Question 1Value at risk and expected shortfall
A one-day 99% VaR model is backtested over 500 days and records 11 exceptions. Using the normal approximation to the binomial, z = (x - pT) / √(p(1 - p)T), the test statistic is closest to:
The Part I pass rate
In November 2025, 47% of Part I candidates passed, GARP's program page says. Part II's rate in the same window was 50%.
| Questions | 100, equally weighted |
|---|---|
| Time | 4 hours |
| Format | Multiple choice, computer-based |
| 2027 windows | May, August and November |
| Part I pass rate, November 2025 | 47% |
The latest pass rates
| Window | Part I | Part II |
|---|---|---|
| November 2025 | 47% | 50% |
What the number says
- Fewer than half of Part I candidates passed in November 2025.
- A candidate who fails Part I in a window where they also sat Part II does not have Part II graded.
- Your own odds depend on your weakest topic area, which a pass rate cannot show.
Measure your own readiness instead
- Take the free diagnostic: 12 questions, 3 from each topic area, scored by area.
- Fix the weakest area with its lesson, then try four fresh questions on it.
- Sit a full 100-question mock in four hours before your window.
Try 4 questions
Question 2Interest rates, compounding and FRAs
The two-year zero rate is 3.8% and the three-year zero rate is 4.3%, both per annum with continuous compounding. The forward rate for the third year, with continuous compounding, is closest to:
Question 3Hypothesis tests and confidence intervals
A manager's mean monthly alpha over 36 months is 0.65%, with a sample standard deviation of 1.8%. An analyst tests the null hypothesis that the true mean alpha is zero against a two-sided alternative. Two-tailed critical t-values with 35 degrees of freedom are 2.030 at the 5% level and 2.724 at the 1% level. At the 1% significance level, which conclusion is correct?
Question 4Expected and unexpected credit loss
A borrower has drawn $6 million of a $10 million credit line. The bank expects 75% of the undrawn amount to be drawn before any default. The one-year default probability is 1.5% and loss given default is 45%. The one-year expected loss is closest to:
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Questions people ask
What is the Part I pass rate?
47% in November 2025, on GARP's program and exams page. Part II's pass rate in the same window was 50%.
What score do I need to pass Part I?
GARP's exam pages give no passing score, so we do not estimate one. Our mocks report questions right by topic area.
When do results come out?
GARP says results are available within eight weeks of the exam window closing.