GroundLearn / Exams / CFA vs FRM
CFA vs FRM: which exam fits?
The two programmes side by side, from the official sources, and how to choose between them.
Side by side
| CFA® Program | FRM® Program | |
|---|---|---|
| Focus | Investment management: analysis, valuation, portfolio management and ethics, across all asset classes. | Risk management: market, credit, operational and liquidity risk, and the models and regulation behind them. |
| Awarded by | CFA Institute | GARP (Global Association of Risk Professionals) |
| Exams | Three levels, taken in order | Two parts: Part I, then Part II. |
| Format | Level I: multiple choice, two 135-minute sessions. Levels II and III: item sets in two 132-minute sessions; Level III adds constructed response and one of three pathways. | Part I: 100 multiple-choice questions. Part II: 80. Four hours each. |
| When you can sit | Level I: February, May, August, November. Level II: May, August, November. Level III: February, August. | May, August and November for both parts. |
| Recommended study | CFA Institute recommends 300 hours per level. | GARP says candidates spend about 240 hours studying on average, with reported times from under 100 to over 400. |
| Exam fees | From USD 1,140 per exam; USD 3,520 to 4,570 for all three levels (CFA Institute, for 2026 exams onward). | USD 600 early or USD 800 standard per part, plus a one-time USD 400 enrolment fee. |
| Recent pass rates | Level I in 2026: 45% (February), 39% (May), 43% (August). Ten-year averages: 41% Level I, 45% Level II, 52% Level III. | November 2025: 47% Part I, 50% Part II. |
| Experience to use the designation | 4,000 hours of relevant work over at least 36 months, which can be gained while you study. | Two years of relevant full-time work, submitted within 10 years of sitting Part II; it can be gained before or after the exams. |
| Time limits | At most two exam sittings a year and six attempts per level. | Four years from passing Part I to pass Part II. |
Checked on cfainstitute.org and garp.org on 29 October 2026. Fees exclude taxes, and both bodies say fees can change; confirm before you register.
Which one fits
The CFA Program suits people heading for investment roles: equity and credit research, portfolio management, wealth management, investment banking and consulting. It is broad, long and heavy on valuation and financial statements.
The FRM suits people in or heading for risk roles: market and credit risk, model validation, treasury and ALM, regulatory and risk consulting. It is narrower and deeper on risk measurement, and shorter to complete.
Plenty of people hold both. The overlap is real but partial: quantitative methods, fixed income, derivatives and portfolio risk appear in both, so studying one gives you a head start on the other, but each has large areas the other barely touches.
Questions people ask
Is the FRM easier than the CFA?
It is shorter: two exams rather than three. Whether it is easier depends on your background. Candidates with strong maths often find FRM Part I familiar, while CFA Level I covers more ground, with more accounting.
Can I take both?
Yes. Many candidates finish one and start the other. If you plan to, take the one closer to your current or target role first.
Which is better for a career in risk?
The FRM is built for risk work and is widely recognised by banks and regulators. The CFA charter is also valued in risk roles, especially those close to investment decisions.
Plan your next step
- CFA exam dates 2027Windows and registration deadlines.
- FRM exam dates 2027Windows, registration periods and fees.
- Free practice questionsTry both exams' styles.
- FRM Part I study plan16 weeks to May 2027.
An independent comparison, not career advice. CFA® and FRM® are registered trademarks of their respective owners; GroundLearn is not affiliated with CFA Institute or GARP.
Practise it in Cornerstone
Snapshot cards and five-question sessions for CFA® and FRM® candidates, free on Android and offline. The full glossary is in the app too, with search.
About CornerstoneOr get a free practice question every day on the Cornerstone WhatsApp channel.