In banks and financial institutions, the FRM and ACCA often come up in the same conversation, because both risk and finance teams hire from similar graduate pools. They lead in different directions: the FRM into the risk function, ACCA into finance, reporting and audit.
FRM vs ACCA side by side
| FRM | ACCA | |
|---|---|---|
| Awarding body | GARP | ACCA |
| Focus | Market, credit, operational and liquidity risk; quantitative analysis | Reporting, audit, tax, management accounting, strategy |
| Exams | 2 parts | 13 today; 11 from September 2027 |
| Official fees | $1,600–$2,000 | About £2,500–£3,500 in the UK |
| Study time | About 480 hours | Spread over 3–4 years part-time |
| Experience | 2 years in risk or related work | 36 months |
| Professional status | Certified risk professional | Chartered certified accountant |
| Typical bank departments | Risk management, model validation, treasury risk | Finance, financial control, regulatory reporting, internal audit |
Which one to choose
- Choose the FRM if you want to measure and manage risk, especially if you enjoy quantitative work.
- Choose ACCA if you want a full professional accountancy title and a career in finance, reporting or audit.
- Choose the FRM if you already have an accounting background and want to move into risk quickly.
- Choose ACCA if you are early in your career and want the broadest range of finance options.
The department test inside a bank
If you already work at a bank, look at who leads the department you want to join. In risk teams, senior staff commonly hold the FRM or a quantitative degree. In finance and regulatory reporting teams, chartered accountants are the norm. Matching the credential to the department you want is more useful than comparing difficulty.
Cost and time compared
The FRM is cheaper and much faster to complete. ACCA costs more over a longer period, but gives you a full professional qualification. Compare your own numbers with the FRM cost calculator and the ACCA cost calculator.
Frequently asked questions
Is FRM or ACCA better for banking?
For risk management roles in banks, such as market, credit and operational risk, the FRM is more targeted. For finance, financial control, regulatory reporting and internal audit roles in banks, ACCA is often more relevant.
Is FRM easier than ACCA?
The FRM is far shorter, with two exams and about 480 study hours. ACCA has 13 exams over several years. Individual FRM parts are demanding and quantitative, with pass rates around 50%.
Can I do FRM after ACCA?
Yes. ACCA members moving into risk roles often add the FRM. ACCA does not give FRM exemptions, but knowledge of financial reporting and financial management helps.
Which is more recognised internationally?
Both are international. ACCA has wide recognition across accounting and finance roles in many countries. The FRM is the leading global credential specifically for financial risk management.
Which is cheaper, FRM or ACCA?
The FRM is cheaper in official fees, at $1,600 to $2,000 for both parts including enrolment. ACCA fees are about £2,500 to £3,500 in the UK over several years.
Official sources