Hi all, I am kinda confused right now, can anyone share with me the pros and cons of doing PRM before CFA (or not doing CFA at all). Does holding PRM without a CFA make a difference ? Your thoughts, comments and suggestions are highly appreciated. Thanks
Use the Search function. It has been discussed already, the main point is that CFA is the gold standard and PRM is relatively new.
I’ve been going over the FRM material (not PRM) the last few days. Seems there is some overlap between, say, the CFA Level I and the FRM exam. I have a hunch the PRM exam is more quantitative than the FRM but this is only a guess from having browsed the FRM course pack (two binders) and the PRM handbook (come as licensed PDF files). The basics seem to be the same when going through e.g. the instruments - a bond is a bond is a bond - but the FRM then focuses on market, credit and operational risk, as well as on various ‘incidents’ (such as Enron) whilst the CFA material is what it is: more in-depth about the instruments, more accounting, more portfolio theory, more of everything basically. The answer must depend on your educational background, interests etc. If you hate risk management you should definitely not go for the FRM or PRM exams. If you like risk management and can spend only a limited amount of time in total on your studying, then it might be an option.
Do the PRM after - you only have to do 2 of the 4 levels if you have the charter.
thanks to those who replied, here are a few of my thoughts. I have an MBA in finance and abt 1.5 years experience. Experience in my case hasn’t been too hands on and I don’t really feel all that ready to take on another position without some serious studying. Doing CFA would be great but to me it just seems that I would be in the same boat I was after doing my MBA i.e not having a real good idea of what field of finance I really want to be in. PRM on the other hand offers me a chance to be in a specialized field and I can take further exams while getting on the job experience.
I have started reading PRM handbook. I found it is quite interesting. Originally I was thinking to take August exam. However, now I realize that I don’t have too much time to spare so I don’t know if I will be taking the test. However, I feel the material helps me a lot with CFA material because it explains the background of those portfolio theories, mean-variance. Yes. PRM emphasizes more to the fundamental theories and concepts when comparing with FRM. I feel if you simple want to have another certification, you should go with FRM since it seems overlapping with CFA a lot. If you would like to learn things from a slightly different perspective, you might want to have a look at PRM. These are what I’ve learned so far.
In terms of knowledge and difficulty: PRM [L1, L2, L3, L4], FRM, and CAIA [L1, L2] are specialized hills. CFA [L1, L2, L3] is a generalized mountain.
bostonkev… there is noway u can compare CFA with FRM,PRM & CAIA both in terms of difficulty… and the fact that CFA is a gold standard… anyone even trying to compare CFA with other certs is a fool…
kiddo, have you cracked open the PRM/FRM/CAIA books to see whats in them, or are you just expressing an uninformed opinion because you need attention?
rohufish… i m studying for FRM… so keep keep the kiddo stuff to yourself
Kiddo…lol. e_r_n…rohufish might have been calling “me” kiddo…ZOMG! BUT! I know you are calling me a fool since I was comparing those certs, e_r_n…so I think I’m going to go into the corner and cry now. Actually, just kidding…I like being called kiddo, makes me feel young again…
no, bostonkev. not you, mate. e_r_n — don’t be calling others fools, and if you do, have a thick skin. btw, how old are you?
e_r_n, certainly you show overconfidence… I agree on bostonkev idea btw, and have taken all those but the CAIA.