FRM Exam Covered by CFA Program: How Much CFA Helps in Your FRM Prep

FRM Exam Covered by CFA Program - FINAIM

If you’re pursuing a career in finance, you’ve likely heard of two of the most prestigious certifications in the industry: the CFA (Chartered Financial Analyst) and the FRM (Financial Risk Manager). Both hold global recognition, but a common question candidates ask is:

“How much of the FRM exam is covered by the CFA program?”

In this blog, we’ll break down exactly how much overlap exists between the CFA and FRM exams, based on estimates and expert resources. This will help you decide if pursuing both is a strategic move—and how FINAIM can support your journey.

✅ What is CFA?

The CFA (Chartered Financial Analyst) designation, offered by the CFA Institute, focuses on investment management. It covers areas such as:

  • Portfolio Management

  • Ethics

  • Economics

  • Financial Reporting

  • Equity, Fixed Income, and Derivatives

It’s a rigorous program consisting of 3 levels, typically completed over 2.5 to 4 years.

✅ What is FRM?

The FRM (Financial Risk Manager) designation, administered by GARP (Global Association of Risk Professionals), focuses entirely on risk management. It is widely respected in banking, asset management, and corporate finance.

It’s divided into:

  • FRM Part 1: Focus on tools used to assess financial risk (quantitative analysis, financial markets and products, etc.)

  • FRM Part 2: Application of risk management concepts, including credit risk, market risk, operational risk, and more.

🎯 How Much of the FRM Exam is Covered by the CFA Program?

This is where it gets interesting. Many CFA candidates wonder how much of their hard work pays off when transitioning to FRM.

Take a look at the visual breakdown:

  • FRM Part 1: 55% Covered by CFA

  • FRM Part 2: 15% Covered by CFA

This means:

  • If you’ve cleared or are preparing for CFA Level 1 or Level 2, you’ve already covered a major chunk of FRM Part 1.

  • You still need targeted FRM prep, but the CFA gives you a strong foundation.

 

Source: FINAIM — A trusted name in financial education.

📌 Why This Overlap Matters for You

1. Saves Study Time

Knowing that 55% of FRM Part 1 is covered by CFA means you can save time and effort. Focus on the remaining 45% with specialized study.

2. Boosts Confidence

You’ve already studied complex topics like derivatives, risk management, and quantitative tools. The FRM syllabus will feel more familiar.

3. Makes Dual Certification Easier

 

With overlapping content, it becomes easier to plan your dual certification journey. Completing CFA first gives you a significant edge.

📘 Topics That Overlap Between CFA and FRM

Here are some of the key subjects that both CFA and FRM share:

CFA TopicsCorresponding FRM Topics
Quantitative MethodsQuantitative Analysis (FRM Part 1)
Fixed IncomeMarket Risk, Valuation & Risk Models
DerivativesFinancial Markets and Products
Portfolio ManagementRisk Models & Measurement
EthicsProfessional Standards (in both exams)

 

However, FRM delves deeper into risk-specific areas like Basel norms, credit risk modeling, and operational risk—less emphasized in CFA.

🎓 How FINAIM Can Help You Prepare Smarter

At FINAIM, we specialize in guiding students and professionals through CFA and FRM preparation with:

  • Expert faculty from the industry

  • Structured study plans

  • Regular mock tests and doubt-clearing sessions

  • Personalized mentoring

  • Updated curriculum aligned with CFA Institute and GARP guidelines

 

Whether you’re switching from CFA to FRM or pursuing both, FINAIM ensures you’re not studying blindly—we help you study smart.

🔍 CFA or FRM – Which One First?

A common question is: Should I do CFA first or FRM?

 

  • If you’re more interested in investment banking, equity research, or portfolio management, go for CFA first.

  • If you’re drawn to risk analysis, credit risk, or financial compliance, FRM might be the better starting point.

  • But if possible, doing both CFA and FRM is a powerful combination—especially with strategic planning and expert guidance from FINAIM.

💡 Final Thoughts: Smart Strategy for CFA and FRM Aspirants

The FRM Exam Covered by CFA Program offers a golden opportunity to reduce study overlap, save time, and gain two prestigious credentials. With 55% of FRM Part 1 already familiar to CFA candidates, it’s a no-brainer for finance professionals aiming to broaden their career scope.

So if you’re a CFA aspirant or charterholder considering the FRM route, now is the time to act—and FINAIM is your perfect partner on this journey.

Start smarter. Choose wisely. Study with FINAIM.
The bridge between your CFA and FRM success.

Visit: https://finaim.in/

FINAIM 

ADDRESS: 3rd Floor, Phelps Building, 9 A, Block A, Connaught Place, New Delhi, Delhi 110001

 

PHONE NO: 087009 24049

 
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