PRMIA PRM FAQ

Frequently Asked Questions

What is Required to Receive the Professional Risk Manager Designation? Candidates must demonstrate sufficient knowledge and understanding of the building blocks essential for the successful practice of modern risk management by passing exams in four specific areas. In addition, they must commit to further uphold the highest professional and ethical standards as defined by the PRMIA Standards of Best Practice, Conduct and Ethics.

Between Family and Work, I Don't Have Time to Prepare for Lengthy Exams. Can You Help Me? Of course. The Professional Risk Manager program is first and foremost designed to help you and the profession to advance. That's our main goal. So, to help you with your busy schedule, you can take the exams required 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.

What are the Current Offering Dates? You may take the exams on any business day. You may register for the date or dates that are most convenient for you.

What is the Cost? The program allows for you to take one, two, three or all four exams at the same time. Payment by credit card is required for online registration, but if you need assistance with alternate forms of payment, please contact PRMIA Support.
One Exam: US$150
Full Program: US$395

Are any Discounts Available? 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 support@prmia.org to learn more. PRMIA also offers scholarship discounts of 30% if a candidate's annual income is below US$25,000 and exam expenses will not be reimbursed by a third party. Scholarship discounts may be claimed when registering for the exam.

How Long are the Exams? PRMIA's 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:

Individual Exams

Exam I: Finance Theory, Financial Instruments and Markets (90 minutes)
Exam II: Mathematical Foundations of Risk Measurement (2 hours)
Exam III: Risk Management Practices (90 minutes)
Exam IV: Case Studies, PRMIA Standards of Best Practice, Conduct and Ethics (1 hour)

Exam Groups

Complete Professional Risk Manager Exam: (6 hours, including one hour break)

Are there any Prerequisites? Membership in PRMIA, which is free, is the only prerequisite. Click here to become a member.

Do the Exams Have Multiple Choice and Written Answers? The exams are all multiple choice questions:

Individual Exams

Exam I: Finance Theory, Financial Instruments and Markets (30 questions)
Exam II: Mathematical Foundations of Risk Measurement (24 questions)
Exam III: Risk Management Practices (36 questions)
Exam IV: Case Studies, PRMIA Standards of Best Practice, Conduct and Ethics (30 questions)

Exam Groups

Complete Professional Risk Manager Exam: (120 questions)

I Just Want to Learn More, Not to Be Certified. Is this Still for Me? 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's e-Learning Courses for over thirty offerings to expand your professional skills.

How do I Register? Registration is available online. Click here to register. 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.

What is the expected Pass Rate? Just over 50% of those who have sought the PRM designation have been successful. Individual exams have pass rates that are between 50% (Exams I and III) and 75% (Exam IV).

What is the expected Passing Grade? Current passing grades are 60% on each of the four exams.

Where can I Take the Exams? The exams are offered in more than 4,000 secure, clean and convenient testing centers in over 140 countries. Click here to find specific addresses of testing centers.

What kind of Testing Site Security will there be? Candidates will be required to present two forms of official identification (see detailed policy in the Program Guide) when arriving at the test 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.

Can I Bring a Calculator or PDA into the Exam? An online scientific calculator is part of the test delivery system. No other materials may be brought into the exam room with you.

What is the Designation that Successful Candidates are Awarded? With the awarding of the certificate successful candidates become a Professional Risk Manager, or PRM, and will have a limited license to use the PRMIA Professional Risk Manager insignia on business cards, resumes and CV’s.

How do you plan to treat Holders of Other Designations? Holders of the CFA, CIIA, CEFA, CQF, CAIA, Actuarial Fellow and Actuarial Associate designations, as well as those graduates of the CSI Financial Risk Management course in Canada, will receive partial credit towards the PRM designation. The credit applied is based on the materials covered in each of those programs versus that required for the Professional Risk Manager designation. Please consult the Program Guide for full details.

Why is this Program Preferred over Other Risk Management Certifications? The PRMIA Professional Risk Manager program has received the endorsements of some of the leading firms in our business because our program is simply a better test of skills, it's less expensive and more convenient for members in all parts of the world. No other program has received such backing. Many firms are even requiring their employees to sit for the program because they know that education and validation programs like this one make them better employees for the firm and better employees for their clients. View Top Ten Reasons why the PRM is preferred.

What do past candidates say about the PRM? We're very proud of our reviews. See for yourself by clicking here.

If I'm Ready to Register Now, What Should I Do?? Click Here!

I Want to Know More Details. What Should I Do?
Download the Program Guide: (

) Then, if you have any questions or comments, contact us at certification@prmia.org.