple-choice questions.
- Pass rule
- Official exam: No fixed passing score published; GARP sets the cutoff each cycle. UniPrep2Go mock: 70% readiness target (not an official pass score).
- Does not replace
- Independent study aid — it does not replace GARP Learning curriculum, practice questions, and practice exams.
Finance credentials · GARP
FRM Part 1 practice test
Free 25-question diagnostic · 60 min · full 50Q on Mock Pass
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
A bank's risk committee asks what combination of events would push its CET1 ratio below 7%. The team works backward and finds that a regional property crash plus a deposit run would do it. What exercise is this?
- A. Reverse stress test: start from a failure outcome and find the scenarios that cause it
- B. Sensitivity analysis: shock one risk factor at a time and measure the impact on capital ratios
- C. Historical scenario: replay a past crisis such as 2008 against today's portfolio
- D. VaR backtest: compare realized losses with the model's predicted tail losses
Sample 2
Before the 2007–2009 crisis, many mortgage lenders sold most of their loans into securitizations soon after origination. Which incentive problem did this originate-to-distribute model create?
- A. Investors bore too little credit risk, so they demanded yields that were too high
- B. Lenders kept the riskiest tranches, so they tightened underwriting excessively
- C. Rating agencies were paid by investors, so their ratings were systematically harsh
- D. Lenders kept little credit risk, so they had weak incentives to screen borrowers
Sample 3
The crude oil futures curve is in steep contango. A long-only investor holds the front-month contract and rolls it each month. What does the roll do to returns?
- A. Negative roll yield, since each roll buys a pricier contract
- B. No roll effect, since futures always converge to spot anyway
- C. Positive roll yield, since futures prices rise toward the spot
- D. A roll gain, because storage costs are refunded on expiry
Sample 4
A hedger is long the spot asset (return volatility 4%) and short one futures contract of equal value (volatility 5%). The correlation between spot and futures returns is 0.9. What is the volatility of the hedged position?
- A. 0.05%
- B. 2.2%
- C. 6.4%
- D. 8.8%
Sample 5
A bond portfolio has key rate durations of 0.5 at 2 years, 2.0 at 5 years and 3.5 at 10 years, for an effective duration of about 6.0. If only the 10-year rate rises 100 bp, what is the approximate change in portfolio value?
- A. A loss of about 0.5%
- B. A loss of about 2.0%
- C. A loss of about 3.5%
- D. A loss of about 6.0%
What is the FRM Part 1 Readiness exam?
FRM Part 1 Readiness is an exam pathway administered under GARP. Readiness check aligned to 2026 FRM Part 1 topic weights. Official exam: 100 multiple-choice questions, 4 hours; GARP does not publish a fixed passing score and sets the cutoff each cycle. UniPrep2Go readiness target: 70%. 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 exam information · GARP — 2026 FRM 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
- UniPrep2Go readiness target: 70% with topic breakdown
- Full answer review after you submit
Your first UniPrep2Go attempt is free: a 25-question timed diagnostic on any exam (Exam or Learn mode, no signup) with the full topic report. Full-length mocks and retakes run on a $5 UniPrep2Go Mock Pass (Gumroad license key): 5 attempts on any mock. 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 equally weighted multiple-choice questions
- 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 | Official 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.
- Passing Part I alone is not certification — you must pass Part II and submit two years of relevant work experience.
Verify current exam fees, scheduling, and administrative details at www.garp.org/frm/program-exams. Independent study aid — not official exam material.
FRM Part 1 practice test — quick answers
Is there a free FRM Part 1 practice test?
Yes — your first UniPrep2Go attempt is free, and it can be this one: a 25-question / 60-minute timed diagnostic drawn by the same topic weights, a 70% readiness target, topic scoring, and a full answer review report. No signup, Exam or Learn mode. The full 50-question / 120-minute mock runs on the $5 UniPrep2Go Mock Pass (5 attempts on any mock).
How many free attempts do I get on this FRM Part 1 practice test?
One. Your first UniPrep2Go attempt is free: a 25-question timed diagnostic on any exam (Exam or Learn mode, no signup) with the full topic report. Full-length mocks and retakes run on a $5 UniPrep2Go Mock Pass (Gumroad license key): 5 attempts on any mock. Every attempt ends with the full topic report and answer review — the report itself is never paywalled.
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. The free first attempt is a 25-question / 60-minute diagnostic with the same topic weights; the full session runs on Mock Pass. Readiness check aligned to 2026 FRM Part 1 topic weights. Official exam: 100 multiple-choice questions, 4 hours; GARP does not publish a fixed passing score and sets the cutoff each cycle. UniPrep2Go readiness target: 70%. Not official GARP exam material.
Why is the free FRM Part 1 practice test 25 questions?
It is a diagnostic: 25 questions drawn by the same topic weights as the full 50-question mock — enough to rank your weakest topics, short enough to finish in 60 minutes in one sitting. With 1–6 questions per topic it is a quick read, not a verdict; for a full-length timed score, run the 50-question / 120-minute mock.
What do I get for $5?
The UniPrep2Go Mock Pass: 5 full timed attempts on any UniPrep2Go mock, including the 50-question FRM Part 1 Readiness session, in Exam or Learn mode. It is a one-time Gumroad license key that works on any device — no subscription. Every attempt ends with the full topic report and answer review.
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.
More FAQAdditional format, scoring, and disclaimer questions
- 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 FRM Part 1 Practice Questions — 25 Free, 50Q Full Mock 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.
- 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?
- Original UniPrep2Go questions for the FRM Part 1 readiness check: a 120-item bank weighted 24 Foundations / 24 Quantitative Analysis / 36 Financial Markets and Products / 36 Valuation and Risk Models, mostly calculation and scenario questions with a teaching note on every wrong answer. Most were written for the mock; the rest are converted from worked examples in the 444-card FRM Part 1 Anki deck. Each attempt draws 50 in the topic mix, so retakes see new questions.