Free FRM Part I Exam Prep
Financial Risk Manager (FRM) Exam Part I
Prepare for the FRM Part I exam without spending hundreds on expensive prep courses. Free study guides, practice questions, flashcards, and related exam resources.
Quick Facts
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FRM GARP FRM and Risk Certifications License: Complete Roadmap
Follow this path to organize your licensing and exam preparation
Phase 1: Foundations + QuantYou are here
Build conceptual and quantitative baseline before product/model depth.
Phase 2: Markets and Products
Master instrument mechanics and market-risk-linked product behavior.
Phase 3: Valuation and Risk Models
Practice valuation frameworks and risk-model applications intensively.
Phase 4: Timed 4-Hour Mocks
Run full simulations and tune pacing for 100 equally weighted questions.
Can You Take the FRM Part I Exam?
Check if you meet the basic eligibility requirements
- •Part II must be passed by December 31 of the fourth year after passing Part I
- •Two years of relevant full-time risk work are required for final certification
- •Exam windows are offered in May, August, and November
FRM Part I Quick Facts
Time to Get Licensed
12-20 weeks for most candidates
From start to license in hand
Exam Provider
PSI (most locations) / ATA (China, Hong Kong, Thailand)
Retake Policy
Candidates may register for a future exam window after an unsuccessful attempt; failed/no-show appointments forfeit exam fees.
Total Cost Breakdown
Free FRM Part I Prep Tools
Reported exam pass rate: 47% for FRM Part I (November 2025, source: GARP pass-rate chart on program-exams page).. Check the exam sponsor for the latest official figure.
200 Practice Questions
Quant-heavy FRM-style drills mapped to official domain weights.
AI-Powered Learning
Stepwise explanations for quantitative and valuation problem sets.
2026 Updated
Aligned to 2026 learning objectives and current fee structure.
Free Access
Start free FRM Part I practice before paid prep purchases.
What You'll Study
17 chapters covering the exam topics in this guide
Introduction & Exam Overview
2 sections
Foundations: Risk Building Blocks & Governance
4 sections
Foundations: Portfolio Models, Data & ERM
4 sections
Foundations: Disasters, Crisis & Ethics
3 sections
Quantitative Analysis: Probability Foundations
4 sections
Quantitative Analysis: Inference & Regression
4 sections
Quantitative Analysis: Diagnostics & Time Series
4 sections
Quantitative Analysis: Simulation & Machine Learning
3 sections
Financial Markets: Institutions & Derivatives Intro
4 sections
Financial Markets: Clearing, Futures & Hedging
4 sections
Financial Markets: FX, Forwards, Commodities & Options
4 sections
Financial Markets: Option Properties, Strategies & Rates
4 sections
Financial Markets: Bonds, MBS, Rate Futures & Swaps
4 sections
Valuation & Risk Models: VaR, Volatility & Ratings
4 sections
Valuation & Risk Models: Credit, OpRisk & Stress
4 sections
Valuation & Risk Models: Fixed-Income Valuation
4 sections
Valuation & Risk Models: Term Structure, Options & Greeks
4 sections
FRM Part I Exam Details
Financial Risk Manager (FRM) Exam Part I
Administered by GARP (Global Association of Risk Professionals)
Exam Content Breakdown
Based on the official GARP (Global Association of Risk Professionals) content outline
Risk frameworks, governance, performance, and foundational financial risk principles.
Probability, statistics, regression, and quantitative tools for risk analysis.
Market instruments, derivatives basics, and product mechanics relevant to risk roles.
Valuation approaches and core risk-model concepts used in practice.
What's Included
17 Chapters
Complete exam coverage
Practice Quizzes
With detailed explanations
Free to Start
No credit card required
Quality Exam Prep Shouldn't Cost Hundreds
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What's Next After the FRM Part I?
After passing the FRM Part I, you can pursue these career paths
FRM Part I Exam FAQ
Official GARP (Global Association of Risk Professionals) Resources
Verify information with these official sources
More Free Resources
Ready to Start Your Free FRM Part I Prep?
Review the study guide, practice key concepts, and use the free tools at your own pace.