PRMIA is an organization that works for providing risk management certifications to the talented and intellectual people around the global. PRMIA stands for The Professional Risk Manager Association. It measures the core values related to professionalism like integrity, risk management skills and knowledge. It provides the certification on the validation and evaluation of these multi dynamic skills. It operates world widely. It is benchmark against best practices of professionalism. It measures the ability of risk taking against critical situations. This certification ensures that the man is able to take risk in different situations by measuring their abilities in all areas. There is asset procedure to be followed to be recognized as PRMIA certified.
The candidates are tested in four major areas of their skills and expertise.
- Finance Theory, Financial Instruments and Markets (90 minutes)
- Mathematical Foundations of Risk Measurement (120 minutes)
- Risk Management Practices (90 minutes)
- Case Studies, PRMIA Standards of Best Practice, Conduct and Ethics, Bylaws (60 minutes)
Structure if PRMIA exams:
All the above mentioned courses are required to be cleared in order to attain the PRMIA designation. All the four examinations can be taken altogether at once or separately one by one as per the candidate’s wish. But the exams have to be passed in period of 2 years as per PRMIA authority. Registration is necessary before exams and it is free of cost. You have to be a PRMIA member.
Format of paper:
PRMIA exams are computer-based. No pen and paper option is available. Registration process is also done online or via fax. There are multiple choice questions in paper. Total numbers of questions are 120. The questions are randomly made from different sources like syllabus and PRMIA database. It depends on the paper maker’s choice that from which source he picks questions to include in paper. As it is a multiple choice question paper so answers are relatively easy to guess and find.
Fee structure of PRMIA:
Exams are computer based. Normally, fees are taken in dollars. Fee for one paper is round about US$150 and for complete all the four modules is US$395. Different scholarships and discount offerings are there to avail if more candidates are applying through same organization. Individual discounts and scholarships can be claimed at the time of registration.
Exams schedules and Result declaration:
Exams can be taken on any business day of the year but it is announced a week ago the exam. After the examination, results are declared normally within 15 days.
Venue of test:
PRMIA has listed venues which are specially chosen by them in order to have their examinations. It is conducted under the strict vigilance of their certified supervisors. More than 4000 locations in 140 countries are available for PRMIA exams.
If you are a PRMIA certified person then it offers you equivalence to other degrees and certifications. But this decision is in PRMIA’s authority.
No annual subscription fee:
Unlike other courses, there are annual subscription charges in order to maintain your PRMIA certification. Once you are certified, it stays with you forever. They have the opportunity to avail other professional development courses and discount offerings.
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