CFA vs FRM 2025: Salary, Scope, Difficulty & Time to Complete Compared
Choosing the right financial certification can make or break your career in finance. The Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM) are two of the most prestigious certifications in the finance industry. But which one is right for you? In this blog, we break down CFA vs FRM in terms of salary, career scope, difficulty, time to complete, syllabus, and more—helping you make an informed decision in 2025.
Updated on: September 17, 2025 – This article has been refreshed with the latest 2025 salary data, pass rates, exam fees, and career scope for CFA vs FRM.
What is CFA?
The Chartered Financial Analyst (CFA) designation is offered by the CFA Institute, USA. It is globally recognized and focused on investment management, equity research, portfolio management, and financial analysis.
Key Highlights:
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Offered by: CFA Institute (USA)
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Levels: 3 (Level I, II, III)
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Exam Mode: Computer-based
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Exam Frequency: 2 times a year (Level I & II), once a year (Level III)
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Duration to Complete: 2 to 4 years
What is FRM?
The Financial Risk Manager (FRM) certification is offered by the Global Association of Risk Professionals (GARP). It is aimed at professionals focusing on risk management, market risk, credit risk, and operational risk.
Key Highlights:
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Offered by: GARP (USA)
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Levels: 2 (Part I and Part II)
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Exam Mode: Computer-based
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Exam Frequency: 3 times a year (May, August, November)
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Duration to Complete: 1 to 2 years
CFA vs FRM: Career Scope
| Factor | CFA | FRM |
|---|---|---|
| Industry Focus | Investment banking, equity research, asset management | Risk management, corporate finance, treasury |
| Popular Roles | Financial Analyst, Portfolio Manager, Investment Banker | Risk Manager, Credit Analyst, Market Risk Analyst |
| Job Markets | Banks, Mutual Funds, Hedge Funds, Consulting Firms | Banks, NBFCs, Insurance Firms, Regulatory Bodies |
Location
CFA Average Salary
FRM Average Salary
India
₹9 – ₹28 LPA
₹8 – ₹22 LPA
USA
$105,000 – $160,000
$95,000 – $145,000
UAE
AED 190,000 – AED 420,000
AED 160,000 – AED 360,000
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Note: Salaries vary depending on experience, location, and role.
| Location | CFA Average Salary | FRM Average Salary |
|---|---|---|
| India | ₹9 – ₹28 LPA | ₹8 – ₹22 LPA |
| USA | $105,000 – $160,000 | $95,000 – $145,000 |
| UAE | AED 190,000 – AED 420,000 | AED 160,000 – AED 360,000 |
CFA vs FRM: Difficulty Level
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CFA is considered academically challenging with a vast syllabus. Level II and III are especially tough, focusing on application and ethics.
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FRM is more technical and quantitative, especially Part I which includes deep statistical and mathematical concepts.
Pass Rates (2024–2025 trends):
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CFA Level I: ~35%
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CFA Level II: ~40%
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CFA Level III: ~45%
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FRM Part I: ~45%
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FRM Part II: ~60%
CFA vs FRM: Time & Cost
| Parameter | CFA | FRM |
|---|---|---|
| Duration | 2–4 years | 1–2 years |
| Registration Fees | $900–$1,200 per level | $400 registration + $600–$800 per part |
| Total Cost | $2,500–$3,500 | $1,500–$2,000 |
CFA vs FRM: Which One Should You Choose?
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Choose CFA if you want a career in investment management, asset valuation, or equity research.
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Choose FRM if you’re inclined towards risk analysis, compliance, or corporate risk strategy.
CFA vs FRM: Pros & Cons
CFA – Pros ✅
Globally recognized in investment & asset management
Strong alumni & employer network
Covers a wide range of finance concepts
CFA – Cons ❌
Longer completion time (2–4 years)
Tougher exams, especially Level II
Less focused on risk & quantitative methods
FRM – Pros ✅
Highly valued in risk management & banking
Shorter completion time (1–2 years)
More affordable compared to CFA
FRM – Cons ❌
Narrower scope (focused on risk)
Recognition slightly less global than CFA
Technical/mathematical focus may not suit all
Can You Do Both CFA and FRM?
Yes! Many professionals pursue both certifications to broaden their skill set and open doors in investment risk roles. A combination of CFA and FRM is highly respected and valued in global finance.
Final Thoughts
Both CFA and FRM are powerful credentials, but your choice should depend on your career goals, interest areas, and skill set. In 2025, as the global finance industry becomes more competitive, these certifications can give you a major edge.
FAQs: CFA vs FRM
Q1: Is CFA tougher than FRM?
A: CFA has a broader syllabus, while FRM is more technical. Both are tough in their own ways.
Q2: Which is more in demand in India: CFA or FRM?
A: CFA has slightly broader demand in India, especially in investment banking and equity markets.
Q3: Can I do CFA and FRM together?
A: Yes, many professionals pursue both to diversify their career options.
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