Changes to the PRM Exam - 2015
In early 2015, PRMIA will update the Professional Risk Manager (PRM™) exam, study materials, and program requirements to ensure that candidates are receiving the most comprehensive, relevant, and highest quality certification and ongoing training available.
Going forward, the PRMIA Education Committee has adopted a plan to revise the PRM syllabus and include the latest developments on a yearly basis. The Education Committee is made up of industry practitioners working in leading financial institutions worldwide. Their role is to keep current the organization’s exam syllabi, reflecting evolution in the professional responsibilities of risk managers.
What are the new training materials, and when will they be available?
In March 2015, PRMIA will release The Professional Risk Managers’ Handbook Series, Second Edition.
PRM Handbook Volumes I and II are undergoing an update in order to include the latest developments in the risk management space, while PRM Handbook Volume III is being replaced with a brand new 3-part publication.
The new PRM Handbook Volume III contains the following books:
Volume III Book 1: Risk Management Frameworks and Operational Risk
Volume III Book 2: Credit Risk and Counterparty Credit Risk
Volume III Book 3: Market Risk, Asset Liability Management and Funds Transfer Pricing
When is the updated exam available, and what will the transition look like?
Beginning with the 2nd exam testing window of 2015, running from May 25 – June 13, candidates will have the option of taking a new exam that is based on the updated curriculum presented in The Professional Risk Managers’ Handbook Series, Second Edition.
CURRENT candidates will have the opportunity to complete the PRM Program based on the current syllabus until December 19, 2015, which is the last examination day of 2015. All CURRENT candidates should plan their exams accordingly, as there will be no extensions to this date.
NEW Candidates that enroll in the program after the launch of the new curriculum will be required to test based on the new curriculum starting May 2015.
CURRENT candidates and PRM Program alumni, irrespective of when they have enrolled in the PRM Program, are eligible to receive a 50% discount on the new The Professional Risk Managers’ Handbook, Second Edition if they choose to take the new exam or if they would like to have an updated copy of the Handbook. Furthermore, all exams completed will carry over to the new program as long as the PRM program is competed before the two year completion date has been reached. In other words, candidates that have passed 1 or more exams based on the current Handbook, but complete the PRM based on the new curriculum are eligible for the PRM Designation once all 4 exams have been passed within a two year period.
Current candidates can request a discount code to purchase the updated Handbook at a 50% discount. Please contact firstname.lastname@example.org to receive the discount code.
What are the new program requirements?
All NEW candidates who enroll after the launch of the new curriculum will have two new requirements to ensure their ongoing commitment to keeping their knowledge base current.
- The PRM Continuing Risk Learning (CRL) Program requires PRM holders to complete 20 CRL ongoing education credits each calendar year, starting with the year immediately after they have obtained their PRM designation. PRMIA will offer opportunities throughout the year to obtain these credits, such as webinars, training courses, event presentations, and articles.
- PRM holders must maintain a PRMIA Sustaining membership each year, starting with the year they obtain their PRM designation. This membership will provide them with access to the CRL opportunities, in addition to numerous other benefits.
If a member fails to submit CRL credits or fails to maintain a Sustaining membership, their PRM Designation will lapse. If the 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 the PRM title.
The CRL Program will be open to all current PRM Holders, and all current candidates are encouraged to join the program. All CURRENT PRM Holders and CURRENT candidates will be “grandfathered in” and will be exempt from these two new requirements as long as they complete the PRM Program before December 19th based on the current curriculum.
Note: All candidates switching to the new curriculum will be automatically enrolled in the CRL Program and will be subject to the two new program requirements listed above.
What are the 2015 PRM Exam Dates?
Exams will continue to be scheduled and offered during specific testing periods. 2015 scheduling and exam dates are as follows:
|Scheduling Window*||Testing Window**|
|January 1-March 14||February 23-March 14|
|March 15 - June 13||May 25-June 13|
|June 14-September 5||August 17-September 5|
|September 6-December 19||November 23-December 19|
*Scheduling window is the time frame in which you may contact Pearson Vue and set the date you will be sitting for your exam (testing window).
**Testing Window is the days which you can sit for your exam.