Part 1 & Part 2

FRM Mock Test 2026: Part 1 and Part 2 Practice Exams

Exam realistic practice for GARP FRM Part 1 and Part 2. Each set is a timed, full length paper with worked solutions on every question, plus a topic wise report card that pinpoints the risk areas costing you marks.

Start with Part 1
Explore Part 2

10Topic wise banks

20Full length sets

100Questions per set

FreeFree on every topic and part

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Topic wise report card

Find out which FRM topics are dragging your score down after every attempt.

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Real exam format

100 question timed papers that match the pacing and pressure of the real exam.

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Explanation on every answer

Step by step solutions that show the reasoning, not just the final number.

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Try before you buy

Set 1 is free on both parts. See the quality first, then decide.

Two ways to prepare

Choose how you want to practise today

Use full length papers to test exam readiness and stamina. Use the topic banks to drill the areas that keep costing you marks.

FRM Part 1 · four topics

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Foundations of Risk Management

10 sets · 100 questions each · 4 options · 240 minutes. Exam weight 20%. Risk types and the risk process, governance and the three lines of defence, credit risk transfer, portfolio theory and CAPM, multifactor models, BCBS 239, enterprise risk management, financial disasters and the GARP Code of Conduct.

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Quantitative Analysis

10 sets · 100 questions each · 4 options · 240 minutes. Exam weight 20%. Probability and distributions, sample moments, hypothesis testing, single and multiple regression, diagnostics, stationary and non stationary time series, volatility and correlation, simulation, bootstrapping and machine learning.

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Financial Markets and Products

10 sets · 100 questions each · 4 options · 240 minutes. Exam weight 30%. Banks, insurers and funds, exchanges and central clearing, futures and hedging, foreign exchange, forward and commodity pricing, options and trading strategies, exotics, interest rates, corporate bonds, mortgages and swaps.

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Valuation and Risk Models

10 sets · 100 questions each · 4 options · 240 minutes. Exam weight 30%. VaR and expected shortfall, volatility measurement, credit ratings and country risk, measuring credit risk, operational risk, stress testing, bond pricing and yields, duration and convexity, binomial trees, Black Scholes and the Greeks.

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Set 1 of every topic is free. Sets 2 to 10 are Rs 29 each, or Rs 200 for the complete bundle of nine.

FRM Part 2 · six topics · 2026 curriculum

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Market Risk Measurement and Management

10 sets · 80 questions each · 4 options · 240 minutes. Exam weight 20%. Estimating market risk measures, non parametric approaches, extreme value theory, backtesting VaR, VaR mapping, correlation modelling and copulas, PCA hedging, term structure models, volatility smiles and the FRTB.

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Credit Risk Measurement and Management

10 sets · 80 questions each · 4 options · 240 minutes. Exam weight 20%. Credit risk fundamentals and governance, bank capital structure, Merton and scoring models, country risk, default probabilities, credit VaR, portfolio credit risk, credit derivatives, counterparty risk, CVA, netting, margin, central clearing and securitisation.

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Operational Risk and Resilience

10 sets · 80 questions each · 4 options · 240 minutes. Exam weight 20%. Operational risk frameworks and resilience, governance, identification and measurement, cyber resilience, money laundering, outsourcing and third party risk, model risk, stress testing, RAROC, economic capital and Basel III.

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Liquidity and Treasury Risk

10 sets · 80 questions each · 4 options · 240 minutes. Exam weight 15%. Liquidity risk and liquidity adjusted VaR, leverage, early warning indicators, intraday liquidity, LCR and NSFR, dealer bank failure, liquidity stress testing, contingency funding, repo, transfer pricing and asset liability management.

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Risk Management and Investment Management

10 sets · 80 questions each · 4 options · 240 minutes. Exam weight 15%. Factor theory, alpha and the low risk anomaly, portfolio construction, component and marginal VaR, risk budgeting, performance evaluation, hedge funds, private credit, private markets, due diligence, red flags and illiquid assets.

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Current Issues in Financial Markets

10 sets · 40 questions each · 4 options · 240 minutes. Exam weight 10%. The 2026 rotation: AI in capital markets and its financial stability implications, global drivers of private credit, the Global Financial Stability Report, monetary and fiscal policy, unbacked crypto regulation, tokenization and digital resilience.

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Written to the 2026 GARP reading list. Current Issues is rotated by GARP every year, so that bank is 2026 specific.

FRM Part 1

100 questions · four options · 240 minutes per paper

10 full length papers, Set 1 completely free
Built to the official 2026 weights of 20, 20, 30 and 30
Real exam interface with a running clock
Topic wise report card after every attempt

View Part 1 Mocks

FRM Part 2

80 questions · four options · 240 minutes per paper

5 full length papers covering all six Part 2 areas
Market, credit, operational, liquidity and investment risk
Real exam interface with a running clock
Topic wise report card after every attempt

View Part 2 Mocks

Bundle all nine paid Part 1 papers for Rs 400, or all five Part 2 papers for Rs 200.

A practical way to use these: score 65 percent or better on third party mocks before you attempt GARP official papers, then aim for 70 percent on the official ones before exam day. Use the report card to pick your revision targets rather than rereading everything.