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March 11, 2026
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Choosing between GARP’s Sustainability and Climate Risk (SCR®) Certificate and CFA Institute's Sustainable Investing Certificate (formerly Certificate in ESG Investing) can be challenging for finance professionals looking to specialize in sustainability. In this article, we will break down the key differences between them in order to help you decide which one is right for you.
CFA Institute's Sustainable Investing Certificate (formerly Certificate in ESG Investing) is a credential for financial professionals who want to demonstrate their knowledge of environmental, social, and governance factors in investment analysis.
GARP’s SCR Certification is a credential primarily for financial risk management professionals who want to specialize in assessing risk associated with climate change and sustainability.
Both CFA Institute and GARP recommend you spend at least 100 hours preparing for their sustainability certificate exams.
The SCR Certification is a certificate program provided by GARP for individuals interested in enhancing their knowledge of sustainability and climate risk management. Earning this designation will give you the tools necessary to assess and manage sustainability and climate risk challenges in industries such as energy, industrial, agricultural, transportation, and real estate.
An ESG certification is a credential individuals can gain to demonstrate their knowledge of and use of environmental, social, and governance factors in institutional investment analysis. This type of analysis is important to companies who want to understand the overall value and sustainability of an organization or investment.
First, the Sustainable Investing Certificate focuses on topics beyond climate and sustainability by including content regarding “Social” and "Governance" factors.
Secondly, the Sustainable Investing Certificate is better suited for those looking to gain a generalist understanding of these factors and their impact in finance.
With that being said, the CFAI certificate is best for individuals who are in finance and want to understand and be able to speak to ESG factors in their role. This certificate is also best for those who are actively managing an organization’s investments and wish to account for ESG factors in their decisions and/or analyses.
The SCR certificate is best for individuals who specialize in risk management and are seeking to include in-depth analyses of climate and sustainability risks in their reporting.
Individuals who earn these certificates often hold job titles such as:
ESG Analyst
ESG Advisor or Associate
Sustainability/ESG Director
Director Sustainable Finance
ESG Sales & Delivery Manager
ESG Program Manager
The most common job titles of individuals who hold the SCR certificate are:
Audit Manager
Business Analyst
Chief Executive Officer
Chief Information Officer
Chief Marketing Officer
Chief Risk Officer
Environmental Engineer
ESG Analyst
Geoscientist
Head of Innovation
Principal Data Scientist
Risk Manager
Senior Legal Counsel
Senior Software Engineer
Sustainable Finance Specialist
Both certificates require a fee to enroll. No work experience is required to sit for the SCR Certificate exam or the Sustainable Investing Certificate (formerly Certificate in ESG Investing) exam.
Both the SCR Certificate exam and the Sustainable Investing Certificate exam are multiple-choice, pass/fail exams that require at least 100 hours of preparation.
GARP Sustainability and Climate Risk Certificate | CFAI Sustainable Investing Certificate | |
|---|---|---|
Recommend Prep Time | 100-150 hours | 100 hours |
Exam Format | Multiple-choice including one case study. | Multiple-choice |
Exam Duration | 4 hours | 2 hours and 20 minutes |
Exam Scoring | Pass/Fail | Pass/Fail |
GARP’s SCR Certificate is slightly less expensive than CFAI’s Sustainable Investing Certificate if you are a non-member of both organizations.
GARP Sustainability and Climate Risk Certificate | CFAI Sustainable Investing Certificate | |
|---|---|---|
Exam Enrollment Fee | $750 | $890 |
Exam Retake Fee | $350 | $690 |
The SCR curriculum is largely about sustainability and climate risk in the context of finance and financial reporting, indicating the certificate is well suited for those working in a financial risk management role. However, the certificate is also relevant to individuals who need to understand sustainability and climate risk for their role (e.g., CEO, supply chain management, operations, technology), but are involved more in operational or other risk management rather than direct financial risk management.
The SCR exam comprises 80 equally-weighted multiple-choice questions, including one case study.
GARP SCR Curriculum Topics | Number of Questions |
|---|---|
Foundations of Climate Change: What is Climate Change? | 8-12 questions |
Sustainability | 8-12 questions |
Climate Change Risk | 8-12 questions |
Sustainability and Climate Policy, Culture, and Governance | 8-12 questions |
Green and Sustainable Finance: Markets and Instruments | 8-12 questions |
Climate Risk Measurement and Management | 12-15 questions |
Climate Models and Scenario Analysis | 8-12 questions |
Net Zero | 3-5 questions |
Climate and Nature Risk Assessment | 3-5 questions (Case Study) |
Transition Planning and Carbon Reporting | 3-5 questions (Case Study) |
GARP’s SCR Certificate exam is offered twice a year in April and October. You can schedule an in-person Computer-Based Testing (CBT) Exam at a Pearson VUE test center or online proctored exam using the Pearson Vue scheduling website.
SCR Exam Date | Early Registration Deadline | Standard Registration Deadline |
|---|---|---|
April 18 – 26, 2026 | January 31, 2026 | March 31, 2026 |
October 17 – 25, 2026 | July 31, 2026 | September 30, 2026 |
Generally SCR exam pass rates hover around 50%, which emphasizes the importance of spending the recommended amount of time (100-150 hours) preparing.
The SCR exam is scored just like the CFAI’s Sustainable Investing Certificate which is graded on a pass/fail basis.
Learn important details for CFA Institute's Sustainable Investing Certificate (formerly Certificate in ESG Investing).
Notice the weight given to topics such as “ESG Analysis, Valuation, and Integration” and “ESG Integrated Portfolio Construction and Management.” These two topics make up a significant portion of the curriculum and will certainly test candidates' ability to apply a range of approaches to ESG analysis and integration across a range of asset classes.
Sustainable Investing Certificate Exam Curriculum Topics | Topic Weights |
|---|---|
Overview to ESG Investing and the ESG Market | 8-15% |
Environmental Factors | 8-15% |
Social Factors | 8-15% |
Governance Factors | 8-15% |
Engagement and Stewardship | 5-10% |
ESG Analysis, Valuation and Integration | 20-30% |
ESG Integrated Portfolio Construction and Management | 10-20% |
Investment Mandates, Portfolio Analytics and Client Reporting | 5-10% |
Candidates have six months to sit for the exam after registering. If they miss the deadline, they will need to re-register and pay another enrollment fee to get back into the program. No refunds will be issued to those that miss their exam eligibility window deadline.
Candidates are allowed to take the exam any month of the year including January. Candidates are allowed to sit for the exam within their eligibility window at selected Prometic sites worldwide or via online proctored testing, where available and/or permissible by local regulation.
Candidates will not be able to sit for the exam on holidays or weekends.
The pass rates for the CFA ESG certificate have been historically high. CFA ESG pass rates are typically between 70-80%, so this is considered a slightly less challenging program than the SCR Certificate.
The grading process for CFA Institute's Sustainable Investing Certificate exam is pass or fail based on a minimum passing score.
There are a few providers of certificates that incorporate ESG topics into their curriculum.
Provider | Certificate | Best Fit |
|---|---|---|
CFA Institute | - Investment professionals who want to understand ESG issues and incorporate ESG factors into the investment process. - Students or any professional who wants to pursue a career in institutional investment. | |
European Federation of Financial Analysts Societies | - Financial analysts and portfolio managers looking to integrate ESG data in their capital allocation processes. | |
Global Association of Risk Professionals | - Risk managers who want to understand the effect of climate change on organizations and how to manage that risk. | |
Sustainability Accounting Standards Board | - Professionals in corporate finance, investor relations, and corporate accounting who want to better understand the link between financially material sustainability information and a company’s ability to drive enterprise value. |
Below are commonly asked questions about ESG investing in general and about both GARPs SCR certificate and CFA Institute's Sustainable Investing Certificate (formerly Certificate in ESG Investing).
If you are a financial professional that helps investors or companies make investment decisions, obtaining an ESG certificate is worth the investment. ESG investing is a rapidly growing practice within the institutional investment field and investors are looking for individuals with a good understanding of the different approaches to responsible investment.
Yes, if you are a financial risk management professional or someone who plans to work in the climate risk and sustainability field, earning a SCR Certificate is worth the investment.
Registering for CFA Institute's Sustainable Investing Certificate exam is easy. Simply create an account with the CFA Institute, and look for a link to register for the Sustainable Investing Certificate Exam program via your email. Once you register for the program, you will have six months to schedule the exam.
Candidates should begin studying before actually scheduling a date to sit for the exam.
To register for the SCR Certificate, login to your candidate portal, complete the registration form online, pay the registration fee, and decide if you want to take the exam at a Pearson VUE exam site or remotely through Person VUE’s online proctoring system.
As part of the registration process for the SCR Certificate you will need to agree to adhere to the Candidate Responsibility Statement and the GARP Code of Conduct.
To study for the CFAI Sustainable Investing Certificate, candidates with no professional experience in ESG investing should expect to study around 100 hours. Candidates with professional experience in the curriculum topics should anticipate studying around a little less than 100 hours.
Once candidates decide to which category they belong, they should begin to review the ESG curriculum and read-through the program syllabus. The syllabus tells candidates what skills and knowledge they are expected to demonstrate by the end of the program.
After becoming familiar with curriculum topics and learning outcomes, candidates should begin preparing for the ESG certificate exam. During this prep time, registered candidates will receive access to self-assessment questions and a mock exam from CFA Institute that should be used strategically.
Once candidates have their ESG prep materials and study plan, their success will be largely determined by how committed they stay to following their study plan.
To prepare for the SCR Certificate exam, you should expect to spend 100-150 hours studying and preparing. Start by developing a study plan that gives you enough time to learn the SCR curriculum, complete all of the SCR required readings, and take a few mock exams.
Once you have your study schedule completed, stick to the plan. Don’t forget to schedule your exam before the scheduling deadline.
You should receive your SCR Certificate exam results within four weeks after the exam window closes. So, if you took the SCR Certificate exam during the October exam window, expect to receive your exam results by the end of November or early December.
Candidates will be presented with their results (pass/fail) immediately after completing the exam.
Whether you choose to pursue GARP’s SCR Certification or CFAI’s Sustainable Investing Certification, Kaplan Schweser has study materials available to help you prepare for a successful exam day.
Written by Kaplan Schweser experts, reviewed by Jim Maher, CFA, CFP. Jim is a Senior Content Specialist at Kaplan Schweser, where he contributes to the development of CFA program study materials. With over 30 years of experience in the financial planning industry, Jim brings deep expertise as both an educator and advisor. He is a CFA charterholder and a key member of the Kaplan Schweser faculty. He is also one of the experts who developed and teaches in the SCR certification course.
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