Part I of the FRM 2023 Exam focuses on the tools used to assess financial risk and consists of 100 multiple-choice questions. You will be tested on your ability to read a question, analyze it, and apply concepts to it. The pass rate for Part I of the May 2021 exam was 43%. A commonly cited reason for the low pass rate is the variations in exam questions. Some are straightforward, others appear straightforward but have a trick to them, and the wording of others can be confusing. Our study packages combine multiple study tools to help you learn the material and get accustomed to answering exam-like questions.