FRM Exam Part I: the practice module
Exam body: GARP. Verified for GARP 2026 FRM Study Guide, FRM Exam Part I on October 15, 2026.
What it covers
Covers: standard multiple-choice questions written to this exam’s outline, format and timing.
Does not cover: nothing else; the real exam is multiple-choice throughout.
Question format
- Every question has exactly 4 options.
- One correct answer per question.
- Not allowed as an option: “all of the above”, “none of the above”.
- Stems follow the exam’s conventions, such as “Which of the following statements is correct?”, “most likely”, “closest to”, “most appropriate”.
Exam mode
The real exam is 100 questions in 240 minutes. Exam mode keeps that pace for any number of questions.
Topics
The official topic list, as the exam body names it. Your questions must use these names; the coverage dashboard compares your set to each topic’s official weight.
| Topic | Weight | Subtopics |
|---|---|---|
| Foundations of Risk Management | 20% | Basic risk types, measurement, and management tools · Creating value with risk management · Risk governance and corporate governance · Credit risk transfer mechanisms · The Capital Asset Pricing Model (CAPM) · Risk-adjusted performance measurement · Multifactor models · Data aggregation and risk reporting · Financial disasters and risk management failures · Ethics and the GARP Code of Conduct · Enterprise risk management (ERM) |
| Quantitative Analysis | 20% | Discrete and continuous probability distributions · Estimating the parameters of distributions · Population and sample statistics · Bayesian analysis · Statistical inference and hypothesis testing · Measures of correlation · Linear regression with single and multiple regressors · Time series analysis and forecasting · Simulation methods · Machine learning |
| Financial Markets and Products | 30% | Structures and functions of financial institutions · Structure and mechanics of over-the-counter (OTC) and exchange markets · Structure, mechanics, and valuation of forwards, futures, swaps, and options · Hedging with derivatives · Interest rates and measures of interest rate sensitivity · Foreign exchange risk · Corporate bonds · Mortgage-backed securities (MBS) |
| Valuation and Risk Models | 30% | Value-at-risk (VaR) · Expected shortfall (ES) · Estimating volatility and correlation · Economic and regulatory capital · Stress testing and scenario analysis · Option valuation · Fixed-income valuation · Hedging · Country and sovereign risk models and management · External and internal credit ratings · Expected and unexpected losses · Operational risk |
Trademarks
DoMcq is an independent practice tool and is not affiliated with, endorsed by or sponsored by the Global Association of Risk Professionals (GARP); GARP does not endorse, promote, review or warrant the accuracy of DoMcq. FRM® is a registered trademark of the Global Association of Risk Professionals, Inc.; the names are used here only to identify the exam.
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