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Tuesday, May 20, 2008

For young people in India seeking good knowledge of finance

If you're a young person in India, and desire to genuinely know finance, and the NSE NCFM F&O exam was too easy, you should do the GARP FRM examination. Studying for this exam, and winning at it, gets you close to a good finance education.

The standard Western textbooks are located in an institutional landscape that is quite alien to us in India. To make sense of India, you need deep roots in what is going on here. Here are some materials which will enable this:


  1. I am planning to enroll for FRM for the current year examination. Your suggestion gives me confidence in the course. Can you please elaborate on the reasons for backing the course.

  2. Sir,

    I am a fresher doing my MBA from S P Jain Mumbai, currently in second year. Your suggestion has given me confidence but do u think it is suitable for me at this stage or later. And other courses like CFA n all...are they better or this?

  3. Nkhl, why do I like FRM? It's a top quality curriculum; some really smart people have worked on the curriculum; it uses good books. It genuinely makes you learn the exact thorough sophisticated finance that nobody in India seems to have the patience to teach you.

    Nayana, FRM is much better than CFA.

    The beauty is this: You could be in the boondocks, in a remote corner of India, far away from anyone who knows finance. But you can still study for the FRM all by yourself, and take the exam. If you win at this exam, you will immediately be recognised as one of the good ones by the labour market. It's a real meritocracy, and an opportunity for intelligent and hard working people to get ahead even though they may be unlucky about the colleges and peers that are handy.

    1. This comment has been removed by the author.

    2. Ajay sir,
      I am ankit. I have done my pg in mcom.
      I am planing for course caia or frm.
      But first of all i want to do some short term job oriented course in finance and analysis field
      For getting job.
      Please advise me about short term job oriented course.
      Is fmib(financial modeling & investment banking) program is right. Or go for any another course..

      Ankit jain

  4. This comment has been removed by the author.

  5. Hello Sir
    I'm a passout of IIM Kozhikode, 2008 batch.
    Currently placed in a global financial services firm with a credit card risk analytics profile.

    How useful is the FRM as a resume signal for an MBA with a finance major?

  6. Shrikanth,

    Look at the FRM curriculum. Do you know this stuff? I would be surprised if you do.

    The FRM is serious finance, unlike MBA.

  7. Boss,

    You are dead right. I admire your courage in saying that MBAs are just ....I passed FRM in 2006 but the problem in our country is that the best jobs are for marketing guys. Even in finance, they look for people who sell. No wonder, CEO/heads of even most fund houses are experts in marketing except few exception like Sanjiv and Ajit. Most of the industry CFO positions are monopolised by CAs and its kind of dynastic rule which prevents people from real finance to enter and succeed...taxx planning is still the key skill set. (Recent goof-ups with hedging strategies is actually a factual reflection of their incompetence in finance). What all these does is that it severely limits the scope for a true blue finance guy....further, no chance if he is actually from bondooks....

  8. Hi Ajay Sir,

    Thanks for responding to my query, given place in your Blog.There is community in PaGul Guy regarding FRM, where FRM aspirants share their views one another. It would be useful to whoever has plans to do it.

  9. Anonymous,

    Which Sanjiv (Sanjiv Shah?) and Ajit are you referring to?

  10. Ajay,

    I think it depends.

    FRM is useful to have if you are interested in working in economics, fixed income or risk management.

    A CFA would be useful if you are interested in valuations, equity research, asset management or corporate finance kind of roles.

    Rather than mindlessly going for certifications and the next 'hot label', it's important to understand where you want to be from a career perspective IMO.

    I do agree with you that the mathematical rigor which the FRM brings adds a lot of value to it. On a similar note, I would argue that CFA has a similar pedigree. It is founded by the great Benjamin Graham, and is vastly noted for its breadth.


  11. Dear Ajay

    I work for a pvt bank . i have done my ncfm- f&o.

    I will be shifting to an IT company soon. Will CFA benefit me or FRM working as a business consultant .


  12. I've been following your blog for last one year or so,I've been working in the area of risk management for last 6 years, after my MBA...most of the thing of my daily work (I work in a middle east bank) is something which I picked on-the-job.
    Coming to FRM...isn't that a little specific to risk mgmt. rather than finance?
    Any reason why you refer FRM and not PRM which is a breakaway grp formed from FRM only and little more flexible in exam takings?
    (I must admit I chose to clear PRM instead of FRM)

  13. This comment has been removed by the author.

  14. Hi all,
    FRM is better than CFA in quantitative terms. FRM is better compared with PRM. They both have good levels of mathematics. Computational finance, you will have to learn on the side. Doing a Master of Financial Mathematics (or computation) will give you fundamental understanding of Stochastic calculus, which is neither covered in FRM or PRM. It is the key to modern finance. Make sure you learn stochastic calculus.


  15. Hello Ajay,

    This is really disheartening that you still beleive in the actual merit of the courses like these.

    What I beleive is that there were more people in the field of finance due to money factor than due to love of work.......

    If i take in very crude form.......the cream talent of every country having degrees from best of the universities and cfa and frm under their belt.......gave 158 year old organisation a Bankruptcy....

    I may sound rude but this is the way i look at it.

  16. Sir,
    i am vaibhav,
    i finished my grad in computers,and i want to make career in finance specially financial risk management.can you pls guide me how can i start with it.Also is it compulsory to be an MBA for finance market......

  17. Hi sir,

    I am in the final semester of my MBA to be completed in Feb. Have been placed as Assttnt Manager in a Pvt Sector Bank but they havent specified the profile as of now looking at the market conditions. I am a core finance guy and dont want a profile that includes marketing as the bank has asked us to be open to various profiles for some time till economic conditions imoprove.

    I hve already started to prepare for this FRM course in the meanwhile coz I ll be joining the bank in July. want to know how useful it would be for the banking sector and what profiles re open to me after I complete FRM.


  18. Hi.I have cleared the FRM exam and have no relevant work experience neither have any other degree...could you please suggest me the sectors for which i could apply for job.

    Your help would be appreciated!!

  19. I have cleared FRM this year having 3+ yrs experience in Credit Risk (Kotak Mahindra Bank). Is anyone aware of any good job in India??

  20. Hello Sir,
    Can you please elaborate on various job profiles one can look at if one has passed FRM exam and done his MBA. Considering current economic situation where finance jobs are difficult to come by, what profiles one should target without jeopardizing his future plan to change career track within finance?

  21. hello sir
    I am a graduate and am planning to work with the finance sector.i wanted to know how tough is this course can it be done while working and will an mba after this course help ..
    ur help will be highly appreciated .

  22. hello sir,
    Im just completed my 1st year in MBA. i want to specialize in Finance. I have heard of FRM and in a confusion whether to do it or not. I need to find out whether it will be useful for me or not in terms of job.

    kindly help me in deciding and tell me what are the jobs in which we can benefit from it.

  23. Hi,

    I am IT Professional .I want to do FRM .I find Risk Management as potential field as well as interesting.
    I have no prior knowledge in Finance except Little knowledge in derivative(cleared NCFM derivative) .
    My question are.
    what prerequisite knowledge required for course
    When the registration start
    Where I will get the study material

    I would be highly obliged if you can give me a roadmap to FRM

  24. Find tips about the FRM exam by experts and student who have cleared FRM on

  25. The caption "FOR young people in India seeking good knowledge of finance" caught my eye.
    I'm a B'Com graduate and am keen on entering the world of Banking and Financial Services.
    Will FRM be helpful as of now, or should i do an MBA in Finance!! Your help would be appreciated.
    Thank Tou.

  26. Hi Ajay,
    Its a pleasure to go through your blog & follower's comments.
    It really provides a thread of critical information.

    Sohan Dhande

  27. Let me know more about FRM level - I and II

  28. All it started from this Blog only........Now just today morning I got that happy news, I passed FRM. Thanks Ajay

  29. Sir,
    I am pursuing a PGPM certification course in financial services will the FRM degree will help me to get placed better .

  30. If we compare CFA and FRM course we see following points:
    1.FRM is shorter than CFA.
    2.Course content of FRM and CFA is not very much diffrent. CFA is a broader course than FRM as it covers lot more topic then FRM. FRM teaches just few more thing which comes to 20-30 pages then CFA. Howver it dont teaches Financial Statement Analysis, Portfolio Management, Equity Valuation, Alternative Investment and Economics. Howvever FRM is definately worth doing.

  31. Dear Sir,

    Thank you for covering FRM in detail. I have a specific question on FRM, I am finance professional from a non-technical background. So I wanted to know the difficulty level of FRM for a person of my background.

  32. This comment has been removed by the author.

  33. Hi

    In one your replies, you said " one can attempt the exam without enrolling in any institution, and reading the prescribed books " I was just wondering for asking you , is is possible ? and if yes, how should i register for exam ...Hoping for your reply...Bye

  34. hi
    i have done MBA from IILM Jaipur in finance and human resoourse .i am doing CFA (indian).
    i just want to know as i am not working anywhere currently and having no experience . i am confused whether to do FRM or not .

  35. Hi I am Pankaj , I ve done MBA finance ,i need to know fees for FRM .And what are the stage to clear it.Form where i can get Books for the same.I reside in Pune.Please help!

    1. u can get fee details here.

      study materials also available to book in website.

      u can refer to authorized training institutes. so that you can get material or training from them

  36. hi,this is suresh bellam.I have done PGDM(2012 passed) and now working as a research associate. i know that my job is not relevant for FRM. but i am planning to write exam in this December.i have doubts regarding the employment after clearing FRM.can u please let me know requirement for FRM in INDIA.

  37. hi ,I don't see that much benefit doing FRM for people who want to switch to finance or want to make money very quickly. It will give you exposure to finance field but there are no companies who requires FRM as their prerequisites
    so If you want to make your career in finance, then better do MBA from some good college or gain experience.Then FRM can definitely boost your resume as well your career.
    Comments from anyone are most welcome.

    1. Hi Ajay,
      I am planning to appear for both parts of FRM in May 2013..can you suggest how shold i start preaparing for it? i have downloaded its syllabus and will it be ok if i start preparing for it from other rextbooks because i will be registering for it in December...but before that i want to begin my studies..

  38. hello sir..this is rahul from new delhi and i am doing mba from symbiosis in banking mgt and planning to give frm next may...yesterday i was looking frm salaries..nd smwhere i found tht in us frm earns near abt 100k$ my question is tht after getting frm certificate will i am able to get job abroad easily and does frm certificate gives tht much cutting edge to me among my peers...kindly clear my query....plzz

  39. undoubtedly frm is great but one bad aspect of frm or cfa is that after doing such courses, u hav to apply for jobs and count on your lunch but in case of mba, once u get into a decent bschool, more or less a great job is guaranteed, rest assured.

    i am myself pursuing frm and undoubtedly it is good, just as good as cfa.
    i hav completed my bcom from st xaviers collg and started doing frm directly but as far as getting a job is concerned, i have to toil on my own for it.
    the GARP wont provide me a job (only in very few cases) after immediate completion of the course and satisfaction of other requirements.
    i have to hunt for a job on my own.
    so there is always a RISK or UNCERTAINITY factor, in case of getting a job, if a person wants to get one based on FRM ,solely
    thats not the case in mba.

    if someone can help me regarding some source where one can look to for a job, based solely on my FRM degree, i would'nt be more glad

    1. You are Damn right, Sarkar. Sometime I really wonder whats the point of pursing CFA n FRM. I know friends and people who have cleared L2 but couldn't get a nice job. Now they are trying for getting into some good B-school. They are like overqualified over there and they have no interest in managing things, still just because they can get a right platform.

      So my question is-- CFA and FRM, Know as gold standard degree in Finance, is actually just a add-on degree for your career??

    2. I don't understand what's going on here.....

      CFA is far better than FRM in terms of recognition and
      monetary terms.
      you can earn a good job with cfa even without previous experience
      anywhere in the world
      but with frm you can not get any job especially in india.

  40. Sir,

    My name is Parth Shah. I will become a chartered accountant in this January,13 (only 3 subjects were left). I do have time now to study and gain knowledge.

    1. Will u advice me to join FRM?
    2. Will it be helpful in today's bearish job market?
    3. Please reply purely considering "future salary package" and increase in opportunity of getting a job.
    4. And requesting u to please reply with the joining procedure and cost.

    Pl. reply,
    Thanking u,

  41. Hello Sir,

    I am a M.B.A. Pass out having a specialization in both marketing and Finance. Currently I am engaged with one of the indian bank in acquisition profile. I want to start my career in finance field, Is FRM help me to get it or not. Please advice.

  42. Hi Sir,
    I am an IT professional with an Engineering Degree who has worked on Business Intelligence technology with last two years of my Domain being Credit Risk Reporting for a Large US Bank as my Client,I wanted to know whether doing FRM will be of any help for me if i am looking into getting into a more Techno-Functional role.


  43. hello sir
    i have done btech cs in 2012 and then i have given ncfm capital mkt,F&o and currency series -1 nism,current i have enrolled in frm and preparing for it and i have work ex of 1 yr in PWM.
    what job opportunity should i look as on now i am looking for job change and particularly i want in risk management.
    so for which profile and how should i plan for it?
    please give guide me.

  44. Hello Sir,

    I am working ina investing banking operations from more than 2 years.. I have done my MBA and want to move to risk management or porfolio management profiles, will it be fruitful for me to go for FRM ? and do other companies look my credentials and would give me an opportunity in risk management divisions after having experience of more than 2 years in operations?

  45. Hello Sir,
    Does a FRM or CFA certification help in switching domains from core engineering to finance or an MBA is more useful in terms of ease of switch

  46. Hello Sir,
    I have a question on behalf of my friend.
    He has cleared FRM level -1 during his M.Tec from IIT.
    He is really passionate about making his career in finance, just wanted to know the scope for him in terms of career opportunities.

    It would be a great help if you can advise.
    Thanks a lot.

  47. Hi Sir,
    Currently I am working at company which provide technical soltuions. I want to persue my career in finanace , I am planing to appear at CAT -2014 ., Kindly guide me how i should go so that i can get admission in finance or should i try for foregn B-schools.

  48. Hello Sir,
    I am a housewife. I did my MBA Finance and worked as a lecturer for 4 years. I took a break for family and now I want to get back to teaching. Suggest a course I should do so that I can update myself. Will FRM be suitable for me?

  49. Sir, I am working in ICICI bank in junior management grade. I am from Manipal PO programme. My job relates to much of banking sales and operation but not much of Risk analysis stuffs. But i Want to move into Risk management in coming times. As i have not done MBA But Post graduate diploma in Banking and finance and having just a year of experience, so is it a Good Idea to prepare for FRM or should i first try for MBA? will not having MBA in finance and not from an Ivy league get me in trouble in future...?
    PS: don't want to do MBA from any other if not from Top institutes cz I dn have enough money to waste in avg college... so i took the Manipal route to get work exp, now trying for further study but now stuck between MBA or FRM.
    PLZ help ....any other certification you suggest that will be helpful too.
    plz help.

  50. I am having 8 years of experience in investment banking in various operations with a leadership role and I am being researching the course material of FRM. After a through research I am positively thinking of doing the course. All I got to know about the FRM passing requirements are
    1. a hard core study
    2. you should know in and out of derivatives and financial analysis
    3. if you are average with finance background then 200 hr. study is required
    4. a very deep study of each topic is required
    5. course fees up to $650 per level + expense for books up to $250 per level
    6. It is good to have working experience (at lease 2 years) in financial or capital or banking market
    7. One should be very clear to the career aspect in market research, quantitative analysis, credit valuation, etc
    8. Without break self-study is required for success before to pass exam and after passing of exam for bright career
    There is one more course structure offered by NISM (National Institute of Security Market)-Association of International Wealth Management of India (pls see this as well)


  51. Sir, I have 2 question:
    1.Would you recommend CFA or NSE NCFM F&O + FRM? Isn't CFA more recognised?

    2. Should one 1st take NSE NCFM F&O then FRM? Or just FRM?

  52. Sir I am in the last year of and I am planning to register for Cfa level 1 exam .. so I want to Know is it the right decision ? After completing Cfa i vil get job ? And what is the passing rate of cfa in india ?

  53. Sir, i am planning to do frm along with my ca course. I wanted to know that is maths required in frm course??

    1. As FRM course deals primarily on quant topics, a fair understanding of maths is certainly required.

  54. Sir I am Arjit Kashyap a CA Final year student want to pursue and make a career in forex or financial market will CA knowledge help me to pass exams and also tell me the starting job designation and salary ...thanks in advance

  55. Hello Sir, i have cleared L1 of the CFA examination and will be taking L2 next june. Couldnt take it this year due to some unavoidable circumstances. I have given my 3rd year Bcom exams and waiting for the results. Meanwhile I have a lot of time in between before i start preparing for L2 CFA. Please suggest how I should be utilising this time. Enrolling myself and preparing for FRM or something else. I am serious about making a career in finance.

    1. Hi,
      As you have already cleared CFA 1, it means you hold a competitive edge in getting a job in finance over others.
      FRM is purely into Risk Management profile and only if you want to make your career into Risk Management, give it a try. Else, concentrate focussing on CFA.
      Meanwhile you could focus on building your basics on finance strong as it is very important for a fresher.

  56. Hello Sir,
    i have completed CA. I am interested in pursuing FRM course, but don't have any background in finance field. please suggest whether i should take up with this field as i want to make my career in finance field. Awaiting for your advice. Thank you in advance.

  57. I have done mba in finance but currently i am into the sales profile (1 year exp). I have cleared CFA level 1 and i will be giving cfa level 2 in june 2018. I would like to switch my job from sales into core finance (Credit research, Analyst).What should I do for it. Will be difficult for mr to move to core finance from sales profile ?

  58. Hi, I have completed my PGDM in Finance Manageemnt. Appeared for FRM part 1 in November awaiting results for the same. And I have 3 years of work experience in sales. Should i purse Msc. in Fintech after my FRM. As the finance and technology insdustry is constantly changing and evolving technology and advanced analytics are enabling new products, services, and risk-management techniques, while de-biasing approaches that improve decision making will help risk managers make better choices about risks. Request you to please guide me.Thank you. Looking forward for a positive reply.


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