CFA® is a designation issued by the CFA Institute. To earn the designation, candidates must pass three course exams, each requiring approximately 250 hours of self-study, and have completed four years of qualifying work experience. Chartered Financial Analyst® and CFA® are registered trademarks owned by the CFA Institute. FRM® is an accreditation offered by the Global Association of Risk Professionals (GARP) that certifies the understanding of risk management concepts that are validated by international professional standards. To earn the accreditation, candidates must pass two levels of exams, requiring on average about 240 hours of self-study, and have completed two years of qualifying work experience in the field of financial risk management.