PRM Exam Exemptions – University Accreditation

PRMIA Risk Accreditation Program

PRMIA Members who are also graduates of University Programs that are part of the PRMIA Risk Accreditation Program are eligible for exemptions for the Professional Risk Manager Designation (PRM™) Exams.

Students must successfully complete the appropriate courses within the PRMIA Risk Accreditation Program to be eligible for the exemptions. All students are required to take and pass the other required examinations within the PRM™ program as well as meet all other PRM Designation requirements (experience and membership). 

PRM Exam Structure and exempted exams

Exam Program Exempted Exams Required Exams
PRM™ Designation

Exam 1: Finance Theory, Instruments, and Mathematical Foundations of Risk Measurement

Exam 2: Risk Management Practices, PRMIA Standards of Best Practice, Conduct and Ethics, Bylaws, and the Case Study Practicum


Prospective students can be confident that accredited degree programs have a high degree of commonality with the PRM™. They can also be confident that these degree programs are appropriately rigorous, are taught by high quality faculty, and are recognized by potential employers. 

Universities interested in forming a partnership with PRMIA and gaining accreditation for your program, please contact [email protected].

To request a PRMIA Risk Accreditation Program Exemption:

An official transcript from the university is required when you request an exemption. It is recommended that you request the official transcript to be sent to PRMIA prior to submitting your application, although you may submit your application then have the transcript sent to PRMIA. Exemption requests are not reviewed until the PRM Application Fee is paid and the official transcript is received by PRMIA.

To submit your request: 

  1. Official transcript copy sent to PRMIA by University:
    PRMIA
    Attn: Exam Coordinator
    1700 Cannon Road, Suite 200, Northfield, MN 55057 USA

    Electronic transcripts: [email protected]
  2. Submit your PRM Application and pay the Application Fee 

All PRMIA Risk Accreditation Program exemption requests are processed within one week of receipt of the official transcript. Individuals seeking exemptions will be notified by the PRMIA Exam Coordinator if further Information is needed or once the exemption request is approved. 

PRM Fees

Even if individuals are eligible for a PRM Exam Exemption, the complete PRM Program Fee must be paid. There is no additional fee for the PRMIA Exemption process.

If you have any questions, please contact [email protected]

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University Degree Programs

Listed below are those programs currently holding a PRMIA Risk Accreditation. These universities have each completed a rigorous application process.

To earn exemption from PRM™ Exams, graduates from these programs must pass all of the courses listed within the program shown below. A "pass" is determined based on the University's grading policy or, in the absence of a university grading policy, PRMIA will accept any course with a letter grade of B or better (e.g., B−, B, B+, A−, A, A+).

Click on each degree program name for a list of required courses.  A link to the university's program webpage is provided.

Engineer ENSAE - Specialty in Quantitative Finance and Risk Management

  • Asset pricing and hedging of derivatives (formerly Asset Pricing and Arbitrage)
  • Financial Econometrics
  • Portfolio Management (formerly Asset Management)
  • Financial Instruments
  • Models of the interest rate curve (formerly Term Structure of Interest Rates)
  • Financial Strategy

Georgia State University, Robinson College of Business - MS Mathematical Risk Management

  • MRM 8320 - Stochastic Risk Management Models
  • MRM 8600 - Theory of Risk Sharing
  • MRM 8610 - Financial Engineering
  • MRM 8630 - Stochastic Interest Rate and Credit Models
  • FI 8000 - Valuation of Financial Assets (if not waived)
  • MRM 8640 - Advanced Credit Risk Modeling (formerly FI 8400 - Financial Management of Depository Institutions, or FI 8310 Investment Banking, or FI 8420 The Financial System)
  • RMI 8370 - Financial Risk Management
  • MSA 8200 - Econometric Modeling for Analytics (formerly ECON 9720 - Econometrics)

Heriot-Watt University – MSc in Quantitative Financial Risk Management

  • Financial Markets
  • Credit Risk Modeling
  • Derivative Market & Pricing
  • Enterprise Risk Management I
  • Enterprise Risk Management II
  • Special Topics in Risk Management
  • Statistical Methods
  • Time Series Analysis
  • Financial Econometrics
  • Economic Scenario Generation

University of Reading ICMA Centre - Masters in Financial Risk Management

  • ICM107 Securities, Futures and Options
  • ICM103 Quantitative Methods for Finance
  • ICM108 Fixed Income and Equity Investments
  • ICM231 Financial Instruments
  • ICM106 Financial Markets
  • ICM207 Market Risk

Imperial College London - MSc Risk Management & Financial Engineering

  • Markets and Securities
  • Financial Modeling
  • Mathematical Finance 
  • The Finance Industry
  • Risk Management
  • Financial Statistics
  • Investments and Portfolio Management
  • Stochastic Calculus for Finance
  • Advanced Financial Statistics
  • Financial Engineering
  • International Finance
  • Numerical Finance

North–West University; South Africa – Honors BSc in Business Mathematics and Informatics with specialization in Quantitative Risk Management

  • BWIN613 Financial Engineering I
  • BWIR671 Research Module: Financial Engineering and Modelling (formerly BWIN623 Financial Engineering II)
  • BWIN614 Investment Theory I
  • EKRP311 Risk Management
  • EKRP321 Financial Markets
  • WISN211 Analysis III (formerly WISK211 Analysis III)
  • WISN212 Linear Algebra I (formerly WISK212 Linear Algebra I)
  • TGWN223: Numerical Analysis (formerly WISK221 Analysis IV and WISN221)
  • WISN222 Linear Algebra II (formerly WISK222 Linear Algebra II)
  • STTN311 Statistical Interference (formerly STTK311 Statistical Interference)
  • STTN221 Probability Theory (formerly STTK221 Probability Theory)
  • STTN612: Statistical Data Analysis: Models (formerly STTK612 Statistical Data Analysis: Models)
  • STTN622: Statistical Data Analysis: Time Series (formerly STTK622 Statistical Data Analysis: Time Series)

NYU Stern School of Business Executive Master of Science in Risk Management

  • XRM1-GB.8101 Risk, Corporate Finance, and Valuation (Formerly titled Strategic Risk Frameworks 2 – Corporate Finance)
  • XRM1-GB.8205 Concepts of Risk Management: Statistical Risk Models (Formerly titled Concepts of Risk Management 1 – Statistical Models)
  • XRM1-GB.8254 Strategic Risk Drivers (Formerly titled Strategic, Sovereign and Reputational Risk, with Strategic Risk Frameworks 1 – Risk Profiling)
  • XRM1-GB.8255 Risk Management in Global Corporate Finance (Formerly titled Risk Management in Global Finance)
  • XRM1-GB.8257 Enterprise Risk and Corporate Governance (Formerly part of Strategic, Sovereign and Reputational Risk)
  • XRM1-GB.8103 Managing Risk in Complex Capital Projects (Formerly titled Financial Crises: Causes, Consequences, and Remedies and Topics in Volatility)
  • XRM1-GB.8303 Market Risk, VaR Modeling and RAROC (Formerly titled Market Risk, VaR Modeling and RAROC)
  • XRM1-GB.8305 Concepts of Risk Management: Financial Applications (Formerly titled Concepts of Risk Management 2 – Finance Applications)
  • XRM1-GB.8350 Risk and Behavioral Finance (Formerly titled Behavioral Finance – Applications to Risk)
  • XRM1-GB.8351 Credit Risk (Formerly titled Credit Risk Management and Credit Derivatives)
  • XRM1-GB.8352 Bankruptcy and reorganization (Formerly part of Credit Risk Management and Credit Derivatives)
  • XRM1-GB.8356 Risk and Structured Finance

Queen's University Belfast - MSc Risk Management and Investment Management

  • Asset Pricing
  • Corporate Finance
  • Financial Regulation and Risk Management (Formerly Module 7023 – Understanding Liquidity Risk)
  • Research Methods in Finance
  • Credit Risk Management (Formerly Module 9003 Money and Banking)
  • Derivatives (Formerly Module 9007 – Options Futures and Other Derivatives)
  • Enterprise Risk Management and Risk Analytics
  • Time-Series Financial Econometrics (Formerly Module 7020 – Introduction to Stochastic Processes in Finance)

University College Dublin, Smurfit School of Business – MSc in Quantitative Finance

  • Derivative Securities
  • Econometrics
  • Financial Theory
  • Fixed Income Securities
  • Introduction to Numerical Methods
  • Portfolio and Risk Management (formerly Risk Management and Financial Institutions)
  • Capital Market and Instruments (formerly Empirical Finance)
  • Quantitative Methods for Finance (since 2017)
  • Advanced Statistical Computing Methods for Finance (since 2017)

University College Dublin, The Institute of Bankers in Ireland – Executive Masters in Risk Management

  • Quantitative Methods 1
  • Quantitative Methods 2
  • Derivative Securities
  • Financial Risk Theory
  • Fixed income & Default Models
  • Bank Asset & Liability Management 1
  • Bank Asset & Liability Management 2
  • Financial Engineering
  • Market Risk Management
  • Credit Risk Management
  • Minor Project

Université Laval – MBA Finance

  • GSF-6053 - Financial Econometrics I (3cr)
  • GSF-6016 Capital markets and portfolio management (4cr)
  • GSF-6020 Preparation for project, essay and thesis (3cr)
  • GSF-6022 Derivatives (4cr)
  • GSF-6029 Financial theory (4cr)
  • GSF-6011 Financial institution management (3cr)
  • GSF-6012 Financial risk management (3cr)
  • GSF-6017 International bond markets (3cr)
  • GSF-6094  Quantitative risk management (3cr)
  • GSF-7000 Financial econometrics II (3cr)

Université Laval – MSc Finance

  • GSF-6053 Financial Econometrics I (3cr)
  • GSF-6016 Capital markets and portfolio management (4cr)
  • GSF-6017 International bond markets (3cr)
  • GSF-6020 Preparation for the project, essay and thesis (3cr)
  • GSF-6022 Derivatives (4cr)
  • GSF-6029 Financial theory (4cr)
  • GSF-7000 Financial econometrics II (3cr)
  • GSF-6011 Financial institution management (3cr)
  • GSF-6012 Financial risk management (3cr)
  • GSF-6094 Quantitative risk management (3cr)

University of Applied Sciences bfi Vienna(UAS bfi Vienna) and University of Economics in Katowice

  • Fundamentals of Finance
  • Fundamentals of Mathematics and Statistics
  • Introduction to Asset Management
  • Multivariate Methods
  • Bank Management
  • ALM and Insurance Management
  • Derivative Pricing (Equity and Foreign Exchange Derivatives/Fixed Income and Credit Derivatives)
  • Fundamentals of Economics
  • Measurement of Market Risk
  • Time Series Analysis

All Asset Management classes in the 2nd semester:

  • Interest rate products, equity, FX, credit products, alternative investments, and structured products.

University of Canterbury –MCom (Finance)

  • FINC203 - Financial Markets, Institutions and Instruments
  • FINC301 - Corporate Finance: Theory and Policy
  • FINC311 - Investments
  • FINC312 - Derivative Securities
  • FINC331 - Financial Economics
  • FINC344 - International Finance
  • FINC623 - Advanced Derivatives Securities
  • FINC305/FINC616 - Financial Modeling
  • FINC629 - Credit Risk Management
  • ECON213 – Introductions to Econometrics
  • ECON324-S1 – Econometrics

University of Hong Kong - Bachelor of Science in Quantitative Finance

  • FINA1310 Corporate Finance
    (or STAT3904 Corporate Finance for Actuarial Science)
  • FINA2320 Investments and Portfolio Analysis
    (or STAT3609 The Statistics of Investment Risk
    or STAT3952 Investment and Asset Management)
  • FINA2322 Derivatives
    (or IMSE4110 Financial Engineering
    or MATH3906 Financial Calculus
    or STAT3618 Derivatives and Risk Management
    or STAT3905 Introduction to Financial Derivatives
    or STAT3910 Financial Economics I)
  • FINA3323 Fixed Income Securities
  • FINA3350 Mathematical Finance
    (or MATH3906 Financial Calculus)
  • FINA3351 Spreadsheet Financial Modeling
  • MATH1013 University Mathematics II
    (or MATH1821 Mathematical Methods for Actuarial Science I
    or MATH1851 Calculus and Ordinary Differential Equations and MATH1853 Linear Algebra, Probability and Statistics)
  • MATH2014 Multivariable Calculus and Linear Algebra
    (or MATH2822 Mathematical Methods for Actuarial Science II
    or MATH2211 Multivariable Calculus and (MATH2101 Linear Algebra I or MATH2102 Linear Algebra II))
  • STAT2601 Probability and Statistics I
    (or STAT1603 Introductory Statistics
    or STAT2901 Probability and Statistics: Foundations of Actuarial Science)
  • ECON2280 Introductory Econometrics
    (or STAT3614 Business Forecasting
    or STAT3907 Linear Models and Forecasting)
  • FINA4354 Financial Engineering
  • FINA3322 Credit Risk
    (or STAT4607 Credit Risk Analysis)

University of Kent - Kent Business School

  • CB8011 Essentials of Financial Risk Management
  • CB8012 Financial Institutions Management
  • CB8014 Financial Data Modelling
  • CB8016 Derivatives
  • CB8021 Foundations of Finance
  • CB8022 Quantitative Methods
  • CB8025 Fixed Income Markets
  • CB9074 Credit Risk
  • CB9121 Mathematics of Finance

University of Waterloo - Bachelor, Mathematics/Financial Analysis and Risk Management

  • MATH 136 and 235 Linear Algebra 1 for Honours Mathematics and Linear Algebra 2 for Honours Mathematics (Formerly Algebra II and III)
  • MATH 137 Calculus I for Honours Mathematics, Math 138 Calculus 2 for Honours Mathematics, and Math 237 Calculus 3 for Honours Mathematics (Formerly Calculus I, II, and III)
  • STAT 230 Probability (Formerly Probability I)
  • STAT 231 Statistics (Formerly Probability II)
  • ACTSC 231 Introductory Financial Mathematics (Formerly Mathematics of Finance)
  • ACTSC 371 Introduction to Investments
  • ACTSC 372 Investment Science and Corporate Finance (Formerly Corporate Finance)
  • CS 335 Computational Methods in Business and Finance
  • MATBUS 470 Derivatives OR ACTSC 446/846 Mathematics of Financial Markets
  • MATBUS 471 Fixed Income Securities
  • MATBUS 472 Risk Management
  • STAT 371 Applied Linear Models and Process Improvement for Business (Formerly Statistics for Business I)
  • CO 372 Portfolio Optimization Models

University Degree Programs–Provisional Accreditation

Listed below are those programs currently holding Provisional PRMIA Risk Accreditation. Provisional Accreditation is available to programs which have less than a three year history. Exam exemptions are not available with provisional accreditation.

Sussex University

Contact [email protected] for questions regarding the PRMIA Risk Accreditation Program.

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