By Quick answer: CFA or FRM: which should I choose in 2027?
- Choose CFA — you want investment management roles.
- Choose FRM — you want risk roles.
- Verdict — Choose by career track; both are respected.
- Before you pay — take a free practice test.
Key takeaways
- Choose CFA if you want investment management roles.
- Choose FRM if you want risk roles.
- Check job posts in your target market before deciding.
CFA and FRM are often compared, but they suit different people. Here's a side-by-side comparison and a clear way to choose.
The options at a glance
Ranked for this reader. Costs and formats come from each issuer's own page, checked on 3 November 2026; prices change, so confirm before you book.
| # | Certification | Cost | Time | Prove it free |
|---|---|---|---|---|
| 1 | CFA ProgramCFA Institute | Check the official page1 | Check issuer | Free test |
| 2 | Financial Risk Manager (FRM)GARP | Check the official page2 | Two parts; Part I is 100 multiple-choice questions | Free test |
| 3 | Financial Modeling & Valuation Analyst (FMVA)Corporate Finance Institute | Paid subscription3 | Self-paced | Free test |
| 4 | Microsoft Power BI Data Analyst (PL-300)Microsoft | Exam priced by country4 | 100 minutes; renew free every 12 months | Free test |
Prove it free before you pay for an exam
Take the free test first. Pay for an exam only when you pass.
Every pick above has a matching free practice test on Science of Apps, one of the world's largest libraries of free certification tests (1,200+). Check your level before you pay for an exam, or add a verifiable credential to LinkedIn while you study. (Disclosure: we publish these tests; the certifications above earn us nothing.)
- CFA Level 1 Practice QuestionsPractise for CFA Program before you pay.Start free test →
- FRM Part 1 Practice ExamPractise for Financial Risk Manager (FRM) before you pay.Start free test →
- Financial Modeling Fundamentals CertificationPractise for Financial Modeling & Valuation Analyst (FMVA) before you pay.Start free test →
- PL-300 Practice TestPractise for Microsoft Power BI Data Analyst (PL-300) before you pay.Start free test →
Each option, and who should choose it
- CFA InstituteCFA ProgramInvestmentCheck the official page
- GARPFinancial Risk Manager (FRM)RiskCheck the official page
- Corporate Finance InstituteFinancial Modeling & Valuation Analyst (FMVA)FP&APaid subscription
CFA Program
- Cost
- Check the official page1
- Entry
- Three exam levels; CFA Institute suggests 300+ study hours per level
Three levels; 300+ hours each. The CFA Program is the leading investment credential, with three exam levels; CFA Institute suggests 300 or more study hours per level. Many candidates take several years, and passed levels are often listed on CVs.
Best forinvestment
Financial Risk Manager (FRM)
- Cost
- Check the official page2
- Format
- Two parts; Part I is 100 multiple-choice questions
Two parts. GARP's Financial Risk Manager is a two-part credential for risk professionals; Part I has 100 multiple-choice questions. It's quantitative and demanding; check GARP's page for fees.
Best forrisk
Financial Modeling & Valuation Analyst (FMVA)
- Cost
- Paid subscription3
Modelling. Corporate Finance Institute's FMVA teaches financial modelling and valuation in Excel through practical, self-paced courses. It suits FP&A and corporate finance analysts and is sold by subscription; see CFI for pricing.
Best forFP&A
Microsoft Power BI Data Analyst (PL-300)
- Cost
- Exam priced by country4
- Format
- 100 minutes; renew free every 12 months
Power BI. Microsoft's Power BI Data Analyst exam proves you can prepare, model and visualise data and share reports securely. It's 100 minutes, priced by country, with free Microsoft Learn training and free online renewal every 12 months.
Best forreporting
CFA vs FRM side by side
| CFA | FRM | |
|---|---|---|
| Focus | Investment management | Financial risk |
| Structure | Three levels | Two parts |
| Study | 300+ hours per level | Demanding, quantitative |
| Best for | Analysts, portfolio managers | Risk analysts and managers |
Table: CFA vs FRM
How to choose
- Choose CFA — you want investment management roles.
- Choose FRM — you want risk roles.
- Still unsure — search job posts in your city for each name.
How we ranked these picks
We compared both options on cost, format, prerequisites and fit using official pages, checked 3 November 2026. Science of Apps has no commercial relationship with either issuer.
Frequently asked questions
Which is harder?
The CFA takes longer overall.
Can I do both?
Some do, especially in risk-heavy investment roles.
Which pays more?
Depends on role; we don't cite unverified salary claims.
What about FP&A?
FMVA is faster.
Is there a free practice test for both?
Yes. Science of Apps offers free practice tests for both, instantly graded with a verifiable certificate.
Sources
- CFA Institute — CFA Program, official page (checked 3 Nov 2026)
- GARP — Financial Risk Manager (FRM), official page (checked 3 Nov 2026)
- Corporate Finance Institute — Financial Modeling & Valuation Analyst (FMVA), official page (checked 3 Nov 2026)
- Microsoft — Microsoft Power BI Data Analyst (PL-300), official page (checked 3 Nov 2026)
- Checked November 4, 2026. Figures that change — fees, salaries, prices — are reviewed every six months; if something is out of date, tell us.
Where to go from here
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