Hi ankit,
My *understanding* is: you can indeed sit for the exam without having completed the two year work experience requirement (e.g., you can pass the exam with 1.5 years work experience). But you cannot use the FRM designation until you have met the work experience. So, if you should pass the exam; you will need to wait until you qualify under the work experience. Only then can you use the FRM designation. So, after the six months, then you can use the FRM.
I believe the designation itself is binary: you either meet all the conditions, or you do not; if you do not meet them all, you cannot use the designation in any way.
But I forwarded this query to my GARP contact for clarification b/c of course there are some nuance issues here (e.g., how long before you must meet experience; I do not think your resume can you “I passed the FRM exam” but I am frankly not sure about that) which i do not know the answers to.
David
APPEND: sorry, i neglected the 2nd part of the question. My understanding is that, yes, that job role (equity analyst) does indeed qualify.