I am confused at some of the replies. A VFD would not have a bypass contactor, I think you are talking about a soft start.
I am also confused about the original question. Are you asking about the available fault current at the VFD or at the Branch Circuit Overcurrent Protective Device? The fault current at the controller would be no different, the fault current at the motor may be slightly different.
Another statement was that a VFD would take longer to trip, but VFD's have extremely fast acting semiconducter fuses so they should be faster in a short circuit condition.
We have a number of critical pumps and blowers at the plant I am working at that have VFDs with bypass contactors. That lets us run the pump or blower if the VFD fails.I am confused at some of the replies. A VFD would not have a bypass contactor, I think you are talking about a soft start. ...
Do people normally do an arc flash analysis at motor location? Motor disconnect I can see but the motor itself is not likely to need to do any work that would expose you to the hazard. Not much you can do at a motor while it is running except use a clamp on meter or maybe temperature tests.