PRMTM Frequently Asked Questions

Many of your questions can be answered in the PRM Candidate Guidebook. However, as a quick reference, some of the more commonly asked questions from exam candidates can be found on this page. Do not hesitate to contact certification@prmia.org or call+1-612-605-5370 or +44 020 7096 0827 for answers to any other questions that you may have.

About the PRM Exam Designation

  1. What is required to receive the Professional Risk Manager designation?
  2. What is required to maintain your Professional Risk Manager designation?
  3. What is the designation that successful candidates are awarded?
  4. Why is this program preferred over other risk management designations?
  5. What do past candidates say about the PRM?
  6. What does having PRM after my name do for me?
  7. Why should I chose the PRM over other credentials?
  8. I just want to learn more, not to be certified. Is this still for me?
  9. I want to know more details. What should I do?

Exam Prerequisites

  1. Are there any prerequisites?
  2. What are the minimum experience requirements to take the PRM exam?
  3. Why does PRMIA implement minimum experience requirements?

Exam Structure and Format

  1. Can I take the exams separately?
  2. How long do I have to pass all four exams?
  3. What if I fail an exam?
  4. How long are the exams?
  5. Do the exams have multiple choice and written answers?
  6. In which languages can I take the PRM exams?
  7. Must I take the exams in chronological order?
  8. What is the expected pass rate?
  9. What is the expected passing grade?

Study Materials

  1. What are the required reading materials?

Study Preparation

  1. How much study time do I need to prepare?
  2. Between family and work, I don't have time to prepare for lengthy exams. Can you help me?
  3. Can I Bring a Calculator or PDA into the Exam?

Exam Cost

  1. What is the cost?
  2. What is the cost for CFA Charterholders and others who are exempt from PRM Exams I & II?
  3. For how long will the PRM vouchers that are part of the PRM bundle be valid?
  4. Are any discounts available?

Exam Scheduling and Testing Windows:

  1. What are the current offering dates?

Exam Registration and Testing Centers:

  1. How do I register?
  2. If I'm Ready to Register Now, What Should I Do?
  3. Can I Bring a Calculator or PDA into the Exam?
  4. Where can I take the exams?
  5. What kind of testing site security will there be?

Cross-Over Exemptions

  1. Does my other certification qualify for an exam exemption?

Exam Results and Designation Certificate

  1. Where do I find my exam results?
  2. How and when do I receive my PRM Designation Certificate?

Answers

About the PRM Exam Designation:

Q. What is required to receive the Professional Risk Manager designation?
A. To receive the PRM designation, candidates must:

  • pass all four exams in a two-year period (exemptions may apply)
  • score 60% or higher on each individual exam
Candidates may take the exams in any order. The two-year period commences from the date of the first successful PRM examination. Candidates may take exams over more than a two-year period, but any exams passed more than two years in the past will need to be retaken. Candidates may retake any failed exam, but must wait 60 days from the date of the failed exam.

Q. What is required to maintain the Professional Risk Manager designation?
A. Maintenance of the PRM designation is only applicable to PRM Certified Professionals who have taken one or more of the PRM exams.

Maintenance requirements are below. These requirements ensure your ongoing commitment in keeping your risk knowledge base current.

  • Hold a PRMIA Sustaining membership each year, starting with the day you obtain your PRM designation. This membership will provide you with access to continuing risk learning opportunities, in addition to numerous other benefits.
  • Complete 20 Continuing Risk Learning (CRL) credits. PRMIA PRM Continuing Risk Learning (CRL) Program requires PRM Certified Professionals to complete 20 CRL ongoing education credits each calendar year, starting with the calendar year immediately after you have obtained your PRM designation. PRMIA will offer opportunities throughout the year to obtain these credits, such as webinars, training courses, event presentations, and articles. The PRM CRL Program will be released mid-2015 including details of activities that are eligible for credit, how to report credits and access to your reporting center. As stated above new PRM Certified Professionals have until the end of the following calendar year from the date they obtained their PRM designation to complete and report all 20 CRL credits.

    If a PRM Certified Professional fails to submit 20 CRL credits or maintain a Sustaining membership, their PRM designation will lapse. If their designation lapses for more than three years in a row, the candidate will need to re-write PRM Exam III and pay a $400 reinstatement fee in order to re-achieve their PRM title.

Q. What is the designation that successful candidates are awarded?
A. With the awarding of the designation and verification of required prerequisites, successful candidates become a Professional Risk Manager, or PRM, and will be provided a unique PRM certificate number. You may use the PRM logo (below), along with the words “PRM” and your unique number on business cards, resumes and CV’s.

 
Q. Why is this program preferred over other risk management designations?
A. The PRM certification has been publicly endorsed by leading universities and businesses around the world. It is the top certification program available for the validation of the knowledge and understanding essential for financial risk managers. No other program has received such backing. Because of its quality and predictive power, many firms are requiring their employees to sit for the PRM, and several universities are building their graduate programs to align with the PRM. View Top Reasons why the PRM is preferred.
 
Q. What do past candidates say about the PRM?
A. We're very proud of our reviews, see for yourself.

Q. What does having PRM after my name do for me?
A. Along with the feeling of accomplishment for completing the coursework and exam comes the ability to set yourself apart in the industry. Less than 20% of risk professionals carry professional risk designation after their name, so PRM Certified Professionals have many more opportunities in the competitive job market. Businesses are recognizing the importance of the skill sets learned in the PRM certification, and many more are mandating the credential in their higher level positions. This means that in the near future upper managers and CROs will be coming from the rank of peers within PRMIA.

Q. Why should I chose the PRM over other credentials?
A. There are only a few credentials in the risk profession that are recognized as industry leading, and the PRM is rated highest. The reason is that our program is so well regarded is that the PRM encompasses both highly advanced academics and practical business application. Employers know that the skills of the PRM Certified Professional are robust and essential to their business, and they respect the added effort that goes into the PRM over other credentials. PRM Certified Professionals stand out in a stack of resumes.

Q. I just want to learn more, not to be certified. Is this still for me?

A. Yes. There is no requirement that you complete all exams. If you want to improve your knowledge and understanding, or want to develop your staff, pick and choose the areas that you think they should know and use our program to validate their success. All financial market participants benefit from a better understanding of risk management Case Studies. You might have your trading desk sit for Exam IV. Suppose someone is applying for an entry level job in your department. You can have them take Exam I or Exam II to determine how ready they are to be developed into a risk manager. The goal of our program is to advance you and the profession. You may also wish to look at PRMIA training and educational offerings for additional resources to expand your professional skills.

Q. I want to know more details. What should I do?
A. Download the PRM Candidate Guidebook. Then, if you have any questions or comments, contact us at certification@prmia.org.

 

Exam Prerequisites:

Q. Are there any prerequisites?
A.

  • Candidates must hold a membership in PRMIA.
  • Candidates who took their first exam on or after January 1, 2014 must meet minimum experience requirements, which include:
    • 4 Years if no bachelor degree
    • 2 Years if bachelor degree
    • No experience requirements if graduate school (i.e. MBA, MSF, MQF etc.) or holder of other accepted professional designations (CFA, CAIA, CQF, etc.)

Documentation of experience will be requested by PRMIA after passing all four exams.

Q. What are the minimum experience requirements to take the PRM exam?
A: Minimum experience requirements include:

• 4 Years if no bachelor degree
• 2 Years if bachelor degree
• No experience requirements if graduate school (i.e. MBA, MSF, MQF etc.) or holder of other accepted professional Designations (CFA, CAIA, CQF, etc.)

Submission of minimum experience requirements is completed online via the 'Manage Experience' link on a Candidate's Certifications or CRL Center tab in their PRMIA Profile. Certified status will not be achieved until experience is accepted, thus it is strongly encouraged candidate's submit experience by the time they have taken their last exam. Candidates will receive an email notification after their experience has been reviewed. Once submitted, experience may be managed via the 'Manage Experience' link in the CRL Center.


Q. Why does PRMIA implement minimum experience requirements?
A. The reason for the PRM requiring some previous experience of related work is that candidates can apply their experience to the theoretical concepts they meet in their study. Also, it allows the PRM to be seen as a qualification that is held by experienced risk management practitioners. This will be an attraction to new PRM candidates and a benefit to PRM Certified Professionals.

 

Exam Structure and Format:

Q. Can I take the exams separately?
A. Exams can be taken in any order and it is up to the candidate to take one exam or multiple exams on a single day.
All four exams must be taken within a two year period, starting the date you pass your first exam.
 
Q. How long do I have to pass all four exams?
A. All four exams must be taken within a two year period, starting the date you pass your first exam.
 
Q. What if I fail an exam?
A. Candidates may retake any failed exam, but must wait 60 days from the date of the failed exam.
 

Q. How long are the exams?
A. PRMIA computer-based method of delivery of the exams allows it to evaluate very specific details about each question administered, including down-to-the-second measurements of how long it takes most candidates to answer each question. Exams vary in length based on these validated testing times:

Exam Exam Name No. of Questions Time Allowed
I Finance Theory, Financial Instruments and Markets 36 2 hrs
II Mathematical Foundations of Risk Measurement 24 2 hrs
III Risk Management Practices 60 3 hrs
IV Case Studies, PRMIA Standards of Best Practice, Conduct and Ethics, Bylaws 24 1 hr
Q. Do the exams have multiple choice and written answers?

A. Questions are all multiple choice. Exam questions are randomly drawn from the exam data base, according to the syllabus order and weightings.The PRM exams are offered in the English language only.

Q. In which languages can I take the PRM exams?

A. The PRM exams are offered in the English language only. The Associate PRM certificate exam is available in Chinese and English. Those who pass the Associate PRM exam are exempt from PRM Exam IV.

Q. Must I take the exams in chronological order?
A. No. You may take the exams in any order.
 
Q. What is the expected pass rate?
A. Just over 65% of those who have sought the PRM designation have been successful. Individual exams have pass rates that are between 59% (Exams I and III) and 78% (Exam IV).
 
Q. What is the expected passing grade?
A. Current passing grades are 60% on each of the four exams.
 
 

Study Materials

Q. What are the required reading materials?
A. The Professional Risk Managers' Handbook : A Comprehensive Guide to Current Theory and Best Practices is the required reading material for candidates preparing for the exams of the PRM designation program.
 
It is also recommended that exam candidates review the learning outcomes in each of the PRM Study Guides.
 
 

Study Preparation

Q. How much study time do I need to prepare?
A. Preparation time will vary greatly according to your knowledge and understanding of the subject matter prior to your self-study. This will also vary according to your ability to commit dedicated and uninterrupted time to your study as well as other factors. In general, candidates who prepare for the exams of the PRM certification program allocate about eight hours per week for three months in preparation for each exam.
 
Q. Between family and work, I don't have time to prepare for lengthy exams. Can you help me?
A. Of course. The Professional Risk Manager program is first and foremost designed to help you and the profession to advance. That is our main goal. So, to help you with your busy schedule, you can take the required exams at your pace, in any order, over a period of up to two years. Individual exams vary in length from one to two hours, making them very easy to fit into most business days. If you find that you want to take two or three exams at once and save the one that you feel will be the most difficult for another time, you can do that. Want to take the exams in two different sittings, you can do that.
 
Q. Can I Bring a Calculator or PDA into the Exam?

A.No. No materials may be brought into the testing room, however, you will be provided with an erasable board upon request, and a software scientific calculator - Texas Instrument TI-30XS (calculator user guide). A practice exam is offered by Pearson VUE where candidates can familiarize themselves with the software calculator and testing environment. Candidates may also wish to purchase the hand-held version (TI-30XS) for use during studying.

Exam Cost

Q. What is the cost?
A.To take the PRM exam you must purchase a voucher, which is your ticket to schedule your exam with the testing center, Pearson VUE. The PRM exam consists of 4 exams. PRMIA sells 4 exam vouchers along with the required study material, the PRM Handbook (printed and/or digital), as an exam voucher bundle .

PRM Program Fee
Price
Risk Leader/Sustaining Member
$1080
Contributing Member*
$1180
Affiliate/Non Member*
$1280

Discounts can be provided to groups of 10 or more by contacting support@prmia.org.Payment by credit card is required for online registration, but if you need assistance with alternate forms of payment, please contact PRMIA Support.

Even if a user is exempt from one or more of the exams, you are required to purchase a bundle package.

Exam vouchers are not refundable. Vouchers expire 30-36 months after receipt. If voucher(s) expires before use you will need to purchase a new voucher(s).

Already purchased a handbook and at least one voucher?
Members that have purchased a PRM handbook and at least one voucher prior to December 31, 2013 can purchase single exam vouchers by requesting voucher purchase access via the exam voucher purchase page or by contacting support@prmia.org.

Q. What is the cost for CFA Charter holders and others who are exempt from PRM Exams I & II?
All candidates pay the same program fee.

Q: For how long will the PRM vouchers that are part of the PRM bundle be valid?
A: PRM vouchers that are purchased as part of a bundle are valid between 30 – 36 months.

Q. Are any discounts available?
A. Discounts are available for companies or institutions that wish to enroll 10 or more candidates in any part of the program. The candidates need not sit at the same time, and your group will have up to one year to use the testing slots purchased. Contact certification@prmia.org to learn more.

 

Exam Scheduling and Testing Windows:

Q. What are the current offering dates?
A. Exams are offered at fixed intervals throughout the year.

Scheduling Window Testing Window
June 17 - September 8, 2017 August 14 - September 8, 2017
September 9 - December 22, 2017 November 20 - December 22, 2017
January 1 - March 16, 2018 February 19 - March 16, 2018
March 17 - June 22, 2018 May 28 - June 22, 2018
June 23 - September 14, 2018 August 20 - September 14, 2018
September 15 - December 21, 2018 November 19 - December 21, 2018

Candidates may only sit for the same exam once every 60 days.

*Scheduling window is the time frame in which you may contact Pearson VUE and set the date you will be sitting for your exam (testing window).

**Testing Window is the days which you can sit for your exam.

 

Exam Registration and Testing Centers

Q. How do I register?
A. Enrollment is available online. Spaces at the testing centers will be reserved on a first-come, first-served basis, so you are encouraged to register as soon as possible.

Q. If I'm ready to register now, what should I do?
A. Go to our PRM registration page.
 
Q. Can I bring a calculator or PDA into the exam?

A.No. No materials may be brought into the testing room, however, you will be provided with an erasable board upon request, and a software scientific calculator - Texas Instrument TI-30XS (calculator user guide). A practice exam is offered by Pearson VUE where candidates can familiarize themselves with the software calculator and testing environment. Candidates may also wish to purchase the hand-held version (TI-30XS) for use during studying.

Q. Where can I take the exams?
A. The exams are offered by Pearson VUE at over 5,000 secure and convenient testing centers located in 165 countries throughout the world.
 
Q. What kind of testing site security will there be?
A. Candidates are required to present two forms of identification when arriving at the test center. The first must be a current government-issued ID with your photograph and signature.
 
Examples of Acceptable Forms of Government Issued ID Examples of Acceptable Forms of Supplemental ID Examples of Unacceptable Forms of ID

Driver's License

Passport

National Identity Card

Military ID

Credit Card

Employee ID Card

Library Card

Social Security Card

A digital signature using a signature pad and a digital photograph will be taken during the admissions process at the testing center. Candidates must sign-in and sign-out of the testing center. No papers may be brought into the examination room and all rooms are videotaped during testing and monitored by a proctor using a parabolic mirror. Scratch paper is provided at the site, but candidates must leave all papers in the testing room upon completion of the exam.

 

Cross-Over Exemptions

Q. Does my other certification qualify for an exam exemption?
A. The PRM Program recognizes CFA Charter holders, Associate PRM Certificate holders and a select few Accredited University Programs, giving partial credit towards completion of the requirements for the PRM designation.

Exam Results and Designation Certificate

Q. Where do I find my exam results?

Exams are graded digitally. Results are usually available within 15 business days of your test date and can be accessed by signing in to your PRMIA account and going to the 'Certifications Tab' in your 'PRMIA Profile'.

Q. How and when do I receive my PRM Designation Certificate?

After becoming certified your digital certificate is instantly available via your Certifications or CRL Center Tab in your PRMIA Profile. Digital certificates offer more than a just a digital copy of your certificate, see Documentation & Sharing for features.


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