CFA vs FRM: CFA Level I vs FRM Part I Compared
Choose CFA Level I if you want a broad investment foundation spanning ethics, financial statement analysis, equities, fixed income and portfolio construction. Choose FRM Part I if your goal is risk management, since it focuses on risk foundations, quantitative analysis, financial markets and products, and valuation and risk models. CFA Level I is the longer exam, with 180 questions in 4 hours 30 minutes, while FRM Part I has 100 questions in 4 hours.
CFA Level I vs FRM Part 1 at a glance
| Dimension | CFA Program Level I | FRM Exam Part I |
|---|---|---|
| Administered by | CFA Institute | Global Association of Risk Professionals (GARP) |
| Focus | Broad investment analysis and portfolio management | Financial risk management |
| Content areas | Ethics, Quantitative Methods, Economics, Financial Statement Analysis, Corporate Finance, Equities, Fixed Income, Derivatives and Risk Management, Alternatives, Portfolio Construction (2027) | Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, Valuation and Risk Models |
| Questions | 180 three-choice multiple-choice questions, equally weighted | 100 equally weighted multiple-choice questions |
| Total time | 4 hours 30 minutes in two 135-minute sessions | 4 hours |
| Delivery | Computer-based at Prometric and British Council test centers | Computer-based at test sites worldwide |
| Fee | US$1,140 early, US$1,490 standard; no enrollment fee | US$600 early, US$800 standard, plus a one-time US$400 enrollment fee for new candidates (2027) |
| Test windows | Four a year, usually February, May, August and November | May, August and November |
| Results | Pass/fail with a topic performance summary, about 5-7 weeks after the exam once the Practical Skills Module is done | Pass/fail plus quartile results, within eight weeks after the window closes |
Choose CFA Level I if
- You want a wide investment foundation covering equities, fixed income, financial statement analysis, alternatives and portfolio construction.
- Ethics and professional standards matter in your role; Ethics carries 10-15% of Level I.
- You want more scheduling options: Level I is offered in four windows a year.
- You want to pay no separate enrollment fee on top of exam registration.
Choose FRM Part 1 if
- You work in, or want to move into, market, credit or operational risk.
- You want an exam built around quantitative analysis, valuation and risk models.
- You prefer a shorter exam: 100 questions in 4 hours.
- You want a lower first sitting cost: US$600 early registration plus the one-time US$400 enrollment fee is still below the CFA Level I early fee.
- You want a two-exam path: FRM certification requires passing Part I and Part II plus 2 years of relevant full-time work experience.
Is the CFA or the FRM better?
Neither is better in general; they serve different careers. The CFA Program is a broad investment curriculum covering analysis, valuation and portfolio construction. The FRM is focused on measuring and managing financial risk. Pick the one that matches the role you want.
Is FRM Part I easier than CFA Level I?
They are hard in different ways. CFA Level I covers ten topic areas in 180 questions over 4 hours 30 minutes. FRM Part I covers four risk-focused areas in 100 questions over 4 hours, with a heavier quantitative and modeling emphasis. Your background in accounting, statistics and markets will shape which feels harder.
Can I study for CFA Level I and FRM Part I at the same time?
The exams share ground in quantitative methods, fixed income and derivatives, so some study carries over. They are still separate exams with their own fees, windows and emphasis. Scheduling them in different windows lets each exam get your full attention.
How much do CFA Level I and FRM Part I cost?
CFA Level I costs US$1,140 early or US$1,490 standard, with no enrollment fee, for exams from February 2026 on. FRM Part I costs US$600 early or US$800 standard for 2027 windows, plus a one-time US$400 enrollment fee for new candidates. Confirm current pricing when you register.
Can I practice for both on KomFi Academy?
Yes. KomFi Academy has separate CFA Level I and FRM Part I topics with practice questions that include full explanations, plus flashcards and a glossary. You can start on the free Basic tier, and Pro unlocks each topic's full question bank.
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Sources: CFA Institute: Level I exam, CFA Institute: CFA Program pricing changes, GARP: FRM program exams, GARP: FRM fees and payments.