Frequently Asked Questions

Scheduled candidates may purchase a USD 399 deferral up until 24 hours before the scheduled exam appointment that allows the candidate to postpone their exam from their current exam window to a future one. If the candidate doesn’t have a scheduled appointment, they have up until 3 days following the close of the exam window to purchase a deferral.

When the candidate purchases a deferral, they may defer their exam appointment for up to 12 months, depending on their exam level. Once the deferral is purchased, the registration and the scheduled appointment will be cancelled immediately. Please note that your decision is binding. Only one paid deferral is permitted for each paid registration. You will not be able to defer a second time unless you pay for a new registration. No refunds will be available. Please check the link below for more information: Click Here For further queries, please mail or call the institute: Email ID- info@cfainstitute.org Phone no.- +1 (434) 951-5499

Candidates requesting a deferral for the upcoming exam must complete a form. All deferrals are processed through this form. The CFA Institute contact center no longer accepts or processes deferral requests by phone or email. Candidates will be granted a deferral for any of the reasons below. The institute will provide a deferral that can be used for any exam at your level within the next 12 months, as long as the registration window is open. Please allow up to 5 weeks for the institute to complete processing of these requests. At this time, deferrals are granted for the following reasons:

You or your immediate family member (parent, grandparent, sibling, spouse/domestic partner, or child) are suffering from a life-threatening illness, including COVID-19;

A member of your immediate family (parent, grandparent, sibling, spouse/domestic partner, or child) has recently died;You have been ordered to mandatory military service in the testing window;

You are pregnant;

A natural disaster has impacted your local area;

You are unable to travel to the test center due to a pandemic-related travel restriction in your area due to your government, employer, or university;

Your exam has been rescheduled by Prometric and after contacting Prometric, you are unable to find a new acceptable appointment date;

In the 14-days prior to your exam appointment:

You have been exposed to someone diagnosed with COVID-19

You have been experiencing flu-like symptoms

If you do not qualify under one of these reasons, then you are not eligible for a deferral.  Please check the link below for more information. Click Here

Candidates may postpone their exam registration only once to the following two available exam windows.

You can defer one & half months before your exam date by paying an administrative processing fee of USD 250.

For more information, please check the GARP institute website – Click Here

Check the lecture on the Eligibility Criteria for CFA and make an informed decision: Click Here

You can check the PDF on Eligibility Criteria: Click Here

• If you have confusion between 3/4 year college programs: Click Here
• Take the Eligibility Test: Click Here

As such, there are no minimum eligibility requirements to write the exam. Even an undergraduate is eligible to give the FRM Part 1 exam. You can take the FRM Part 2 only when you complete the FRM Part-1 exam. To check the eligibility: Click Here

First, log in to the CFA account. Go to CFA program > Study material > Mock exam.

Login to the Institute’s website > My Account > Profile > CFA Institute ID (7-digit number)

The subjects are divided into chapters, and the chapters are divided into different subheadings or LOS. The curriculum becomes very well defined with the LOS because it tells you exactly what you need to know and study.

For example, LOS could mention – ‘Describe Mean Median and Mode’. In that case, you need to know the meaning and properties of these terms. But if the LOS states – ‘Calculate and understand mean, median and mode’. In this case you should be able to solve the sums on these as well.

The minimum passing score (MPS) for each level of the exam is determined by the CFA Institute each year after the administration of the exams. The MPS has never been released.

CFA fees consists of:

• A one-off enrollment fee of US$350​ (paid once the first time you register for Level 1), plus
• a registration fee (for each Level or retake) of $900-$1,200, depending on when you register for your exams.

Check out the link for more details regarding the registration fee: Registration Fees Details

FRM fees consists of:

• A one-off enrolment fee of US$400​ (paid once the first time you register for Part 1), plus
• a registration fee (for each Part or retake) of $600-$800, depending on when you register for your exams.

Check out the link for more details regarding the registration fee: https://www.garp.org/frm/fees-payments

CFA Institute accepts credit cards (American Express, Diners Club, JCB, MasterCard, Discover or Visa), personal or corporate checks, bank checks (i.e., Certified Check, Cashier’s Check) money/postal orders (including Western Union), and UnionPay as payment.

CFA Institute also accepts payments via wire transfer and ACH. Relevant instructions for making wire/ACH payments will be provided on your registration invoice once you complete the online registration process.

CFA Institute does not accept Forex card and Debit Card payments.

It clearly divides and defines the subheads within a chapter.

Candidates can pay for their exam registration via the following three options:

Credit card online – GARP accepts MasterCard, Visa, or Amex

Check – Must be a U.S. bank check or a foreign check with a US intermediate bank

Wire – Wire instructions can be found on the bottom of your invoice For any manual payments by check or wire, there is a USD 50.00 processing fee that will be added to a candidate’s invoice. Candidates should be sure to include their GARP ID, a copy of their invoice, and their signature for approval. For more information, please check the institute website – https://www.garp.org/frm/fees-payments

In an effort to (1) streamline the registration process and (2) collect only essential information, the institute has updated the exam registration process. CFA Institute will no longer collect passport number or expiry date. They will still collect passport country of issuance. Registered candidates will notice their passport number and expiry date no longer appear in their account; this is not an error. Candidates no longer have to confirm this data. They merely have to bring a valid (not expired) passport to the test center on exam day.

• The membership benefits include: The Members-only online Community, where Members can debate high-level risk issues, network with like-minded professionals, and participate in Q&A sessions with our top speakers and presenters.
• Members-only articles that provide timely thought leadership.
• If you are a hiring manager, you qualify for discounts on job postings so your own recruiting budget goes further.
• Preferential pricing on GARP’s Annual Convention and other risk-focused events. These savings often cover the cost of annual membership. Our events prepare risk professionals around the world to make better informed decisions.
• Risk Education courses such as the Foundations of Financial Risk and Financial Risk and Regulation at a discount of 30%.
• Member News, also delivered in a monthly Membership Update, informs peers around the world of your career advancements, awards and recognition, and other important professional information.
• Plus, take advantage of Exclusive Offers arranged with partners like TopResume/TopInterview, -NY Institute of Finance, Credible and more. Find the complete and current list on the website.

The scholarship application window will open on 24th January 2024.

To know more about the application window, check out the link mentioned below:

https://www.cfainstitute.org/en/programs/cfa/scholarships

• Access Scholarship
• Women’s Scholarship
• Student Scholarship
• Professor Scholarship
• Regulator Scholarship

Access Scholarship is a needs-based scholarship and it is intended for you particularly if you feel that the CFA exam cost is a challenge owing to your difficult financial situation. It is available to both new and continuing candidates and can be used for all exam levels. With this scholarship, the student will only have to pay 300 USD for the exam registration fee. And also, the enrollment fee is completely waived off, & you only need to pay a balance $300.

To apply for your CFA exam Access Scholarship, you need to sign up at the CFA Institute website. After you create your account, you will be able to submit your application. NOTE: No changes are possible once you submit your application! After you apply, do not register for your exam before you receive the scholarship.

Women’s Scholarships are offered to women interested in the CFA exam and ineligible for other CFA Institute scholarships. The scholarships aim at promoting broader participation of women in the CFA Program. With this scholarship, enrolment fee is waived and exam registration is reduced to USD400.

To apply for the Women’s Scholarship, CFA candidates need to:

• Set up an account at CFA Institute’s website.
• Fill in the online application form and write an essay.
• Submit the application before the deadline.
• Then, wait for the scholarship decision.
•  If it’s positive, register for the exam using the discounted fee.

Student Scholarships are awarded through universities and colleges affiliated with the CFA Program. As a student, you should check with your school if it’s affiliated and ask what you need to do to apply for the scholarship. Best, also ask about the rules governing the scholarship award, including the decision deadline. You are only required to pay $400 as registration fee instead of the $1,250 USD registration fee.

To apply, you must be a student enrolled at a school or college participating in the University Affiliation Program. Login and complete the Student Scholarship Application

The Professor Scholarship is available to full-time college/university professors or administrators/department heads who teach a minimum number of credit hours at qualified institutions. Under the Professor Scholarship Program, you are only required to pay 400 USD as your registration fees.

To Apply for Professor’s Scholarship, CFA candidates need to:

• Complete the online application on the CFA Institute website
• Obtain a confirmation letter from an institution administrator
• Provide your CV
• Provide employment verification and
• Submit the online verification and your materials

Regulator scholarships are awarded by CFA Institute to eligible organisations, not to individuals directly. These organisations are then responsible for nominating employees to receive the scholarship. The program covers employees of financial regulators, central banks, securities commissions, qualifying stock exchanges, SROs and/or government entities. Specifically, those entities that oversee or regulate operations, standards of practice or business conduct of the investment management industry and which have entered into a program agreement with CFA Institute. With this scholarship, your registration fees are reduced to 400 USD.

To apply for this scholarship, your organisation must nominate you for it. For this, you must check with your HR or designated CFA representative.

You shall be eligible to pay the lower fee that was applicable before the early bird deadline even after the deadline if you had applied for a scholarship and did not receive the same. Because the institute takes time to give out the scholarship details and the early bird deadline is over, hence those who have applied and did not receive scholarship do get to pay the early bird fee and register for the exam. Please check the following link for further details:https://www.cfainstitute.org/en/programs/cfa/scholarships

Students and faculty in GARP Academic Partner programs have exclusive access to scholarships that cover FRM Part 1’s registration fees. Click Here

FRM exams are tough, but not as difficult as the CFA exams. The pass rates for FRM Part 1 usually fall in the range of 40% and 50%. For Part 2, they range between 50% and 60%. For the CFA exams, historical pass rates for Level 1 and Level 2 are generally in the range of 40% and 50%. Level 3 pass rates are usually in the ballpark of 50%. It’s this combination of lower pass rates and one more exam that makes the CFA tougher than the FRM.

Even if you didn’t have Maths in Class 11 and 12, you can still do CFA or FRM. Of course, you will have to work a bit harder as compared to the students who had Maths in 11 and 12 or are good at the subject.

Mathematics does not include everything but focuses on areas like Annuity, Probability, and Statistics. There shall be no use of Calculus or Trigonometry. Our recommendation would be to watch the syllabus video of the introduction playlist of CFA L-1/FRM L-1 very carefully:

CFA- https://youtu.be/9hiBJNu0gU4

FRM- https://youtu.be/nEUm7O_EjWQ

Even after watching the Introduction Lecture, if you are unsure, would recommend you to start studying with the first few lectures of Quants. Since I cover everything from scratch and therefore, I believe you will not have any problem completing the lectures. The first few chapters of Quants are uploaded online on YouTube-

CFA- Click Here

FRM: Click Here

Watch the above lectures and make an informed decision.

I believe the majority of the students pursuing CFA, and FRM are working professionals at different stages of their careers. Age is no bar, students from 20-50+ years pursue education. I am still studying and plan to do so my entire life. Today more than ever, there is a need for continued education, and one needs to keep learning in order to grow.

However, I would suggest you to go through the Introduction playlist and make an informed decision before investing so much effort, time, and money.

The syllabus and scope videos shall help you understand the suitability. And the Preparation part shall enable you to understand how you shall be able to manage.

Having said that, everyone manages with a job and family, it is just the intent to make that long-term investment that matters.

CFA is a course on Finance. Finance in itself is a stream and is definitely related to the Economy and commerce but is not the same.

CFA for example shall have 10 subjects, of which most of them are new subject-Derivatives, Fixed income, Equity, portfolio, and Alternate Investment.

However, commerce students have an edge in subjects like Economics (Studied a part of it in school) and Financial Reporting Analysis (FRM) (since they know Accounts). But the questions are application-based, and it stretch beyond What they have studied. Also, FRA is about applying and being able to read and interpret Financial Reports. The non-commerce students have to put in a little extra effort to grasp, although everything is done from scratch and no prior knowledge is required.

The Engineering students have an advantage in the subject Quants which have topics on statistics, probability, and compound Interest. The commerce students who are not good with Math or did not have the same in higher secondary have to put in a little extra effort although everything is done from scratch. It is not difficult Math’s question, but applications, of basic principles to do calculations involving Money.

As we see a very good proportion of MBA students are from Engineering backgrounds and Finance knowledge is required, hence even MBA students pursue CFA in order to specialize in Finance.

FRM is a course on Finance, specializing in Risk Management. Finance in itself is a stream and is definitely related to the Economy and commerce but is not the same.

FRM, all the subjects are new and is unrelated to the general commerce and Accountancy subjects. However, the commerce students have a basic understanding of terms like asset, liability, profit, loss. Although everything is done from scratch and no prior knowledge is required.

The Engineering students have an advantage in the subject quants which has topics on statistics, probability, compound interest. The commerce students who are not good with math’s or did not have the same in higher secondary have to put a little extra effort although everything done from scratch. It is not difficult math’s questions, but applications of basic principles to do calculations involving Money.

FRM is a specialization in the area of Risk management and people with profiles in Audit, IT, Risk Department, pressure the same. The application is primarily in the Banking, Energy, Fintech, All Financial institution and related organizations. Please go through the syllabus and Scope portion of the First class playlist on YouTube.

There is no overlap between any level of CFA and FRM L2.

There is an overlap between CFA L1/L2 and FRM L1. Please watch the syllabus section of the Introduction playlist of each to get an understanding.

If you are a working professional will advise you against giving any two levels together.

There is an overlap in subjects like Quants, Fixed Income, Derivatives, Portfolio in CFA L1 and FRM L1.

The overlap is partial and the approach and tackling questions is different for both.

It is easier to appear for CFA L2 with FRM L1 than CFA L1 with FRM L1. Obviously, since FRM L1 has overlap with both levels of CFA.

If you are a student, you can manage the two together, especially since the exams are a month apart now. Watch the First class before deciding.

• It would be hypocritical to say no since lots of students have done it.
• There are about 70 readings in part 1 and about 80 in part 2. If you are a working professional would not recommend the same.
• If you are not working, and wish to do it, please watch the first class properly for both levels, and then decide.
• If you will be able to complete 150 readings in whatever number of weeks left, along with practice. Also, you can target to complete a portion of L1- say 70 percent of the syllabus till the exam registration deadline. And on the basis of achieving the target, register for both levels or for only one level.
• Those who have appeared for L1 once and haven’t cleared can think about giving both parts together, but be careful about the retention of so much content,
• The content of the two levels does not overlapping. And working professionals would still advise against it.
• The content of the two levels does not overlapping. And working professionals would still advise against it.

CFA is a course on Finance and FRM is a course on Finance, specializing in Risk Management. If you are a working professional, you should go through the Syllabus & Scope portion in the Introduction playlist on the YouTube channel and check which is closer to your profile. Better to make an informed decision before investing your time and money.

The difference between the number of levels, time taken to complete or the cost should not be a concern when you think from a long-term perspective.

The work experience requirement can be achieved post completing all levels and you can still write on the Resume, that you have cleared all levels.

FRM exam paper is relatively more difficult than the CFA

If you want to pursue both courses, it is better or easier to start with CFA and then do FRM. Although one can start with FRM as well, everything is covered from scratch.

Watch the lecture to have all the information on both courses

Eligibility Criteria, Exam Format, Difficulty Level, Cost, Job Profile, Pass Rate, etc. Click Here

CA covers subjects and areas like accounts, cost, tax, audit, and law. And finance is just one paper. CFA is a specialization in Finance.

Also, the expense part could be a contributing factor for finance. To know more, please check the following lectures:

Career seminar: Click Here

1st class of CFA Level 1: Click Here

CA covers subjects and areas like accounts, cost, tax, audit, law. And finance is just one paper.FRM is a specialization in Finance and Risk Management.

Also, the expense part could be a contributing factor for finance. To know more, please check the following lectures:

Career seminar: Click Here

1st class of FRM Part 1: Click Here

CFA, FRM, and CAIA are referred to as the Triple Crown in the US. To learn about finance watch the below lecture: Click Here

Watch this short clip to know more: Click Here

If you’re an MBA student & confused if you should pursue CFA/FRM then watch this lecture: Click Here

There are three things that I look at:

• Job Profile – the most important aspect is the role offered, and the department offered. If you do not understand the role, read about it, connect with people on LinkedIn, and ask questions. Do not have expectations that you will start executing top-notch work from Day 1. You will have to learn everything from scratch and climb your way up. Focus on what you can learn in that profile, which is the department, and how does it helps you get closer to your long-term goals. To be an investment banker, you need to start with equity research, you may not get the front-end IB role immediately.
• Pay – It depends on your personal situation, and also you feel more confident if this is good. It depends a lot on the current market situation, roles available, right place and opportunity, etc. Seems to be the most important factor but it isn’t. A 20-30 percent compromise is fine if you are getting a good role. Even 40 percent if it’s an amazing role, but it should help in the long term.
• The company- of course, a brand is important. But if you do not learn much in a big brand, then go for a small company or a start-up. In your next job interview, you shall have to explain and prove your experience and learning in the previous job. So that’s the most important part. When you do not go for a brand like the Big 4 or the Banks, look for the boss and the long-term vision of the company that you are applying for. If they have a good culture, long term vision, and you will get good exposure in terms of learning then yes.
• The location of Mumbai, Bengaluru, or NCR, makes interviews at other locations easy and good for networking. But this is the least important factor. If you get to travel in your beginning stint. Do take up. You learn a lot. Even if the location is Hyderabad, Pune it’s good. Then Kolkata and then other cities. But this is not important. If you are getting a low pay job in your hometown, but good or same profile, take that. You shall be able to do a lot more as you will have more support.

The above is not exhaustive but the points you need to think about. Whatever options you have, make sure to write down in a table the pros and cons of all offers. Then make an informed decision. Talk to multiple people in the profession, but It’s only you who has to decide.

To know which technical skills you should have: Click Here

The CFA Program would have taught you the theoretical base on valuation, investment banking etc. In Financial Modelling, you will learn how to use this conceptual understanding in the practical world of finance where you will prepare financial models of a company to estimate its valuation.

Random stock market courses and courses on Finance will not add the kind of value that you are aspiring for. Think long term and do not waste time on the same. However, there are areas where the skill is more important and it has to be learned through practice and may not have a said Degree/ Certification available. For example, Technical analysis needs to be learned before one takes a CMT exam. Also, for skills like MS Excel, R, SQL, etc. one has to learn. In areas as such, more important than the Institute is the credential of the trainer and the quality of training that matters. Since the ultimate objective of such training is going to be to enable you to crack the job interview.

For example, to learn Finance one studies CFA/FRM, and CA and MBA too have Finance subjects. But how to practically be able to make a Financial Model, or write Equity Research/Industry Research Report; one needs to learn the relevant skills. Hence, do not go for short-term courses unless it is to acquire a skill. While joining, make sure to check the credentials of the trainer, review from students of previous batches, and also do not fall for “100% placement assistance”. Please check the designations and pay the previously placed students who have received them.

Do your research – Understand what shall look better on the resume:

• A degree/ or a random short-term course.
• Whether after learning a skill, you will be able to crack an interview and perform well in your job?

Very Strong base in Finance, excel skills, Financial modeling, presentation, writing skills, communication skills. Investment banking, sounds glamorous but requires a lot of patience, accuracy, attention to details, relentless working hours, designing presentations, crisp writing skills, multiple iterations, valuation models, intense number crunching and modeling, cold mailers and follow-ups, negotiation skills, sharp pitching skills, data mining, extreme levels of self motivation to pick yourself up and move forward if a deal does not go through, apart from a very strong hold on Finance, which is a given.

Check the post to understand the qualities needed to be a successful Investment Banker: Click Here

• Read more, A lot more! Different areas, do not be restricted to just one genre – read philosophy, self-help, autobiography, management, finance, technical, marketing, communication. Keep switching in order to not get bored. Watch the lecture on Youtube for details.
• Do not be lazy while reading. Make it a point to google up words you do not know. Looking up the meaning once shall not help. Do the same every time you encounter the same word, until you start using and remembering it. Flashcard apps do not seem to work for me. Learn through use.
• Please pay attention to the flow, structuring of sentences(active-passive, etc), and also the punctuations. Speed reading is for areas of your expertise where you are skimming information to try and filter out the useful content. As a beginner or learner, focus!
• Follow the right set of people on social media and notice how they write, convey their thoughts, the language, clarity, and brevity in their posts. Do not follow desperate, who are forcing themselves to fit in by using slangs; and speaking on anything and everything which lies outside their expertise.
• Read technical journals etc from your field – example industry and equity research reports, press releases by companies, letters to shareholders by Buffett, etc. And very carefully observe!
• Make sure to watch interviews (not trash like Koffee with Karan). This shall not only help in writing, but also in terms of communication. For example, I recently watched a decade-old episode of Simi Garewal Rendezvous with Maharani Gayatri Devi. I was not only curious about her life, entry into politics, and her being jailed during the Fascist Emergency but also how she carries herself and the way she talks. Economists, people from your technical domain, debates. I watch parliamentary debates as well in order to improve my Hindi and to learn. I liked the speeches by Late Sushma Swaraj, not only debating and oratory skills, but the language, use of humor, etc as well.
• Use the free chrome extension Grammarly. It shall suggest corrections. Start noticing the corrections and evaluate your improvement over time.
• You may read ‘Made to Stick’ by Chip and Dan Heath in order to improve communication and get your message across more than writing skills.
• You may read ‘The Pyramid Principle’ by Barbara to improve business writing. Make sure to read one chapter a week, as the book could seem boring.
• Improving writing skills requires conscious prolonged effort and the output shall be visible over time. Hence be patient and persistent.

Depends on a lot of factors:

• You need to be sure of the reason why you intend to pursue masters. If it is to party abroad, waste parents’ money by getting into any college whatsoever, in that case I shall not be able to advise
• Placements for MBA Colleges will be better in corporates, than masters. MBA requires experience and masters generally does not, hence the placements as well.
• Please check the ranking of the college and also the amount you are spending, and whether it is worth it, or for namesake.
• If the admission criteria is too lenient it is most probably not worth attending
• If you plan to take up a career in academics and research and wish to pursue Phd, in that case you may do your masters
• In case you wish to study some specific subjects relevant to your interest and job role it shall make sense. For example, I know Finance students have done masters in Psychology to study investment behavior, or statistics/ economics to get into quantitative finance roles. Please check -if you can pursue masters in such streams without specifically studying those in bachelors.
• CFA is considered masters in the USA, hence doing a masters in Finance just for the sake of a stamp of degree abroad makes no sense.
• CA is considered masters in India by most colleges, hence M.Com will not be a value add unless you plan to teach in a college (where it might be a requirement)
• Even Masters from very good colleges from the UK and Paris, I have seen students not getting a job. Hence it is very important to do your cost benefit analysis, about job opportunities for non resident students.
• Distance masters for the sake of a degree for completing a 16 year education requirement( although most colleges accept 3 year graduate programs in India), may be fine.
• I would not discourage you from taking up masters, but you should do it for the right reasons and correct expectations. You may do masters to study, learn, but be very clear on the Why – is it for a job, to learn, or to just go abroad, or to pursue a career in academics.

If you’re still confused how to choose a career then learn from my journey. Make sure to watch this lecture: Click Here

To know which combined courses will be best for you then watch this lecture on Comparisons & Combinations of Courses: Click Here

If you’re confused about what career to choose after 12th, then watch the below lecture to know the options: Click Here

To know about the choices which you’ve have at the time of bachelor’s, Check this lecture: Click Here

Yes, you can change your subjects after your class 12th. After class 12th, you’re left with several options to pursue your career. Now, you can take whichever stream you want. Check this lecture to know more: Click Here

Want to pursue Actuaries, ACCA, etc.? Check out this lecture on detailed description about these courses: Click Here

Know how to go ahead with two or more interests and steal the show: Click Here