FRM Practice Tests
Build exam-ready accuracy with 3701+ scenario-based questions, calculation drills, and detailed explanations that match real FRM thinking.
Part 1 — Exam Topics
Core foundations, quantitative work, and valuation-heavy sets aligned to the Part I blueprint.
Foundations of Risk Management
Core concepts including risk governance, enterprise risk management, and the role of risk management in corporate governance.
Quantitative Analysis
Probability distributions, hypothesis testing, regression analysis, volatility estimation, and simulation methods.
Financial Markets and Products
Structure and mechanics of financial markets, derivatives, fixed income, and foreign exchange.
Valuation and Risk Models
Value-at-Risk, bond valuation, option pricing models, and risk measures.
Part 2 — Exam Topics
Applied risk management, portfolio, liquidity, and policy scenarios built for Part II depth.
Market Risk Measurement and Management
VaR approaches, parametric and non-parametric methods, backtesting, and stress testing.
Credit Risk Measurement and Management
Credit analysis, default probability models, credit derivatives, and counterparty risk.
Operational Risk and Resilience
Operational risk frameworks, loss data analysis, model risk, and business continuity.
Liquidity and Treasury Risk
Liquidity risk management, funding strategies, and treasury operations.
Risk Management and Investment Management
Portfolio risk management, factor models, hedge fund risk, and performance measurement.
Current Issues in Financial Markets
Contemporary topics in risk management including climate risk, fintech, and regulatory developments.