FRM Study Materials and Question Bank

Our FRM Question Bank contains more than 3,000 free exam-style questions.

Be Ready for the Exam!

The exam is broken down into two parts – FRM part 1 and FRM part 2. Each section is paper based, and they both take approximately four hours to complete. Deciding on an appropriate date to take the FRM exams is important in guaranteeing success.

Taking adequate measures to be able to study for the FRM exam efficiently is essential in assuring success when test day approaches. On average, a candidate that is well prepared for the test will take around 300 hours preparing for each part of the FRM exam. This is especially true if you come from a non-finance background.

The Practice you Need

AnalystPrep provides you with a comprehensive FRM part 1 and part 2 question bank that is tailored to the FRM exam, designed to teach you all the essentials of the stressed topics that will make up the curriculum of the test.

In each topic expected of you on the FRM exam, several hundreds of questions tailored to reflect what you will experience on the official test await you at AnalystPrep; free of charge. Each topic is separated into chapters that help you organize your study-time into goals that will give you a better idea of how you are progressing through the program, and avoid any chance of study fatigue. You can see whether you produced a correct answer immediately after answering each FRM practice question, so there is no delay in receiving feedback.

This can be achieved in a fraction of the time it would take to comprehend an entire textbook and is laid out you in an easy to follow format that was designed by professionals in the field who hold the certificate bestowed by completing the exam.

Track your Performance

By using AnalystPrep’s in-depth performance statistics, you will gain the ability to keep tabs on your progress and comprehension of the topics required to emerge successful in the FRM exams. You can see your scores per chapter studied and be alerted on your strong and weak points, so you will be able to determine what you can move on from, and what sections you need to spend some extra time.

In addition, you can view charts and graphs that will give you relevant statistics on performance and time management, which is an important aspect to consider because of the exam demanding so much time to prepare for.

Utilizing the performance tracking tools made available by AnalystPrep's FRM study materials will increase your likelihood of obtaining a desirable score on the FRM exam.

Don’t hesitate to check out what AnalystPrep has to offer! AnalystPrep’s FRM study materials is free, with no pressure to upgrade to a premium plan if you are satisfied with what is available at no cost. AnalystPrep's mission is to provide a service to those optimistic in seeking a career in financial risk management, and all we want to see those hopefuls succeed in their post-graduate exams with as much ease as possible.

Get Ready Today!

Study Materials Content

FRM Part 1

The first part of the exam is broken down into four different general topics, and are all assigned different percentages that factor into your overall grade:

Foundations of Risk Management (20%)
Quantitative Analysis (20%)
Financial Markets and Products (30%)
Valuation and Risk Models (30%)

Part 1 of the FRM exam will challenge you on 100 multiple choice questions and is always offered in the morning of either of the two available dates. Pass rates for the first part of the exam average around 50%.

There are several key terms that should be emphasized throughout your study plan for part 1 of the exam:

Modern Portfolio Theory (MPT)
Arbitrage Pricing Theory – APT
Monte Carlo Simulation
Value at Risk – VaR
Volatility
Black-Scholes Model
Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) Process
Delta Hedging

These terms, theories, and processes will be the most prevalent topics you will come across while taking the test. AnalystPrep’s FRM part 1 question bank makes sure sure that you are familiar with their definition, that you can break down the concepts, that you can retain any equations related to the topic to memorize, and that you are be able to give the right examples.

FRM Part 2

Structurally, both sections are similar. FRM Part 2 is slightly shorter in terms of questions on the exam, and assesses you based on 80 questions, as opposed to 100 in the previous one. While there may be fewer questions, there are slightly more topics that cover this section of the FRM exam. They include:

Market Risk Measurement and Management (25%)
Credit Risk Measurement and Management (25%)
Operational and Integrated Risk Management (25%)
Risk Management and Investment Management (15%)
Current Issues in Financial Markets (10%)

Furthermore, FRM Part 2 uses the concepts and tools stressed in the first section and expands on them in a more applicable manner. The core terms that many of the questions focus around include:

Conditional Value at Risk (CVaR)
Credit Risk
Default Model
Model Risk
Risk Assessment
Merton Model
Duration
Convexity

The questions in this section are structured to be realistic, and present you with real-world situations that will challenge your knowledge of risk management concepts, and how you would tackle the issues if you were at a job performing your daily activities.

Assuming you have taken and passed the first section of the FRM exam and you had the requirements needed to take it, there are no additional prerequisites for taking the second section.

Part II is always conducted in the afternoon following the first part. If a candidate decides to take both sections within the same day, the second part of their exam will not be graded or reviewed if they did not pass Part 1. This is another reason is may be beneficial to take one section in May, and the other in November. This way, even if you fail the exam, you will know exactly how you performed in each one of the sections instead of just one.

Pass rates for this section are slightly higher than the first section at about 60%. This is not likely because the second section is any easier than the first, but instead, because those who are taking the section of the exam have already completed the first, have greater insight into what to expect going into part 2, and are more familiar with the fashion the exam is conducted.

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