We compare the bipartite entanglement and EPR-steering properties of the two different schemes which produce third harmonic optical fields from an input field at the fundamental frequency. The first scheme uses second harmonic cascaded with sum-frequency generation while the second uses triply degenerate four-wave mixing, also known as direct third harmonic generation. We examine and compare the two schemes in both the travelling wave and intra-cavity configurations. We find that both schemes produce continuous-variable bipartite entanglement and EPR-steering. The direct scheme produces a greater degree of EPR-steering while the cascaded scheme allows for greater flexibility in having three available bipartitions.