Frequently Asked Questions
What is the Difference Between the PRMTM Designation and the Operational Risk Manager (ORM) Certificate?
The PRM Designation is PRMIA's most academically advanced program and designed to cater to all the needs of a Chief Risk Officer. Only successful candidates of the PRM designation are entitled to use the PRM title. The PRM is achieved by passing a series of four exams to be successfully completed within a two year time frame.
The ORM Certificate is designed to deliver a deep, practical understanding of operational risk management frameworks and measurement methodologies in financial institutions. Successful candidates will be better prepared to implement meaningful risk assessment initiatives, produce useful risk management information and understand basic modeling techniques for operational risk measurement.
ORM Certificate Holders will receive a certificate but will not be entitled to use the PRM title.
What is required to receive the ORM Certificate?
Candidates are required to pass one exam to be awarded the ORM Certificate.
Are there any pre-requisites to write the exam?
The only prerequisite to take any PRMIA exam is membership in PRMIA
Are candidates required to complete yearly continuing education credits?
The ORM Certificate does not require any continuing education to be completed.
What do I have to do to maintain my certification?
The only requirement in maintaining your certification is to uphold the highest professional and ethical standards as defined by the PRMIA Standards of Best Practice, Conduct and Ethics.
What if I fail the exam the first time I take it?
Candidates may take the failed exam again. Candidates must wait 90 days, from the date of the failed exam, to retake the exam. To purchase an unbundled certificate voucher please visit the 'ORM voucher bundle page' and use the 'request to purchase ORM unbundled certificate voucher' at the bottom of the page.
What are the required reading materials?
The PRMIA ORM Handbook is the only required reading material.
What additional study resources are available for the ORM Certificate?
The ORM Certificate Candidate Guidebook is available to help candidates navigate the syllabus and successfully pass the exam.
In addition, PRMIA will offer the ORM Training Course mid 2015 to help you prepare for the exam. The training course does not replace the handbook, but it will complement it well.
How much study time do I need to prepare?
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 ORM Certificate allocate about four hours per week for three months in preparation for the exam.
What are the current offering dates?
Beginning in early 2015, the ORM exam will be offered on all workdays except local government holidays. Please visit the Pearson Vue - PRMIA landing page to check the nearest test center’s availability.
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 firstname.lastname@example.org to learn more.
How long is the exam?
The ORM exam is two hours long and consists of 60 multiple choice questions. 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.
Do the exams have multiple choice and written answers?
Questions are all multiple choice. Exam questions are randomly drawn from the exam data base, according to the syllabus order and weightings. There are no written answers questions.
In which languages can I take the ORM exam?
The ORM Exam is offered in the English language only.
How do I register?
You must purchase an exam voucher to register for the exam. 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.
Can I cancel or reschedule my exam?
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.
Are exam vouchers refundable?
Because of the flexibility in rescheduling your exam, vouchers are non-refundable.
Will my exam voucher expire?
Vouchers expire on December 31st of the calendar year following the date of purchase (i.e. 12-24 months validity period). If your voucher expires before use you will need to purchase a new voucher.
For example, if you purchase your voucher on March 31st 2015, your voucher will expire on December 31st 2016. Similarly, if you purchase your voucher on December 30th 2015, the voucher will expire on December 31st 2016.
What is the expected passing grade?
Current passing grades are 60% on the exam.
Where can I take the exams?
The exams are offered by Pearson VUE at over 5,000 secure and convenient testing centers located in 165 countries throughout the world.
What kind of testing site security will there be?
Candidates will be required to present two forms of official identification when arriving at the test center. Furthermore, 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.
Can I Bring a Calculator or PDA into the Exam?
No. An online scientific calculator, Texas Instrument TI308XS, is part of the test delivery system. No other materials may be brought into the exam room with you. It is suggested that candidates purchase the hand-held version (TI-30XS) to fully familiarize themselves with the calculator.
What is the designation that successful candidates are awarded?
Upon successfully completing the exam, candidates are awarded a Certificate in Operational Risk Management. This is not a professional designation and cannot be added to candidate’s business cards.
Are there any exemptions granted toward the PRM Exams?
No. Completing the ORM Certificate will not yield any exemptions toward the PRM Designation.
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'.
How and when do I receive my PRM Designation Certificate?
After becoming certified your digital certificate is instantly available via your Certifications Tab in your PRMIA Profile. Digital certificates offer more than a just a digital copy of your certificate, see Documentation & Sharing for features.