The short answer
- Choose the CFA® Program if you aim for investment research, valuation and portfolio management, you want a broad syllabus from ethics and financial reporting to portfolio management or you can commit to three exams over several years.
- Choose the FRM® Exam if you aim to measure and manage market, credit and operational risk, you prefer two exams with a narrower, quantitative focus or your next job is in a risk team at a bank, insurer or asset manager.
Key facts
- The CFA® Program has three exams (Level I, II and III); the FRM® Exam has two (Part I and Part II).
- Early registration for 2027: Level I of the CFA Program US$1,140 (check the official website); Part I of the FRM Exam US$600 (check the official website), plus a one-time enrolment fee of US$400 (check the official website).
- Prep providers estimate roughly 990–1,050 study hours for the three CFA exams and about 500 for the two parts of the FRM Exam.
- Work experience for the charter: 4,000 hours of qualified work experience in investment decision-making over at least 36 months, gained before, during or after the exams (check the official website). After both FRM Exam parts: two years of full-time professional work experience in financial risk management (check the official website).
- US median pay, May 2025: financial and investment analysts US$102,740, financial risk specialists US$117,330 – occupation data, not the effect of a qualification.
How do they compare?
| Criterion | the CFA® Program | the FRM® Exam |
|---|---|---|
| Run by | CFA Institute | Global Association of Risk Professionals (GARP) |
| Exams | Three, in order: Level I, Level II, Level III | Two: Part I and Part II |
| First exam | Level I: two sessions of 90 questions, 2 hours 15 minutes each | Part I: 100 questions in one 4-hour session |
| Later exams | Level II and Level III: formats on CFA Institute’s website | Part II: 80 questions in one 4-hour session (check the official website) |
| Early registration per exam | Level I US$1,140 (check the official website); Level II US$1,140 (check the official website); Level III US$1,240 (check the official website) | Part I US$600 (check the official website); Part II US$600 (check the official website); one-time enrolment US$400 (check the official website) |
| Standard registration per exam | Level I US$1,490 (check the official website); Level II US$1,490 (check the official website); Level III US$1,590 (check the official website) | Part I US$800 (check the official website); Part II US$800 (check the official website) |
| Study time (prep websites’ estimates) | at least 300 hours for Level I, 350–400 for Level II, 340–350 for Level III | about 250 hours per part |
| Work experience for the credential | 4,000 hours of qualified work experience in investment decision-making over at least 36 months, gained before, during or after the exams (check the official website) | two years of full-time professional work experience in financial risk management (check the official website) |
| Closest US occupation | Financial and investment analysts (SOC 13-2051) | Financial risk specialists (SOC 13-2054) |
| Its US median annual wage, May 2025 | US$102,740 | US$117,330 |
Both programmes take a year or more of evenings and weekends, so the useful question is not which one is more impressive but which work you want to be doing in five years. The CFA® Program, run by CFA Institute, centres on investment analysis and portfolio management. The FRM® Exam, run by GARP, centres on measuring and managing financial risk. (CFA Institute, Level I exam) (GARP, FRM Exam information)
Which is harder, the CFA Program or the FRM Exam?
No published measure compares their difficulty, and we do not use the share of candidates who pass as one. What can be compared is the workload: three exams against two, and study-hour estimates from prep websites that add up to roughly 990–1,050 hours for the CFA Program and about 500 hours for the FRM Exam. (Soleadea, study hours (secondary source)) (300Hours, FRM Exam guide (secondary source))
The material differs in kind. These are the topic areas of each first exam:
- Level I of the CFA Program: Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, Portfolio Management.
- Part I of the FRM Exam: Quantitative Analysis, Foundations of Risk Management, Financial Markets and Products, Valuation and Risk Models.
So “harder” depends on you. If you studied accounting, financial reporting will feel familiar; if you studied maths or statistics, the quantitative risk material will. Try a handful of practice questions from each before you decide: our Level I course and Part I course both show worked explanations.
What does each cost from start to finish?
Passing every exam at the first attempt, the exam fees for 2027 add up to US$3,520 (check the official website) with early registration or US$4,570 (check the official website) standard for the three levels of the CFA Program. For the two parts of the FRM Exam, including the one-time enrolment fee, they add up to US$1,600 (check the official website) early or US$2,000 (check the official website) standard. All before taxes. Each retake is another registration fee. (UWorld Finance, CFA fees 2027 (secondary source))
CFA Institute also charges charterholders annual membership dues of US$299 (check the official website). For your own figures, with retakes and your currency, use the Level I cost calculator or the FRM® Exam cost calculator.
How long does each route take?
For the CFA Program, three exams in order and the work-experience rule set the pace; the path from Level I to the charter converts the study hours into weeks at different weekly paces. For the FRM Exam, Part II has to be passed within four years of passing Part I (check the official website), and 300Hours says most candidates take one to two years for both parts. (300Hours, FRM Exam guide (secondary source)) The FRM certification path sets out both parts and the work experience in order. At 10 hours a week, the estimated hours fill about 24 months for the CFA Program and about 12 months for the FRM Exam, before results, deadlines and any retake.
What do the jobs pay?
Occupation data, not the effect of a qualification. The closest US occupations are financial and investment analysts and financial risk specialists. The survey does not record which qualifications people hold. (BLS, OEWS May 2025)
| Measure | Financial and investment analysts (13-2051) | Financial risk specialists (13-2054) |
|---|---|---|
| 10th percentile | US$63,720 | US$64,820 |
| Median | US$102,740 | US$117,330 |
| 90th percentile | US$180,860 | US$196,110 |
| Employment | 361,980 | 63,850 |
There are far fewer risk specialists than analysts in the data, and the wage ranges overlap widely. UK figures and what each survey counts as pay are on what investment analysts earn; for risk roles, see financial risk manager salary.
What is the bigger decision?
- Time. Either route asks for regular evenings and weekends over a long stretch. Before you register, look at a normal month and find the hours you would really give up.
- Family and health. Agree the plan with the people you live with, and keep one evening and one day a week free. A plan that only works when nothing goes wrong rarely survives a busy quarter at work.
- Money. Ask whether your employer pays exam fees or gives study leave, and keep a reserve for one retake.
- Risk. If you change direction after the first exam, you keep the knowledge but not a credential. A two-week trial with practice questions from each first exam is a cheap way to test your choice.
Can you do both?
Yes, but one at a time. Some topic areas of the two first exams sit close together, so work on one helps with the other. Start with the one your next job asks for and leave the second until the first is well under way. For the credential itself, the two bodies set different experience rules: 4,000 hours of qualified work experience in investment decision-making over at least 36 months, gained before, during or after the exams (check the official website) for the charter, and two years of full-time professional work experience in financial risk management (check the official website) after both parts of the FRM Exam. (300Hours, charter requirements (secondary source))
What are the common mistakes when choosing?
- Choosing by reputation rather than by the work you want to do every day.
- Reading the share of candidates who pass as a measure of how hard an exam will be for you.
- Registering for both programmes at once and doing neither well.
- Forgetting that the credential needs work experience as well as exams.
- Treating occupation pay as the pay rise a qualification brings.
Still unsure? The two-minute career quiz shows every weight it uses, so you can see why your answers lean one way. The first exams side by side – hours, format and cost – are in Level I vs Part I.
Who should choose which?
| If you … | Usually fits |
|---|---|
| want to become an equity or credit research analyst | the CFA® Program |
| want to manage portfolios or clients’ investments | the CFA® Program |
| work in market, credit or liquidity risk at a bank or insurer | the FRM® Exam |
| build or check risk models | the FRM® Exam |
| are a student and have not chosen a side of finance yet | neither yet – try practice questions from both first |
| want both | one at a time, starting with the one your next job asks for |
Frequently asked questions
Is the CFA® Program or the FRM® Exam harder?
No published measure compares their difficulty. The CFA Program has three exams and prep websites estimate roughly 990–1,050 study hours for them; the FRM Exam has two parts and about 500 hours. Which feels harder depends on your background in accounting or in maths and statistics.
Which is cheaper, the CFA Program or the FRM Exam?
The FRM Exam: it has two exams and a lower fee per exam – Part I US$600 (check the official website) and Part II US$600 (check the official website) with early registration, plus a one-time enrolment fee of US$400 (check the official website). The CFA Program has three: US$1,140 (check the official website), US$1,140 (check the official website) and US$1,240 (check the official website) with early registration. Fees for 2027 exams, before taxes; retakes cost another registration.
How long does each take?
At 10 hours a week the estimated study hours fill about two years for the CFA Program and about one year for the FRM Exam. For the FRM Exam, Part II has to be passed within four years of passing Part I (check the official website); the charter needs 4,000 hours of qualified work experience in investment decision-making over at least 36 months, gained before, during or after the exams (check the official website).
Which pays more, investment or risk work?
In US data for May 2025, financial risk specialists had a median annual wage of US$117,330 and financial and investment analysts US$102,740. These are occupation figures; they do not show what either qualification adds to pay.
Can I do the CFA Program and the FRM Exam?
Yes, but one at a time. Start with the one your next job asks for; both bodies set their own work-experience rules for the credential.
Related tools and pages
Sources
- CFA Institute: CFA Program Level I exam: format and topic weights. Accessed 26 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam information: format and exam topics. Accessed 26 October 2026.
- Soleadea (exam prep provider, secondary source): How Many Study Hours Does the CFA® Exam Really Take? (3 August 2026). Accessed 30 October 2026.
- 300Hours (finance careers website, secondary source): FRM Exam Guide 2026: Everything You Need to Know. Accessed 30 October 2026.
- UWorld Finance (exam prep provider, secondary source): CFA Exam Fees and Registration Guide for 2027. Accessed 30 October 2026.
- US Bureau of Labor Statistics (public domain): Occupational Employment and Wage Statistics, May 2025 – national estimates for 13-2051 Financial and Investment Analysts, 13-2052 Personal Financial Advisors, 13-2054 Financial Risk Specialists, 11-3031 Financial Managers, 13-2011 Accountants and Auditors, 13-2041 Credit Analysts and 00-0000 All Occupations, and metropolitan area estimates for CBSA 35620 (New York) and CBSA 14460 (Boston) (employment, mean and percentiles of annual wages, read through the BLS Public Data API) (15 May 2026). Accessed 30 October 2026.
- 300Hours (finance careers website, secondary source): CFA Requirements: How to Become A CFA Charterholder (15 September 2026). Accessed 30 October 2026.
- CFA Institute: CFA exam dates and fees. Accessed 26 October 2026.
- 300Hours (finance careers website, secondary source): FRM Fees: What's The Total Cost? (4 June 2026). Accessed 30 October 2026.
- PrepProviders (comparison website, secondary source): FRM exam dates and fees, 2026 to 2027 (5 October 2026). Accessed 30 October 2026.
- CFA Institute: CFA Program: eligibility, exams, work experience and membership.
- 300Hours (finance careers website, secondary source): 2026 CFA Exam Cost Breakdown: A Detailed Estimate (18 April 2026). Accessed 30 October 2026.
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