PRMIA FAQs
The below information highlights the FAQ's about PRMIA as well the exemptions from PRM Examinations:
What is the Professional Risk Managers' Association (PRMIA)
PRMIA is a non-profit, member-led professional association designed to promote a higher standard for risk professionals. Formed in January of 2002, PRMIA has 65 local chapters around the world and more than 50,000 members in over 180 countries. PRMIA is dedicated to advancing the standards of the profession worldwide through the free exhange of ideas. Membership subscriptions are only paid on a voluntary basis. It is a fast-growing, collaborative network of risk professionals from around the globe, defining and implementing the best practices of risk management.
For more information, see http://prmia.org/index.php
What is PRM Certification?
Endorsed by leading universities and businesses, the PRM certification is a global standard for financial risk managers and is offered in 140 countries. The PRM curriculum covers a body of knowledge that industry leaders have identified as crucial for professional risk managers. Candidates are required to pass four exams to be awarded the PRM designation. You can choose to take the complete PRM exam in one sitting or in four separate modules, which can be taken in any order over a period of up to two years.
Exam I: Finance Theory, Financial Instruments and Markets.
Exam II: Mathematical Foundations of Risk Measurement.
Exam III: Risk Management Practices (Market, Credit and Operational Risks).
Exam IV: Case Studies, PRMIA Standards of Best Practice, Conduct and Ethics, Bylaws.
What does PRMIA accreditation mean for the ICMA Centre and its students?
The ICMA Centre was the first business school in Europe to be accredited to PRMIA.
The PRMIA Risk Accreditation Program is designed to identify and endorse university degree programmes that prepare candidates for careers as professional risk managers. Prospective students can be confident that accredited degree programmes have a high degree of commonality with the PRM curriculum. They can also be confident that these degree programmes are appropriately rigorous, are taught by high quality faculty, and are recognised by potential employers.
Students completing appropiate courses within accredited degree programmes will be eligible for exemption from PRM Exams I and II, which form a major part of PRMIA's Professional Risk Manager (PRM) certification programme.
All students will still be required to pass papers III and IV in the PRM programme. The ICMA Centre provides assistance to achieve this goal. Please contact our Director of Teaching and Learning, Dr. Adrian Bell for further information.
I am a student/graduate of the MSc in Financial Risk Management. How can I obtain exemptions from the PRM examinations?
Please send your request for PRM Certification with Crossover Credits to sue.rod@prmia.org once you have successfully completed your required PRM exams III and IV. Your official transcript and a $25 fee will be required.
Required courses for Exam I exemption
- Securities, Futures and Options
- Fixed Income and Equity Investments
- Financial Instruments
- Financial Markets
Required courses for Exam II exemption
- Quantitative Methods
I have already obtained the PRM certification (or parts of it). Does this mean I can obtain exemptions from certain ICMA Centre courses?
No. Our modules encompass the relevant section(s) of the PRM exams, but each module goes well beyond the PRM syllabus.
What is the advantage of taking the MSc in Financial Risk Management if I intend getting PRM Certification?
The FRM degree covers approximately three times as much material as the PRM examinations I, II and III. With our degree you will gain a much greater depth of understanding, and a far more comprehensive education in finance and risk management. Students also benefit from interaction with well-known professors, lecturers and adjunct faculty, with peers in the classroom, and with many financial institutions that seek to hire newly qualified risk managers. Because of the 10-month intensive, highly structured training that you will receive from the MSc in FRM, you will carry the reputation of one of the most prestigious postgraduate courses in Financial Risk Management.
Are there sections of the PRM syllabus not covered by the Masters programme?
Accreditation by PRMIA is recognition that the MSc Financial Risk Management programme covers at least 70% of the PRM syllabus. In fact, our programme covers all the material in Exams I and II, and the material in Exam III except for Operational Risk. Exam IV (Case Studies, PRMIA Standards of Best Practice, Conduct of Ethics, Bylaws) will require self-study. Please contact Dr. Adrian Bell if you require further assistance.
