FRM Vs CFA for Quant Job/ Risk management

Hi All
I first of all request all of you to please post your questions on blog and avoid sending e-mails. Although, We will try and answer those e-mails as well..

Question: I am a dual degree for IITM (CSE). I am working in IT sector since 2007 Dec. I started reading about finance and got interested in it so I decided to go for FRM as I found the content more of my interest. I wrote FRM 2008 but did not get through it.I can not go for MS or MBA right now. I am planning to do either of them after 4-5 years but I would like to enter into finance(risk management, quant) desperately :)So now I am very confused as what to choose FRM or CFA (as it is more recognized) or both for this year? :) Personally I am more inclined towards FRM but would like to know your views. Also is it really safe to switch in finance domain in current scenario??
The simple and straight answer in my opinion is FRM. As you mentioned, you have been working in IT domain for last 1- 1.5 years, moving on to a quant role would be a smooth transition ( ofcourse with little more skill set). FRM is specifically designed to pursue risk management / quant roles. By work nature, risk manageemnt jobs are heavily quantitative and would suit a background like yours. As I mentioned in one of my earlier posts, for entry level jobs it doesn't really make any difference if you are FRM / CFA.
Good points about FRM ( relevant to your specific case) :
1) Has only 1 level ( Would change to 2 levels from next year)
2) Clearly shows your focused interest towards risk management.
3) Roles like Credit risk and Market risk require experience of working on advanced excel, access, perl and other statistical softwares.
4) Adds a uniqueness to your profile
@ CFA-- You can actually find hundreds of people with CFA level 1 and level 2. You woudn't do yourself much good by adding to this crowd. I mean CFA is a fantastic option if you want to enter investment management, valuation , equity research roles and importantly, clear all the three levels. So CFA requires a dedicated effort of 2-3 years to achieve fruitful gains.
If you carry the passion for finance and are not currently sure about which role you want to enter then appearing for both FRM and CFA is a good idea and you should do it. You will have to plan your schedule and finances.
Regarding exam strategies, we will be posting very soon...

Cheers
BG