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Understanding PRMIA and GARP Certifications
Professional certifications are important both to the people who earn them and to the organizations in which those people work. In the financial field, personnel involved in risk management can obtain several important certifications from two large international groups. In today’s uncertain financial environment, professional certifications can go a long way in reassuring investors and regulators, as well as restoring faith in the financial system at large.
But before we look at the organizational and individual benefits of the most common risk management certifications, we should spend some time becoming more familiar with the certifications and the groups that offer them in general. There are two major groups that offer risk management certifications: the Professional Risk Managers’ International Association (PRMIA) and the Global Association of Risk Professionals (GARP). Both organizations show that their certifications are widely recognized and accepted, although the organizations approach certifications differently.
PRMIA offers the Professional Risk Manager, or PRM, certification. PRMIA calls the PRM certification “The Higher Standard in Risk Management” and is very flexible about how professionals prepare for certification exams. The PRM is essentially a validation of skills that are likely to be acquired in day-to-day work in the field of risk management. Certification highlights professional standards and integrity in addition to skills and knowledge. Additionally, the PRM tests a person’s ability not only to know best practices, but also their ability to apply those best practices in the right situations. The candidate must be a member of the PRMIA in order to sit for the certification exams and, as in many cases with professional certifications, the candidate with other industry certifications such as the CFA (Chartered Financial Analyst) may find it easier to achieve the PRM. In the industry at large, hiring managers often use the PRM designation as a measure of the most desirable risk management skills.
GARP offers two primary risk management certifications, the FRM, or Financial Risk Manager, and the ERM, or Energy Risk Professional. The FRM, according to GARP, is one of the certifications that is currently desirable for recruiters looking to fill senior risk manager positions. There are only around 18,000 FRMs in the world, which is a small number for a globally recognized professional certification. To qualify for the FRM, a professional must have two years of related experience and must also be a member of the GARP.
The ERM certification is obviously for risk managers in the energy sector, who must also have at least two years of experience in the field of energy risk management. These professionals must also be members of the GARP. GARP is in the process of creating a continuing education program and requirements for ERM certification, which will likely become a requirement in 2010. In the field of risk management, ERM is one of the only designations that or is about to have a continuing education requirement.
It’s a good idea to get a general idea of which professionals have risk management certifications, as well as what industries these professionals are looking for. The top industries with certified risk managers and whose recruiters seek certifications are banking, academia, asset management, and government. There are many other sectors of the financial industry in which you will find certified risk managers. Professionals who hold these certifications also hold a wide variety of positions, from junior to executive level. The most common jobs for certified professionals in the field are risk managers, analysts, consultants, accountants, traders, portfolio managers, and even operations managers.
What exactly does the professional need to do to become certified as a risk manager? It depends on the program, but both PRMIA and GARP certifications are either strictly structured or strictly unstructured in terms of preparation, and both organizations only certify after the exam. To obtain a PRM certification, the candidate must take four exams, either separately over two years or all at once. These exams cover financial theory, financial markets, risk management mathematics, best practices, ethics, conduct and case studies. PRMIA will help a candidate prepare for the exam through a variety of preparation courses and seminars, but the candidate is not required to “officially” attend any course. In fact, PRMIA encourages organizations to use the exams separately as ways to test potential job candidates or to test promotional readiness. As discussed, a PRM candidate can take the entire battery of tests at once, or they can spread all four over two years.
The GARP FRM certification is broad-based and covers market risk, credit risk, operational risk and investment risk management. There is only one exam to obtain FRM certification. The ERP certification, on the other hand, requires about 250 hours of study to prepare for and is also just an exam. ERP’s core competencies include physical energy markets, risk management compliance, financial trading and energy transaction valuation.
We’ll discuss the specific benefits of these certifications throughout the risk management series, but it’s a good idea to consider why certifications might be important to your organization. A professional designation entails proof of knowledge and competence in specific areas. Your organization can use certifications as a way to market or demonstrate competence in the field, and can even use the possibility of certification as a way to recruit and retain top talent. In today’s financial market, a certification can demonstrate a greater dedication to ethics and integrity, both organizationally and individually, and this can help satisfy regulatory agencies and shareholders.
The next step in this series is to take a closer look at the curriculum and study methods for each of the certifications and determine why this is important to the organization.
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