November 21, 2013
URGENT NOTICE: PRMIA (Professional Risk Managers’ International Association) has announced some critical changes regarding the PRM Exam. These changes are due to take effect from January 1, 2014.
These major changes brought by PRMIA covers the following aspects::
As was available earlier, the exam cannot be taken as and when demanded. There are fixed slots now and PRM candidates will have to choose a particular slot to give the exam. So, you are advised to keep this in mind when you are deciding on a slot for taking the PRM Exam.
Please take note of the changes:
A PRM holder will be validated only after the attainment of work experience and a basic education.
The basic experience requirements are:
No one person can buy exam vouchers individually. These vouchers will have to be sold in lots and bundles along with the PRM Handbook.
However, if a member has already purchased the Handbook, exceptions will be made. To read more about these exceptions, scroll down to the FAQs.
Some Frequently Asked Questions(FAQ):
Q. When do the necessary changes take effect?
A. January 1st, 2014
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: PRMIA announced earlier that it would be updating the PRM exam and study materials. What will be updated, and what is the timeframe for these changes?
A: PRMIA plans on releasing an updated syllabus, Professional Risk Managers’ (PRM) Handbook and new exams during the course of 2014. Further information will be provided as we get closer to the release.
Q: When is the last date for “on demand” testing?
A: December 31, 2013
Q: How significant will the curriculum changes be?
A: PRM Handbook Volumes I & II will undergo tactical updates and minor structural modifications. PRM Handbook Volume III – Risk Management Practices will be completely replaced by a new publication.
Q: Will the updated materials be made available for free?
A: No. PRMIA will not make the new materials available for free.
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 completing a form on the PRMIA website.
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 Charter holders, 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: 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.
When taking these various questions into consideration, we are left with a few questions such as:
Will the new changes make the efficiency and efficacy of running the PRM Exam smoother across many countries across the world?
Will it leave students ample time to study in view of the changes introduced so briskly?
Will the students be left bewildered due to the rapid progression of changes regarding dates, slots, study material, curriculum?
In response to some of these questions, it can be safely assumed the changes will have their pros and cons just like any system that is emended.
Having a single date for an exam that is taken by students across the world will indeed make it a simpler task for PRIMIA. For instance, the CFA and FRM Exams of a particular level or maybe all levels are taken on one day.
Students will have a few teething problems initially, but it can be believed that it will lead to a more systematic and organized means of study.
In light of the many changes introduced in different aspects of the PRM Exam, as long as students keep track of the changes, then things will flow smoothly.
These changes will be updated regularly on the PRM page. So just follow the link to know about these changes and stay tuned for more.