Hi,
How much time one needs to spend for FRM 1 exam? I have cleared CFA part 1 and sat for CFA 2 , so i have some foundations of finance. planning to start this weekend - anyone who has overall idea please share your opinion if it sounds practical.
Thanks.
you might have to be fairly dedicated but Iwould say absolutely.
I started in sept for the nov exam and passed, althought I had done cfa L2 by that time.
FRM needs atleast 250+ hours if you have no background in financial mathematics, the time can vary between 300 hours - 500 hours also if one has no background. If you have CFA 1 and CFA 2 then you should spend 150 hours roughly that too it will give you great confidence.
FRM assumes you know many financial concepts whereas CFA gives you foundations on those financial concepts. FRM is specialist exam and CFA is foundation + specialization exam.
You need lesser time if you have good foundation. I know many people who failed FRM Part 1 in first attempt even after doing CFA 1 and CFA 2 the only reason was they devoted very less hours thinking they have enough background. If you are really targetting in first attempt then spend atleast 150+ hours so that you kill the exam with highest level of confidence.
All the best!
Yes it’s Normal to start Now
I agree with this…I sat the FRM after passing CFA L1 and 2 - put in about 230 hours of study (LOADS of practice questions) and found myself significantly overprepared for the actual exam. But I have a relatively solid background in financial maths etc - I work on a trading desk 10 hours a day so come across this stuff all the time.
The FRM is more quantitative than the CFA so just having passed CFA L1 is no guarantee of success, and the FRM deserves a certain amount of respect.
I would imagine for people seeing the material for the first time ever, the number of hours required would rise substantially.