The one-sentence version
FRM is two parts, purely risk — market, credit and operational — aimed at bank risk functions and treasury. ACCA is thirteen exams across accounting, reporting, audit and tax, recognised in over 180 countries. FRM goes narrow and deep in about 1–1.5 years; ACCA goes broad and portable over several. They compete for very few of the same candidates, which usually means the question answers itself once you've named the job you want.
Before you choose ACCA: the current exams end in June 2027
June 2027 is the final sitting of the current Applied Skills and Strategic Professional exams. ACCA has published a complete redesign — four levels (Foundations, Knowledge, Expertise, Strategic Professional), sat sequentially — with first sittings in July 2027 for Knowledge and September 2027 for Strategic Professional. A new Data Science Professional exam joins the options, and Essential Employability Modules become mandatory at every level.
There is no overlap period between the two structures. That does not make ACCA a worse choice, but it does make the timing part of the decision in a way it is not for the FRM: if you start now, plan your sittings against that deadline, and check ACCA's own transition rules for how completed papers carry across. We're flagging it because most comparison pages — including, until recently, our own — don't.
Side-by-side comparison
| Factor | FRM | ACCA |
|---|---|---|
| Governing body | GARP (Global Association of Risk Professionals) | Association of Chartered Certified Accountants (UK-based, global) |
| Structure | 2 parts (I, II) | 13 exams across 3 levels (Applied Knowledge, Applied Skills, Strategic Professional) |
| Exam format | Part I: 100 multiple-choice questions, 4 hours | Applied Knowledge: 2 hours, objective questions. Applied Skills: 3 hours, adds constructed-response and case-study elements |
| Typical cost | ~$2,000 total for both parts at standard pricing, including the one-time $400 enrollment fee | Varies significantly by country and entry timing — e.g. UK Applied Skills papers: £160 standard / £409 late; Strategic Professional (SBL): £282 / £467 — plus an annual subscription fee |
| Recent pass rates | Part I 44–54% · Part II 50–63% | 52% global average (December 2025) — Applied Knowledge ~73%, Applied Skills ~54%, Strategic Professional ~46% |
| Testing windows | May, August, November — both parts offered every window | March, June, September, December — self-paced, flexible scheduling |
| Experience requirement | 2 years of relevant risk-management experience | 3 years of relevant Practical Experience Requirement (PER) for full membership |
| Where it's recognised | Global, concentrated in bank risk functions, treasury and regulators | 180+ countries — strongest in the UK, Commonwealth, Africa, and Asia |
Sources: GARP (garp.org) and ACCA (accaglobal.com), current as of July 2026. Fees and pass rates change periodically, and ACCA's structure changes in 2027 — always confirm against the official body before registering.
Choose FRM if…
FRM is the better fit if
- You want to specialise in risk — market, credit, or operational
- You're targeting a bank risk function, a regulator, or a risk-focused asset manager
- You want a faster path — most candidates finish both parts in 1–1.5 years
- You're comfortable that the credential is a specialist signal rather than a professional licence
ACCA is the better fit if
- You want to be an accountant, and you want that to travel across borders
- You want breadth — financial reporting, audit, tax, management accounting
- You value flexible, self-paced sittings four times a year
- You can work with the 2027 transition rather than against it
Can you do both?
Yes, but it's uncommon and the overlap is small. ACCA's financial-management papers touch risk, though not at the depth FRM Part II tests, so the second qualification is close to a fresh start rather than a discount on one. Where the pairing does appear, it's usually in treasury and bank finance — roles that need both the reporting grounding and the risk vocabulary. Neither body grants exemptions for the other.