Hey! I am in my last year undergrad, pursuing economics. I plan to get a masters in eco next but also want to do one of the finance courses, either FRM or CFA. I plan to do both of them in the long run, but i just need advise as to which one I must take first.
I was thinking FRM as it takes lesser time as compared to CFA. But, please help me and guide me through this.
Are you certain of the time comparable between FRM/CFA? The FRM is known to be more rigorous from a quantitative aspect. In addition, if you plan on completion of CFA program, it would be pointless to then obtain a master’s degree in economics or finance. Either get your master’s, or get the CFA done. If you’re planning on both FRM and CFA in the long run, be prepared for zero social life, considering timeliness is amongst your priorities. Both are as equally competitive across all fields. Master’s degrees are more common and easier for companies to acquire. The prospect for CPA’s/FRM’s/CFA’s is simply more rarefied - take this into consideration.
Being charterholder of both, here are my two cents:
First off, you need to know what you want/aim to do professionally. If your goal is front office, say portfolio manager or wealth manager, then go for CFA first. If you want to be a quant or risk manager, I’d say go for the FRM first.
However, I would caution on deciding now that you want to do both - the value added of the designations are very limited unless your job ”fits” the designation and the time used studying can be used better on something else. I.e lets say you land a job on wealth management, I’d be surprised of anyone on those circles, your boss or clients, have the slightest glue what ”FRM” is.
One thing about FRM curriculum and materials: it digs alot deeper than CFA and is much less time tested in regards of clarity. I completed CFA before FRM and was very familiar with many of the subjects covered in the FRM and even then I had at times difficulties of understanding what the FRM texts books were trying to explain. I felt as the textbooks were way too condensed and were written as ”academic to an academic” whereas CFA curriculum more like ”professional to student”. GARP does a spetacular job in complicating simple things. So if you do FRM first, be prepared.