Financial Risk Manager (FRM) Practice Tests

Validates knowledge of financial risk measurement and management across market, credit, operational and liquidity risk, using quantitative methods.

FRM Part I is 100 multiple-choice questions and Part II is 80, each in four hours on a computer. Part I mixes calculations and concepts; Part II covers market, credit, operational, liquidity and investment risk plus current issues. We compared the main options on official coverage, question volume and price.

GARP's own practice exams come with registration and are the closest match, so keep them for your last month. Use a third-party bank for volume before then.

Practice test	Best for	Questions	Price
GARP FRM practice exams	Official full exams	360	Included
FRM Part I and II Practice Package	Large question bank	2,000+	$349/year
FRM Foundation Series	Tough drilling	2,600+	$519
SchweserPro QBank	Quizzes with Schweser notes	900+	$199

Official full exams

GARP FRM practice exams

GARP's own timed exams, two per part: on screen in GARP Learning for Part I, as downloadable PDFs for Part II. Candidates most often call them the closest match to the real exam.

Great fit if you have registered and want the most realistic full-length rehearsal, ideally about a month before your exam.

Poor fit if you need a large bank to drill topics; there are only two exams per part (see AnalystPrep or Bionic Turtle).

Large question bank

FRM Part I and II Practice Package

A question bank with CBT-style mock exams, a formula sheet and performance tracking, sold separately for each part. Every question has a written explanation.

Great fit if you want the most-recommended third-party bank for volume and a few timed mocks.

Poor fit if you want questions as hard as or harder than the real exam; candidates call them a notch or two easier (see Bionic Turtle).

Tough drilling

FRM Foundation Series

David Harper's deliberately difficult bank, delivered in an interactive platform and PDF sets, with study notes, videos, two mock exams and the members' forum. Part I and Part II are sold separately.

Great fit if you want hard questions that over-prepare you, plus forum answers, after your main reading.

Poor fit if you want exam-level wording or the lowest price; candidates say it runs harder than the real exam, so pair it with GARP's mocks.

Quizzes with Schweser notes

SchweserPro QBank

Custom quizzes built around SchweserNotes, with a quiz generated when you finish each topic and performance tracking. A mobile-friendly bank rather than a mock-exam product.

Great fit if you study from Schweser notes and want short quizzes for each topic.

Poor fit if you want the biggest bank or full mock exams; it has under half the questions of the other paid banks (see AnalystPrep).

What to look for in a FRM practice test

Check which part the bank covers. Part I is 100 questions on foundations of risk, quantitative analysis, markets and products, and valuation and risk models. Part II is 80 questions on market, credit, operational, liquidity and investment risk plus current issues. Banks are sold per part, and the bundles differ in price.
Buy for your exam window. GARP revises the curriculum every year, so a bank has to match your window. Schweser sells its QBank by exam window, and AnalystPrep's lifetime bundle includes yearly curriculum updates.
Official exams first for realism, third-party banks for volume. GARP gives you only two exams per part, and its chapter questions in GARP Learning are not representative of the exam by its own description. A third-party bank supplies the thousands of questions you need before the final month.
Know how hard the bank runs. Candidates describe AnalystPrep as a notch or two easier than the exam and Bionic Turtle as one or two notches harder. Using one of each, then GARP's mocks as the reference point, gives a more honest read than either alone.
Explanations and theory questions. FRM includes plenty of non-calculation questions on concepts and regulation, so favour banks that explain why each option is right or wrong, not only the arithmetic.
Skip sites selling "real exam questions." Sites promising actual FRM questions or a guaranteed pass are selling leaked or copied items, not practice. Use products that write their own questions and explain every answer, so you learn the reasoning the exam tests.

How to use FRM practice tests

Start with a short diagnostic by topic. Take a free topic set or a diagnostic before you read, so you know whether Quantitative Analysis or Valuation and Risk Models needs most of your time.
Work questions untimed after each reading. Bionic Turtle itself recommends doing most of its questions without the clock first and adding timed mocks as the exam nears. Redo the ones you missed a week later.
Review every explanation, including lucky guesses. Many FRM questions turn on a definition or an assumption behind a formula, so note why the wrong options fail as well as why the key is right.
Save GARP's two mocks for the final month. Candidates suggest taking them about a month out, under the real four-hour timing, then spending the remaining weeks on the topics you missed.
Track results by topic against the exam weights. Your weakest topic and the heavier-weighted topics decide where the last weeks go. Do not repeat a mock whose answers you remember.

GARP: FRM study materials and practice exams ↗GARP: FRM program exams ↗Reddit: AnalystPrep vs Bionic Turtle (Part I) ↗Reddit: study method and mocks ↗Bionic Turtle: practice questions guidance ↗

FRM practice test FAQ

Are there free FRM practice tests?

Yes, if you are registered: GARP includes two full practice exams per part with registration, and they expire at the end of your exam window.

Are GARP's practice exams like the real FRM exam?

Candidates most often say they are the closest thing to it, and recommend them as the benchmark for readiness. GARP's chapter questions in GARP Learning are a different matter: GARP says they are not representative of exam questions.

How many FRM practice exams should I take?

GARP's two per part is the usual minimum, and Part I candidates can buy a third. Add a provider's mocks if you want more, and spend most of your time on topic questions and reviewing misses.

Do Part I and Part II practice differ?

Yes. GARP's Part I exams run on screen in GARP Learning, while the Part II exams are downloadable PDFs, so time yourself against four hours. Third-party banks are sold separately for each part.