Career

The Financial Risk Manager is a global certified program based in the US and offered by the Global Association of Risk Professionals. The course consists of two parts and prepares you for everything from risk management and measurement to quantitative analysis techniques, as well as financial markets and products and evaluation models.
The FRM course requires the candidate to have two years of full time working experience in the finance arena which can be in the form of risk management, trading, academia, equity research, portfolio management, auditing, economics, risk management or risk consulting.
What is MBA or Master of Business Administration?
A Masters degree in business administration prepares you for the field of business and is typically for people who want to make a career in marketing and general management. The two years course offered in business schools prepares you for management analysis and strategy while providing a thorough knowledge on accounting, finance, marketing and human resources.
The MBA course is available in full time, part time and distance learning processes, with each having a significance of its own in the industry.
FRM vs MBA Requirements
The cost often plays a huge deciding factor for many and is one of the biggest disadvantages of an MBA program. While MBA is a two year rigorous study filled with internships and exams, passing the FRM certified course is more difficult as it requires a great amount of dedication and hard work from the entrant. The success rate for FRM courses is 45% to 52% and this can give you a fair idea about its difficulty. The FRM is a multiple choice questions exam.
The MBA program is set in a semester mode and the two year course sees a candidate pass out four semesters. The success rate of a candidate in this program depends on his GPA, test score, strong work ethics and internships, great recommendations by professors as well as industry professionals with whom he has rubbed his shoulders and his leadership qualities and abilities to come out with an edge amongst his peers. Thus career prospects vary and depend on an individuals talent and hard work.

UK Actuaries is governed by Institute and Faculty of Actuaries (IFOA). Whereas Indian Actuaries is governed by Institute of Actuaries of India (IAI). Both Indian & UK actuaries are sought after courses and have their own pros and cons. One point worth pointing is the Mutual Recognition Agreement signed between both these institutes.
Any IFOA candidate can claim exemption of any of the 15 subjects from IAI if he has cleared it from IFOA on payment of an exemption fees. In retrospect, an IAI candidate can also claim exemption from IFOA for any of the 15 subjects. It simply means that a candidate needs to clear a subject from one Insitute only.
Eligibility
IAI - Any person who has passed 12th can register for an ACET. Only after passing ACET can a person be eligible to take membership of IAI. ACET (entrance exam) is an online objective paper conducted twice a year (June/Dec) based on 12th Maths & Statistics.
IFOA - There are two criteria here
Direct Membership - If the candidate has 80% in 12th Maths (or) 55% in Graduation Maths (or) 55% in MBA Finance he can directly register for membership and then appear for CT exams.
Non-Membership - If the candidate doesn't fulfil any of the above requirements he has to first sit for CT-1 ( Financial Mathematics) and can register for membership only after clearing this exam.
Fees
IAI - Fees consist of -
One-time Fees for registering into ACET - Rs. 3000
One-time Fees for Admission into the Actuarial course - Rs. 1500
Per subject, fees Varies between 2000 & 4000 (This fee excludes the cost of Study Material I.e. Rs. 2500 which is compulsory to purchase)
Annual Membership Subscription Fees - Rs. 750
IFOA You can find the fees structure of IFOA from this link. The fees are approximately 2.5 times of that of IAI.
Exams & Passing Percentage
Both IAI & IFOA has the same syllabus. In fact, IAI distributes the same study material issued by the IFOA. So anyone preparing for IAI exams can appear for IFOA and vice-a-versa. So, if you wish, you can sit for both the exams, it would simply enhance your chances of clearing it.
IAI - Syllabus
IFOA - Syllabus
Regarding Passing percentage, it's a common trend that the CT level papers of IAI are tough as compared to that of IFOA. And the CA, ST & SA level papers of IFOA are tough as compared to IAI. So, it would be wise enough to register for IFOA first then switch to IAI in the later stage.