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1. A comparative analysis of career
prospects after CFA and FRM
‐By Sandeep Singh
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2. Overview
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Who does CFA/FRM ? A look into candidate profiles
What is the difference between CFA and FRM?
How should one decide between opting for a CFA or a FRM?
Who hires CFA/ FRM ? Career benefits ?
Career prospects in India & abroad
How to maximize gains from financial certifications ?
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3. Who does CFA/FRM? And why do they do ?
A look into candidates’ profiles
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Pretty much anyone interested in capital markets or portfolio management
MBAs
CAs
Commerce Graduates
Engineers
People having experience in diverse fields including IT
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4. MBA vs CFA or MBA with CFA ?
• The MBA finance degree in covers about 20% of what gets covered in the entire CFA
curriculum (in terms of financial knowledge).
• A MBA degree is more holistic to management as it will also cover non finance subjects like
HRM, systems, marketing and general management.
• CFA is a certification dedicated to the field of finance. Probably no examination is as
exhaustive and comprehensive in finance as CFA is.
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5. What is the difference between CFA and FRM?
• A very common question
• Degrees of CFA and FRM have to be looked at compliments rather than as competing with
each other
• CFA teaches you the inside‐out of finance, FRM is a designation which is dedicated to risk
management
• CFA and FRM are not standalone designations and are supposed to be complimented with
either a MBA degree or work experience
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6. How should one decide between opting for a CFA or a FRM?
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Efforts & time required
CFA broad based vs FRM specific
Recognition
Career tracks
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7. CFA® certification benefits
• Global Recognition
– More than 90,000 CFA charterholders work in over 130 countries.
– Active CFA® member societies are available in more than 50 countries.
– Regulatory bodies in 19 countries recognize the CFA® designation as a proxy for meeting certain
licensing requirements.
– Over 125 colleges and universities incorporate a majority of the CFA® curriculum into their courses.
• Career Advantage
– Employers recognize the CFA charterholders as the definitive standard by which to measure the
competence, integrity, and dedication of serious investment professionals.
• Practical Skills
– The CFA Program curriculum focuses on the practical knowledge and current real‐world skills
necessary in the global investment management profession. These skills are immediately useful on
the job.
• Community
– Earning the CFA charterholder places you in the company of an elite group of more than 90,000
respected investment professionals.
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8. Jobs prospects after completing CFA Program
• CFA charterholder provides you with a strong foundation for a variety of career choices in
the investment profession
– Interested in portfolio management, investment research, advisory services, or investment banking,
you will be benefited from a CFA certificate
* CFA Institute website
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9. Who hires CFA Charterholder
Photo from www.cfainstitute.org
Top Employers
•Bank of America Merrill Lynch
•Credit Suisse
•HSBC
•Morgan Stanley Smith Barney
•UBS
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Citigroup
Deutsche Bank
JP Morgan Chase
RBC
Wells Fargo
Top Employers
•Citigroup
•Deutsche Bank
•HSBC
•JP Morgan Chase
•Nomura
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CRISIL Limited
Goldman Sachs
ICICI Group
Morgan Stanley Smith Barney
State Bank of India

10. FRM Annual Growth
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11. FRM Program Annual Growth
Top Global Asset Management Firms
Top Companies
1. ICBC
2. HSBC
3. Bank of China
4. PwC
5. UBS
6. Citi
7. KPMG
8. Agricultural Bank of China
9. Ernst & Young
10. Deutsche Bank
1. BlackRock
2. SSgA
3. Fidelity Investments
4. Vangaurd Group
5. J.P. Morgan Asset Management
6. PIMCO
7. BNY Mellon Asset
8. Capital Research &
Management Co
9. Amundi
10. Goldman Sachs
11. Standard Chartered Bank
12. Credit Suisse
13. Deloitte
14. JP Morgan
15. Barclays
16. Samsung
17. ING
18. Bank of Communications
19. Bank of America
20. BBVA
Top Global Banks
1. ICBC
2. China Construction Bank Corporation
3. JPMorgan Chase & Co
4. Bank of China
5. HSBC Holdings
6. Wells Fargo & Co
7. Agricultural Bank of China
8. BNP Paribas
9. Banco Santander
10. Goldman Sachs
11. Citigroup
12. Itaú Unibanco Holding
13. Banco do Brasil
14. Barclays
15. Mitsubishi UFJ Financial Group
16. Banco Bradesco
17. Crédit Agricole
18. Sumitomo Mitsui Financial Group
19. Banco Bilbao Vizcaya Argentaria
20. UBS
21. Westpac Banking Corporation
22. Groupe BPCE
23. Sberbank of Russia
24. Bank of Communications
25. Société Générale
Top Global Hedge Funds
1. Bridgewater Associates
2. Man Group
4. Brevan Howard Asset Management
5. Och-Ziff Capital Management Group
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6. BlueCrest Capital Management
8. J.P. Morgan
9. Credit Suisse
10. BlackRock
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11. Prudential Financial
12. Deutsche Asset Management
13. AXA Investment Managers
14. BNP Paribas
15. Legg Mason Inc.
16. Franklin Templeton
Investments
17. Northern Trust
18. Wellington Management
19. Invesco
20. MetLife Inc.
Top Global Insurance Companies
1. AXA Equitable
2. Allianz
3. Metlife Inc.
4. Prudential
5. AIG
6. Generali Group
7. Legal & General Group
8. Aviva
9. Manulife
10. AEGON
11. CNP Assurances
12. Berkshire Hathaway
13. Zurich Insurance
15. Ping An
Top Global Professional Service Firms
1. PricewaterhouseCoopers
2. Deloitte & Touche
3. Ernst & Young
4. KPMG

12. Career Prospects in India & Abroad
India (Mumbai/Pune/NCR/Bangalore/Chennai)
CFA specific
• Captives of investment banks
• Private Banks
• Buy‐side firms
• Equity/economic research
• Market analytics
• PE‐VC firms
FRM Specific
• Auditing firms
• Treasury departments
• Credit Risk Management in banks
• Risk Analytics
Quantitative finance roles (Algo trading /hedge funds etc) ?
• Abroad
• Gulf & Singapore is easier to crack
• USA/UK/Hong Kong/Aus is tougher due to visa restrictions and gloomy market scenario
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13. How to maximize gains from financial certifications ?
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In general, maximizing career benefits from certifications
Exploring communities
Building on industry knowledge
Building on macro‐economic knowledge
LinkedIn
Networking via college seniors/alumni or relatives is a must
Focused job sites
Added skills like excel, VBA, macro
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14. Questions/Queries?
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15. Thank You !
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