Hello! "Should I take the CFA or FRM first?" This is one of the most frequently asked questions. Actually, this question doesn't have a single standard answer, but there's definitely an answer that best fits your personal situation. Your choice should be based on your career objectives, not following the crowd.
**Look at Career Direction: Where Do You Want to Develop?**
This is the most core and important criterion for judgment. First, think clearly about what you want to do.
If your goal is investment analysis, asset management, research positions (buy-side/sell-side), or investment banking, then I strongly recommend starting with CFA first. CFA's knowledge system is relatively comprehensive and designed around making you an excellent fund manager or analyst. From financial statement analysis and company valuation to portfolio management, CFA teaches you how to "attack" - that is, how to discover value and generate returns. This is the most core skill in the investment industry. Mastering these first will give you a very solid career foundation.
If your goal is to enter bank risk control, asset management risk control, compliance departments, or financial markets departments (risk control direction), then I recommend starting with FRM first. FRM teaches "defense" - how to identify, assess, and manage risks. Banking systems involve a lot of risk management, with Basel Accords being core principles, and FRM focuses on learning these. If you want to develop in this direction, consider taking FRM first, as it will be more helpful for job hunting and working in related positions.
If you haven't thought clearly yet, or want to enter new fields like fintech or quantitative finance, you might consider taking FRM Level I first. This is because its quantitative analysis, valuation, and risk model content is very solid, providing a strong mathematical foundation. Afterward, you can decide whether to continue with FRM Level II or switch to CFA.
**High Knowledge Overlap: How to Achieve "1+1 > 2"?**
CFA and FRM have high overlap in core content such as bond pricing, duration, convexity and other risk indicators, as well as asset securitization and derivatives (FRM Level I overlaps 70% with CFA Levels I/II). Preparing for both certifications actually increases your CFA pass rate in a roundabout way. If you're worried about not understanding certain concepts in FRM, these same concepts are unavoidable in CFA, and vice versa. So regardless of whether you've already registered for CFA or FRM, it's better to directly choose dual certification preparation for maximum benefit.
Of course, while the two certifications have overlapping knowledge points, their exam focus angles are different. Take fixed income as an example:
CFA will deeply discuss how bonds are priced, interest rate risk, credit analysis... Its core is: How do we invest in bonds?
FRM will build on this foundation and use these tools to measure and manage interest rate risk and credit risk, such as calculating VaR, stress testing, etc...
If you learn CFA fixed income first, then study FRM, you'll find that much of FRM's content you've already seen in CFA - now you're just learning from a different angle, making it particularly easy to understand. Conversely, learning FRM first will give you a more practical understanding of the "risks" discussed in CFA.
**Study Strategy: How to Efficiently "Pass Both Certifications"?**
Based on the above, here's a relatively efficient dual certification preparation path.
CFA and FRM each have several exam sessions per year. CFA Level I has 4 sessions annually, Level II has 3 sessions annually, Level III has 2 sessions annually, with a 6-month gap required between retaking exams. FRM Level I and Level II both have 3 sessions annually (May, August, November).
According to average CFA preparation situations, typically one level per year is attempted. FRM has a shorter preparation cycle - Level I usually requires three months of preparation, which perfectly fills the study gap after CFA exams.
For example: Suppose you pass CFA Level I in November 2025, but due to insufficient preparation, you don't pass CFA Level II in May 2026. You can leverage your previous CFA Level I learning foundation to pass FRM Level I in August 2026, then successfully pass CFA Level II in November 2026. This makes subsequent preparation planning relatively flexible.
This path suits all students targeting "dual certification." Even if you don't pass a certain CFA level in a given year, you can still gain learning achievements through FRM preparation, avoiding ending the year empty-handed.
**Final Thoughts**
Certifications are icing on the cake, not a lifeline in desperate times. Their most important value is helping you build a solid, systematic financial knowledge framework. Don't take exams just for the sake of taking exams - think clearly about your career objectives and let certifications serve your goals. First determine where you want to go, then choose the most suitable path for you.
Regardless of which path you choose, persistence is the only shortcut. Wishing you smooth sailing and successful landing on your future financial career path!
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