Top 11 Risk Management Analyst Certifications

Certifications are an important asset for a risk management analyst in the job market because they demonstrate that the individual has a certain level of knowledge and experience in the field. Certifications can help employers to quickly assess the qualifications of potential candidates and can provide assurance that the individual has the necessary skills and expertise to successfully manage risk. Additionally, certifications can provide a competitive edge when seeking employment opportunities as it shows that an individual is willing to invest time and money into their professional development. Finally, certifications may open up additional career paths that were previously unavailable due to lack of experience or education.

The purpose of this article is to provide an overview of the most beneficial certifications for Risk Management Analysts and explain how these certifications can help advance their careers.

What are Risk Management Analyst Certifications?

Risk management analyst certification is a professional certification program designed to help individuals obtain the knowledge and skills necessary to successfully evaluate, analyze, and manage risks associated with an organization’s operations. This certification helps individuals demonstrate their ability to identify and manage risk in order to protect an organization from potential losses due to unforeseen events.

The certification consists of two parts: a written examination and a practical application component. The written exam covers topics such as risk identification, assessment, control, mitigation, and reporting. The practical application component requires candidates to apply the concepts they have learned during the exam by completing real-world case studies.

By obtaining this certification, individuals are able to gain an in-depth understanding of risk management principles and practices which can help them better assess potential risks, develop solutions for reducing or eliminating those risks, and create comprehensive reports on their findings. Additionally, having this certification on their resume demonstrates that they have obtained a certain level of expertise in the field of risk management which can make them more attractive candidates for job openings.

Pro Tip: When considering risk management analyst certification, make sure to look for certifications from reputable organizations such as the Global Association of Risk Professionals (GARP) or the Professional Risk Managers International Association (PRMIA). These certifications are widely accepted and provide a great foundation for a successful career in risk management.

Related: What does a Risk Management Analyst do?

Top 11 Risk Management Analyst Certifications

Here’s our list of the best certifications available to Risk Management Analysts today.

1. Certified Risk Management Professional (CRMP)

A Certified Risk Management Professional (CRMP) is a professional designation awarded by the Global Risk Management Institute (GRMI). The CRMP designation is designed to recognize individuals who demonstrate a high level of expertise in the field of risk management. It is intended for professionals who are actively involved in risk management, either as practitioners or consultants.

It typically takes about 6-8 months to obtain the CRMP designation. The process involves completing an online application, passing a comprehensive exam, and completing a minimum of 40 hours of continuing education credits. The exam consists of multiple-choice questions covering topics such as risk management principles, processes, and techniques; legal and regulatory requirements; and best practices.

To get the CRMP designation, applicants must meet certain eligibility criteria which include having at least five years of experience in risk management or related fields, holding a bachelor’s degree from an accredited college or university, and being able to demonstrate knowledge in areas such as enterprise risk management and insurance operations.

The cost for obtaining the CRMP designation varies depending on factors such as the type of program chosen and any applicable discounts or promotions available at the time of registration. Generally speaking, it can range from $2,000 to $3,500 USD.

2. Certified Enterprise Risk Management Professional (CERMP)

Certified Enterprise Risk Management Professional (CERMP) is a professional certification program designed to equip individuals with the knowledge and skills necessary to effectively manage enterprise risk. The CERMP certification is issued by the Global Association of Risk Professionals (GARP).

The CERMP certification requires candidates to have a minimum of three years of relevant work experience in enterprise risk management or related fields. Candidates must also pass an online exam, which consists of multiple-choice questions and case studies. The exam covers topics such as risk identification, assessment, control, and monitoring; strategic risk management; financial risk management; operational risk management; and governance.

It usually takes about six months to prepare for the CERMP exam. During this time, candidates should review course materials provided by GARP and take practice exams to ensure they are adequately prepared for the real test.

The cost of the CERMP certification varies depending on whether you choose to take the self-study or instructor-led option. The self-study option costs $1,000 while the instructor-led option costs $2,500.

Once you have successfully passed the exam, you will receive your official CERMP certificate from GARP. This certificate is valid for three years after which time you must renew it in order to maintain your status as a Certified Enterprise Risk Management Professional.

3. Certified Risk and Financial Analyst (CRFA)

Certified Risk and Financial Analyst (CRFA) is a professional certification offered by the Global Association of Risk Professionals (GARP). It is designed to equip financial professionals with the skills and knowledge necessary to assess, manage, and mitigate risk in their organizations. The CRFA credential is highly sought after by employers looking for qualified professionals who can provide expertise in risk management, financial analysis, and asset management.

The CRFA program consists of three levels: Level I, Level II, and Level III. Each level requires passing an exam that covers topics such as capital markets, portfolio management, derivatives, quantitative methods, investment strategies, and more. The exams are administered twice a year at testing centers around the world.

To qualify for the CRFA credential you must have at least three years of professional experience in finance or risk management. You must also complete all three levels of the program within five years from when you first register for it.

The cost of obtaining the CRFA credential varies depending on your location and which level you are taking. Generally speaking, it costs around $1,000 per exam plus any applicable taxes or fees.

4. Chartered Financial Risk Manager (CFRM)

Chartered Financial Risk Manager (CFRM) is a professional certification offered by the Global Association of Risk Professionals (GARP). It is designed to help professionals in the financial services industry understand, manage and measure risk. The certification provides a comprehensive framework for understanding the principles and practices of risk management.

The CFRM program consists of three components: an online course, a written exam and an oral exam. The online course covers topics such as financial markets, risk management principles and techniques, portfolio construction, derivatives pricing and hedging strategies, and quantitative methods. The written exam tests knowledge of these topics in both theoretical and practical contexts. The oral exam focuses on assessing the candidate’s ability to apply the concepts learned in the course to real-world scenarios.

It typically takes between one to two years to complete all three components of the CFRM program. Candidates must have at least five years of professional experience in finance or related fields before they can take the written exam.

The cost of obtaining the CFRM certification varies depending on which components are taken. The online course costs $1,500 USD while the written and oral exams cost $400 USD each. Additional fees may also be charged for study materials or other related expenses.

5. Certified Regulatory Compliance Manager (CRCM)

Certified Regulatory Compliance Manager (CRCM) is a professional certification that demonstrates an individual's knowledge and expertise in the field of regulatory compliance. The CRCM designation is offered by the Institute of Certified Bankers (ICB), which is a subsidiary of the American Bankers Association.

It typically takes 3-6 months to complete the requirements for obtaining the CRCM designation. To be eligible for this certification, applicants must have at least 2 years of experience in a compliance-related role. In addition, applicants must pass an exam administered by ICB and complete 10 hours of continuing education credits every two years to maintain their certification status.

The cost for obtaining the CRCM certification depends on whether you are an ABA member or not. For ABA members, it costs $595 to take the exam and $195 for each additional attempt at the exam if needed. For non-ABA members, it costs $795 to take the exam and $295 for each additional attempt at the exam if needed.

6. Financial Risk Manager (FRM)

Financial Risk Manager (FRM) is a professional certification offered by the Global Association of Risk Professionals (GARP). It is designed to demonstrate an individual’s knowledge and understanding of financial risk management principles and practices. The FRM designation is recognized as the global standard for measuring the competence and integrity of financial risk professionals.

The FRM exam consists of two parts, each lasting four hours. Part I covers foundational topics such as quantitative analysis, financial markets and products, and valuation and risk models. Part II covers topics such as credit risk, market risk, operational risk, investment management, and current issues in financial markets.

In order to become an FRM, you must pass both parts of the exam with a minimum score of 70%. You must also meet GARP’s eligibility requirements which include having at least two years of relevant work experience or completing a GARP-approved educational program.

The cost to take the FRM exam varies depending on your country/region but typically ranges from $450-$650 USD per part. Additionally, there is an annual membership fee to maintain your certification which ranges from $75-$150 USD depending on your country/region.

Overall, it takes approximately one year to complete both parts of the exam if you are studying full-time. However, it can take longer if you are studying part-time or have other commitments that prevent you from dedicating more time to studying for the exam.

7. Professional Risk Manager (PRM)

Professional Risk Manager (PRM) is a globally recognized certification program designed to equip professionals with the knowledge, skills, and abilities necessary to effectively manage risk in their organizations. The PRM certification is offered by the Professional Risk Managers’ International Association (PRMIA).

The PRM certification consists of three levels: Foundation, Professional, and Master. Each level requires successful completion of an exam and has its own prerequisites. The Foundation level is designed for entry-level risk managers who have less than two years of experience in the field. The Professional level is intended for those with at least two years of experience in risk management or related fields. Finally, the Master level is for experienced risk managers who have at least five years of professional experience in the field.

The PRM exams are administered online through Pearson VUE testing centers around the world. It typically takes about six weeks from the time you register for an exam until you receive your results.

The cost of taking each exam varies depending on your location and whether or not you are a member of PRMIA. In general, it costs between $400-$500 USD per exam.

8. Certified Information Systems Auditor (CISA)

Certified Information Systems Auditor (CISA) is a professional certification offered by the Information Systems Audit and Control Association (ISACA). It is designed to recognize individuals who have demonstrated proficiency in information systems auditing, control, and security. The CISA certification is recognized worldwide as a measure of excellence in the field of information systems audit, control, and security.

To obtain the CISA certification, candidates must pass an exam administered by ISACA. The exam consists of 150 multiple-choice questions that cover topics such as governance and management of IT, information systems acquisition, development and implementation, information systems operations, maintenance and support, protection of information assets, and business continuity. Candidates must also submit proof of five years of experience in at least three areas related to the CISA job practice domains.

The cost for taking the CISA exam varies depending on location but generally ranges from $500 to $700 USD. Additionally there is a one-time application fee of $50 USD for new CISA candidates.

In order to maintain the CISA certification status you must complete 120 Continuing Professional Education (CPE) credits every three years.

9. Certified in the Governance of Enterprise IT (CGEIT)

Certified in the Governance of Enterprise IT (CGEIT) is a professional certification offered by ISACA, an international non-profit organization that promotes and develops standards for information security, assurance, and governance. The CGEIT certification is designed to recognize professionals who have expertise in the governance of enterprise IT. It focuses on the processes used to ensure that IT investments are aligned with organizational goals and objectives.

To obtain the CGEIT certification, applicants must meet certain eligibility requirements, including having at least five years of experience in enterprise IT governance or related areas. Applicants must also pass an exam administered by ISACA. The exam consists of 150 multiple-choice questions and takes approximately three hours to complete.

The cost of obtaining the CGEIT certification varies depending on whether you are an ISACA member or not. For non-members, the cost is $595 USD for the exam and $50 USD for each additional retake if needed. For members, the cost is $395 USD for the exam and $35 USD for each additional retake if needed.

In addition to passing the exam, those seeking CGEIT certification must also agree to abide by ISACA’s Code of Professional Ethics and Continuing Professional Education (CPE) requirements. The CPE requirement states that individuals must earn at least 20 hours of continuing education credits each year in order to maintain their certification status.

Overall, obtaining the Certified in Governance of Enterprise IT (CGEIT) certification can take up to several months depending on how quickly you can study for and pass the exam as well as fulfill all other requirements such as agreeing to abide by ISACA’s Code of Professional Ethics and completing your required CPE credits.

10. Project Management Professional (PMP)

Project Management Professional (PMP) is a certification offered by the Project Management Institute (PMI). It is a globally recognized credential that validates an individual’s knowledge and experience in project management. It demonstrates to employers, colleagues, and clients that the holder has the required skills and competencies to manage projects successfully.

To become a PMP, an individual must have at least three years of project management experience, 4500 hours leading and directing projects, 35 hours of project management education or training, and pass the PMP exam. The exam consists of 200 multiple-choice questions covering five domains: Initiating, Planning, Executing, Monitoring & Controlling, and Closing.

The process of becoming a PMP can take anywhere from several weeks to several months depending on how quickly you are able to complete all the requirements for eligibility. You will need to register with PMI first before being able to apply for the certification. Once registered you will need to fill out an application form which will be reviewed by PMI. Once approved you will be given access to the online exam which you must pass in order to become certified.

The cost of becoming a PMP varies depending on whether or not you are already a member of PMI. For non-members it costs $555 USD while members pay $405 USD. There is also an additional fee for those who wish to take their exam in person at an authorized testing center which is $150 USD for both members and non-members alike.

11. Six Sigma Green Belt

Six Sigma Green Belt is a certification program designed to help individuals learn and apply the Six Sigma methodology for process improvement. It is a globally recognized certification that demonstrates an individual’s knowledge and skills in applying the Six Sigma approach to problem solving.

The Six Sigma Green Belt certification typically takes about four weeks to complete. During this time, participants will gain an understanding of the DMAIC (Define, Measure, Analyze, Improve, Control) process and how it is used to identify and eliminate defects from processes. They will also learn how to use data-driven decision making and statistical analysis tools to improve processes.

To get certified as a Six Sigma Green Belt, individuals must first pass a written exam administered by an accredited organization or institution. The exam covers topics such as process improvement techniques, project management principles, quality control methods, and data analysis tools. After passing the exam, individuals must then complete a project demonstrating their ability to apply the Six Sigma methodology in practice.

The cost of becoming certified as a Six Sigma Green Belt varies depending on the provider offering the certification program. Generally speaking, however, it can range anywhere from $1,500-$5,000 USD for course materials and exam fees combined.

Do You Really Need a Risk Management Analyst Certificate?

A Risk Management Analyst Certificate is not a requirement for most risk management positions, but it can be beneficial for those who are looking to advance in the field. Many employers view certification as a sign of commitment and a demonstration of knowledge and experience. It can also help you stand out from other applicants when applying for jobs. For those who are just starting out in the risk management field, gaining a Risk Management Analyst Certificate can provide an edge in the job market.

The certificate provides an opportunity to learn more about the industry, develop specialized skills and gain exposure to new technologies. It helps you gain an understanding of how organizations manage their risks and how they protect themselves from potential losses. The certificate also teaches you how to analyze data, identify potential risks and develop strategies to mitigate them. You will also learn about legal regulations related to risk management, such as insurance laws and contract law. Additionally, you will gain insight into financial analysis tools used in assessing risk and making decisions about investments.

In summary, while a Risk Management Analyst Certificate is not essential for many positions in the field, it can prove beneficial if you are looking to advance your career or make yourself more competitive on the job market.

Related: Risk Management Analyst Resume Examples

FAQs About Risk Management Analyst Certifications

1. What qualifications are needed to become a Risk Management Analyst?

Answer: To become a Risk Management Analyst, a minimum of a Bachelor’s degree in finance, economics, accounting, or any other related field is required. Additionally, certifications such as the Certified Risk Professional (CRP), the Professional Risk Manager (PRM), or the Financial Risk Manager (FRM) can help strengthen your resume and increase your chances of getting hired.

2. How long does it take to get certified as a Risk Management Analyst?

Answer: It typically takes between 6 months to 1 year to complete the certification process. The time frame depends on how much time you can dedicate to studying and preparing for the exams.

3. What is the cost of becoming certified as a Risk Management Analyst?

Answer: The cost for certification varies depending on which program you choose. Generally speaking, you should expect to pay anywhere from $500 - $3,000 for the exam fees alone. This does not include any additional materials or resources needed for study and preparation.

4. What are some benefits of becoming certified as a Risk Management Analyst?

Answer: Becoming certified as a Risk Management Analyst can help boost your career by demonstrating expertise in risk management principles and practices. Additionally, certification may also lead to increased job opportunities with higher pay and more responsibility in areas like banking and insurance companies.

5. Are there any online courses available to help me prepare for my certification exams?

Answer: Yes! There are many online courses available that provide comprehensive training on all aspects of risk management including financial analysis, portfolio management, derivatives pricing and hedging strategies, etc. These courses are often tailored specifically towards helping prepare you for the relevant certifications exams so they can be very helpful in achieving success when taking these tests.