With different options available for certifications, participants have doubts whether to give FRM or PRM for risk management certifications. We keep getting a lot of queries on this aspect and thought that we would put our thoughts together on this.
First point to note that both GARP (which conducts FRM) and PRMIA (which conducts PRM) are very well respected and reputed global organizations and EduPristine is an official course provider for both Financial Risk Management and Professional Risk Management.
However there are certain aspects of the certification exams which differentiate them. The certification you should give is more based on your geographic preference, flexibility in giving exam, job preference, focus on understanding and the kind of time schedules that you have in your job.
We have summarized the unique points of these certification exams in the below infographic for your reference:
Some other observations that we have regarding the industry in India are:
FRM Exam is more popular in India amongst test-takers and also more widely-recognized among employers because it has a longer history, however PRM is quickly gaining ground and both designations are equally respected
Both examinations have almost the same syllabus with an overlap of almost 80-90% of the syllabus. Both require equal rigor to pass
Some people good at quant/ mathematics prefer PRM as it is more rigorous on quantitative part. Many CFA Charterholders/Actuaries who want a risk management certification prefer PRM since it grants them exemption of upto 2 exams
The ideal way to prepare for the FRM / PRM examination is to get your concepts right and then solve a lot of numerical and applied problems in that area. Going through 10 books would not help you crack the exam. Instead read through any reading material/ presentation and then attempt a lot of questions.
See, it wasn’t that difficult or confusing. Simple and clear! You can easily evaluate which is the course you want to enrol in.
EduPristine provides training for both these courses. You can check the course details for FRM and PRM and if you have any other query mention it in the comments box below.