Calculator
Answer all 7 questions to see your result (7 to go).
Key facts
- Seven questions; each answer gives 0 to 3 points, and every weight is listed on this page.
- Both programmes can reach 13 points and “neither for now” 16; a tie between a programme and “neither” counts for the programme.
- Level I of the CFA® Program has two sessions of 90 questions; Part I of the FRM® Exam has 100 questions in one 4-hour session.
- Level I registration for exams from February 2027: US$1,140 (check the official website) early or US$1,490 (check the official website) standard, before taxes.
- Part I registration for May 2027: US$600 (check the official website) early or US$800 (check the official website) standard, plus a one-time enrolment fee of US$400 (check the official website).
- The quiz does not weigh your region and does not predict passing, timing or pay.
How is the result calculated?
Each answer adds 0 to 3 points to one or more of three sides: the CFA® Program, the FRM® Exam and “neither for now”. The weights are our own judgement and appear in full below; they rest only on the topic areas of each first exam and on the time and money a programme of more than one exam needs. The rule, in this order:
- “Neither for now” if its total is higher than both programme totals.
- “Both could fit” if the two programme totals are within one point of each other.
- Otherwise the programme with the higher total.
The highest possible totals are 13 for the CFA Program, 13 for the FRM Exam and 16 for “neither for now”, so both programmes have the same ceiling. Answers on study time and fees mainly separate “a programme now” from “neither for now”; if they argue for waiting while your leaning is a programme, the result lists them separately.
| Answer | CFA Program | FRM Exam | Neither |
|---|---|---|---|
| 1. Target role | |||
| Researching companies, valuing securities or managing portfolios | 3 | – | – |
| Measuring and managing market, credit or operational risk | – | 3 | – |
| Investment work with a strong risk angle – or I am torn | 2 | 2 | – |
| Something else, such as accounting, law, operations or general management | – | – | 3 |
| 2. Where you work | |||
| Asset management, equity research, wealth management or corporate finance | 2 | – | – |
| A risk, treasury, compliance or model-validation team at a bank, insurer or regulator | – | 2 | – |
| At university or in a first job – not decided yet | 1 | 1 | – |
| Outside financial services, with no plan to move | – | – | 2 |
| 3. Topics you enjoy | |||
| Financial statements, company valuation, shares and bonds | 2 | – | – |
| Probability, risk models, value at risk and credit losses | – | 2 | – |
| Both sound interesting | 1 | 1 | – |
| Neither, honestly | – | – | 2 |
| 4. Maths | |||
| I enjoy quantitative work and building models | 1 | 2 | – |
| Fine, as long as they are applied to real decisions | 1 | 1 | – |
| I prefer accounting, analysis and judgement to heavy maths | 2 | – | – |
| I avoid maths wherever I can | – | – | 2 |
| 5. Study time | |||
| 10 or more | 1 | 1 | – |
| 5 to 10 | – | – | – |
| Fewer than 5 | – | – | 2 |
| 6. Exam fees | |||
| My employer pays, or I have the money set aside | 1 | 1 | – |
| I would pay myself, and I can manage it | – | – | – |
| Paying for the first exam would be a stretch right now | – | – | 2 |
| 7. What it should show | |||
| Broad investment knowledge, from ethics to portfolio management | 2 | – | – |
| Specialist knowledge of financial risk | – | 2 | – |
| Both – I may take one after the other | 1 | 1 | – |
| Nothing formal – I only want to learn some finance | – | – | 3 |
Worked example
A graduate wants to measure and manage risk, has not chosen an employer yet, prefers probability and risk models, enjoys quantitative work, can study 5 to 10 hours a week, would find the first exam fee a stretch and wants a risk specialism. The answers add up as follows:
- FRM Exam: 3 + 1 + 2 + 2 + 2 = 10
- CFA Program: 1 + 1 = 2
- Neither for now: 2 = 2
“Neither” (2) is not higher than both programme totals, and the gap between 10 and 2 is more than one point, so the result is “Your answers lean towards the FRM® Exam”. The fee answer appears separately as something to weigh before registering.
How do the two first exams compare?
| Detail | Level I of the CFA® Program | Part I of the FRM® Exam |
|---|---|---|
| Run by | CFA Institute | Global Association of Risk Professionals (GARP) |
| Format | The exam has two sessions of 90 questions and 2 hours 15 minutes. | One session of 100 questions and 4 hours. |
| Topic areas | Ethical and Professional Standards, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Issuers, Equity Investments, Fixed Income, Derivatives, Alternative Investments, Portfolio Management | Quantitative Analysis, Foundations of Risk Management, Financial Markets and Products, Valuation and Risk Models |
| Registration fee | US$1,140 (check the official website) early, US$1,490 (check the official website) standard (exams from February 2027) | US$600 (check the official website) early, US$800 (check the official website) standard (May 2027), plus a one-time enrolment fee of US$400 (check the official website) |
Formats and topic areas: (CFA Institute, Level I exam) (GARP, FRM Exam information) Level I and Part I are only the first exams of each programme; later exams, their fees and any work-experience rules are not part of this comparison.
What does the quiz leave out?
- Your region. We hold no dated, sourced data on how employers in each region value either qualification, so the quiz does not weigh where you live. Job adverts for your target role in your market are a better guide.
- Your chances. The quiz does not predict whether you would pass, how long you would need, or what you would earn.
- Everything after the first exam. Later exams and requirements differ between the programmes; check them with CFA Institute and GARP before you commit.
What does your result mean for you?
Treat the result as a starting point for your own research, not a decision. If it leans one way, read through the topic areas of that first exam and try a few practice questions to see whether the material holds your interest. For a feel of the risk side, the value at risk calculator works through a typical risk calculation; for the investment side, the guide to financial ratio analysis is a good sample.
What this tool covers
- Last updated
- Based on
- Our own weighting, shown in full in the table on this page
- The formats and topic areas of Level I and Part I published by CFA Institute and GARP, and fees from the fact register – see the sources below
- Includes
- A leaning towards the CFA® Program, the FRM® Exam, both or neither for now, with the answers behind it
- Points for every answer and the scoring rule
- A comparison of the two first exams: format, topic areas and registration fees
- Not included
- Your region, pay or job prospects
- Later exams, their fees and work-experience requirements
- Any prediction of passing
Frequently asked questions
Should I do the CFA® Program or the FRM® Exam?
It depends mainly on the work you want: researching companies, valuing securities or managing portfolios points to the CFA Program; measuring and managing market, credit or operational risk points to the FRM Exam. The quiz adds disclosed points for seven answers and shows which way yours lean.
How is the quiz scored?
Each answer adds 0 to 3 points to the CFA Program, the FRM Exam or “neither for now”. “Neither” wins only with more points than both programmes; programme totals within one point mean both could fit; otherwise the higher total wins.
How much does the first exam cost?
Level I of the CFA Program: US$1,140 (check the official website) with early registration or US$1,490 (check the official website) standard, for exams from February 2027. Part I of the FRM Exam: US$600 (check the official website) early or US$800 (check the official website) standard for May 2027, plus a one-time enrolment fee of US$400 (check the official website). All before taxes.
How long is each first exam?
Level I of the CFA Program has two sessions of 90 questions and 2 hours 15 minutes each. Part I of the FRM Exam has one session of 100 questions and 4 hours.
Why does the quiz not ask where I live?
We hold no dated, sourced data on how employers in each region value either qualification, so the quiz does not weigh the region. Job adverts for your target role in your market are a better guide.
Does the result predict whether I will pass?
No. The quiz reflects only your own answers about work, topics, maths, time and fees. It does not predict passing, how long you would need or what you would earn.
Does the quiz save my answers?
No. The quiz runs in your browser. Your answers appear only in the page address after the # sign, so you can share a result; they are not sent to us.
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.
- 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.
- PrepProviders (comparison website, secondary source): FRM exam dates and fees, 2026 to 2027 (5 October 2026). Accessed 30 October 2026.
- 300Hours (finance careers website, secondary source): FRM Fees: What's The Total Cost? (4 June 2026). Accessed 30 October 2026.
Study aid only – not legal, financial or careers advice. The tool runs in your browser and stores nothing.
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.