# frmmastery — GARP FRM® Practice Exams > Realistic Financial Risk Manager (FRM®) practice exams with deep-dive > explanations, topic-tagged analytics, and a free sample quiz. Built for > candidates preparing for GARP® Part I and Part II. frmmastery helps you pass the GARP Financial Risk Manager (FRM) certification. The product includes timed mock exams, per-question explanations referencing VaR / credit spreads / operational-risk frameworks, and weakness analytics across every official syllabus domain. A free account unlocks practice questions — no credit card required. ## Key pages - [Home](https://frmmastery.com/): product overview, FAQ, free sample quiz. - [Topics hub](https://frmmastery.com/topics): all FRM syllabus topics (pillar page). - [Exam prep catalog](https://frmmastery.com/exam-prep): full exam-prep index. - [Glossary](https://frmmastery.com/glossary): 32 risk-management terms with plain-English definitions. - [Register](https://frmmastery.com/register): create a free account. - [Contact](https://frmmastery.com/contact): customer support. ## Topic cluster (pillar → subpages) - [Foundations of Risk Management (FRM Part I)](https://frmmastery.com/topics/foundations): Core risk-management principles, risk types, governance, and performance measures such as CAPM, Sharpe, Sortino, and Jensen's alpha. - [Explain enterprise risk management (ERM) frameworks and the three lines of defense](https://frmmastery.com/topics/foundations/explain-enterprise-risk-management-erm-frameworks-and-the-three-lines-of-defense) - [Apply risk-adjusted performance measures to portfolios](https://frmmastery.com/topics/foundations/apply-risk-adjusted-performance-measures-to-portfolios) - [Interpret case studies of major risk-management failures](https://frmmastery.com/topics/foundations/interpret-case-studies-of-major-risk-management-failures) - [Apply the GARP Code of Conduct to professional scenarios](https://frmmastery.com/topics/foundations/apply-the-garp-code-of-conduct-to-professional-scenarios) - [Quantitative Analysis (FRM Part I)](https://frmmastery.com/topics/quant): Probability, statistics, regression, time series, and volatility models used throughout FRM Part I and Part II. - [Work with distributions, hypothesis tests, and Bayesian updating](https://frmmastery.com/topics/quant/work-with-distributions-hypothesis-tests-and-bayesian-updating) - [Diagnose OLS issues such as heteroskedasticity](https://frmmastery.com/topics/quant/diagnose-ols-issues-such-as-heteroskedasticity) - [Apply EWMA and GARCH volatility models](https://frmmastery.com/topics/quant/apply-ewma-and-garch-volatility-models) - [Use copulas and understand bias–variance tradeoffs in models](https://frmmastery.com/topics/quant/use-copulas-and-understand-bias-variance-tradeoffs-in-models) - [Financial Markets and Products (FRM Part I)](https://frmmastery.com/topics/markets): Forwards, futures, options, swaps, bonds, FX, repos, and central clearing — the product toolkit for FRM candidates. - [Price forwards and apply put–call parity](https://frmmastery.com/topics/markets/price-forwards-and-apply-put-call-parity) - [Compute swap net payments and hedge ratios](https://frmmastery.com/topics/markets/compute-swap-net-payments-and-hedge-ratios) - [Explain CCP default waterfalls and futures vs forwards](https://frmmastery.com/topics/markets/explain-ccp-default-waterfalls-and-futures-vs-forwards) - [Apply covered interest parity and repo mechanics](https://frmmastery.com/topics/markets/apply-covered-interest-parity-and-repo-mechanics) - [Valuation and Risk Models (FRM Part I)](https://frmmastery.com/topics/valuation): VaR, expected shortfall, Greeks, duration/convexity, and structural credit models for valuation and risk measurement. - [Compute parametric VaR and expected shortfall](https://frmmastery.com/topics/valuation/compute-parametric-var-and-expected-shortfall) - [Estimate bond price changes with duration and convexity](https://frmmastery.com/topics/valuation/estimate-bond-price-changes-with-duration-and-convexity) - [Interpret Black–Scholes Greeks including vega and N(d2)](https://frmmastery.com/topics/valuation/interpret-black-scholes-greeks-including-vega-and-n-d2) - [Describe Merton structural credit and rating migration matrices](https://frmmastery.com/topics/valuation/describe-merton-structural-credit-and-rating-migration-matrices) - [Market Risk Measurement and Management (FRM Part II)](https://frmmastery.com/topics/marketRisk): Advanced market-risk topics: non-linear risk, risk-factor mapping, and regulatory market-risk capital frameworks. - [Map positions to risk factors for VaR aggregation](https://frmmastery.com/topics/marketRisk/map-positions-to-risk-factors-for-var-aggregation) - [Manage non-linear and option-heavy portfolios](https://frmmastery.com/topics/marketRisk/manage-non-linear-and-option-heavy-portfolios) - [Connect market-risk measures to trading-book capital](https://frmmastery.com/topics/marketRisk/connect-market-risk-measures-to-trading-book-capital) - [Credit Risk Measurement and Management (FRM Part II)](https://frmmastery.com/topics/creditRisk): Default risk, credit exposures, credit derivatives, and portfolio credit-risk models. - [Measure exposure at default and credit valuation adjustments](https://frmmastery.com/topics/creditRisk/measure-exposure-at-default-and-credit-valuation-adjustments) - [Price and hedge with credit default swaps](https://frmmastery.com/topics/creditRisk/price-and-hedge-with-credit-default-swaps) - [Model default correlation in credit portfolios](https://frmmastery.com/topics/creditRisk/model-default-correlation-in-credit-portfolios) - [Operational Risk and Resilience (FRM Part II)](https://frmmastery.com/topics/operationalRisk): Operational risk capital, loss-event taxonomies, cyber risk, and operational resilience expectations. - [Classify operational loss events and risk types](https://frmmastery.com/topics/operationalRisk/classify-operational-loss-events-and-risk-types) - [Connect operational risk to capital and insurance](https://frmmastery.com/topics/operationalRisk/connect-operational-risk-to-capital-and-insurance) - [Assess cyber and resilience scenarios](https://frmmastery.com/topics/operationalRisk/assess-cyber-and-resilience-scenarios) - [Liquidity and Treasury Risk Measurement and Management (FRM Part II)](https://frmmastery.com/topics/liquidityRisk): Funding liquidity, market liquidity, LCR/NSFR-style metrics, and treasury risk management. - [Distinguish funding vs market liquidity risk](https://frmmastery.com/topics/liquidityRisk/distinguish-funding-vs-market-liquidity-risk) - [Interpret liquidity coverage and funding ratios](https://frmmastery.com/topics/liquidityRisk/interpret-liquidity-coverage-and-funding-ratios) - [Stress-test liquidity under market stress](https://frmmastery.com/topics/liquidityRisk/stress-test-liquidity-under-market-stress) - [Risk Management and Investment Management (FRM Part II)](https://frmmastery.com/topics/riskInvestment): Portfolio construction, risk budgeting, hedge funds, and investment risk oversight. - [Apply risk budgeting and factor exposures](https://frmmastery.com/topics/riskInvestment/apply-risk-budgeting-and-factor-exposures) - [Evaluate hedge-fund and alternative strategies](https://frmmastery.com/topics/riskInvestment/evaluate-hedge-fund-and-alternative-strategies) - [Oversee investment-risk policies](https://frmmastery.com/topics/riskInvestment/oversee-investment-risk-policies) - [Current Issues in Financial Markets (FRM Part II)](https://frmmastery.com/topics/currentIssues): Emerging themes such as climate risk, AI/ML model risk, and macro-financial stress topics relevant to the current FRM reading list. - [Discuss climate and transition risk for banks](https://frmmastery.com/topics/currentIssues/discuss-climate-and-transition-risk-for-banks) - [Identify AI/ML explainability and model-risk issues](https://frmmastery.com/topics/currentIssues/identify-ai-ml-explainability-and-model-risk-issues) - [Connect macro stress to FRM practice questions](https://frmmastery.com/topics/currentIssues/connect-macro-stress-to-frm-practice-questions) ## Exam-prep catalog - [FRM Part I · Exam 1](https://frmmastery.com/exam-prep/garp-frm-part1-01) - [FRM Part I · Exam 2](https://frmmastery.com/exam-prep/garp-frm-part1-02) - [FRM Part I · Exam 3](https://frmmastery.com/exam-prep/garp-frm-part1-03) - [FRM Part I · Exam 4](https://frmmastery.com/exam-prep/garp-frm-part1-04) - [FRM Part I · Exam 5](https://frmmastery.com/exam-prep/garp-frm-part1-05) - [FRM Part II · Exam 1](https://frmmastery.com/exam-prep/garp-frm-part2-01) - [FRM Part II · Exam 2](https://frmmastery.com/exam-prep/garp-frm-part2-02) - [FRM Part II · Exam 3](https://frmmastery.com/exam-prep/garp-frm-part2-03) - [FRM Part II · Exam 4](https://frmmastery.com/exam-prep/garp-frm-part2-04) - [FRM Part II · Exam 5](https://frmmastery.com/exam-prep/garp-frm-part2-05) ## Frequently asked questions - **Is there a free trial?** Yes — sample questions need no signup; a free account unlocks practice questions. - **What does frmmastery cover?** FRM Part I and Part II: market risk, credit risk, quantitative analysis, valuation and risk models. - **How much does it cost?** Full access starts at $9.99. - **Are explanations provided for every question?** Yes — every answer has a detailed explanation referencing GARP syllabus concepts. ## Optional - [Sitemap](https://frmmastery.com/sitemap.xml) - [Privacy Policy](https://frmmastery.com/privacy) - [Terms](https://frmmastery.com/terms) - [Cookies](https://frmmastery.com/cookies)