cfa和frm区别，CFA考试和FRM考试重合知识点
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更新时间：2019-06-26 18:27
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cfa和frm区别，CFA考试和FRM考试重合知识点
更新时间：2019-06-26 18:27作者：CFA
CFA考试与FRM考试这对公认金融证书“好基友”经常会被拿出来做对比（cfa和cpa哪个含金量高），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考察重点、难易程度、报名流程等，（CFA考试费用多少，最新公布）今天我们从两个协会官网上公布知识框架入手，详细地对比两者间知识点重合度。
CFA考试&FRM考试知识主体对比（cpa和cfa难度，为什么很多人都考了）：
CFA考试 | FRM考试
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考试知识主体共分为十个部分（表格左边）。尽管有三个级考试别考试，所有考试内容都没有跳出这个框架。其中一级考试、二级考试学科与十个知识主体完全对应，略有差异是各门学科考试比重；三级考试学科共有十四门，没有数量、公司金融和财务分析，而在最后一项Portfolio Management and Wealth Planning中做了更细划分。
FRM考试分为两个级考试别，九门学科（表格右边）。其中一级考试包含前四门学科：Foundations of Risk Management ，Quantitative Analysis，Financial Markets and Products ，Valuation and Risk Models。剩余五门为二级考试学科。
目前比较直观是，CFA考试和FRM考试都将数量（Quantitative）作为单独学科进行考量，其它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框架建立站在了不同角度，看似千差万别科目，内在却有着千丝万缕联系。让我们细细观察知识点对比才是正理。
知识点对比
FRM考试一级考试与CFA考试
首先从最显而易见数量（quantitative）开始。下表罗列了CFA考试与FRM考试考点，如果不区分知识点先后顺序，我们可以看到两者有很多相同关键词: 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，却也很直接告诉我们，这两个考试在数量考点上惊人相似，用量化方法说：两者相关性接近90%！
Quantitative
CFA考试
FRM考试
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
接下来分析知识点不那么直观，且分散在各个学科中，由于FRM考试学科数比CFA考试少，且学习体系不及CFA考试完善（不争事实），所以我们将FRM考试每门科目展开，去对应CFA考试知识主体考点。
撇开数量这部分，FRM考试一级考试还剩下3门科目共27个知识点，其中19个知识点都能在CFA考试一到三级考试中找到雷同部分，所以有近70%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。出现频率最高为derivatives （7次）, fixed income（5次）。
总体来看，FRM考试对每个知识点掌握要求比较高，除少部分介绍性章节只需达到CFA考试一级考试水平，大部分要求计算或应用，因此对应在CFA考试二级考试甚至三级考试程度。当然，对应到CFA考试级考试别不等于对应了相同难易程度，比如说CFA考试三级考试中关于压力测试和情景分析只有泛泛而谈一小段描述，考生只需要了解概念；而FRM考试一级考试却用整整一章去讲具体方法。
但不得不说认真备考FRM考试，其实对知识点理解又深了一层。
FRM考试一级考试科目
（除数量）
FRM考试科目知识点
CFA考试科目
对应CFA考试 级考试别
Foundations of Risk Management
Basic risk types, measurement and management tools
Basic risk types, measurement and management tools
三级考试
Creating value with risk management
The role of risk management in corporate governance
Enterprise Risk Management (ERM)
Risk Management
三级考试
Financial disasters and risk management failures
The Capital Asset Pricing Model (CAPM)
Portfolio Management
一级考试
Risk-adjusted performance measurement
Portfolio Management & Performance Evaluation
一级考试、二级考试、三级考试
Multifactor models
Portfolio Management
一级考试、二级考试
Data aggregation and risk reporting
Ethics and the GARP Code of Conduct
Ethics
一级考试、二级考试、三级考试
Financial Markets and Products
Structures and functions of financial institutions
Structure and mechanics of OTC and exchange markets
Derivatives
一级考试
Structure, mechanics, and valuation of forwards, futures, swaps, and options
Derivatives
一级考试、二级考试、三级考试
Hedging with derivatives
Derivatives
一级考试、二级考试、三级考试
Interest rates and measures of interest rate sensitivity
Derivatives
一级考试、二级考试、三级考试
Foreign exchange risk
Derivatives
二级考试、三级考试
Corporate bonds
Fixed Income
一级考试、二级考试
Mortgage-backed securities
Fixed Income
二级考试
Valuation and Risk Models
Expected shortfall (ES)
Stress testing and scenario analysis
Risk Management
三级考试
Option valuation
Derivatives
二级考试
Fixed income valuation
Fixed Income
二级考试
Hedging
Derivatives
三级考试
Country and sovereign risk models and management
Fixed Income
二级考试
External and internal credit ratings
Fixed Income
二级考试
Expected and unexpected losses
Operational risk
FRM考试二级考试与CFA考试
到这里为止，有很多人就会说，即然FRM考试与CFA考试有这么多相同内容，它到底有什么独特性呢？难道就是CFA考试2.0 version？当然不是，我们来看FRM考试二级考试就知道啦。
FRM考试二级考试共有5门学科44个知识点，能在CFA考试中找到相似知识点只有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同学福利，不过这门课占比并不高（只有15%）。
尽管在Market risk 和Credit risk中，我们仍能发现一些CFA考试踪迹，但FRM考试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，实际占比应大打折扣。
至于Operational risk和Current Issues，则是FRM考试独具特色科目，完全没有与CFA考试重合内容。值得一提是，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“圣经”，所以在CFA考试这个打造基金经理考试中也是完全没有涉及。
FRM考试二级考试科目
FRM考试科目知识点
CFA考试科目
对应CFA考试 级考试别
Market Risk Measurement and Management
VaR and other risk measures
• Parametric and non-parametric methods of estimation
Risk Management
三级考试
• 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
二级考试
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
二级考试
Structured finance and securitization
Derivatives
二级考试
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
一级考试、二级考试
Portfolio construction
Portfolio Management
一级考试、二级考试
Portfolio risk measures
Risk Management
三级考试
Risk budgeting
Risk Management
三级考试
Risk monitoring and performance measurement
Portfolio Management
一级考试、二级考试、三级考试
Portfolio-based performance analysis
Performance Evaluation
三级考试
Hedge funds
Alternative Investments
一级考试
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考试独具一格内容
接下来我们来看看CFA考试还剩下哪些独具特色内容（cpa和cfa难度，为什么很多人都考了）。比较明显是经济学、财务分析、公司管理，显然CFA考试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，站角度比较高；相比之下FRM考试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考试特有。
首先，尽管我们在FRM考试一级考试科目表格中看到 Ethics有重合（cfa和cpa考试区别，哪个好），但CFA考试道德标准简直细致令人发指，这是要成为道德模范嘛！不仅细，还是每个级考试别必考内容，所有科目里排在最前面，所以道德必须得算作CFA考试特色。其次，隐藏在CFA考试知识框架第十点Wealth Planning，也就是到了CFA考试三级考试要写IPS，为个人与机构投资者规划投资策略（CFA和FRM难易度, 发展前景等全方位解读），这与CFA考试三级考试上午考试写essay question形式有关。
CFA考试动态
考试热点
6月CFA考试倒计时 XXX 天
12月CFA考试倒计时 XXX 天