FRM Certification – All you need to know about it.
Overview of FRM Certification:
The Financial Risk Manager (FRM®) designation is an international professional certification offered by the Global Association of Risk Professionals (GARP). To be awarded the FRM designation, a candidate must complete a rigorous two-part, practice-oriented examination that covers the major topics in financial risk management, demonstrate two years’ professional work experience in financial risk management, and meet other requirements.
Insights about FRM Certification:
Q. Who should take FRM?
Ans: FRM is a coveted designation and is majorly taken by those dealing with Risk Management. The ideal industry segments would be Banks, NBFC’s, Financial Institutions, Credit Rating Agencies, Investment Banks, Consulting firms etc. Some renowned companies employing FRM holders include Agricultural Bank of China, Banco Santander, Bank of America, Bank of China, Citigroup, Credit Suisse, Deutsche Bank, Ernst & Young, HSBC, JP Morgan Chase, KPMG, PwC, UBS, Wells Fargo, ICBC etc.
Q. Why do companies employ FRM holders?
Ans: FRM concepts are directly applicable to working needs of an Organization. FRM holders are involved in controlling, analysing, or evaluating potential credit risk, liquidity risk, market risk and other financial risks. The FRM certification gives an edge over other risk professionals.
Q. When can an Individual get certified as FRM?
Ans: The FRM credentials will be awarded only after successful completion of the examinations (Part1 and Part2) with at least 2 years of relevant work experience.
Q. Can an Individual directly appear for FRM Part II Examination?
Ans: Candidates must take the FRM Part I exam before taking Part II. However, a candidate can appear for both Part 1 and Part 2 examination on the same day. In such a case, Part 2 evaluation would happen only if the candidate has cleared Part 1.
Q. What can the candidates do if they don’t have relevant work experiences?
Ans: Individuals without relevant work experience can also take the FRM certification and clear the exam. The formal FRM certificate from GARP will be mailed to the candidates only after showcasing relevant work experience. During this period individuals can notify the employers by producing the results from GARP and indicating that they have successfully cleared the FRM certification.
Note: Certified FRM® are strongly encouraged to earn 40 hours of Continuing Professional Development (CPD) every two years to maintain the latest & best practices in risk management.
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