FRM Question Papers and Practice Exams
GARP does not list past FRM papers. Its practice exams, for registered candidates, are the real substitute.
There is no official FRM previous year question paper to download. GARP's study materials page lists no past exam papers. What it does provide is a set of full-length practice exams, and those go only to registered candidates.
So the honest answer to "FRM question paper" is: register, then use GARP's practice exams as your closest view of the real thing. Anything circulating online as a "recalled" or "previous" FRM paper did not come from GARP, and GARP says it does not endorse or warrant information shared on third-party websites or forums.
What GARP Gives Registered Candidates
Part I
Practice exams
Two complimentary full-length exams of 100 questions each, with the option to buy a non-refundable third
Where you get them
GARP Learning, through the candidate portal
Part II
Practice exams
Two complimentary full-length exams of 80 questions each
Where you get them
Downloadable PDFs in the candidate portal
| Part | Practice exams | Where you get them |
|---|---|---|
| Part I | Two complimentary full-length exams of 100 questions each, with the option to buy a non-refundable third | GARP Learning, through the candidate portal |
| Part II | Two complimentary full-length exams of 80 questions each | Downloadable PDFs in the candidate portal |
The Rules That Come With Them
- check_circlePractice exams are for registered FRM candidates only.
- check_circleAccess to all practice exams is revoked on the last day of the exam window you are registered for. Plan to finish them before then.
- check_circleGARP Learning also carries practice questions for each curriculum chapter, which GARP itself describes as not representative of actual FRM exam questions. Use them to check a chapter, not to judge exam difficulty.
- check_circleGARP Learning is complimentary for Part I candidates and a paid add-on for Part II.
Why Old Papers Would Mislead You Anyway
GARP reviews the FRM curriculum every year, and new study materials are released on 1 December for the following year. A question from an older cycle can test a reading that has since been dropped or rewritten, and Part II's Current Issues section changes by design. Practice from the current cycle's material is worth more than any number of old questions.
The document that tells you what can be asked is the FRM Learning Objectives for your year. It holds the syllabus, approximate weightings for each knowledge domain, the readings for each area and the individual learning objectives for each reading. It is the closest thing to an official map of what can be asked.
General markets and instruments questions, not FRM papers. No signup.
How to Use GARP's Practice Exams Well
- 1
Learn the curriculum first
Work through the Learning Objectives subject by subject, with chapter questions as you go.
- 2
Take the first full exam timed
4 hours, 100 questions for Part I or 80 for Part II, in one sitting, with the calculator you will use on the day.
- 3
Review every miss by learning objective
Trace each wrong answer back to its reading. That list, not your score, sets your next two weeks.
- 4
Save the second exam
Take it close to the exam as a final check, well before access is revoked.
How the Exam Tests This
Every FRM question is a multiple-choice question carrying equal weight, so no single topic can be skipped safely, and many involve working a calculation under time pressure. The trap is practising on recognition: rereading solved questions until the answers look familiar. A practice exam only tells you something if you sit it cold, timed, using one of the calculators GARP allows (the HP 12C and Texas Instruments BA II Plus families, and the HP 10B II, 10BII+ and 20B). Using any other calculator in the real exam means your exam is not graded.
Recalled Papers and Exam Policy
GARP treats any activity that compromises the integrity of the exam, before, during or after it, as a violation of its exam policies. Using or sharing actual exam content is not a study shortcut; it puts your result at risk. Stick to GARP's own practice material and your own question practice.
FAQs
Does GARP publish FRM previous year question papers?expand_more
No past exam papers are listed among GARP's study materials. GARP provides full-length practice exams to registered candidates instead: two for Part I (with an optional paid third) and two for Part II.
How many questions are in an FRM practice exam?expand_more
Part I practice exams have 100 questions each and Part II practice exams have 80, matching the real papers.
Can I get FRM practice exams without registering?expand_more
No. GARP's practice exams are for registered candidates only, and access ends on the last day of the exam window you are registered for.
Are older FRM practice questions still useful?expand_more
With care. GARP revises the curriculum every year and releases new materials on 1 December, so check any older question against the current Learning Objectives before trusting it.
Next steps
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