Should you do the CFA or the FRM for a career in finance?

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In this video I talk about the main differences between the CFA (chartered financial analyst) and the FRM (financial risk manager) qualifications. They’re extremely popular qualifications that employees working in the world of finance, banking, asset management and risk management typical pursue and definitely worthwhile considering if you’re serious about a career in one of these industries. Areas covered include costs, time commitments, pass rates, exam structure, content covered and more. Thanks for passing by and enjoy the video!
TIMESTAMPS:
00:00 - Intro
00:52 - CFA Institute and GARP (Global Association of Risk Professionals)
01:47 - Costs of the CFA vs costs of the FRM
04:41 - Useful resource (Analyst Prep)
06:06 - Content covered in the CFA vs content covered in the FRM
07:21 - Can you do both the CFA and the FRM?
07:59 - Time commitment required for the CFA and the FRM
09:27 - Exam dates, structure and options for the CFA and FRM
11:21 - How to avoid paying for the CFA and/or FRM
Useful links:
CFA - www.cfainstitute.org/en/progr...
FRM - www.garp.org/#!/frm
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ABOUT ME:
Hey! I'm Afzal Hussein. I make videos on banking and finance, careers, productivity and lifestyle. I'm also building Simpley (a marketplace for career advice), and I teach on Skillshare. Before all of this I started my career working at an investment bank called Goldman Sachs. Hit the various links above to find out more about me. Thanks for passing by!
#CFA #FRM #Careers

[@AfzalHussein]

Get 20% off all Analyst Prep programs using the code ‘afzal20’ and these links: FRM - analystprep.com/shop/unlimited-package-for-frm-part-i-part-ii/?ref=afzalhussein CFA - analystprep.com/shop/cfa-level-1-learn-practice-package/?ref=afzalhussein

[@phillips8292]

I love your videos mate, I’m 14 and you have inspired me to work in finance in the future

[@curiousgeorgia11.11]

Well done! Getting a head start on your career prospects is great thing but balance your it with enjoyable free time 😊

[@TheAPPJO]

Nice video, have my CFA exam 2morrow !

[@khethomndzebele5695]

Good luck. Please let us know how it was. I have mine in May

[@eliazzortega]

I have mine in May too

[@TheAPPJO]

@@khethomndzebele5695 It was good, the new computer process was simple, no major problems. Just have passport and calculator thats it. The exam was very similar to mocks, some even say easier, so no don't stress do your Q Banks and practice and you'll be set ! :)

[@khethomndzebele5695]

Thank you very much for your detailed response. Let’s hope for the best. Get some rest, you’ve really worked hard.

[@mykit18]

@@TheAPPJO which materials did you use? Which mocks and Q banks did you work on?

[@kirksolon]

Just wanted to take the time to say thank you for all this good value content. I've started my Series 65 studying in Dec and taking my exam in April. After I'll go for the 7, FRM, 28. -vmakcapital

[@AfzalHussein]

Thanks! Good luck!

[@anshkapur]

Well balanced and immensely informative video as always. Could you please consider making a video on grad schemes and spring week?

[@AfzalHussein]

Thanks! Sure.

[@frostyplayer]

Hey Afzal. Really enjoying your content. Glad I came across it. Do you think someone coming from an outside industry (not finance/banking) would be able to enter the industry by acquiring the CFA?

[@AM-ux3yx]

I work on desk for one of the largest asset managers in the world. Breakdown: IMC is required for almost all front office roles (In this UK this can be done via CFA or CISI, prefer the CFA due to the brand is more recognisable ). Full CFA is normally required to be an on desk Investment Manager, historically you required an IMC and CFA 1 but due to the graduate program most Asset Managers will fund you through the entire program to get your chartership. Same with ESG analyst, require you to do full CFA at some point. FRM is if you want to become an Investment Risk Manager - this is a requirement. If you have professional Investment experience, this can waiver the CFA, however you will be strongly pushed to do it. Chartership looks good and its very hard to get. All in all, at least have an IMC if you look to apply for buy side firm, if this is not available in your country, start the CFA 1 if you're going through your job search/application.

[@drek273]

i plan on getting both

[@BloodiedYetUnbowed]

300/250 hours for CFA/FRM may be sufficient if you are a finance major, but definitely not enough if you have no background in finance but are taking these exams.

[@emmanuelokoro5476]

Great video. thanks. Pls, i need your professional opinion. what's your view about obtaining the IMC CFA UK qualification for roles in investment banking/coporate finance/asset management to build some exposure and go for the CFA qualification. i am 38, bachelors in economics with 9 years plus experience in retail/branch op with a DMB from my home country. i now live in the UK

[@johanmarco4119]

Hey Afzal! I’m a high school student who’s dabbled in a bit och stock investments and I was wondering if there was anyway I could show this on my cv? (e.g show my gains / losses in percent) I’m planning on applying to uni for a finance degree in the uk / us and thought that it would be a good idea to express my interest in the field, do you have any tips or is this maybe not a good idea?

[@noahtelanderazzaro2576]

So did you get in?

[@ayanchapra2203]

Hey afzal, i will be pursuing msc finance and investment so in master i have subject which are already there in CFA modules so it would be overlap of same subject. I was thinking to pursue FRM with combination of my msc finance and invest so that i can gain broader perspective of financial market. Am i right with my decision?

[@SamJones-jg4lf]

Nice one for this!

[@AfzalHussein]

👊🏽

[@kollantevarghese1494]

Thanks for wonderful informative video brother. Requesting an answer. I am working in Oman working as an inventory-purchase admin and earning 10 lacs per year . I have done master of commerce 5 years back . If I do frm now will I be getting a job in Canada as a fresher or do I have to get 2 years of experience ?

[@nikolasspranger6670]

Azfal, getting the CFA soon after graduation is a good choice for someone that studied on a non-target school, for banking and PE? Greets from Brazil!

[@Music4LifeNFun]

Yes

[@raikou25]

Hey Afzal, I had 1 question: what would be better to do, CFA level 1 or CFI's FMVA?. I'm a graduate with no finance experience struggling to break into the industry.

[@AM-ux3yx]

CFA 1

[@user-fq9xw4hd7c]

Very interesting and informative video. I am now in finance and accounting domain (BPO) with 6 lakh with 5 years of experience. Indian accounting experience is 5 year. Total experience is 10 year. What will my salary if I complete FRM? What will my salary if I complete cFA? What will my salary if I complete us CMA? Please reply

[@rp8872]

Question: is it possible to hop from retail / commercial / corporate banking to investment banking? If so, how would one go about doing it, is it hard to jump to IB?

[@AM-ux3yx]

Yes I did this, from Retail Stockbroking ( which is effectively a retail bank that buys stocks) to buy side front office (asset management). You need to make small jumps, wealth management / financial advice etc then join an asset manager or a sell side IB.

[@leopoldvanstotch437]

What’s your opinion on IMC? I’ve watched your vid on it but just wondering your current opinion? Thanks

[@AM-ux3yx]

This is required for almost all buy side front office roles - as a minimum, see my comment above.

[@leopoldvanstotch437]

@@AM-ux3yx thanks. I’ve got my exam in it on Friday haha.

[@subramanyam6208]

No Wrong information about fees., Fees for CFA each level is 700 $(Early Bird) or u can pay for Standard Registration it is (1000$) and 450$ for registration. All the fees details are mentioned in CFA officail website.

[@medhir26]

Hey Afzal, I love your videos. Could you please make a video on the future of sustainable investing (or esg investjng) Thanks brah

[@debashispradhan1406]

will CFA help in fintech careers like financial data scientist??

[@manishapatil1313]

graduation marks matter for admission to the course?

[@iamtomwood]

Hi there Afzal, I'm in a bit of a pickle. I really want to work in the finance world, and already spend time studying all things finance related as I'd love to work in Hedge Funds. Am I better of getting a degree in Finance / IB or doing something like the CFA?

[@harsharip]

CFA always trumps over college education and it's way cheaper

[@swarajkumarmoharkar2505]

Do these courses make you stand out in IB industry or at least help to improve job opportunities??

[@AM-ux3yx]

See my comment above

[@m20001]

Great video! 👍🏻 The ERP from GARP is very industry specific but very well known and appreciated in the energy sector.

[@Lemzino]

Hi Afzal, Off topic but i have a partner interview coming up and wanted to get some advice

[@AfzalHussein]

Congrats! I've done a video on the topic. Search 'Afzal Hussein partner interview' 👍🏽

[@sahilkwats1]

If planning to work in US CFA and FRM have no value here I am not sure about UK or Asia pacific

[@AM-ux3yx]

Not correct, CFA is the gold standard around the world, same with FRM. I work for one of the largest asset managers in the world (front office).

[@tanushbhatt8650]

1)Is bsc economics and finance good for investment banking? 2)can someone with bsc economics and finance do cfa ? 3)which is best cfa , cim etc for investment w? 4)can top twenty university in russel group like exeter ,leeds ,Bristol, southampton good for investment banking? 5)is there shortage of financial analysts or investment bankers in uk(London)? 6) do financial services firms sponsor tier 2 visas ?

[@Rick-tm9pd]

Good questions my man.

[@grenoblearchives5057]

1. Yes, but you need more than just a good degree. 2. Yes, no reason why not. Anyone can pass the CFA if they try hard enough. 3. Not sure what CIM is? Maybe you mean CIMA? 4. Yes, Russel Group uni's are good for IB (but you still need more than that) 5. There is not a shortage of analysts or Investment Bankers in LDN. highly competitive roles 6. Unsure

[@AM-ux3yx]

See my comments above. I went to a sub par British University with a 2:2 and made it into one of the largest investment firms in the world (front office). No one cares about your university, as long as you passed ( Unless its Oxford of Cambridge). If you got a 1st, even better.

[@AM-ux3yx]

for #6, this would need to be discussed with HR, I have seen Canadians (unsure if native to there) sponsored to work in America.

[@mundrakeshav22]

Is CCRA or CTP a good add on with FRM ?

[@AM-ux3yx]

Focus on the FRM status

[@renoy320]

Nice one thanks for hearing us.❤

[@prashanthkoundinya8385]

For investment banking or sales and trading, which of these is more relevant, MBA finance, cfa or frm?

[@AM-ux3yx]

CFA

[@AM-ux3yx]

IMC is the minimum

[@i123456987654]

so we're not allowed to take the cfa exam if we don't have work experience in finance, right? like only a bachelor's degree in finance is not going to cut it

[@raikou25]

I would like to know more about this too... CFAs website says you need to have had atleast 1 year of paid work experience in any field and a degree to be able to apply for their level 1 program

[@i123456987654]

@@raikou25 so if i work in a grocery store for one year...does this qualify me to take the exam if i have the money to pay for it myself?

[@AM-ux3yx]

Any field - see below "Have a combination of 4,000 hours of work experience and/or higher education that was acquired over a minimum of three sequential years and achieved by the date of registering for the Level I exam. The dates of education and professional work experience cannot be overlapping. If you have a combination of work experience and higher education to achieve the minimum hours and years, assume that higher education takes 1,000 hours per year. Professional work experience does not need to be investment related. Internships/articleships are accepted if they are paid. Work experience with your own business or your family business will qualify only if it is professional experience for which you are paid."

[@maheshnagella3300]

per year

[@davontawilliams3958]

I’m scared 😲

[@muheedsiddiqui3651]

Is ACCA qualification is relevant in investment banking

[@cameronmmj9291]

It's not a direct route in but if you network it would be a good way into private equity.

[@user-qe8qj6ox2b]

Works everywhere apart from the us. There are acca's in the us but CPA is a better option there. ACCA is the best option if you want to work in the UK or Singapore or the commonwealth countries.

[@AM-ux3yx]

Yes for buy side ( asset management ). Some of the portfolio managers have these where I work. It is not a requirement. See my comment above to see what is required.

[@muheedsiddiqui3651]

@@AM-ux3yx thank you very much ☺

[@Charlie0311]

Random question. Working in front office at a bb bank, when would your bonus be given to you? Another great video👍

[@jondash2939]

I think around 30k

[@jondash2939]

Starting bonus

[@Charlie0311]

When would it be given to you?

[@AfzalHussein]

Thanks. Varies from bank to bank. Most are Jan.

[@albano2910]

Once you have CFA and a masters degree in quantitative finance and risk management you dont need anything else

[@kaveeshsethi2124]

First ❤️

[@AfzalHussein]

💪🏽

[@shahbajsaiyed9853]

So far so good

[@AfzalHussein]

👊🏽

[@coolcom8296]

Can u do a video about your story

[@AfzalHussein]

Coming soon 👍🏽

[@williamkruczek9053]

Yes nice one

[@AfzalHussein]

💪🏽

[@weizenconnoisseur]

For the Algorithmus

[@AfzalHussein]

#Legend