CFA与FRM这对公认的金融证书“好基友”经常会被拿出来做对比，大多数同学从选择考哪张证书开始接触这两个名词，已经通过百度、朋友圈、培训机构网页等渠道了解了它们的考察重点、难易程度、报名流程等，今天我们从两个协会的官网上公布的知识框架入手，详细地对比两者间的知识点重合度。
知识主体对比
知识主体对比
CFA
FRM
Ethical and Professional Standards
Foundations of Risk Management
Quantitative Methods
Quantitative Analysis
Economics
Financial Markets and Products
Financial Reporting and Analysis
Valuation and Risk Models
Corporate Finance
Market Risk Measurement and Management
Equity Investments
Credit Risk Measurement and Management
Fixed Income
Operational and Integrated Risk Management
Derivatives
Risk Management and Investment Management
Alternative Investments
Current Issues in Financial Markets
Portfolio Management and Wealth Planning
CFA的知识主体共分为十个部分（表格左边）。尽管有三个级别的考试，所有的考试内容都没有跳出这个框架。其中一级、二级的学科与十个知识主体完全对应，略有差异的是各门学科的考试比重；三级的学科共有十四门，没有数量、公司金融和财务分析，而在最后一项Portfolio Management and Wealth Planning中做了更细的划分。
FRM分为两个级别，九门学科（表格右边）。其中一级包含前四门学科：Foundations of Risk Management ，Quantitative Analysis，Financial Markets and Products ，Valuation and Risk Models。剩余五门为二级学科。
目前比较直观的是，CFA和FRM都将数量（quantitative）作为单独的学科进行考量，其它的科目貌似没有重合度。如果这么快下定论就太草率了！因为这两个协会对知识主体的框架建立站在了不同的角度，看似千差万别的科目，内在却有着千丝万缕的联系。让我们细细观察知识点的对比才是正理。
知识点对比
FRM一级与CFA
首先从最显而易见的数量（quantitative）开始。下表罗列了CFA与FRM的考点，如果不区分知识点的先后顺序，我们可以看到两者有很多相同的关键词: probability distributions, statistics, sample, hypothesis testing, correlation, regression, time series analysis, simulation。
尽管这种统计方式非常简单粗暴，却也很直接的告诉我们，这两个考试在数量的考点上惊人的相似，用量化的方法说：两者相关性接近90%！
Quantitative
CFA
FRM
Time Value of Money
Discrete and continuous probability distributions
Probability
Estimating the parameters of distributions
Probability Distributions and Descriptive Statistics
Population and sample statistics
Sampling and Estimation
Bayesian analysis
Hypothesis Testing
Statistical inference and hypothesis testing
Correlation Analysis and Regression
Estimating correlation and volatility using EWMA and GARCH models
Time-Series Analysis
Volatility term structures
Simulation Analysis
Correlations and copulas
Technical Analysis
Linear regression with single and multiple regressors
Time series analysis and forecasting
Simulation methods
接下来分析的知识点不那么直观，且分散在各个学科中，由于FRM的学科数比CFA少，且学习体系不及CFA完善（不争的事实），所以我们将FRM每门科目展开，去对应CFA知识主体的考点。
撇开数量这部分，FRM一级的还剩下3门科目共27个知识点，其中19个知识点都能在CFA一到三级中找到雷同部分，所以有近70%的知识点可以轻松借鉴。分别分布在risk management, portfolio management, performance evaluation, ethics, derivatives, fixed income 六门科目。出现频率最高的为derivatives （7次）, fixed income（5次）。
总体来看，FRM对每个知识点掌握要求比较高，除少部分介绍性的章节只需达到CFA一级的水平，大部分要求计算或应用，因此对应在CFA二级甚至三级的程度。当然，对应到CFA的级别不等于对应了相同的难易程度，比如说CFA三级中关于压力测试和情景分析只有泛泛而谈的一小段描述，考生只需要了解概念；而FRM一级却用整整一章去讲具体方法。
FRM一级科目
（除数量）
FRM科目知识点
CFA科目
对应CFA 级别
Basic risk types, measurement and management tools
Basic risk types, measurement and management tools
三级
Creating value with risk management
The role of risk management in corporate governance
Enterprise Risk Management (ERM)
Risk Management
三级
Financial disasters and risk management failures
The Capital Asset Pricing Model (CAPM)
Portfolio Management
一级
Risk-adjusted performance measurement
Portfolio Management & Performance Evaluation
一级、二级、三级
Multifactor models
Portfolio Management
一级、二级
Data aggregation and risk reporting
Ethics and the GARP Code of Conduct
Ethics
一级、二级、三级
Financial Markets and Products
Structures and functions of financial institutions
Structure and mechanics of OTC and exchange markets
Derivatives
一级
Structure, mechanics, and valuation of forwards, futures, swaps, and options
Derivatives
一级、二级、三级
Hedging with derivatives
Derivatives
一级、二级、三级
Interest rates and measures of interest rate sensitivity
Derivatives
一级、二级、三级
Foreign exchange risk
Derivatives
二级、三级
Corporate bonds
Fixed Income
一级、二级
Mortgage-backed securities
Fixed Income
二级
Valuation and Risk Models
Expected shortfall (ES)
Stress testing and scenario analysis
Risk Management
三级
Option valuation
Derivatives
二级
Fixed income valuation
Fixed Income
二级
Hedging
Derivatives
三级
Country and sovereign risk models and management
Fixed Income
二级
External and internal credit ratings
Fixed Income
二级
Expected and unexpected losses
Operational risk
Valuation and Risk Models
Expected shortfall (ES)
Stress testing and scenario analysis
Risk Management
三级
Option valuation
Derivatives
二级
Fixed income valuation
Fixed Income
二级
Hedging
Derivatives
三级
Country and sovereign risk models and management
Fixed Income
二级
External and internal credit ratings
Fixed Income
二级
Expected and unexpected losses
Operational risk
FRM二级与CFA
到这里为止，有很多人就会说，即然FRM与CFA有这么多相同的内容，它到底有什么独特性呢？难道就是CFA的2.0 version？当然不是，我们来看FRM的二级就知道啦。
FRM的二级共有5门学科44个知识点，能在CFA中找到相似知识点的只有11个，接近25%，大部分都在Risk management and Investment management这个学科中，算是两个证都准备拿下的同学的福利。
尽管在Market risk 和Credit risk中，我们仍能发现一些CFA的踪迹，但FRM在宽度和深度上都加深了不止一点点，所以要说知识点重合在25%其实并不准确的，实际占比应大打折扣。
至于Operational risk和Current Issues，则是FRM独具特色的科目，完全没有与CFA重合的内容。值得一提的是，GRAP协会在Operational risk中还包含了Basel Accords（巴塞尔协议），这一部分其实并不能附属于操作风险，但巴塞尔协议是银行业的“圣经”，所以在CFA这个打造基金经理的考试中也是完全没有涉及的。
FRM二级科目
FRM科目知识点
CFA科目
对应CFA 级别
Market Risk Measurement and Management
VaR and other risk measures
• Parametric and non-parametric methods of estimation
Risk Management
三级
• VaR mapping
• Backtesting VaR
• Expected shortfall (ES) and other coherent risk measures
Modeling dependence: Correlations and copulas
Term structure models of interest rates
Fixed Income
二级
Volatility: Smiles and term structures
Credit Risk Measurement and Management
Credit analysis
Default risk: Quantitative methodologies Expected and unexpected loss
Credit VaR
Counterparty risk
Credit derivatives
Derivatives
二级
Structured finance and securitization
Derivatives
二级
Operational and Integrated Risk Management
Operational and Integrated Risk Management
Principles for sound operational risk management
Enterprise Risk Management (ERM) and enterprise-wide risk governance
IT infrastructure and data quality
Internal and external operational loss data
Methods of determining operational risk capital for regulatory purposes
Model risk and model validation
Extreme value theory (EVT)
Risk-adjusted return on capital (RAROC)
Economic capital frameworks and capital planning
Liquidity risk measurement and management
Failure mechanics of dealer banks
Stress testing banks
Third-party outsourcing risk
Risks related to money laundering and financing of terrorism
Regulation and the Basel Accords
Risk Management and Investment Management
Risk Management and Investment Management
Factor theory
Portfolio Management
一级、二级
Portfolio construction
Portfolio Management
一级、二级
Portfolio risk measures
Risk Management
三级
Risk budgeting
Risk Management
三级
Risk monitoring and performance measurement
Portfolio Management
一级、二级、三级
Portfolio-based performance analysis
Performance Evaluation
三级
Hedge funds
Alternative Investments
一级
Current Issues in Financial Markets
Credit loss provisioning, IFRS 9/CECL
Machine learning and “big data”
Central clearing and risk transformation
The failure of covered interest rate parity
FinTech credit
Corporate culture
CFA独具一格的内容
接下来我们来看看CFA还剩下哪些独具特色的内容。比较明显的是经济学、财务分析、公司管理，显然CFA协会是希望持证人站在管理层或者企业外部去调查分析一些问题，站的角度比较高；相比之下FRM持证人就是站在风险管理部门或者企业内部去衡量和管理风险。还有两块内容不那么明显，但也是CFA特有的。
首先，尽管我们在FRM一级科目的表格中看到 Ethics有重合，但CFA的道德标准简直细致的令人发指，这是要成为道德模范嘛！不仅细，还是每个级别必考内容，所有科目里排在最前面的，所以道德必须得算作CFA的特色。其次，隐藏在CFA知识框架第十点Wealth Planning，也就是到了CFA三级要写的IPS，为个人与机构投资者规划投资策略，这与CFA三级上午考试写essay question的形式有关。
小编的话
总结一下，CFA与FRM的内容属于你中有我，我中有你。其中数量部分两者高度相似。FRM一级部分有近70%内容且每一门科目都可以在CFA中找到重合部分，而FRM的二级与CFA重合部分少于25%。CFA的终极目标是成为合格的基金经理，所以对经济学、财务分析、公司管理、写IPS有要求，这些是FRM所没有的。而FRM的终极目标是学会风险管理，在市场风险、信用风险、操作风险、巴塞尔协议的学习上要求更高。
刚考完一级、二级的朋友们，是不是进入了漫长的考试等待期？毕竟CFA二级、CFA三级每年只在6月举办一次，长待一年的考试周期消磨着考生们对于知识点的记忆和熟练度，而参与FRM考试不失为一个能帮助你维持知识密度、熟练度的选择，你可以选择在11月参加FRM一级一级二级的考试，并且可以同时报考一级以及二级哦，只要两个级别考试一次性通过，那么理论上经历半年左右的周期就能获取FRM证书(并且具备相关从业经验)，考试结束后，从11月再备战CFA的考试，无论是从备考时间还是备考准备都可以说是相当完美了，一切顺利的话，这也是最快拿双证的方法之一哦！
