Both the Financial Risk Manager (FRM) Level 1 and the Chartered Financial Analyst (CFA) Level 1 exams are rigorous and challenging, but it is difficult to say which one is harder as it largely depends on an individual's background, experience, and strengths. The FRM Level 1 exam focuses on the principles of financial risk management, including quantitative analysis, financial markets and products, and valuation and risk models. It consists of 100 multiple-choice questions and takes four hours to complete. On the other hand, the CFA Level 1 exam covers a broader range of topics, including ethics, quantitative methods, economics, financial reporting and analysis, corporate finance, equity investments, fixed income, derivatives, and alternative investments. It also consists of 100 multiple-choice questions but takes six hours to complete.