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 [email protected] 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
- What is required to receive the Professional Risk Manager designation?
- What is required to maintain your Professional Risk Manager designation?
- What is the designation that successful candidates are awarded?
- What does my PRM certification status mean?
- Why is this program preferred over other risk management designations?
- What do past candidates say about the PRM?
- What does having PRM after my name do for me?
- Why should I choose the PRM over other credentials?
- I just want to learn more, not to be certified. Is this still for me?
- I want to know more details. What should I do?
Exam Prerequisites
- Are there any prerequisites?
- What are the minimum experience requirements to take the PRM exam?
- Why does PRMIA implement minimum experience requirements?
Exam Structure and Format
- Can I take the exams separately?
- How long do I have to pass both exams?
- What if I fail an exam?
- How long are the exams?
- Do the exams have multiple choice and written answers?
- In which languages can I take the PRM exams?
- Must I take the exams in chronological order?
- What is the expected pass rate?
- What is the expected passing grade?
Study Materials
- What are the required reading materials?
Study Preparation
- How much study time do I need to prepare?
- Between family and work, I don't have time to prepare for lengthy exams. Can you help me?
- Can I Bring a Calculator or PDA into the Exam?
Exam Cost
- What is the cost?
- What is the cost for CFA Charterholders and others who are exempt from PRM Exams I?
- What is the exam authorization period?
- Are any discounts available?
Exam Scheduling and Testing Windows:
- What are the current offering dates?
- What is the difference between the exam authorization period with Pearson VUE and the requirement to complete all required PRM Exams within 2 years?
- What information is shared with Pearson VUE?
Exam Registration and Testing Centers:
- How do I schedule my exam, either at a test center or in a remote-proctored environment?
- If I'm Ready to Register Now, What Should I Do?
- Can I Bring a Calculator or PDA into the Exam?
- Where can I take the exams?
- What kind of testing site security will there be?
- How can I learn more about the remote-proctored examination process?
Cross-Over Exemptions
- Does my other certification qualify for an exam exemption?
Exam Results and Designation Certificate
- Where do I find my exam results?
- How and when do I receive my PRM Designation Certificate?
- What information is shared with Accredible?
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 both 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 required as part of re-certification, in addition to numerous other benefits.
- Complete 20 Continuing Risk Learning (CRL) credits. PRM Certified Professionals are required to complete 20 CRL ongoing education credits each calendar year using the PRMIA PRM Continuing Risk Learning (CRL) Program, starting with the calendar year immediately after the PRM designation is obtained. PRMIA will offer opportunities throughout the year to obtain these credits, such as webinars, learning programs, event presentations, and articles.
If a PRM Certified Professional fails to submit 20 CRL credits or maintain a Sustaining membership, their PRM designation will change from "Certified" to "Qualified". A "Qualified" PRM is required to submit the 20 credits from the year prior in order for the status to change back to "Certified".
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 digital 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. What does my PRM certification status mean?
A. You can find your current PRM status in your account profile in the PRMIA Certification Profile tab.
The definition of your current status can be found in the list below - each describes the various steps with the PRM Certification path:
- APPLICANT: An individual who has paid the PRM Application fee but has not yet paid the PRM Program Fee.
The application may be approved or still under review. Look for communications from [email protected] for updates on your certification status. If you are unsure of your current application status, contact [email protected] for details.
- CANDIDATE: An individual who is currently on the PRM certification path and either within the 3 year enrollment period, or has at least one passed exam within 2 years.
- QUALIFIED: An individual who has meet the exams requirements but has not yet met either the experience or membership requirement.
- HOLDER: An individual who has met all requirements and recertification (maintenance) requirements for the PRM Designation program.
- Enrollment Expired: An individual whose progress on the PRM certification path has halted which is indicated by no exam activity in the last 3 years plus 6 months, or at least 2 years and 6 months from the date of the last passed exam.
- Application Expired: An individual who applied for the program but did not purchase the Program Fee within 6 months of their application.
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 choose 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. Our program is well regarded because 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. Suppose someone is applying for an entry level job in your department. You can have them take Exam I 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 learning 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 [email protected].
Exam Prerequisites:
Q. Are there any prerequisites?
A. Individuals applying to the PRM Program must provide evidence of meeting the following requirements:
- Candidates must hold a Sustaining membership level in PRMIA.
- Candidates who took their first exam on or after January 1, 2014 must meet minimum experience requirements, which include:
- Graduate school (i.e. MBA, MSF, MQF etc.) or current CFA Charter Holder, OR
- Bachelor's degree with 2 years full time work experience, OR
- 4 years full time work experience.
Documentation of experience will be required upon applying for the PRM program.
Q. What are the minimum experience requirements to take the PRM exam?
A: Minimum experience requirements include:
- Graduate school (i.e. MBA, MSF, MQF etc.) or current CFA Charter Holder, OR
- Bachelor's degree with 2 years full time work experience*, OR
- 4 years full time work experience*.
*Beginning in 2020, work experience must be associated with the financial services industries (including regulatory or rating industries), or in the risk management department of any industry.
Submission of minimum experience requirements is required upon applying for the PRM program using the Application form. Applications are reviewed after the Application Form is uploaded and the Application fee is paid. Candidates will receive an email notification after their experience has been reviewed.
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 both exams on a single day.
All 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 both exams?
A. All 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. Can I cancel or reschedule my exam?
A. In recognition of the busy and changing schedules of risk managers, you may change your exam appointment without charge through the Pearson VUE system. Please note that all change requests must be made at least one business day before the testing date or the entire exam fee will be forfeited. When canceling and rescheduling your exam, be sure you fully complete the process in your Pearson Vue account and check that you receive a confirmation email so you don't miss the exam by mistake. PRMIA cannot reopen exam authorizations once they are marked as a "no show".
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
|
| 1 |
Finance Foundations |
60 |
4 hrs |
| 2 |
Risk Management Practices |
84 |
4 hrs |
Q. Do the exams have multiple choice and written answers?A. Questions are all multiple choice. 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.
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 exam.
Study Materials
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 both exams at once, 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 enroll into the PRM Program, you must first pay an Application Fee of US$175. Once the application is approved, the PRM Program fee required is US$1080. Sustaining Membership is also required and costs US$225. There is an additional authorization charge for retake exams, expired exam authorizations or if a scheduled exam was a "no show".
Application and Program fees are not refundable.
Q. What is the cost for CFA Charter holders and others who are exempt from PRM Exam 1?
A. All candidates pay the same application and program fees.
Q. What is the exam authorization period?
A. The exam authorization period for PRM examinations is 3 years from the date of the purchase of the PRM Program Fee.
The exam authorization period for PRM retake examinations is 1 year from the date of the purchase of the retake fee.
The exam authorization provides PRM Applicants with "pre-approved" exams with Pearson VUE to schedule and take the PRM examinations.
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 [email protected] 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. Visit
this page for the current scheduling and testing windows .
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.
Q. What is the difference between the exam authorization period with Pearson VUE and the requirement to complete all required PRM Exams within 2 years?
A. The exam authorization period is 3 years from the date the PRM Applicant pays the PRM Program Fee. The exam authorization allows candidates to schedule and take their required PRM Exams with Pearson VUE at the Pearson VUE testing centers. Current candidates can view the end date of their current pre-approved exam authorizations by logging into their
Pearson VUE account, clicking the name of the exam, then clicking the "My authorization information" link.
The PRM program requires that all PRM exams be completed within a 2 year period. The period begins with the date of the first successful exam. For some candidates, this 2-year period may extend beyond the exam authorization period. Candidates who have additional required exams but no active exam authorizations may request to purchase a PRM retake exam in order to continue on their certification path and complete their required exams. Current candidates can view the date of their exams by signing into their
PRMIA member account, clicking their profile icon, the clicking the PRMIA Certification Profile tab.
Q. What information is shared with Pearson VUE?
A. In order to authorize you to take the PRM Examinations, PRMIA sends the following details to Pearson VUE. These details are taken from your primary address and phone number you provide in your PRMIA profile. The data are sent to Pearson VUE only when you purchase a program fee or a retake exam fee.
- PRMIA unique identifier (an internal ID)
- First and Last Name, and Middle Name or Prefix, if provided
- Salutation, if provided
- Email address
- Primary address and phone number
Visit the PRMIA Privacy Policy for more information.
Exam Registration and Testing Centers
Q. How do I schedule my exam, either at a test center or in a remote-proctored environment?
A. Review the Exam Schedule then log in to your Pearson VUE account to schedule your examination directly with Pearson VUE. Space at the testing centers is reserved on a first-come, first-served basis, so you are encouraged to register when the scheduling window opens.
Remote proctored examinations are available with OnVUE for PRM candidates. Visit the Pearson VUE for information on the OnVue platform.
Q. If I'm ready to register now, what should I do?
A. log in to your Pearson VUE account to schedule your examination directly with Pearson VUE.
Q. Can I bring a calculator or PDA into the exam?
A. No. No materials may be brought into the testing room or be used in the remote-proctored environment. When taking the test at a test center, you may request an erasable board. When taking the test in a remote-proctored environment, a notepad is available within the testing platform. A software scientific calculator is available in both environments. Pearson VUE uses the Texas Instrument TI-30XS - click here to view the (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 of the TI-30XS calculator for use during studying.
Q. Where can I take the exams?
A. The exams are offered by Pearson VUE at over
6,000 secure and convenient testing centers located in approximately 170 countries throughout the world.
Remote proctored examinations are available through Pearson VUE, using the OnVue test environment. To view your options to sit for your exam at a test center or in a remote-proctored environment, log in to your
Pearson VUE account.
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 or during the remote-proctored set-up up process. 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
|
During the admissions process at the testing center, a digital signature using a signature pad and a digital photograph will be taken . 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.
Q. How can I learn more about the remote-proctored examination process?
A. The PRM examination program is available in a remote-proctored environment through OnVUE, Pearson VUE's remote-proctored examination system. Download the
OnVUE Set up and Check In information sheet to learn more about the set up and checking in process. Take time to preview the
Tips on Taking an OnVUE exam before your scheduled remote-proctored examination. You can also visit the PRMIA Pearson VUE landing page and click the OnVUE image to view this information online.
Cross-Over Exemptions
Q. Does my other certification qualify for an exam exemption?
A. The PRM Program recognizes CFA Charter 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 navigating to the 'PRMIA Certification profile' tab in your 'PRMIA Profile'.
Q. How and when do I receive my PRM Designation Certificate?
After becoming certified your certificate number is available via your Certifications Tab in your PRMIA Profile. Digital certificates are issued by Accredible. Digital certificates offer more than a just a digital copy of your certificate, see Documentation & Sharing for features.
Q. What information is shared with Accredible?
A. Accredible is the provider of the PRMIA digital certificates. In order to provide the digital certificates within the PRMIA Public Directory of PRM Holders, PRMIA sends the following details to Accredible. These details are taken from your latest exam records, as shown in your PRMIA Certification Profile tab in your PRMIA profile. The data are sent to Accredible only once the PRM Designation is achieved and the status changes to "Certified".
- PRMIA Member ID
- First and Last Name, and Middle Name or Prefix, if provided
- Email address
- Certificate Number
- Certificate Date
Visit the PRMIA Privacy Policy for more information.