The chart below outlines some of the risk management educational programs available in the US and around the world:
Associate in Risk Management (ARM)
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Behind The Program
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Insurance Institute of America
Also offers up to 20 other insurance associate designations and the CPCU
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Prerequisites
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None
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Program Format and Exam
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Self-study or take 14-week preparation courses. Exams are administered nationally, three times per year. Beginning in December 2000, ARM students will be able to take computer-based exams any time of the year, at yet-to-be-determined locations.
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Subjects Program Covers
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Essentials of Risk Management; Essentials of Risk Control; Essentials of Risk Financing
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Continuing Education Requirements
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None
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Cost to Complete Program
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Books: $125 per course
Exams: $96 each
Classes: Locally sponsored classes average around $290 each
Total: Self-study: Up to $700; With classes: Up to $1,700
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Program Director
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George Head
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Web Site
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www.aicpcu.org
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E-mail
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Send e-mail to George Head
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Certified Risk Manager (CRM)
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Behind The Program
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The National Alliance for Insurance Education & Research
Also offers the CIC and the CISR designations
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Prerequisites
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None, though catalog suggests two years’ risk management experience
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Program Format and Exam
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Must take courses, which travel around the country in a seminar format. Seminars typically begin with a half-day session on a Wednesday, followed by full-day sessions on Thursday and Friday. The exam for the course is given on Saturday morning.
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Subjects Program Covers
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Risk Management Essentials; Risk Analysis; Risk Control; Risk Financing; Risk Administration
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Continuing Education Requirements
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Must attend one of the programs put on by The National Alliance for Insurance Education & Research every year
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Cost to Complete Program
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Course (includes exam and materials): $395
Total: Five classes: $1,975 (not including travel costs such as flight and hotel, which may be necessary)
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Program Director
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Wayne Dauterive
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Web Site
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www.scic.com/
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E-mail
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Send e-mail to CRM
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Fellow of The Institute of Risk Management (FIRM)
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Behind The Program
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The Institute of Risk Management, a UK organization offering risk management training to UK and worldwide
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Prerequisites
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Must have a degree or professional qualification before entering AIRM program
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Program Format and Exam
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Self-study. No formal classes, though students must receive a passing grade on an assessment paper. The assessment paper is given to students on December 1, and must be completed and returned to IRM for a grade by March 1. This paper accounts for 25% of the overall grade. Exam dates for 2000 run from June 6–9.
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Subjects Program Covers
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AIRM: Business Organization & Finance; Risk Analysis; Risk Control; Risk Financing; Corporate Risk Management; One additional elective course
FIRM: Must have AIRM; five years’ risk management experience; evidence of personal development; 4,000–5,000-word dissertation
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Continuing Education Requirements
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Associates and Fellows are required to complete 300 points in three years. Points are awarded based on the continuing education activity. For example, writing an article on risk management is worth 5 points, whereas attendance at a seminar is worth 10.
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Cost to Complete Program
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Student Registration: $340 (one-time fee)
Exam Fee: $343 per subject
Materials: $355 per subject
Student Forum: $3,175 (optional)
Total: $3,830 or $7,005 with student forum
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Program Director
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Maureen Gibbons
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Web Site
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www.theirm.org
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E-mail
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Send e-mail
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Fellow in Risk Management (FRM)
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Behind The Program
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Risk and Insurance Management Society, Inc.
RIMS’ first foray into offering a professional designation
Also co-developed the ARM program with IIA over 25 years ago, and offers ARM study courses
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Prerequisites
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Must complete the ARM series first (or the Canadian equivalent of the ARM, the CRM)
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Program Format and Exam
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Must take courses at a local university or college that offers the classes. Students can apply for exemption from the courses if already taken, but must still pay the $50 course registration fee to RIMS. Students can exempt up to seven courses. The first Capstone Exam will be given in June 2000, and will be administered biannually thereafter.
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Subjects Program Covers
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Managerial Accounting; Managerial Finance; Business Law; Management of Information Systems; plus three additional electives in classes such as Business Ethics, Holistic Risk Management, Alternative Risk Financing, Economics and others
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Continuing Education Requirements
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Nine hours per year in activities such as completing or teaching a course, authoring a published article, volunteer work, etc.
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Cost to Complete Program
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One-time Application Fee: $50
Course Registration Fee: $50
Capstone Exam Fee: $125
Certificate and Pin: $100
Classes: Up to $400 each
Total: Up to $3,300 (not including books required for the courses)
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Program Director
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Dr. Amy Geffen
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Web Site
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www.rims.org
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E-mail
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Send e-mail to Dr. Amy Geffen
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Chartered Property and Casualty Underwriter (CPCU)
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Behind The Program
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The American Institute for Chartered Property Casualty Underwriters (AICPCU)
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Prerequisites
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Three years’ experience in insurance industry
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Program Format and Exam
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Self-study or take classes. Exams are given three times per year in centers across the country.
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Subjects Program Covers
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Ethics, Insurance Perspectives and Insurance Contract Analysis; Personal Insurance and Risk Management; Commercial Property Insurance; Commercial Liability Insurance; Insurance Operations; The Legal Environment of Insurance Management; Accounting & Finance; Economics; Related Studies
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Continuing Education Requirements
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Not required, though continuing education is available.
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Cost to Complete Program
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Exams: $119 each
Books: Up to $1,000 total materials
Classes: $320 per class
Total: Self-study: Up to $2,200; With classes: Up to $5,100
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More Information
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For more information about CPCU, visit www.aicpcu.org or contact George Head
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Financial Risk Manager (FRM)
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Behind The Program
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Global Association of Risk Professionals, an international not-for-profit organization in financial risk management
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Prerequisites
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Minimum of two years’ experience in financial risk management or related field. Must be an active member of GARP.
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Program Format and Exam
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Self-study. GARP expects students to be able to pass the FRM exam by self-studying and relying on past experiences in the field. GARP offers a study guide and a review course. The review course is only available in New York, London and Japan, and takes place over a one-month period leading up to the exam.
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Subjects Program Covers
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Quantitative Analysis; Capital Markets; Market Risk Management; Credit Risk Management; Operational & Integrated Risk Management; Legal, Accounting and Tax Risk Management; Regulation and Compliance
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Continuing Education Requirements
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None, though required to pay GARP annual membership fees
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Cost to Complete Program
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Examination Fees: $300
Required Books: $500
Prep Classes: $750
Total: Self-study: $800; With prep classes: $1,550
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More Information
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For more information about FRM, visit www.garp.com
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Risk Management for Public Entities (RMPE)
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Behind The Program
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Public Risk Management Association and the Center for the Advancement of Risk management Education (a division of IIA)
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Prerequisites
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None
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Program Format and Exam
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Self-study, no classes offered. Just order the RMPE textbook and course guide, study it and take the exam. You must register for the exam and select your own exam administrator, who will administer the exam and return it to CARME to be graded.
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Subjects Program Covers
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Covers risk management from a public entity perspective. Topics include public entity exposure identification and analysis, risk control, claim and litigation management, risk financing resources and pooling for public entity risk financing.
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Continuing Education Requirements
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None
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Cost to Complete Program
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Textbook, course guide and exam fee all-inclusive
Total: $145
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More Information
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For more information about RMPE, visit www.aicpcu.org or contact George Head
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Canadian Risk Management Program (CRM)
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Behind The Program
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Until 12/31/99: the Institute of Risk Management.
After 12/31/99: the Global Risk Management Institute (RIMS)
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Prerequisites
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None
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Program Format and Exam
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Self-study via the University of Toronto’s Distance Learning Program. Classroom instruction available at various universities across Canada. Exams are administered locally at each institution, except for correspondence courses.
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Subjects Program Covers
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Managerial Accounting; Managerial Finance; Business Law; Management of Information Systems; plus three additional electives in classes such as Business Ethics, Holistic Risk Management, Alternative Risk Financing, Economics and others
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Continuing Education Requirements
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None
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Cost to Complete Program
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No exam fee. All other prices are the same as for ARM program (Canadian dollars).
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Program Director
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Until 12/31/99: Denis A. Glaude
After 12/31/99: Dr. Amy Geffen
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Web Site
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www.rims.org/canada
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E-mail
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Send e-mail to Dr. Amy Geffen
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*As stated throughout this article, we consider professional designations to be those conferred by a professional body that has specific entry requirements, such as a code of ethics, a set of practice standards, educational objectives, and industry experience and involvement. 
