Becoming a Certified PRMTM
PRM Candidate Guidebook
Eligibility Requirements for Candidates
Submission of minimum experience requirements is completed online via the 'Manage Experience' link on a Candidate's Certifications or CRL Center tab in their PRMIA Profile. Certified status will not be achieved until experience is accepted, thus it is strongly encouraged candidate's submit experience by the time they have taken their last exam.
To receive the PRM designation, candidates must:
Current candidates who have taken their first PRM exam before May 2015 will have the opportunity to complete the PRM Program based on the 2011 Edition of the PRM designation until December 19, 2015. When registering for the PRM exam ensure that you register for the 2011 Edition. All current candidates should plan their exams accordingly, as there will be no extensions to this date.
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. Unbundled PRM vouchers for single exams may be requested via the exam voucher purchase page.
Maintaining your PRM Designation
Additional maintenance of the PRM designation, listed below, is only applicable to PRM Certified Professionals who have taken one or more of the 2015 Edition PRM exams. 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, in addition to numerous other benefits.
Complete 20 Continuing Risk Learning (CRL) credits. PRMIA’s PRM Continuing Risk Learning (CRL) Program requires PRM Certified Professionals to complete 20 CRL ongoing education credits each calendar year, starting with the calendar year immediately after you have obtained your PRM designation. PRMIA will offer opportunities throughout the year to obtain these credits, such as webinars, training courses, event presentations, and articles. The PRM CRL Program will be released mid-2015 including details of activities that are eligible for credit, how to report credits and access to your reporting center. As stated above new PRM Certified Professionals have until the end of the following calendar year from the date they obtained their PRM designation to complete and report all 20 CRL credits.
If a PRM Certified Professionals fails to submit 20 CRL credits or maintain a Sustaining membership, their PRM designation will lapse. If their designation lapses for more than three years in a row, the candidate will need to re-write PRM Exam III and pay a $400 reinstatement fee in order to re-achieve their PRM title.
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.