The short answer
- Choose Level I of the CFA® Program if you aim for investment research, valuation or portfolio management, you want breadth, from ethics and financial reporting to equity and fixed income or you can give it at least 300 study hours.
- Choose Part I of the FRM® Exam if you work in, or aim for, a risk team at a bank, insurer or asset manager, you are comfortable with statistics and calculation-heavy questions or you want a smaller first exam of about 250 study hours.
Key facts
- Level I of the CFA® Program has 180 questions in two sessions of 135 minutes, about 90 seconds per question; Part I of the FRM® Exam has 100 questions in 4 hours, about 144 seconds per question.
- Prep websites estimate at least 300 study hours for Level I and about 250 for Part I: 25 and 21 weeks at 12 hours a week.
- Early registration for 2027: Level I US$1,140 (check the official website); Part I US$600 (check the official website) plus a one-time enrolment fee of US$400 (check the official website).
- Who may register: for Level I, a bachelor’s degree, being within 23 months of completing one, or 4,000 hours of work experience and/or higher education over at least 36 months (check the official website); for Part I, no formal educational or work-experience prerequisites – anyone may register for Part I (check the official website).
- No published measure compares the difficulty of the two exams; the share of candidates who pass is not one.
How do they compare?
| Criterion | Level I of the CFA® Program | Part I of the FRM® Exam |
|---|---|---|
| Run by | CFA Institute | Global Association of Risk Professionals (GARP) |
| Questions and time | 180 questions in two sessions of 90, 2 hours 15 minutes each | 100 questions in one 4-hour session |
| Answer options per question | three | four |
| Average time per question | about 90 seconds | about 144 seconds |
| Topic areas | 10: Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, Portfolio Management | 4: Quantitative Analysis, Foundations of Risk Management, Financial Markets and Products, Valuation and Risk Models |
| Who may register | a bachelor’s degree, being within 23 months of completing one, or 4,000 hours of work experience and/or higher education over at least 36 months (check the official website) | no formal educational or work-experience prerequisites – anyone may register for Part I (check the official website) |
| Exam windows in 2027 | February, May, August and November | May, August and November |
| Results | within five to nine weeks after the exam window closes (check the official website) | within eight weeks after the exam window closes (check the official website) |
| Study time (prep websites’ estimates) | at least 300 hours | about 250 hours (200–300 depending on background) |
| Early registration | US$1,140 (check the official website) | US$600 (check the official website), plus one-time enrolment US$400 (check the official website) |
| What comes next | Level II and Level III, and work experience for the charter | Part II: Part II has to be passed within four years of passing Part I (check the official website) |
Level I of the CFA® Program is the bigger exam – 180 questions across ten topic areas and at least 300 study hours on prep websites’ estimates. Part I of the FRM® Exam is smaller – 100 questions in four areas and about 250 hours – but more of it is quantitative risk work. (Soleadea, study hours (secondary source)) (300Hours, Part I study guide (secondary source))
If you are choosing between the two first exams, you are probably also choosing a direction: investment analysis with the CFA® Program, run by CFA Institute, or financial risk with the FRM® Exam, run by GARP (CFA Institute, Level I exam) (GARP, FRM Exam information). The career side of that choice is on CFA® Program or FRM® Exam: which fits your career?. This page stays with the two first exams: the exam room, study hours, fees, overlap and fitting both into one year.
Which is harder, Level I or Part I?
No published measure compares the two, and we do not use the share of candidates who pass as one. What can be compared is the load. Level I has 180 questions with three answer options each, about 90 seconds per question. Part I has 100 questions with four options each, about 144 seconds per question. Level I spreads across ten topic areas, the largest being Ethical and Professional Standards at up to 20% of the exam; Part I has four areas, with Financial Markets and Products and Valuation and Risk Models at 30% each.
So the difficulty is of a different kind. Level I is wide: ethics, accounting, economics and equity sit next to fixed income and derivatives. Part I is narrower and deeper in calculation. 300Hours calls Quantitative Analysis the most technically demanding area for most candidates and Valuation and Risk Models the hardest of the four (300Hours, Part I study guide (secondary source)). Your background decides which feels harder: an accounting degree helps with Level I’s Financial Statement Analysis; a degree in maths, statistics or engineering helps with Part I’s quantitative areas.
How many study hours does each take?
Prep websites plan Level I with at least 300 hours (Soleadea, study hours (secondary source)) (300Hours, preparing for Level I (secondary source)). For Part I, 300Hours recommends 250 hours over four to six months, from about 200 with a finance degree and some risk exposure to 260–300 without a finance background (300Hours, Part I study guide (secondary source)). These are planning figures, not rules of either exam body. At a steady pace:
| Hours a week | Level I | Part I |
|---|---|---|
| 10 | 30 weeks | 25 weeks |
| 12 | 25 weeks | 21 weeks |
| 15 | 20 weeks | 17 weeks |
Add a week or two for the weeks that go wrong. The study-time budget calculator checks whether your own week holds the hours, and the exam pace calculator turns 90 and 144 seconds per question into checkpoints for timed practice.
What does each first exam cost?
Registration fees for 2027 exams, before taxes. Part I also carries a one-time enrolment fee:
| Registration | Level I | Part I, including enrolment |
|---|---|---|
| Early | US$1,140 (check the official website) | US$1,000 (check the official website) |
| Standard | US$1,490 (check the official website) | US$1,200 (check the official website) |
A Level I retake costs the full registration fee again, with no discount for retakers (check the official website). A Part I retake costs the registration fee again, but the enrolment fee is paid only once (300Hours, FRM fees (secondary source)). Study materials come on top. With your own windows, retakes and currency, use the Level I cost calculator or the FRM® Exam cost calculator.
Where do the two exams overlap?
Read side by side, the general topic names of our two courses meet in six places – a reason to take the second exam soon after the first, while the shared material is fresh. This is our own reading of the two topic lists, not a statement by CFA Institute or GARP.
| Shared ground | Level I topic area | Part I area | Our worked guide |
|---|---|---|---|
| Probability, statistics and regression | Quantitative Methods | Quantitative Analysis | – |
| Discounting and the time value of money | Quantitative Methods | Financial Markets and Products | time value of money |
| Bond prices, yields and duration | Fixed Income | Financial Markets and Products; Valuation and Risk Models | duration and convexity |
| Forwards, futures, swaps and options | Derivatives | Financial Markets and Products; Valuation and Risk Models | forwards and put-call parity; binomial trees |
| Diversification, systematic risk and risk-adjusted returns | Portfolio Management | Foundations of Risk Management | CAPM and beta |
| Professional conduct and ethics | Ethical and Professional Standards | Foundations of Risk Management | – |
What is not shared matters as much. Level I has topic areas with no counterpart in our Part I topic list: Economics, Financial Statement Analysis, Corporate Issuers and Equity Investments – see our guide to ratio analysis. Part I goes much further into value at risk and expected shortfall, credit and operational loss, stress scenarios and the lessons of past risk failures – see value at risk methods, expected credit loss and lessons from risk failures. Both exams allow models of the BA II Plus and HP 12C families, but the two lists are not identical; the exact models are on calculators allowed in the CFA® Program and the FRM® Exam.
Can you sit both first exams in 2027?
Yes, one after the other. The table counts the full weeks between the last day of the first window and the first day of the second, and the hours a week the second exam needs in them:
| Plan | First exam days | Second exam days | Weeks between | Hours a week for the second |
|---|---|---|---|---|
| Level I in February, then Part I in August | 22–28 February 2027 (check the official website) | 13–14 August 2027 (check the official website) | 23 | 10.9 |
| Level I in May, then Part I in November | 11–17 May 2027 (check the official website) | 13–18 November 2027 (check the official website) | 25 | 10 |
| Part I in May, then Level I in November | 8–13 May 2027 (check the official website) | 13–19 November 2027 (check the official website) | 26 | 11.5 |
| Part I in May, then Level I in August | 8–13 May 2027 (check the official website) | 15–22 August 2027 (check the official website) | 13 | 23.1 |
About six months between the windows keeps the second exam at 10–11.5 hours a week. Part I in May, then Level I in August needs more than 20 hours a week – a sprint beside a job. Remember that results come later than you might like: Level I results arrive within five to nine weeks after the exam window closes (check the official website), Part I results within eight weeks after the exam window closes (check the official website). In every plan above you start studying for the second exam before you know how the first went.
What is the bigger decision?
- Time. Either exam takes months of evenings and weekends. Find the hours in an ordinary month before you register.
- Family and health. Talk the plan through with the people you live with, and keep one evening a week free.
- Money. Ask whether your employer pays fees or gives study leave, and keep a reserve for a retake.
- Risk. Level I is the first of three levels, Part I the first of two. Change direction after the first exam and you keep the knowledge, not a credential.
What are the common mistakes when choosing?
- Picking the exam with fewer questions and assuming it is the easier one.
- Reading the share of candidates who pass as a measure of how hard an exam will be for you.
- Planning the second exam’s hours as if the shared ground were the whole syllabus.
- Booking two windows close together and losing the catch-up weeks.
- Choosing a calculator for one exam that the other does not allow.
Still unsure which direction suits you? The two-minute career quiz shows the weight of every answer.
What does this page cover?
- Last updated
- Based on
- Exam formats and topic weights from our course pages
- Fees, windows, rules and results timing from our fact register, linked to CFA Institute and GARP for checking
- Study-hour estimates of prep and careers websites (secondary sources)
- Includes
- A side-by-side table of the two first exams
- Weeks of study at three weekly paces and the fees for the first exam
- The shared ground of the two topic lists and back-to-back plans for 2027
- Not included
- How many candidates pass either exam
- Level II, Level III and Part II in detail
- Financial or careers advice
Who should choose which?
| If you … | Usually fits |
|---|---|
| want to become an equity or credit analyst or manage portfolios | Level I of the CFA® Program |
| work in market, credit or operational risk | Part I of the FRM® Exam |
| studied accounting or business and want breadth | Level I of the CFA® Program |
| studied maths, statistics or engineering and want to move into finance through risk | Part I of the FRM® Exam |
| have neither a degree nor the work experience Level I asks for | Part I of the FRM® Exam – see “Who may register” in the table |
| want both | one at a time, with about six months between the windows |
Frequently asked questions
Is Level I of the CFA® Program harder than Part I of the FRM® Exam?
No published measure says so. Level I is the bigger exam – 180 questions across ten topic areas and at least 300 study hours on prep websites’ estimates. Part I has 100 questions in four areas and about 250 hours, with more quantitative risk work. Your background decides which feels harder.
How many hours should I study for each?
Prep websites suggest at least 300 hours for Level I and about 250 for Part I – from about 200 with a finance degree and some risk exposure to 260–300 without a finance background. At 12 hours a week that is 25 and 21 weeks.
Which first exam is cheaper?
With early registration for 2027, Level I costs US$1,140 (check the official website). Part I costs US$600 (check the official website) plus the one-time enrolment fee of US$400 (check the official website). Fees are before taxes; study materials come on top.
Do I need a degree to register?
For Level I: a bachelor’s degree, being within 23 months of completing one, or 4,000 hours of work experience and/or higher education over at least 36 months (check the official website). For Part I: no formal educational or work-experience prerequisites – anyone may register for Part I (check the official website).
Can I take Level I and Part I in the same year?
Yes, one after the other. With about six months between the windows – for example Level I in February 2027 and Part I in August 2027 – the second exam needs roughly 10–12 hours a week. With three months between them it needs more than 20.
Which should I take first?
The one your next job asks for: Level I for investment research, valuation or portfolio roles, Part I for a risk team. The two exams share ground in quantitative methods, bonds, derivatives and portfolio risk, so the second builds on the first.
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): CFA Level 1: How to Prepare & Pass CFA in 18 Months (9 September 2026). Accessed 30 October 2026.
- 300Hours (finance careers website, secondary source): FRM Part 1 Study Guide (2026): How to Pass First Time (4 June 2026). Accessed 30 October 2026.
- UWorld Finance (exam prep provider, secondary source): CFA Exam Fees and Registration Guide for 2027. 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.
- Soleadea (exam prep provider, secondary source): Level 1 CFA® Exam Retake: Cost and Conditions (1 August 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 Program: eligibility, exams, work experience and membership.
- QuintEdge (exam prep provider, secondary source): FRM Eligibility 2026: Can You Apply? Qualification, Age & Work Experience (19 October 2026). Accessed 30 October 2026.
- Soleadea (exam prep provider, secondary source): CFA® Exams in 2026 & 2027, All Dates & Levels (1 August 2026). Accessed 30 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam logistics and test dates. Accessed 26 October 2026.
- 300Hours (finance careers website, secondary source): FRM Exam Guide 2026: Everything You Need to Know. Accessed 30 October 2026.
- Omni Finance Academy (exam prep provider, secondary source): FRM® exam dates: which deadline should you act on now? (21 October 2026). Accessed 30 October 2026.
High Performer Certs is an independent study platform. It is not affiliated with, endorsed by, or sponsored by CFA Institute or the Global Association of Risk Professionals (GARP). We are not a CFA Institute Prep Provider and not a GARP Exam Preparation Provider. CFA Institute does not endorse, promote, review or warrant the accuracy or quality of our products and services. GARP does not endorse, promote, review or warrant the accuracy of our products or services. All questions and explanations are our own original material and contain no CFA Institute or GARP exam, curriculum or practice questions. CFA®, Chartered Financial Analyst®, CIPM® and GIPS® are registered trademarks owned by CFA Institute. FRM® and GARP® are trademarks owned by the Global Association of Risk Professionals.