Can You Take CFA and FRM Exams Concurrently with Your Four-Year Bachelors Degree?

A common question in the finance and investment world is whether one can start preparing for the CFA (Chartered Financial Analyst) and FRM (Financial Risk Manager) certifications during their final year of a four-year Bachelor’s degree program. Here, we address the feasibility of sitting for these exams while still completing your Bachelors degree and provide insights based on industry recommendations.

Eligibility for CFA

For the CFA exam, you must have an undergraduate degree to be eligible. Generally, you can begin studying for CFA level 1 during your final year of your Bachelor’s degree. The Chartered Financial Analyst program is designed for individuals who have completed their undergraduate studies and are currently working in or aspiring to work in the financial industry.

Eligibility for FRM

The Financial Risk Manager certification, on the other hand, does not have such strict educational prerequisites. You can take the FRM exam immediately after completing your final year of a humanities or business degree. However, it’s important to note that while there is no direct requirement for a completion of a Bachelors degree, having a relevant background in finance or business can be very advantageous.

Industry Perspective and Expert Recommendations

Industry experts and professional organizations, such as the CFA Institute, recommend focusing on the academic and professional aspects of your Bachelors degree during your formative years. The CFA Institute tends to prioritize candidates with significant practical experience in addition to their academic qualifications. For individuals like you who are still studying, it's advisable to prioritize your studies and focus on building your case for a first job, emphasizing why your field of study aligns with the goals of a potential employer.

Once you secure a job, you can then consider pursuing the CFA and FRM exams. Companies may also provide financial support for the exam fees and may be more inclined to value your dedication to professional development if you have relevant work experience.

Practical Steps and Resources for Preparations

For those who are interested in starting preparation for the CFA and FRM, there are several resources available. Both organizations have comprehensive study materials, practice exams, and community support available on their official websites. You can also consider enrolling in professional courses and workshops that are designed to aid in your preparation.

Additionally, reaching out to the CFA Institute and FRM organizations directly can provide you with specific guidance and clarification on eligibility requirements. Their websites often include detailed FAQs and contact forms for direct inquiries.

Conclusion

In summary, you can aim to begin preparing for the CFA exam in your final year of a four-year Bachelor’s degree, especially CFA level 1. For the FRM, you can sit for the exam immediately after completing your final year or the Bachelors degree. However, it is recommended to focus on your academic and professional development and to consider taking the exams later when you have secured a job and can benefit from potential employer support.

Stay informed, prioritize your professional growth, and leverage the resources available to you to achieve your career goals.