Hi KK,
May I ask which part of the financial industry are you planning to explore? If it is specific to Risk Management, FRM is a very good option. It tests inside out of Risk Management and belive the cracking FRM is as difficult as bringing down a mammoth. You need to know all the concepts.. coz end of the day it is not how good you are in calculation and numbers, it is how quicky can you assess a situation and provide appropriate solution.
If, on the other hand, you want to explore a wider financial market, you may opt for CFA instead.
I have tried cracking FRM and (I blame myself) for taking it so very lightly and I flunked miserably....
FYI - Previously FRM was a single exam.. Starting 2010 it is split into 2 Levels.. similar to CFA.. you need to crack both levels. There is a fees (I think 150 USD) which you need to pay each year to be a member of GARP
Hope this information was helpful...
Regards,