Find out if you'd pass FRE1 today.

Sit a timed CeMAP mock in the new 2025 format and see your score against the 28 you need, with the learning outcomes costing you marks. 40 questions, 3 case studies, one hour. Free, with no account.

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In beta: these questions haven't been checked by a CeMAP holder yet. If one looks wrong, report it and we'll fix it.

FRE1 Industry, Regulation and Key Parties60:00
Question 1 of 40In which market does a company raise new capital by issuing shares to investors for the first time?

In beta: these questions haven't been checked by a CeMAP holder yet. If one looks wrong, report it and we'll fix it.

How the 2025 FRE1 paper is laid out

Since 30 September 2025 CeMAP has five units: FRE1, FRE2, MRT1, MRT2 and the final case-study unit (ASEW or ASSC). FRE1 and FRE2 together replaced the old CeMAP 1.

The FRE1 exam
Standalone questions25 multiple choice
Case studies3, with 5 linked questions each
Marks40, one per question
Time1 hour
Pass28 of 40 (70%)
Merit32 (80%)
Distinction36 (90%)
WhereRemotely, on Walbrook's Brightspace platform

From Walbrook's FSRE specification and the CeMAP qualification specification (version 14). Both mocks here are laid out the same way: paper 1 and paper 2. More in the FRE1 exam guide and what changed in 2025.

What you get at the end

Your score against the 28 you need, the learning outcomes where you dropped marks, and every question with the right answer and the rule behind it.

An example, with made-up numbers

You scored 26 of 40: not yet a pass.

You need 28, so 2 more. The outcomes below show where to focus.

By learning outcome

CriterionRight
1.4 Financial services in the economy, and financial crime4 of 5
3.1 Legal concepts5 of 8
3.2 Wills, intestacy and trusts2 of 5
5.2 The FCA Handbook4 of 4

Why case studies decide the result

Linked case-study questions carry 30 of the 80 marks across FRE1 and FRE2, and all 60 in the final unit. They test whether you can apply a rule to one client's facts, five questions running, so one misread detail can cost several marks. We're writing a pack that practises nothing else.

One email when the pack is ready. Nothing else.

Questions

Is it the real exam?
No. It's a practice mock in the same format as the real FRE1 unit: 40 questions, 3 case studies, 60 minutes and the same 28 of 40 pass mark. The real exam is set and sat through Walbrook Institute London, and its questions aren't published.
Is it updated for the 2025 syllabus?
Yes. It follows the FRE1 unit that, with FRE2, replaced the old CeMAP 1 when CeMAP moved to five units on 30 September 2025, and every question is tagged with the learning outcome it tests from the current FSRE specification.
How is it marked?
One mark per question, 40 in all, with no marks taken off for wrong answers. You see your score against the 28 you need to pass (32 for a merit, 36 for a distinction), your marks by learning outcome, and every question with the right answer and why.
Can I do it on my phone?
Yes. The mock and the answer sheet work on a phone, and your answers are kept on the device if you close the tab. A computer is closer to the real thing, since the exam itself is sat remotely on one.
Who wrote the questions?
We did, from the published syllabus and public sources such as the FCA Handbook, never from the official study texts or specimen papers. The site is in beta and the questions haven't been checked by a CeMAP holder yet, so if one looks wrong, report it from the results page or email hello@mortgagemocks.co.uk and we'll fix it.
Is there more than one mock?
Yes. There are two full FRE1 papers, each with 40 different questions in the same layout, so you can sit a second timed mock once you've worked on the outcomes the first one showed up.
Is it free?
Yes, both FRE1 mocks are free and need no account or email address. We're writing a paid pack of case-study practice, and you can ask to hear when it's ready.

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