FRM Exam Part I
100 questions · 4 hOne session
- Questions
- 100
- Time
- 4 h
Foundations of Risk Management · Quantitative Analysis · Financial Markets and Products · Valuation and Risk Models
Exam prep for the FRM® Exam Part I: 2,700+ practice questions with worked explanations
Practise for the FRM Exam Part I with questions in the format of the exam – 4 options, one best answer. Every answer explains the principle and shows why each option is right or wrong. Formulas are typeset as mathematics, on any screen.
Next windows
FRM® Exam Part IMay 2026
FRM Exam Part I
days to go
August 2026 (AM sessions)
FRM Exam Part I
days to go
Dates as published by GARP. Check and book your window on its website.
- Practice questions
- 2,700+4 options, one best answer
- Topic areas covered
- 4 / 4all topic areas
- The exam
- 100questions · 4 h
- Access
- US$125once, 12 months, incl. taxes
What is the FRM® Exam Part I?
Part I is the first part of the exam for the Financial Risk Manager (FRM®) certification, which is run by the Global Association of Risk Professionals (GARP). It covers four areas: Quantitative Analysis, Foundations of Risk Management, Financial Markets and Products and Valuation and Risk Models. (GARP, FRM Exam information)
This course trains the exam’s areas with practice questions in its format, worked explanations for every option, and spaced repetition.
Our questions complement GARP’s own study materials for the FRM® Exam; they do not replace them.
Key facts
- FRM® Exam Part I: 100 multiple-choice questions with four answer options each in one session of 4 hours – about 144 seconds per question on average.
- Topic weights (2026): Quantitative Analysis 20%, Foundations of Risk Management 20%, Financial Markets and Products 30%, Valuation and Risk Models 30%.
- This course: 2,700+ practice questions so far in 4 of 4 topic areas, counted when this page was published.
- The FRM Exam is run by the Global Association of Risk Professionals (GARP). High Performer Certs is independent and not affiliated with it.
How is the FRM Exam Part I structured?
Each topic area has a published share of the exam, and all of them are tested in one sitting. (GARP, FRM Exam information)
The weights are GARP’s weights for 2026, the edition this course follows. Dates for 2027 are published; check GARP’s materials for the year of your exam before you rely on the weights. (GARP, FRM Exam information)(GARP, 2026 FRM Candidate Guide)
GARP publishes the FRM Exam Part I windows in advance. The countdown counts to the first day of the next window. (GARP, FRM Exam test dates)
What does the question bank cover?
2,700+ practice questions so far, organised by the 4 topic areas of the exam. The counts are taken from the question bank each time this page is published.
| Topic area | Exam weight | Topics | Questions |
|---|---|---|---|
| Quantitative Analysis | 20% | 14 | 655 |
| Foundations of Risk Management | 20% | 12 | 418 |
| Financial Markets and Products | 30% | 15 | 999 |
| Valuation and Risk Models | 30% | 15 | 722 |
| Total | 2,794 | ||
How does practice work?
You answer first, then read why. The app plans every concept to come back just before you would forget it – short daily sessions, on any device.
- 01
Answer
Every concept starts with a question in the format of the exam: 4 options, one best answer.
- 02
Understand
The principle in one sentence, the reasoning step by step, and why each option is right or wrong.
- 03
Review
The open-source FSRS scheduler plans your reviews. (FSRS project) Questions you miss come back until you answer them correctly.
- 04
Check
Progress for every topic area, and a glossary for the terms used in the questions. Spotted a problem? Report it from any question.
Formulas, typeset properly.
Questions, explanations and the glossary show formulas as mathematics, not as code. Long formulas scroll inside their own box on a phone.
Expected loss
Probability of default × loss given default × exposure at default.
Variance of a two-asset portfolio
Weights, volatilities and the correlation between the two returns.
Variance of a Bernoulli variable
An event that happens with probability p.
How much does it cost?
US$125, paid once, for 12 months of access, including taxes. No subscription, no automatic renewal, no add-ons.
Good to know
- The course follows GARP’s 2026 topic weights. Check the weights for the year of your exam.
- Our questions complement GARP’s own study materials for the FRM® Exam; they do not replace them.
- This is study material, not financial or investment advice, and it does not promise any exam result.
Exam prep for the FRM® Exam Part IAvailable
US$125one-off payment incl. taxes · 12 months access
- 2,700+ practice questions with 4 answer options, explanations in English
- Worked explanations for every option, formulas typeset properly
- Spaced repetition (FSRS), mistake log, progress per subject
- Phone, tablet and computer
No subscription, no automatic renewal. Price includes VAT and other sales taxes where applicable. Depending on where you are, the checkout may offer to pay this price in your local currency, converted by Stripe. Because access starts straight away, you are asked to agree to immediate access and to confirm that your 14-day right of withdrawal then ends – see right of withdrawal and terms.
FRM® Exam Part I guides
Exam day checklist for the CFA® Program and FRM® Exam
What to bring, what goes in the locker and how the day runs for Level I of the CFA® Program and Part I of the FRM® Exam: ID, confirmation, calculator, arrival, breaks and pace checkpoints, side by side.
CFA® Program, CAIA® Charter or FRM® Exam: who needs which?
Choose the CFA® Program for investment research and portfolio management, the FRM® certification for financial risk and the CAIA® Charter for alternative investments. Roles, exams, 2027 dates, fees, membership, study weeks and how to combine them – not careers advice.
CFA® Program and FRM® Exam in the UK: IMC, cost in GBP, pay
What Level I of the CFA® Program and Part I of the FRM® Exam cost in pounds at a dated ECB rate, when the IMC is the better first step, what the FCA’s qualification table lists, and UK pay by region from ONS.
FRM® Exam Part I: free tools and planning pages
Each tool shows its method and sources and needs no account.
Calculators and planners
Planning pages
FRM Exam Part I: questions and answers
Not covered here? Contact us.
How is the FRM Exam Part I structured?
The FRM Exam Part I has 100 multiple-choice questions with four answer options each in one session of 4 hours – about 144 seconds per question on average.
Weights by topic: Quantitative Analysis 20%, Foundations of Risk Management 20%, Financial Markets and Products 30%, Valuation and Risk Models 30%. The weights are GARP’s weights for 2026, the edition this course follows. Dates for 2027 are published; check GARP’s materials for the year of your exam before you rely on the weights.
What does this FRM Exam Part I course contain?
The course has 2,700+ practice questions in the format of the exam, with four answer options each, so far in four of the four topic areas: Quantitative Analysis, Foundations of Risk Management, Financial Markets and Products and Valuation and Risk Models.
The counts on this page are taken from the question bank each time the page is published.
How does practice work in the app?
You answer an exam-style question first, then read why: the principle in one sentence, the reasoning step by step, and why each option is right or wrong.
Spaced repetition with the open-source FSRS scheduler brings each concept back shortly before you would forget it, and every question you miss returns until you answer it correctly.
Are formulas shown properly?
Yes. Formulas are typeset as mathematics, in questions, explanations and the glossary, and long formulas scroll within their own box on a phone instead of breaking the page.
How can I check that an answer is right?
Every explanation sets out the principle, the reasoning step by step and why each option is right or wrong, so you can retrace each step yourself.
Spotted a problem? Report it from any question. Reports are used to correct the question bank.
When can I sit the FRM Exam Part I?
GARP publishes the FRM Exam Part I windows in advance. The countdown counts to the first day of the next window.
Can I buy access now?
Yes. Access is a one-off payment of US$125, including taxes, for 12 months, with no subscription and no automatic renewal. Depending on where you are, the checkout may offer to pay this price in your local currency, converted by Stripe.
Is High Performer Certs affiliated with GARP?
No. High Performer Certs is an independent study platform. It is not affiliated with, endorsed by, or sponsored by the Global Association of Risk Professionals (GARP), and it is not a GARP Exam Preparation Provider.
Our questions complement GARP’s own study materials for the FRM® Exam; they do not replace them.
Sources
- Global Association of Risk Professionals (GARP): FRM Exam information: format and exam topics. Accessed 26 October 2026.
- Global Association of Risk Professionals (GARP): 2026 FRM Candidate Guide (exam structure and topic weights). Accessed 26 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam logistics and test dates. Accessed 26 October 2026.
- Open Spaced Repetition: FSRS – Free Spaced Repetition Scheduler (open-source project). Accessed 23 October 2026.