PRMIA
| Type | Nonprofit Professional Organization |
|---|---|
| Established | 2002 |
| Location | Northfield, Minnesota, United States |
| Website | www.prmia.org |
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The Professional Risk Managers' International Association (PRMIA) is a non-profit organisation focused on the "promotion of sound risk management standards and practices globally", and "the integration of practice and theory"; it was founded in 2002. It provides certification and credentialing for professional risk managers, as well as other educational programs and resources.
The Professional Risk Manager (PRM) designation is an international professional certification offered by PRMIA. The designation was first awarded in 2004. The PRM is an "independent validation" of skills within the financial risk management profession, additionally requiring a commitment to professional ethics. The PRM and the Global Association of Risk Professional's FRM are often compared as being the two definitive risk management designations in the industry.
Candidates are required to pass four exams:
The exams are computer-based and the questions are all multiple choice; the passing grade is 60%. The exams can be taken in any order and must be completed over a period of up to two years; they are offered during four testing windows per year, each of three weeks. Individual exam pass rates are 54% for Exam II, 59% for Exams I and III, and 78% for Exam IV; with an overall of just over 65%. The PRM program recognizes other professional designations and gives partial credit to "cross-over" candidates, as well as to graduates of select university programs.
The recommended reading material is the seven volume Professional Risk Managers' Handbook edited and authored by various practitioners and academics, including Salih Neftci and Paul Wilmott. PRM Online Training is available for those who wish to access customized online learning.
Minimum experience requirements are: four years without a bachelor's degree; two years for those with bachelor's degrees; no requirements for holders of a relevant graduate degree (i.e. MBA, MSF, MQF etc.) or of an accepted professional designation (CFA, CAIA, CQF, etc.). To maintain the designation holders are required to complete 20 "Continuing Risk Learning" credits each year, to renew their "Sustaining Membership", and to uphold the professional and ethical standards as defined by the PRMIA Standards of Best Practice, Conduct and Ethics.
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