FRM Level I

All four exam areas and all 62 readings: 1,140 four-option questions and a full 100-question mock.

Price: $199.99

Courses in this track

1. FRM Level I: Foundations of Risk Management — The first course of the FRM Level I series and 20% of the exam. Build the vocabulary and machinery every later topic assumes: what risk is and how taking it differs from managing it, expected versus unexpected loss,…
2. FRM Level I: Quantitative Analysis — The second course of the FRM Level I series and 20% of the exam. All fifteen official 2026 GARP readings for Quantitative Analysis, taught on one fund and one loan book: probability and Bayes' rule, the eleven named…
3. FRM Level I: Financial Markets and Products I — The third course of the FRM Level I series, covering the first eleven official 2026 GARP readings of Financial Markets and Products — the largest area on the exam at 30%. Banks and their capital, insurance companies…
4. FRM Level I: Financial Markets and Products II — The fourth course of the FRM Level I series, covering the last nine official 2026 GARP readings of Financial Markets and Products — the largest area on the exam at 30%. Options markets and the no-arbitrage properties…
5. FRM Level I: Risk Models — The fifth course of the FRM Level I series, covering the first eight official 2026 GARP readings of Valuation and Risk Models — VaR and expected shortfall, the three ways to compute them, volatility forecasting with…
6. FRM Level I: Valuation Models — The sixth course of the FRM Level I series, covering the last eight official 2026 GARP readings of Valuation and Risk Models — discounting, arbitrage and STRIPS, spot, forward, par and swap rates, bond yields and P&L…
7. FRM Level I: Mock Exam — A full-length FRM Level I mock exam in the live format: 100 original standalone questions with four options each, in a single 240-minute session at 2.4 minutes a question. Questions are weighted to GARP's official…

Everything you need for the FRM® Level I exam, in one place: seven courses, 50 chapters, 1,140 practice questions and a full-length 100-question mock, all in the exam's own format of four-option standalone questions.

Built for the exam GARP actually sets

FRM Level I is 100 standalone multiple-choice questions in four hours: four answer choices each, no vignettes, 2.4 minutes per question. It rewards working a calculation quickly and accurately on a financial calculator, not recognising a definition.

So every assessment here uses that format. Each topic course ends with a 30-question practice exam timed at 72 minutes, the live exam's pace, and every one of the 1,140 questions explains why the right answer is right and why each wrong one is wrong. The answer keys are balanced, so you can't pass by pattern-matching to the longest option or always picking the same letter.

All four exam areas, all 62 readings

The courses follow GARP's own reading order and split the two largest areas on GARP's own boundaries, so every one of the 62 readings in the 2026 curriculum is taught in full, in one place. Each topic course is built around a running case rather than a pile of unrelated examples, so the numbers you work out in chapter 2 are still the ones you're accountable for in chapter 6.

Worked by hand first, then checked

Every calculation is set up and solved the way you'll solve it in the exam room, on paper with a calculator, before any code appears. 215 BA II Plus keystroke sequences are written into the course text, including the traps that cost marks under time pressure: chain mode, P/Y settings, day counts.

The Python that follows checks the arithmetic rather than doing it. It runs in the browser with nothing to install, so you can change an input and watch the answer move. That's how you find out whether you understood the mechanism or just the number.

A mock exam that matches the real one

The track finishes with a full 100-question mock sat as one timed 240-minute session, the live exam's length and pace, weighted 20/20/30/30 across the four areas exactly as GARP weights them. It reports a per-area breakdown at the end, so you know which areas to go back to instead of guessing.

Ask questions, and compare notes

Every course has its own discussion board, open to anyone enrolled. Ask the instructor (instructor replies are highlighted) or talk a sticking point through with other candidates sitting the same exam, right next to the material you're asking about.

Practical details

• Chapter 1 of every topic course is free to read before you buy; the mock exam is the one exception
• 183 figures and exhibits, drawn from the courses' own worked data rather than stock diagrams
• Lifetime access: no renewal, and it covers every sitting you need
• Every course in the track is also available on its own if you only need one area

FRM® and GARP® are registered trademarks of the Global Association of Risk Professionals. This track is independent study material produced by Ervads. It is neither endorsed by, sponsored by, nor affiliated with the Global Association of Risk Professionals.