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Hi Saurav,
It is good that you are considering to pursue CFA or FRM. Both are US certifications and recognized globally. But do not make a blunder to start both at the same time. So, I will straight away come to the point. If you are ready to study hard for 3 to 4 years then go for CFA. If you do not have patience and want to do something good in 1 year, then go for FRM.
If you are targeting both CFA and FRM then first do FRM and then go for CFA. Because entire FRM course covers half of the syllabus of CFA Level 1. Both CFA and FRM will give good career options as financial analyst in BFSI sector.
To know more please refer these links :
http://www.edupristine.com/blog/cfa-vs-frm
http://www.edupristine.com/centers/delhi

Hi Saurav,
A Master's degree in Finance or a related field is recommended but not necessary. You can also have an MBA and then opt for PhD in Finance. You must however demonstrate excellent knowledge and quantitative skills, relevant experience and interest in Finance and high level inclination towards research and academics and the given subject. Assuming from your question that you are looking for a Ph.D in USA, please note that you must give the GMAT and TOEFL as a part of the admissions process. Having a FRM will definitely add a value.
Some of the best B-schools you can consider are:
1. NYU Stern.
2. University of Michigan.
3. Eli Broad College of Business.
4. University of Chicago – Booth.
5. University of Illinois at Urbana-Champaign and
6. University of Virginia Darden School of Business.
These are some of the CFA Partner Universities and amongst the most competitive schools.
I would also request @|John64176| to put forward his valuable suggestions here. Hope this helps.

One of the best colleges in Delhi to pursue BBA is IILM, Lodhi road. It is centrally located and offers an international degree for the BBA programme. IILM offers BBA in association with Monroe College, New York. The students get an opportunity to realise their study abroad dreams wherein they receive an internationally accredited degree in India itself. Students will be registered at Monroe College in New York on taking admission at IILM. Students will have access to the Learning Management System of Monroe College and to their student community. At the end of the three-year programme they will be awarded a Monroe college degree right here at the IILM campus in India. Student may transfer to Monroe college in New York at any time and continue with the studies without any interruption. Curriculum and semester system at IILM run parallel as in Monroe College in New York. For more information, visit monroe. Iilm. Edu or contact the Admissions team for eligibility criteria.

For several B.Tech students planning to pursue higher education, it is primarily a choice between master of business administration (MBA) and master of technology (M.Tech) programmes. While both qualifications offer good placements and a stable career, the decision should be a well-calculated one. While an MBA prepares you for generalist roles and opens your avenues in non-technical industries, an M.Tech qualification offers you plush jobs and a freedom to take your love for technology to the next level. While both these career options are stable and rewarding, current trends indicate that students prefer MBA over M.Tech. Besides opening various employment avenues across industries, an MBA degree gives students a chance to build a promising foundation for their career. The difficulty level and rigour associated with an M.Tech degree also adds to the popularity of MBA in the student community. Hope this will help.
Good luck.