FRE1 — Industry, Regulation and Key Parties. A 40-question multiple-choice paper. Here's the format — and how our practice questions map to each topic. Unofficial reference; confirm the official syllabus with Walbrook (formerly LIBF).
The exact question count, duration and pass mark are set by the awarding body. Check Walbrook (formerly LIBF) for the current CeMAP FRE1 specification, fees and how to sit it. Source for the figures above: the CeMAP and FSRE qualification specifications (July 2026), checked 11 Oct 2026. This page is an independent study reference, not endorsed by Walbrook (formerly LIBF).
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