The paper deals with the issue of genesis and poetics of folklore works developing the theme of so-called female initiations. The issue is raised and solved using the material of the fairy-tale plot about Finist the Bright Falcon, which is popular in Russian culture (literature, cinema, theatre etc.) (CIP 432). The aim of the research is to provide an empirical substantiation of a comparative methodology for studying folklore texts based on the simultaneous application of V. Ya. Propp’s and J. Campbell’s methodologies, using the texts of fairy tales about Finist the Bright Falcon. Scientific novelty lies in the fact that the effectiveness of the comparative methodology is proved using the example of CIP 432 “Finist the Bright Falcon” fairy-tale plot. The research involves texts from the classical collections by A. N. Afanasyev, D. K. Zelenin. A comparative analysis of these texts was carried out element by element. As a result, a diagram of the heroine’s path from the plot about Finist the Bright Falcon has been compiled according to V. Ya. Propp’s and J. Campbell’s methodologies; the significant content-related differences and the advantages of each methodology have been identified.