20x more valuable?? C’mon Wendy. Let’s not mislead people asking serious questions when we are in a positon to offer advice, or a well-considered opinion.
DPBass88, I would focus on the CFA Lvl 2 in June first, and unless you are mentally gifted to the point that we would all hate you, that exam should be plenty difficult enough on its own. IF you clear in June, then I would say that you will have already covered a good 50% of FRM pt. 1 content, which should be a nice headstart to schedule a Nov. FRM I test. Keep in mind, however, that while many of the topics are somewhat similar between CFA and FRM (CFA 2 and FRM 1), what you will be expected to know on the FRM will be asked differently, and for different reasons…understand? I can not tell you how many CFA’s have taken the FRM thinking that it would be similar and were consequently, massively disappointed/surprised. Also, and my fellow FRM’ers will attest to this as well I’m sure, the FRM questions are disorienting (best word I can think to use), and not straightforward. While the math is much more complex in the readings, its mostly used to explain the concepts being taught. It’s more to do with your ability to “read mathematics” and understand how the math is describing a relationship, or a concept, rather than needing to integrate probability density functions (but you better know what it is to do it) as part of a problem, although I’ve heard its been done.
With regards to nobody hearing about the FRM?..well, someone is apparently not talking or working with the people that find it VERY valuable. While it is less well known, if you are working in the anything Quantitative, or Risk related in a bank, often in areas dealing with structured finance and credit derivatives, or currency trading/hedging, Treasury, you’ll find people begging for it. In fact, do this…just use efinancial, indeed, or simplehired.com and query “quantitative risk” in New York (in fact I just tested my own theory and found a job from efinancial; risk manager-fixed income, NYC. 140-160k; CFA, or FRM preferred. You’ll find thousands more. Apparently, they value FRM’s). The FRM is less well known to the masses, but very well known to people who need to know.
Anyway, the CFA is balanced, highly respected, dealing with more traditional financial assets for purposes of asset selection (generally). The FRM is targeted, highly respected, dealing primarily with futures and debt derivatives for the purpose of risk mitigation (generally). You’d be well off pursuing both…and no more.