DipFA Practice Papers

Level 4 diploma · MCQ units

DipFA mock exams and practice papers for FSRE and the AFA modules

Timed papers in the real formats. Module 6 coursework is not in this library.

34 mocks across FSRE (FRE1 and FRE2), taxation, investment, protection and retirement planning — 45-minute AFA papers at 21/30, FSRE at the shared 70% pass mark, with an explanation on every question.

After you sit a paper, a Smart Paper focuses on where you still need help.

Official exam fees vs this site

Walbrook exam
£1,400
Official resit
£110 / unit
This site, once
£29.99

No subscription. FRE1 Paper 1 is free in full, so you can judge the quality before you pay a penny. Sold by module if you only need one.

34
timed mock papers
1,120
exam-style questions
10
MCQ units — FSRE plus the AFA papers
100%
of answers explained

What these papers cover

DipFA is a Level 4 diploma. The multiple-choice units are FSRE (the same FRE1 and FRE2 papers CeMAP candidates sit) plus four Applied Financial Advice modules: taxation (AFAT), investment (AFAI), protection (AFAP) and retirement planning (AFAR). Each AFA unit is 20 standalone questions plus two case studies of five linked questions — 30 marks, 45 minutes, 21/30 to pass.

  • FSRE — FRE1 and FRE2, 40 marks each, 60 minutes, 70% pass.
  • AFAT / AFAI / AFAP / AFAR — two units per module, 30 marks, 45 minutes, 70% pass.
  • Module 6 (financial planning practice) is coursework, not an MCQ exam. There are no mocks for it here.
  • Figures follow the 2026/27 UK tax year unless a question says otherwise.

FRE2 — Skills, Principles & Ethical Behaviours

25 standalone questions + 3 case studies × 5 linked questions · papers run easier → harderUnit guide →

AFAT1 — Taxation Unit 1

20 standalone questions + 2 case studies × 5 linked questions · papers run easier → harderUnit guide →

AFAT2 — Taxation Unit 2

20 standalone questions + 2 case studies × 5 linked questions · papers run easier → harderUnit guide →

AFAI1 — Investment Unit 1

20 standalone questions + 2 case studies × 5 linked questions · papers run easier → harderUnit guide →

AFAI2 — Investment Unit 2

20 standalone questions + 2 case studies × 5 linked questions · papers run easier → harderUnit guide →

AFAP1 — Protection Foundations

20 standalone questions + 2 case studies × 5 linked questions · papers run easier → harderUnit guide →

AFAP2 — Quantifying Need & Trusts

20 standalone questions + 2 case studies × 5 linked questions · papers run easier → harderUnit guide →

AFAR1 — Accumulation Foundations

20 standalone questions + 2 case studies × 5 linked questions · papers run easier → harderUnit guide →

AFAR2 — Decumulation Foundations

20 standalone questions + 2 case studies × 5 linked questions · papers run easier → harderUnit guide →

How it works

1

Try it free

Sit FRE1 Paper 1 in full, free — no sign-up. Every other paper has a free 5-question preview.

2

Sit timed mocks

Real exam formats, timing and 70% pass marks. Papers ramp from Easier to Harder within each unit.

3

Learn from every answer

An explanation on every question, plus method hints on the calculations — not just a score.

4

Track your progress

See which units are exam-ready and which need another pass before you book.

£29.99 once. Cheaper than one resit.

One payment unlocks every DipFA MCQ paper on this site — no subscription, no renewal. Only sitting one module? A £9.99 option unlocks both exam units in that module. FRE1 Paper 1 is free in full.

Unlock everything — £29.99

Free revision tools

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The DipFA MCQ structure

FSRE is examined as FRE1 and FRE2. The four Applied Financial Advice modules are each two units of 30 marks in 45 minutes. Pass mark is 70% on every unit. Our papers copy the live format, timing and pass marks, and are pitched slightly harder than the real thing.

Looking for DipFA past papers? The awarding body does not publish live exam papers — that page explains what to use instead, and indexes all 34 mocks in one place.

DipFA Practice Papers — timed mocks for the Level 4 diploma