What is the PRM exam?
The PRM is awarded by PRMIA, the Professional Risk Managers' International Association, and covers much the same ground as GARP's FRM: the theory and mathematics behind risk measurement, then the frameworks used to manage market, credit, operational and liquidity risk in practice.
It is now a two-exam programme. Exam 1 covers finance theory, financial instruments and markets, and the mathematical foundations of risk measurement. Exam 2 covers risk management frameworks, asset-liability management and funds transfer pricing, operational, credit, counterparty and market risk, and PRMIA's own standards and governance material. The two may be taken in either order, and both must be passed within two years.
The PRM's distinguishing feature is its exemption policy: CFA charterholders and FRM holders, among others, are exempt from Exam 1 and sit only Exam 2. That makes it an efficient second credential for someone who already holds one, which is a large part of who takes it.
Who sits it
- Risk professionals who want a formal credential without the FRM's two full sittings
- CFA charterholders and FRM holders, who are exempt from Exam 1
- Enterprise and operational risk specialists, where the PRM's framework material is closest to the job
Exam format at a glance
- Exams
- Two: Exam 1 (finance theory and mathematical foundations) and Exam 2 (risk frameworks and the risk disciplines)
- Questions
- Exam 1: 60 questions. Exam 2: 84 questions, including a case-study practicum of four scenarios with five questions each. All multiple choice
- Duration
- 4 hours each
- Order
- Either order; both must be passed within a two-year window, with a 60-day wait before resitting a failed exam
- Delivery
- Pearson VUE test centres or remote proctoring
- Exam windows
- Four testing windows a year, in February–March, May–June, August–September and November–December
- Fees (USD)
- About $650–800 per exam depending on membership, or $1,200–1,500 for the two-exam bundle including the digital handbooks
- Membership
- PRMIA membership is required to hold the designation; individual sustaining membership is about $250 a year
- Exemptions
- CFA charterholders, FRM holders and CIIA holders skip Exam 1 and the experience requirement; graduates of PRMIA-accredited programmes skip Exam 1. Holding all three PRMIA specialty certificates instead exempts Exam 2
- Prerequisites
- A master's degree or a CFA/FRM/CIIA, or a bachelor's plus two years' experience, or four years' experience
- Passing standard
- 60% on each exam
- Pass rate
- PRMIA does not publish one
Exam-body facts last checked September 2026. Fees, dates and formats change; confirm the current details with Professional Risk Managers' International Association (PRMIA) before registering.
Syllabus and topic weights
PRMIA does not publish percentage weights for the topics within each exam on its public pages.
- 1.Exam 1 — Foundational theories and techniques for risk managementFinance theory, financial instruments and how markets work
- 2.Exam 1 — Mathematical foundations of risk measurementThe probability, statistics and calculus underpinning risk models
- 3.Exam 2 — Risk management frameworks and operational riskEnterprise risk management frameworks and operational risk practice
- 4.Exam 2 — Market risk and asset-liability managementMarket risk measurement, ALM and funds transfer pricing
- 5.Exam 2 — Credit and counterparty credit riskCredit risk measurement and counterparty credit risk management
- 6.Exam 2 — PRMIA standards and governanceProfessional standards, governance and best practice
How to prepare for PRM
- 1
Check your exemption first. If you hold the CFA charter, the FRM or the CIIA you need only Exam 2, which changes the cost and the study plan completely.
- 2
Work from PRMIA's own handbooks. Unlike the FRM, where the syllabus points at third-party readings, the PRM is examined directly from PRMIA's five digital handbooks, which are included in the bundle price.
- 3
Take Exam 2 seriously even if Exam 1 felt manageable. It is longer, covers four risk disciplines plus governance, and includes scenario-based practicum questions.
- 4
Mind the two-year clock. Both exams must be passed within two years of the first, which is tighter than the FRM's four-year window.
- 5
Budget for membership as well as exam fees, since holding the designation requires it.
We don't cover PRM yet
We have no PRM study material and none planned. The two credentials overlap heavily, though, and our FRM Part 1 and Part 2 banks together hold more than 8,700 practice questions across market, credit, operational and liquidity risk, valuation models and quantitative methods. If you are weighing the two credentials up rather than committed to the PRM, the FRM guides are the better place to start.
PRM FAQ
Is the PRM as well recognised as the FRM?
Generally, no. The FRM has wider recognition among banks and asset managers and a much larger candidate base. The PRM has a stronger following in enterprise risk roles and in parts of Europe, and its exemption policy makes it attractive as a second credential.
Does PRMIA publish pass rates?
No. Unlike GARP and CFA Institute, PRMIA publishes no pass-rate statistics. Figures quoted by prep providers are not official.
Is the PRM really only two exams?
Yes. It was formerly four, and some older material still refers to that structure, but PRMIA's current designation and pricing pages describe two exams.
Does StudyOptima have PRM questions?
No. We have no PRM content and none planned. Our FRM Part 1 and Part 2 material covers a great deal of the same risk-measurement ground if that is what you need.
Related exams
The first of two exams for the Financial Risk Manager designation: the quantitative and market foundations every risk professional is expected to know.
The second and final FRM exam: applying risk measurement and management to real portfolios, balance sheets and current market issues.