Macquarie Applied Finance Centre’s Partnership with PRMIA

Frequently Asked Questions


This page addresses the following list of frequently asked questions regarding MAFC's partnership with PRMIA:

What is the Professional Risk Managers’ International Association (PRMIA)?

What is PRM Certification?

What does PRMIA accreditation mean for the Master of Applied Finance program?

I am a student/graduate of the Master of Applied Finance.  How can I obtain PRM Exemptions?

I have already obtained the PRM certification (or parts of it).  Does this mean I can obtain exemptions from certain Macquarie units?

When can I sit a Challenge Exam?

What should I do to prepare for a Challenge Exam?

What is the advantage of taking the Master of Applied Finance program if I intend getting PRM Certification?

How can I use the Masters to prepare for the PRM Certification?

What are the main sections of the PRM syllabus not covered by the Masters program?

Can I obtain discounts on PRMIA exams, courses and Handbooks?


What is the Professional Risk Managers’ International Association (PRMIA)?

PRMIA is a non-profit, member-led professional association designed to promote a higher standard for risk professionals. Formed in January of 2002, PRMIA has 65 local chapters around the world and more than 50,000 members in over 180 countries. PRMIA is dedicated to advancing the standards of the profession worldwide through the free exchange of ideas. It's a fast-growing, collaborative network of risk professionals from around the globe, defining and implementing the best practices of risk management.  For more information, see the PRMIA website.

What is PRM Certification?

Endorsed by leading universities and businesses, the PRM (Professional Risk Manager) certification is a global standard for risk managers and is offered in 140 countries.  The PRMTM curriculum covers a body of knowledge that finance industry leaders have identified as crucial for professional risk managers.  Candidates are required to pass four exams to be awarded the PRM designation. You can choose to take the complete PRM exam in one sitting or in four separate modules, which can be taken in any order over a period of up to two years.

Exam I: Finance Theory, Financial Instruments and Markets.

Exam II: Mathematical Foundations of Risk Measurement.

Exam III: Risk Management Practices (market, credit and operational risks).

Exam IV: Case Studies, PRMIA Standards of Best Practice, Conduct and Ethics, Bylaws.

What does PRMIA accreditation mean for the Master of Applied Finance program?

PRMIA has accredited the MAF degree program.  Macquarie was the first university in the Asian region to have a degree accredited by PRMIA.

The PRMIA accreditation program is designed to identify and endorse university degree programs that prepare candidates for careers as professional risk managers. Prospective students can be confident that accredited degree programs have a high degree of commonality with the PRMTM curriculum.  They can also be confident that these degree programs are appropriately rigorous, are taught by high quality faculty, and are recognized by potential employers.

Students completing appropriate courses within accredited degree programs will be eligible for exemption from PRM Exams I and II, which form a major part of PRMIA's Professional Risk Manager (PRM™) certification program. All students will still be required to pass exams III and IV in the PRM program.

I am a student/graduate of the Master of Applied Finance.  How can I obtain PRM Exemptions?

The exemptions apply only to Exams I and II.  In order to obtain these exemptions you will need to first pass PRM Exams III and IV.  You will also need to achieve a Passing grade in each of the following:

You should then contact sue.rod@prmia.org and provide her with your official transcript.  A fee of US$25 will apply.

I have already obtained the PRM certification (or parts of it).  Does this mean I can obtain exemptions from certain Macquarie units?

If you have passed some or all of the PRM exams you can potentially obtain substitutions for Financial Instruments and Financial Risk Management. To do so, you must take the relevant challenge exam for that unit and show, to the satisfaction of the respective lecturer, that you have understood the material.

A student who performs satisfactorily in a challenge exam will not have to enrol in the equivalent core unit, but will be permitted to substitute two additional elective units.

When can I sit a Challenge Exam?

Challenge Exams will typically be held prior to the start of Master of Applied Finance classes each semester and will be of a similar standard to that of the final exams in the Master of Applied Finance program. To request to sit a Challenge Exam you should download an application form for substitution from a core unit(s) and attach evidence of your PRM result.  Where possible, you should submit this with your application for our Master’s program. If you have sat for the PRM exam(s) but are awaiting notification of your results you should proceed to submit your request form for a Challenge Exam.  If you are enrolled, and lectures have commenced, you will no longer be eligible to sit the Challenge Exam for that unit.  Therefore, it is imperative that you advise us prior to the commencement of lectures of your intention.  Please be aware, that until you have shown evidence of your PRM result, you will not be permitted to sit a Challenge Exam.

What should I do to prepare for a Challenge Exam?

Once you have submitted your request form, and provided evidence of your PRM result(s), you will be contacted by email with information regarding that particular Challenge Exam. You will be permitted to obtain a set of notes for that unit, and are advised to attempt the sample exam paper contained in the notes. You should also obtain a copy of the relevant textbook as shown on the Unit Outlines.

What is the advantage of taking the Master of Applied Finance program if I intend getting PRM Certification?

The high degree of overlap between the content of some of the MAF program units and the PRM make it suitable preparation for those taking the PRM exams. The Master of Applied Finance is a post-graduate degree program which goes well beyond test preparation and is well-recognised by potential employers. Graduates are expected to gain a much broader and deeper understanding of risk management concepts than is necessary for professional certification.  Classes are taught by full-time and adjunct faculty who combine high level academic training and many years practical experience in industry. Classroom-based, face to face teaching provides the benefits of peer interaction, the opportunity to ask questions and increased motivation to study.  As well as these benefits, the regular assessment tasks undertaken by students in the MAF program provide a means by which those studying for the PRM qualification can gauge their level of preparedness.

How can I use the Masters to prepare for the PRM Certification?

Accreditation by PRMIA is recognition that Macquarie University’s Masters of Applied Finance program covers at least 70% of the PRM syllabus.

All our graduates must take the following core units:

For people intending PRM certification we recommend the following elective units to provide maximum overlap:

Other courses that have a risk management component or overlap with the PRM syllabus include:

What are the main sections of the PRM syllabus not covered by the Masters program?

Some topics are not specifically covered in the Masters program or are covered only briefly and will therefore require self-study.  Topics in this category include:

Can I obtain discounts on PRMIA exams, courses and Handbooks?

Macquarie University students or graduates are entitled to the following discounts and offers:

In order to redeem these offers, you will need to do the following:

  1. Join PRMIA: visit the PRMIA website at www.prmia.org and sign up
  2. Obtain a discount code: we provide these for you - please email (remember to quote your MQU Student Number in the email).
  3. Make your purchases: return to the PRMIA website at www.prmia.org and commence shopping with the discount code.