CFA Level 3 vs FRM vs CAIA L1

For those who are FRM or CAIA designated, how does the preparation (both in hours and level of difficulty) compares to the Level 3 CFA? Lets assume all material is provided by Schweser Thanks

Also, how does it compare to the CPA exam?

any help here

Dude do nobody wants to talk about this kind of thind now. Have your question ready for sunday the 7th.

Soo- now that the test is over, what’s the verdict on this? I’m signed up for September CAIA but am not in the mood to hit the books- thinking mid-July’s a good start date to pick this up. Looks quant heavy.

I am FRM charter holder. FRM in my honest opinion is harder calculation wise; but not as tricky. I have a few colleagues also cleared FRM. We all enjoy the preparation process. Should do it. :slight_smile:

I found FRM to be similar in diffculty to Level I - I took the FRM 11 months after Level I.

Is FRM required for any jobs? I saw positions requiring CFA, I haven’t seen anything requiring FRM. How useful is it?

yeah- i never looked in to the FRM because it seemed directed at specific risk-management functions, versus the CAIA which is sort of a broader examination of a topic… i’ve also never met anyone that has one. that might be because i’m on the less cerebral sales/marketing end of the financial industry where the only calculations we care about are our fees paychecks…

In my experience studying for FRM is easier and less time-consuming than studying for Level III

I passed Level 1 of the CAIA. I took it after Level 1 and found it a bit easier. You should breeze through it.

IMO, a good time to take FRM is between L2 and L3. FRM uses all the quant stuff from L1 and L2 and introduces VAR and credit risk in a big way - also deals with a bunch of fixed income and hedging stuff. hedging is big in FRM. all in all a very good prep for the non portfolio mgmt part of L3.

i have been thinking of enrolling in either FRM or CAIA as well…but can’t decide which one is better overall…any suggestions?

I passed already CFA LII and did the FRM without any prep and failed. nevertheless, I didn’t scored that bad: * Credit Risk Measurement & Management 3rd Quartile * Market Risk Measurement & Management 1st Quartile * Operational & Integrated Risk Management 2nd Quartile * Quantitative Analysis 3rd Quartile * Risk Management & Investment Management. 4th Quartile where 1st Quarlie is the best

Go on monster. There are Very few (1-2) jobs listed for FRM. Go to a bar or around your work. No one knows what FRM is… I’m not sure how valuable it is. Getting FRM won’t get you a risk job as much as a PhD/Quant Degree would. Here’s a job that lists FRM in the description “Progress towards advanced risk management designations e.​g.​, CFA, FRM” CAIA is same (very few jobs listed). A sample listing is “CFA, PRM, FRM and/or CAIA designations are desirable.” Ask around your company what caia. You might be told it’s a branch of the cia :slight_smile: That said I have thought of both of them… But don’t think there’s much use. I think I rather diversify myself by adding Excel/VBA skills then get something that’s not well recognized.

I am thinking about PRM. It is more flexible and probably provides similar exposure to math if that’s what you want. My reasoning is that I can take it during weekdays and I can skip Level 1 & 2 if I got the charter. It also allows you to finish it within a year since you can go to the test center for any level whenver and wherever you like…

PRM is also not an annuity. The only issue is not many people have heard of PRM (but the same applies with FRM)

I would rather spending time improving my golf swings than taking those exams… Surely it is more recognized around Business world.

I am a PRM holder. I enjoyed the curriculum. I learned a lot. It is more quantitative focused as you are given spreadsheets with VaR models, matrices, cholesky decomposition, etc. The market, credit, and Operational risk segments are solid. I am taking the FRM so I have the two credentials. I know FRM is great to have. As for CAIA, I am not considering it, at least not now. It is a fairly easy exam with a pass rate of 70% for both exams so I would consider it in the pee-wee league. PRMGCM

See my recent post. the PRM is well worth it. I learned a lot. Read the books , understand , it and you will appreciate the curriculum. PRM is more quantitative. You are given tonnes of spreadsheets such as VaR model calculations. It very interactive. I am working on the FRM now. CAIA is easy with a pass rate of 70%. May take some time later. Its an expensive program - but easy. PRMGCM