Becoming a Certified PRMTM
PRM Candidate Guidebook
Eligibility Requirements for Candidates
PRM Designation Candidates are required to submit verifiable evidence of meeting the minimum experience requirements online in their PRMIA Profile via the 'Manage Experience' link on a Candidate's Certifications or CRL Center tab.
The following evidence is accepted for meeting experience requirement:
- Scanned copy of the diploma showing the commencement date, name, and the university and program name; or
- scanned copy of official transcript showing the commencement date, name, and the university and program name.
- Resume detailing work experience with references for verification; or
- formal letter from current employer detailing the duration of employment.
Certified status will not be achieved until experience is accepted, thus it is strongly encouraged candidate's submit experience by the time they have passed their last exam.
To receive the PRM designation, candidates must:
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.
Retaking exams: Candidates who do not pass an exam are eligible to retake the exam 60 days from the date of the last exam. Single PRM exam vouchers for retakes exams may be requested via the exam voucher purchase page.
Maintaining your PRM Designation
Once achieving the PRM Designation, holders must meet the following maintenance requirements:
- Hold a PRMIA Sustaining membership each year, starting with the day you obtain your PRM designation.
- Complete 20 Continuing Risk Learning (CRL) credits each calendar year starting with the calendar year immediately after the PRM designation is achieved.
If a PRM Designation holder fails to meet these maintenance requirements, their PRM Designation will lapse to the “Qualified” status. If their designation lapses for more than three years in a row, the status will be revoked. Individuals with a revoked PRM status may reinstate their PRM Designation by re-writing the PRM Exam III and paying a $400 reinstatement fee.
The PRM Program recognizes two cross-over qualifications, CFA Charter holders and Associate PRM Certificate holders, giving partial credit towards completion of the requirements for the PRM designation.
PRMIA's University Accreditation Program offers university graduates, who have completed appropriate courses within approved PRMIA accredited degree programs, exemption from PRM Exams I and II. Graduates from these qualifying degree programs who are seeking the PRM will be required to pass only PRM Exams III and IV.
The subject matter of the PRM Program is broken down broadly as:
|I||Finance Theory, Financial Instruments and Markets||30%|
|II||Mathematical Foundations of Risk Measurement||20%|
|III||Risk Management Practices||30%|
|IV||Case Studies, PRMIA Standards of Best Practice, Conduct and Ethics, Bylaws||20%|
A complete syllabus for each individual exam is provided in the self study guides. Below is a high level subject matter breakdown for each individual exam.
The exams are computer-based. Questions are all multiple choice drawn randomly from the exam data base, according to the syllabus order and weightings. The PRM exams are offered in the English language only.
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:
|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|
What to Expect at the Testing Facility
The PRM exam is operated by Pearson VUE with testing centers in more than 165 countries, in secure and monitored testing facilities in over 5,000 locations.
Questions are presented digitally with responses entered directly into the computer. 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 PearsonVUE 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.
Once admitted to the testing room, there will be a tutorial that introduces the functionality of the exam and a brief message from PRMIA. After this has been viewed, you may begin your exam. You will be asked multiple-choice questions, varying in quantity by exam.
The testing system allows you to mark and review questions as long as time is remaining. Please note that you are unlikely to finish your exams with substantial extra time. You are encouraged to use the tutorial in an expedient manner, but sufficient time is allocated for you to complete the tutorial and each exam.
Exam Results & Designation Certificate
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'.
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.