FRM® Part I prep, all in one place.
62 study chapters with formula sheets, 544 exam-style questions with worked explanations, timed mock exams and an AI tutor beside every chapter.
The Part I exam at a glance
- Questions
- 100, multiple choice with four options
- Time
- 4 hours (2.4 min a question)
- Windows
- May, August and November
- Pass rate
- 47% in November 2025
- Focus
- The toolkit: statistics, products, valuation, risk models
- Calculator
- Only the models on GARP’s approved list
JephAi for FRM Part I
The topics
FRM Part I topics and exam weights
GARP sets a fixed weight for each of the four Part I areas. Financial Markets and Products and Valuation and Risk Models are 60% of the exam between them.
| Topic | Exam weight | Chapters on JephAi |
|---|---|---|
| Foundations of Risk Management | 20% | 11 |
| Quantitative Analysis | 20% | 15 |
| Financial Markets and Products | 30% | 20 |
| Valuation and Risk Models | 30% | 16 |
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Free FRM Part I practice questions
Five Part I questions from all four topic areas, with the full explanation.
A portfolio returned 11% with a standard deviation of 18% and a beta of 1.2. The risk-free rate was 3% and the market returned 9%. The portfolio's Sharpe ratio, Treynor measure and Jensen's alpha are CLOSEST to:
Pick an answer to see the explanation.
A trader holds a long forward contract with a delivery price of 100 and six months to maturity. The current forward price for the same maturity is 106 and the risk-free rate is 4% with continuous compounding. The value of the trader's position is CLOSEST to:
Pick an answer to see the explanation.
A trader buys two gold futures of 100 ounces each at USD 1,900 an ounce. Initial margin is USD 8,000 and maintenance margin USD 6,000 per contract. A margin call will first occur if the futures price falls below:
Pick an answer to see the explanation.
A portfolio has 200 independent loans, each with a 2% probability of default. The standard deviation of the number of defaults is CLOSEST to:
Pick an answer to see the explanation.
A stock at 100 will move up to 120 or down to 80 in one year. The risk-free rate is 5% a year, annually compounded. The value of a one-year European call with a strike of 100 is CLOSEST to:
Pick an answer to see the explanation.
FRM Part I questions
How many questions are on FRM Part I?
100 multiple-choice questions with four options each, in a four-hour exam. That is about 2.4 minutes per question.
What is the FRM Part I pass rate?
GARP reported 47% for Part I in November 2025.
When can I take FRM Part I?
Part I is offered in May, August and November. You can register for both parts in the same window, but GARP grades Part II only if you pass Part I.
What does JephAi include for FRM Part I?
62 study chapters with formula sheets, 544 exam-style questions with an explanation for every option, timed mock exams, notes, analytics and, on the Advanced plan, Jeph, the AI tutor.
Can I try it before paying?
Yes. Every plan starts with 7 days free, and Basic and Premium don’t need a card. You can also answer the five sample questions on this page without signing up.
FRM Part I guides
Start Part I free for 7 days.
No card for Basic or Premium. Or pay once: from €69 for your exam.
Exam format, topic weights, pass rates and calculator policy: GARP. JephAi is not affiliated with GARP. FRM® is a trademark of GARP.