Transition to the 2019 PRM Program


The Professional Risk Manager (PRM™) Designation program underwent an update through the completion of a job analysis study to identify changes that are needed to the program. The changes ensure the PRM program continues to reflect the competencies expected of certified PRMs.

Impacts to the various components of the current PRM Designation program are described below. These changes ensure the content and structure of the certification program reflect the nature of the role that is being examined during the certification process.

After reviewing this information, if you have additional questions, please submit them via a Contact Us form.

Syllabus Impacts

The study found that the nature of the PRM role has remained steady since the publication of the 2015 PRM program, with only a few new topics being added to the syllabus.

  • RORAC, RARORAC
  • Real Estate Evaluation
  • Stochastic Calculus
  • Multi-state Markov Models, Monte Carlo Simulation
  • Bayesian Theory
  • Copula, Probit and Logit
  • Time Series
  • Debit Value Adjustment (DVA) & Margin Value Adjustment (MVA)

    • To view these topics in relation to the 2019 syllabus, download the cross-map of the 2019 syllabus to the 2015 syllabus. (PDF Download)

    Handbook Impacts

    The new topics to be included in the 2019 PRM syllabus will be included in the 2019 edition of the PRM Handbooks.

    Since these new syllabus topics are related to the content already addressed in the 2015 edition, no new chapters will be developed. Instead, the topics will be included as part of the current chapter and section structure, then published in the 2019 edition of the PRM Handbooks.

    Examination Impacts

    The Job Analysis Study Workgroup found that the design of the examination program could be adjusted to make the testing process a more efficient one, while including an assessment of practice within the current computer-based testing environment. The required exams will change from four separate exams to only two exams.

    The current content that is assessed with PRM Exam I (Financial theory, instruments, and markets) and PRM Exam II (Mathematical foundations) will be combined to one examination, the 2019 PRM Exam 1.

    The current content that is assessed with PRM Exam III (Risk management frameworks, operational risk, credit risk, and market risk) will be included in a second PRM exam that will also include a practicum examination. The practicum examination will assess candidates’ ability to take the lessons learned from the PRMIA case studies and apply these to real-world situations. This exam will become the 2019 PRM Exam 2.

    The examination test specifications and the format of the practicum examination, along with sample test questions, are available in the in the PRM Guidebook so that current and prospective candidates can better understand how this change affects their study.

    Exemption Program Impacts

    Given the changes in the 2019 PRM program with how the knowledge and application of the PRMIA case studies will be assessed, the Associate PRM Certificate will no longer be accepted as an exemption for the 2019 PRM program. The exemption period will end at the end of the transition period.

    Candidates who were enrolled into the 2015 PRM program and are eligible for this exemption prior to the transition period end date will be allowed to seek this exemption. Individuals who enroll into the 2015 PRM program during the transition period will be allowed to seek the Associate PRM exemption provided the 2015 PRM Exam III is completed before the end of the transition period.

    No other exemption program is impacted by the 2019 PRM program update.

    Recertification Impacts

    There are no changes to the maintenance requirements for PRM holders who are required to maintain their PRM holder status. PRM holders must maintain their Sustaining membership status to receive access to the CRL Program, which tracks their progress towards meeting the PRM holder recertification requirements.

    March 2019: Program Launch
    • Chapter Resource Kits made available
    • 2019 PRM program launch - online
    • Informational Video - Demystifying the PRM Transition Plan

    July 2019: Enrollment Opens for the 2019 PRM Program

    • 2019 PRM transition plans begin for current candidates pre- and post-testing windows
    • 2015 exams will be available through 19 June 2020
    • Member Webinar - Tutorial and Open Q&A for 2019 PRM Exam 1

    December 2019: Enrollment Ends for the 2015 PRM Program

    • Last chance to enroll in 2015 program - 2015 exams are available through 19 June 2020
    • Member Webinar - Tutorial and Open Q&A for 2019 PRM Exam 2
    • Member Webinar - Tutorial and Open Q&A on 2019 PRM Case Studies

    January 2020
    •  Member Webinar – Understanding Your Final Transition Period

    June 2020: Final Period for 2015 Examinations
    • 2015 exams no longer available after 19 June 2020
    • Final transition plans sent to current 2015 PRM candidates that include details about their examination requirements under the 2019 PRM program
    • Member Webinar – Understanding Your Final Transition Period

    Certification Path for Current Candidates

    PRM candidates who enrolled into the PRM Program prior to 1 July 2019 will have a 1-year transition period during which they should plan on taking and completing their required 2015 examinations. The 2015 PRM candidates will remain in the 2015 PRM examination program until the end of the transition plan year on 30 June 2020.

    Between 1 July and 31 December 2019, new applicants will have a choice to enroll into the 2015 or 2019 PRM examination programs. Candidates who choose to enroll into the 2015 program are required to complete all required 2015 exams before 30 June 2020 after which time they will transition into the 2019 examination program.

    Since the exams can be completed in any order, there are a number of situations in which 2015 PRM candidates may find themselves at the end of the 1-year transition period. To aid the current candidates' progress, PRMIA will provide each candidate an individual transition plan to help them plan during the transition period.

    For candidates who reach the end of the transition period and still have exams to complete, their path will be linked to the most appropriate path for the 2019 PRM examination program.

    The following table shows how the candidates will enter the 2019 PRM program once the 1-year transition period is over. 

    Successful Completion of the 2015 Exams: Required Exams After Transition Period
    2019 PRM Exam 1 2019 PRM Exam 2 2019 PRM Exam 2
    Practicum only
    Exam I only X X
    Exam II only X X
    Exam III only X X
    Exam IV only X X
    Exams I and II only X
    Exams I and III only X X
    Exams I and IV only X X
    Exams I, II, and III X
    Exams I, II, and IV X
    Exams I, III, and IV X
    Exams II and III only X X
    Exams II and IV only X X
    Exams II, III, and IV X
    Exams III and IV only X


    Certification Path for New PRM Enrollees

    Since the launch of the 2019 PRM program includes a 1-year transition period, applicants to the program during the first 6 months of the transition period may choose to enroll into the 2015 program or the 2019 program.

    For new applicants who choose to enroll into the 2015 program, if the required exams are not successfully completed by the end of the transition period, their path will be linked to the most appropriate path for the 2019 PRM program as shown in the table above.

    Access Your Transition Plan

    Transition plans for current PRM candidates will be posted by 1 July 2019 after the completion of the second 2019 PRM testing window.

    At that time, the plan can be viewed by logging into your PRMIA Member Profile and going to the certification tab.

    Register for PRMIA Member Webinars

    Free with Sustaining Membership, these webinars walk you through the PRM certification process. The links below will become active once the event is open for registrations.
    • Tutorial and Open Q&A for 2019 PRM Exam I
    • Tutorial and Open Q&A for 2019 PRM Exam II
    • Tutorial and Open Q&A on 2019 PRM Case Studies

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