CFA

Let's look at the few fields to see what kind of jobs you can find to satisfy the requirements.
Front office: Actual Trading or Trading Desk support, where you help the traders make their decisions.
Middle office: Operations in big investment banks, they deal will processing of the trades after it's done, they enrich the trade and record it in Accounting Systems.
Back office: All kind of Reporting, Analytics, Risk calculations, Regulatory etc.
Research: Fundamental, Technical Research, Top to Bottom (at Country / Macro level, narrowing down to Company level) or Bottom to Top (Compare few companies and see why they are earning more than peers or if the peer group is doing better than the industry as a whole), Industry life-cycle phase or Product life-cycle phase etc. These groups do all the calculations that enable the Front-office to make the decisions.
Tech: Coding applications that enable any or all of the above
Supervising: Directly managing / supervising the team that's doing any of the above.
Teaching: If you are teaching CFA candidates
All you need to prove is that either you made portfolio management decisions or your work helped somebody else make those. Also this doesn't need to be continuous 48 months, it can be different positions with different companies over your entire career. You can also include the internship / positions that you have had while preparing for the exams.

Check the below link for CFA:
https://www.shiksha.com/banking-finance-insurance/exams/cfa-exam
FRM is conducted in two parts:
Clearing the FRM Exam Part I is the first step for an individual to become a Certified Financial Risk Manager. The candidates are expected to know about the risk management concepts and theories as they would apply to a risk managers daily work. The Part I exam focuses on the essential tools and concepts required to assess financial risk. This exam is available in the month of May and November each year. There are 100 multiple choice questions to be attempted within the duration of 4 Hours. The Financial Risk Manager Exam Part-2 is the second of two exams that a candidate has to clear to become a certified FRM. The FRM Exam Part-2 focuses on the practical application of risk management tools covered in Part I to specific areas of risk management such as credit risk, market risk, and operational risk. This exam is available in the month of May and November each year. There are 80 multiple choice questions to be attempted within the duration of 4 Hours.

CFA Institute is a global association of investment professionals. The organisation offers Chartered Financial Analyst designation, the Certificate in Investment Performance Measurement designation, and the Investment Foundations Certificate. There is only one institute of CFA in india i.e. The Institute of Chartered Financial Analysts of India (ICFAI) was established in 1984 as a not-for-profit educational society in Telangana, India. The institution has been offering education to students across India through its various programs in the field of higher education. The institution was founded by N. J. Yasaswy, Besant C. Raj and Dr. Prasanna Chandra, the Director of Centre for Financial Management.

There are no exemptions but it is well-known that the CFA programme is a little difficult to pass. But with your basic concepts already in place through an MBA in Finance, it becomes a little easier to wade through the CFA curriculum. Firstly, MBA Finance more or less prepares you for CFA Level 1 very well, plus the time management skills that MBA students have, is immensely beneficial for tackling CFA exams. So we can say that doing a MBA Finance before a CFA makes your chances of passing the programme in lesser attempts. Also, after an MBA you GET considerable work experience through the placement, which is also a requirement for obtaining the CFA designation.