Hi Guys
Are taking both FRM 1 & 2 the equivalent of taking a CFA Level?
If I complete my Level 2 CFA exam in June do you think that I would have adequate time to complete both levels of FRM on the same day in November? I work full time
Thank you!
FRM part 1 is approximately equal to 3/5ths of a CFA level, in terms of the volume of what you need to read/learn. Same with FRM part 2.
Doing both FRM1 and FRM2 on the same day would be somewhat more gruelling that writing a CFA exam.
I don’t recommend that folks write both FRM1 and FRM2 on the same day. But you could give it a shot if you’re feeling ambitious, and you’re in a hurry.
I passed CFA Level 1 last summer and passed both FRM 1 & 2 in November, but it was tight. It should be esaier after CFA L2 as you’ll have the additional material from Lvl 2 that appears in the FRM exams.
For full disclosure I also got married at the end of August which didn’t help from a study perspective
I would agree with Wendy in principle I would advise people to take the exams separately, even though I know it is doable.
But again if you feel ambitous (I did) and in a hurry (I was) taking the FRM2 on the same day can be seen as an option on performance. Sign up to both make sure you’ll pass FRM1 and what you have to spare can be put towards FRM2.
If you pass FRM1 but not FRM2 it’s no different (apart from cost) than if you’d signed up for just FRM1 and passed. Just be careful if you fail FRM1 they won’t even look at your FRM2 exam
Sorry double post
How many hours of studying would you say is necessary for each FRM level?
I am considering taking both FRM levels next November. Just sat for the last CFA Level 3 exam and I have the PRM also (How doable?). One more thing - do the registration fees cover the books or one needs to buy the books separately?
FRM has quite a indepth coverage and detailed core readings. The curriculum is not as vast as CFA 1-3, but the focus is much deeper into RM. Since you have already cleared CFA 1&2, most of FRM 1 would be ok for you. Haveing also done PRM, FRM 2 should be doable. Concentrate on concepts more and do the current readings (section 9) and you should be through.
However, a lot depends on the amount of time that you are ready to devote.
Initial Fees for FRM cover just the registration and the Exam. Reading material needs to be bought seperately. You can buy the material from GARP or you may have access to the books that are recommended to be read. Alternately, you can opt for BT or Schweser. Lots of choices actually.
I have been thinking about FRM L1 & L2 simultaneously in November. As of today, I am still waiting on my result from CFA L2 from June.
I think I have finally decided on a plan for FRM. I’d like to sign up for L1 before July 31st to get the discount and start my studying. Depending on my level of confidence, I would like to sign up for L2 before the August deadline. I am assuming they would allow me to do this. I think I will have a much better idea on a time requirement after a month with Level 1 materials. Anyone try something similar?
As per your plan - Cost = 650 + 475 = 1125. Decision date - 31 Aug
Better Plan - Register for both P1 &P2 now. Decide to defer P2 if not prepared.
Cost = 650+350 = 1000 (+100 if postponed) = 1100
Decision date - 15 Oct (by which you can defer)
Benefit - Cost saving of $25-125. Extra decision time of 45 days.
Hope this helps.
Fermion. I am new to FRM. Are you telling me I can defer L2 for only $100? I did not know that. Thank you for the help!
Is there a reason why you would pay $100 to defer, when you could just leave the test room after Part I?
Sorry, I’m new to this too.
See: http://www.garp.org/frm/exam-overview/fees.aspx
Refund section: ’ _Candidates do, however, have the option to defer their FRM Exam to the following exam date, but they will be subject to a US$100 administrative processing fee for the deferra_l.’
Great, isn’t it?
Say, you register for the exam and pay the whole $650, but later realize that you are not prepared, you can defer to May by paying an additional $100. You will NOT be charged anything for the May attempt.
Yes, you can!
Another great part about the plan that I have suggested is that, in case you have deferred P2 to May and due to some unforseen circumstances you do not clear P1 in Nov, your P2 fees automatically gets converted to P1 for May.
Might seem a bit complicated at this time, but if you have plans to prepare for both parts, this is a very good plan to follow.
Nice
I just did it. this may. FRM part 1, part 2 and currently awaiting for CFA L1 results. also, i just graduated this june.
my final semester was very stressful and had a lot of sleepless nights. i think it’s safe to say that i have lost two years of my life doing that.
i would not advice doing them both for one simple reason… you don’t feel like sitting for another exam after the morning four hours which really does suck the life out of you…
Yes; that. ^
When I sat for FRM1, the pass rate was 39%. While I passed easily, I couldn’t have imagined sitting for the FRM2 exam an hour later.