Changes to the PRM Exam

Beginning in January 2014, PRMIA has launched three changes to the PRM exam-taking process and requirements:

1. Exam Frequency

Exams are offered at fixed intervals throughout the year. On-demand exam taking is no longer available.

Scheduling Window Testing Window
January 1-March 14 February 24-March 14
March 15 - June 13 May 26-June 13
June 14-September 5 August 18-September 5
September 6-December 19 November 24-December 19

2. Exam Voucher Bundling

PRM exam vouchers are sold as a bundle with the PRM Handbook; standalone vouchers will no longer be available. Exceptions apply for a period of time for existing candidates and members who have already purchased the PRM Handbook, see PRM Exam and PRM Handbook Bundling FAQ.

4 exam vouchers + digital PRM Handbook  $1,100
4 exam vouchers + printed PRM Handbook  $1,200*
4 exam vouchers + printed + digital PRM Handbook  $1,250*

*plus shipping charges which vary by geographic location

3. Minimum Requirements

PRM holders are only validated with the attainment of a minimum level of either education or work experience.

Minimum experience requirements:

  • 4 Years if no bachelor degree
  • 2 Years if bachelor degree
  • No experience requirements if graduate school or holder of other accepted professional Designations (CFA, CAIA, CQF, etc.)

Frequently Asked Questions(FAQ):

FAQ Download

Click on the question to be taken to the answer.

Updated Exam and Study Materials

  1. What will be updated and what is the timeframe for the changes?

  2. How significant will the curriculum changes be?

  3. Will the updated materials be made available for free?

  4. How long will the PRM Exam be offered based on the current syllabus and current study materials?

 

PRM Exam and PRM Handbook Bundling

 

  1. Can you provide information on the PRM exam and PRM Handbook bundling program?

  2. When does the bundling start?

  3. If I am already a PRM Candidate, will I be able to purchase individual vouchers?

  4. Is the pricing of the individual PRM vouchers going to change in the future?

  5. If I am already a PRM Candidate, will I be able to purchase individual PRM Handbooks?

  6. Will CFA Charterholders, who are exempt from PRM Exams I & II, be required to purchase the PRM bundle if they enroll in the PRM Program after January 1st 2014?

  7. For how long will the PRM vouchers that are part of the PRM bundle be valid?

  8. If I purchased a handbook in 2013 and plan to begin the PRM Program in 2014, will I be required to purchase a PRM bundle?

  9. Given the upcoming changes, should I be enrolling now, or should I wait until the updated materials are made available?

Experience Requirements

  1. What are the new minimum experience requirements to take the PRM exam?

  2. When do the experience requirements take effect?

  3. If I am already a PRM candidate but do not complete the PRM Designation before January 1st 2014, will I be subject to the new experience requirements?

  4. Why is PRMIA implementing minimum experience requirements?

  5. Will PRMIA adopt continuing education requirements once the new curriculum is released?

  6. If I purchased a handbook in 2013 and a PRM voucher but plan to begin the PRM program in 2014, will I be required to meet new experience requirements?

Exam Schedule

  1. How has PRMIA changed the frequency with which the PRM exam will be offered?

  2. What is the schedule for the 2014 exam windows?

  3. If I began the PRM Program before January 1st 2014, will I be subject to the new exam frequency?

  4. What happens if I try and schedule an exam when I am not in the current scheduling window?

  5. How much time in advance do I need to purchase the exam voucher to write each exam when I am ready?

Cross-Over Exemptions

  1. What crossover exemptions does PRMIA currently offer?

ANSWERS

Updated Exam and Study Materials

Q: PRMIA announced earlier that it would be updating the PRM exam and study materials.  What is the timeframe for these changes and what will be updated

A: PRMIA anticipates the release of the updates/revisions the latter part of 2014.  PRMIA will provide a 6 month notification prior to the changes taking effect.  Any user who has purchased a PRM handbook prior to these changes taking effect may sit for the old exams up to January 1, 2016.

Exam I, II and IV will be updated with Exam III being fully revised.  These updates and revisions include The Professional Risk Managers’ (PRM) Handbook, exam, syllabus and study guides.  Please note Exam IV study material is web-based and is not included in the Handbook. This will be updated as well.

Q: How significant will the curriculum changes be?

A: Exams I,  II and IV will undergo tactical updates and minor structural modifications. Exam III will be completely revised to incorporate the changes in the economy since 2008.

Q: Will the updated materials be made available for free?

A: No. PRMIA will not make the new materials available for free.

Q: How long will the PRM Exam be offered based on the current syllabus and current study materials?

A: PRMIA commits to offer the exams based on the current syllabus at least until the end of 2015, possibly longer. Further communication will be released once the updated syllabus is made available.

PRM Exam and PRM Handbook Bundling

Q: Can you provide information on the PRM exam and PRM Handbook bundling program?

A: In a rapidly changing world of risk management, the use of outdated textbooks ranks high among our concerns. To discontinue the use of obsolete material and encourage candidates to follow the most up-to-date information, PRMIA will start selling the PRM Exam as a bundle. Each bundle will contain 4 exam vouchers, which can be used with any of the 4 PRM Exams and a complete set of the PRM Handbook. This will ensure that our candidates are constantly educated with the most pioneering study materials available in the field and will eliminate the need to constantly change the PRM Vouchers.

Q. When does the bundling start?

A. PRMIA adopted the PRM bundle in January 2014.

Q: If I am already a PRM Candidate, will I be able to purchase individual vouchers?

A: Yes, current PRM Candidates will be able to purchase individual PRM vouchers by requesting voucher purchase access via the exam voucher purchase page.

Q: Is the pricing of the individual PRM vouchers going to change in the future?

A: PRMIA does not expect any major changes in the pricing of individual vouchers.

Q: If I am already a PRM Candidate, will I be able to purchase individual PRM Handbooks?

A: Yes, both current and prospective candidates will have the option of purchasing the PRM Handbook. However, if one plans to begin the PRM Program after January 1st 2014, they will be required to purchase a PRM bundle even if they have already purchased the PRM Handbook.

Q: Will CFA Charterholders, who are exempt from PRM Exams I & II, be required to purchase the PRM bundle if they enroll in the PRM Program after January 1st 2014?

A: Yes, all new PRM candidates that begin the PRM Program after January 1st 2014 will be required to purchase the PRM bundle.

Q: For how long will the PRM vouchers that are part of the PRM bundle be valid?

A: PRM vouchers that are purchased as part of a bundle are valid between 30 – 36 months.

Q: If I purchased a handbook in 2013 and plan to begin the PRM Program in 2014, will I be required to purchase a PRM bundle?

A: Yes, if you have not also purchased any PRM exam vouchers before December 31, 2013 you will be required to purchase the PRM bundle.

Q: Given the upcoming changes, should I be enrolling now, or should I wait until the updated materials are made available?

A: We encourage our members to begin the exams with the existing materials so they can move forward with their PRM certification efficiently. The PRM Curriculum will be in constant review in order to keep our materials up to date. However, we always give our exam candidates at least a six-month notice before the current exam questions and materials are obsolete.

Experience Requirements

Q: What are the new minimum experience requirements to take the PRM exam?

A: Minimum experience requirements include:
• 4 Years if no bachelor degree
• 2 Years if bachelor degree
• No experience requirements if graduate school (i.e. MBA, MSF, MQF etc.) or holder of other accepted professional Designations (CFA, CAIA, CQF, etc.)

Q. When do the experience requirements take effect?

A. January 1st, 2014

Q: If I am already a PRM candidate but do not complete the PRM Designation before January 1st 2014, will I be subject to the new experience requirements?

A: No, only candidates enrolling in the PRM Program after January 1st 2014 will be subject to the new experience requirements.

Q. Why is PRMIA implementing minimum experience requirements?

A. The reason for the PRM requiring some previous experience of related work is that candidates can apply their experience to the theoretical concepts they meet in their study. Also, it allows the PRM to be seen as a qualification that is held by experienced risk management practitioners. This will be an attraction to new PRM candidates and a benefit to PRM holders.

Q: Will PRMIA adopt continuing education requirements once the new curriculum is released?

A: No, PRMIA will not adopt continuing education requirements at this time.

Q: If I purchased a handbook in 2013 and a PRM voucher but plan to begin the PRM program in 2014, will I be required to meet new experience requirements?

A: If you have not taken any of the PRM exams before December 31, 2013 you will be required to meet the new experience requirements.

Exam Schedule

Q: How has PRMIA changed the frequency with which the PRM exam will be offered?

A. PRMIA has discontinued on-demand exam taking and will offer exams at fixed intervals throughout the year.  This is applicable for existing candidates and new candidates.

Q: What is the schedule for the 2014 exam windows?

A:2014 Exam windows will be:

Scheduling Window* Testing Window**
January 1-March 14 February 24-March 14
March 15 - June 13 May 26-June 13
June 14-September 5 August 18-September 5
September 6-December 19 November 24-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.

During these periods candidates may still choose to take the complete exam or individual exams. To ensure convenience, testing will continue to be available in more than 165 countries in nearly 5,000 locations.

Q: If I began the PRM Program before January 1st 2014, will I be subject to the new exam frequency?

A: Yes, starting January 1st 2014 all candidates will be able to sit for the PRM exam during the four (4) examination periods.  The examination periods will be three (3) weeks long and will be announced one year in advance. 

Q: What happens if I try and schedule an exam when I am not in the current scheduling window?

A: Candidates who attempt to register for any PRM Exam for a date later than the current testing window, will receive the error message below.  After deciding the date you want to sit for your exam, identify the testing window that this date falls within.  Find the associated scheduling window to your testing window to identify when you may contact Pearson Vue to set your exam date.

Q: How much time in advance do I need to purchase the exam voucher to write each exam when I am ready?

A: PRMIA recommends scheduling the PRM Exam at least two (2) weeks in advance in order to ensure availability at your preferred testing center.

Cross-Over Exemptions

Q: What crossover exemptions does PRMIA currently offer?

A: Starting with June 2013 the only cross-over exemptions extended by PRMIA are for CFA Charterholders, Associate PRM Certificate holders, and a select few Accredited University Programs.  For a list of Accredited University Programs please click here.