I used the FRM readings and Bionic Turtle to prepare for level 1 and felt I was well prepared for the exam. What materials did you guys use for level 2? I looked at the readings for the FRM level 2 today and realized that this level covers the concepts more in depth than level 1. Which level do you guys think is more challenging and why? Did you have the same preparation strategy for both levels? I appreciate any input you guys can give about level 2.
For the level II i used Schweser (again). Cannot comment yet if i am happy with it, because the results are not in yet. I guess level II is similar to level I. One difference is that level II will take more time studying then level I.
Hi Eric, How long did it take for you to prepare for level 1 and level 2? Level 2 seems to be more qualitative, is that a true assessment? How does the CAIA compare to the FRM and CFA? It seems that the study material for the CAIA is only 700 pages for each level. It probably will take half of the time to prepare. Do you agree? Thank you for your inputs.
Hi CFAFRM, You are lucky that i am strange; i timed my studytimes on the minute exact to keep myself motivated. For FRM level 1: about 98 hours For FRM level 2: about 165 hours For level 1 i didnt feel prepared, but i managed to pass anyways. With level 2 i was more confident but that soon disappeared during the exam. Keep in mind though that i already did CFA1 and CAIA1&2 before doing FRM1 and i also did CFA2 before doing FRM2. So that should count for “background” knowledge. It sounds correct to state FRM level II is more qualitative. CAIA is easier then both CFA and FRM. There is less material and the material is also a lot more fun (less dry; so easier to learn and understand). In sequence of difficulty i would put the exams in the following order (hardest to easiest): CFA2 - FRM2 - CFA1 - FRM1 - CAIA2 - CAIA1 (maybe switch FRM2 and CFA1; it was such a long time ago i did CFA1). Hope this helps. Eric
Eric: Very surprised by your rankings in terms of difficulty. To each their own I suppose. For me, I thought all 3 levels of the CFA were a cake walk in comparison to either FRM exam. And more specifically, I thought that the Part II FRM exam was meaningfully more difficult than the Part I FRM exam. I have never been so humbled and I thought I prepared adequately. Here’s to hoping that we both mustered a pass on this latest exam.
supacharja Wrote: ------------------------------------------------------- > Eric: > > Very surprised by your rankings in terms of > difficulty. To each their own I suppose. For me, > I thought all 3 levels of the CFA were a cake walk > in comparison to either FRM exam. And more > specifically, I thought that the Part II FRM exam > was meaningfully more difficult than the Part I > FRM exam. I have never been so humbled and I > thought I prepared adequately. Here’s to hoping > that we both mustered a pass on this latest exam. Hi Supacharja, Agreed that the exams of FRM are really difficult, but without putting in much hours for level 1 I still passed the first exam with very good scores (for as far as a person can know from the info they release). Maybe the exam is so hard that the relative scoring ends up in letting people pass with just half the questions correct. But i should have said “put the studies in order” instead of the “exams”. The exam can be easy while the study is tough, and the other way around. CFA was so big (volume, depth, etc) that they rank as one of the hardest exams in my list. Maybe the exam itself wasnt that bad (the questions were clear and well formulated), but just the need to understand 6 books filled with formulas and theories is so difficult. Agree on FRM level I compared to II also. I ranked level II as harder then level I in my list. -fingers crossed till January-
For me, the relevancy of the CFA material actually made the study aspect less than onerous. For the FRM exams, in particular Part II, I felt that the material was of an esoteric nature, which made the studying more of a challenge. And, personally, the lack of cohesiveness in the FRM syllabus and curriculum compared to the CFA program made the journey that much more difficult. Ultimately I just think it reflects the significant differences in the 2 organizations. CFA Institute is obviously a well-oiled machine while GARP continues to sputter. Best of luck to you. Hopefully things will fall our way.
Thanks for the input guys. I will start studying for the FRM 2 in January using the core readings and Bionic Turtle. Given my quant background, I am more comfortable with the FRM material than the CFA. I actually liked the materials for both CFA 2 and 3 and the FRM 1 exams equally and did very well in the exams. I plan to take the CAIA after I am done with the FRM2. These exams are challenging but not impossible. To me, it is just the time requirement to study while spending time with the family, working 60 hours a week and traveling for business. Good luck to you!
CFAFRM Wrote: ------------------------------------------------------- I plan to take the CAIA after I am done > with the FRM2. Is there a special reason for also doing the CAIA? Just curious about your motivation.
I run a real asset institutional fund as part of an asset allocation team. When dealing with consultants and trustees interested in alternatives, I noticed that quite a few of them have the CAIA. So, it will be a good marketing tool to have it. I also like these exams to keep the mind sharp. Take care!