考试注意：
PRM exam
To meet with the needs of busy professionals, the program provides for great flexibility,
offering one six-and-one-half-hour sitting for those wishing to complete evaluation in one
day, or four separate exams, varying in length from one to two hours, which can be taken
in any order over a period of up to two years. Passing all four exams leads to the award of
the PRM designation.

Exam [size=10.5000pt]	Exam Name[size=10.5000pt]	No. of Questions[size=10.5000pt]	Time Allowed[size=10.5000pt]
[size=10.5000pt]I[size=10.5000pt] [size=10.5000pt]	Finance Theory, Financial Instruments and Markets[size=10.5000pt] [size=10.5000pt]	36[size=10.5000pt]	2 hours[size=10.5000pt]
II[size=10.5000pt] [size=10.5000pt]	Mathematical Foundations of Risk[size=10.5000pt] Measurement[size=10.5000pt] [size=10.5000pt]	24[size=10.5000pt]	2 hours[size=10.5000pt] [size=10.5000pt]
III[size=10.5000pt]	Risk Management Practices[size=10.5000pt]	36[size=10.5000pt]	1.5 hours[size=10.5000pt]
IV[size=10.5000pt]	Case Studies; Standards: Governance,[size=10.5000pt] Best Practices and Ethics[size=10.5000pt] [size=10.5000pt]	24[size=10.5000pt]	1 hour[size=10.5000pt]

CROSS-OVER REQUIREMENTS FOR OTHER DESIGNATIONS
The program also recognizes the achievements of those who have other professional
designations and gives partial credit towards completion of the requirements for the
PRM designation. “Cross-over” candidates must pass the following exams:

CFA Cross-over[size=10.5000pt]	Exams III and IV[size=10.5000pt]
CIIA, CEFA Cross-over[size=10.5000pt]	Exams III and IV[size=10.5000pt]
Actuarial Fellow Cross-over[size=10.5000pt]	Exams III and IV[size=10.5000pt]
CQF Cross-over[size=10.5000pt]	Exams III and IV[size=10.5000pt]
Actuarial Associate Cross-over[size=10.5000pt]	Exams I, III and IV[size=10.5000pt]
CSI Financial Risk Manager Cross-over[size=10.5000pt]	Exams II, III and IV[size=10.5000pt]
CAIA Cross-over[size=10.5000pt]	Exams II, III and IV[size=10.5000pt]

The program allows for you to take one, two, three or all four exams at the same time.
Payment by credit card is required for online purchases. If you would like to make alterna-
tive arrangements, please contact certification@prmia.org.

[size=10.5000pt]	SUSTAINING MEMBERS[size=10.5000pt]	FREE MEMBERS[size=10.5000pt]
Any one exam[size=10.5000pt]	US $175.50[size=10.5000pt]	US $195[size=10.5000pt]
Full program in one sitting[size=10.5000pt]	US $450[size=10.5000pt]	US $500[size=10.5000pt]

90 DAY RULE
Please note that there is a strict PRMIA policy that exams may NOT be retaken within 90
days of a prior sitting. Any candidate attempt to transgress this policy by whatever means
may result in penalties against the candidate which could include forfeit of any PRMIA
certifications, vouchers, and possible expulsion from PRMIA. This rule applies equally
where PRMIA exams are available in other languages.

PERSONAL IDENTIFICATION
On the date of your appointment, arrive at the testing center at least 15 minutes before
the scheduled start time. You must bring two forms of identification with you. The first
must be a current government-issued ID with your photograph and signature.

Examples of Acceptable Forms[size=10.5000pt] of Government Issued ID[size=10.5000pt] [size=10.5000pt]	Examples of Acceptable[size=10.5000pt] Forms of Supplemental ID[size=10.5000pt] [size=10.5000pt]	Examples of Unacceptable[size=10.5000pt] Forms of ID[size=10.5000pt] [size=10.5000pt]
DRIVER’S LICENSE PASSPORT NATIONAL IDENTITY CARD MILITARY ID[size=10.5000pt]	CREDIT CARD[size=10.5000pt] EMPLOYEE ID CARD[size=10.5000pt]	LIBRARY CARD[size=10.5000pt] SOCIAL SECURITY CARD[size=10.5000pt]

The subject matter of the PRM program is broken down broadly as:

Exam[size=10.5000pt]	Topic[size=10.5000pt]	Weighting[size=10.5000pt]
[size=10.5000pt]I[size=10.5000pt]	Finance Theory, Financial Instruments and Markets [size=10.5000pt]	30%[size=10.5000pt]
II[size=10.5000pt]	Mathematical Foundations of Risk Measurement[size=10.5000pt]	20%[size=10.5000pt]
III [size=10.5000pt]	Risk Management Practices[size=10.5000pt]	30%[size=10.5000pt]
IV[size=10.5000pt]	Case Studies; Standards: Governance, Best Practices and Ethics [size=10.5000pt]	20%[size=10.5000pt]

EXAM I – FINANCE THEORY, FINANCIAL INSTRUMENTS
AND MARKETS (APPROX. 650 PAGES OF REFERENCE MATERIAL)
FINANCE THEORY
36%
Risk and Risk Aversion
Portfolio Mathematics

Capital Allocation
The CAPM and Multifactor Models
Basics of Capital Structure
The Term Structure of Interest Rates
Valuing Forward Contracts
Basic Principles of Options Pricing
FINANCIAL INSTRUMENTS (DESCRIPTIVE AND PRICING KNOWLEDGE) 36%
General Characteristics of Bonds
The Analysis of Bonds
Futures and Forwards
Swaps
Vanilla Options
Credit Derivatives
Caps, Floors and Swaptions
MARKETS 28%
The Structure of Financial Markets
Money Markets
Bond Markets
Foreign Exchange Market
Stock Markets
Futures Markets
The Structure of Commodities Markets
Energy Markets
EXAM II – MATHEMATICAL FOUNDATIONS OF RISK MEASUREMENT
(APPROX. 200 PAGES OF REFERENCE MATERIAL)
FOUNDATIONS
4%
Symbols and Rules
Sequences and Series
Exponents and Logarithms
Equations and Inequalities
Functions and Graphs
DESCRIPTIVE STATISTICS 8%
Data
The Moments of a Distribution
Measures of Location or Central Tendency
Measures of Dispersion
Bivariate Data
CALCULUS 21%
Differential Calculus
Higher-Order Derivatives
Financial Applications of Second Derivatives
Differentiating a Function of More than One Variable
Integral Calculus
Optimization
LINEAR MATHEMATICS AND MATRIX ALGEBRA
21%
Matrix Algebra
Application of Matrix Algebra to Portfolio Construction
Quadratic Forms
Cholesky Decomposition
Eigenvalues and Eigenvectors
PROBABILITY THEORY IN FINANCE 25%
Definitions and Rules
Probability Distributions
Joint Distributions
Specific Probability Distributions
REGRESSION ANALYSIS IN FINANCE 13%
Simple Linear Regression
Multiple Linear Regression
Evaluating the Regression Model
Confidence Intervals
Hypothesis Testing
Prediction
Breakdown of OLS Assumptions
Random Walks and Mean Reversions
Maximum Likelihood Estimation
NUMERICAL METHODS 8%
Solving (Non-differential) Equations
Numerical Optimization
Numerical Methods for Valuing Options
EXAM III – RISK MANAGEMENT PRACTICES
(APPROX. 500 PAGES OF REFERENCE MATERIAL)
MARKET RISK
33.33%
Market Risk Management
Introduction to Value-at-Risk Models
Advanced Value-at-Risk Models
Stress Testing including Enterprise-wide Stress Testing
Capital Allocation and Risk Adjusted Performance
Liquidity Risk
CREDIT RISK 33.33%
Credit Risk Management
Foundations of Credit Risk Modelling
Credit Exposure
Default and Credit Migration
Portfolio Models of Credit Risk
Credit Risk Capital Allocation
OPERATIONAL RISK AND OTHER RISKS
33.33%
The Operational Risk Management Framework
Operational Risk Process Models
Operational Value-at-Risk
Information Risk
Systemic Risk
EXAM IV – CASE STUDIES AND STANDARDS: GOVERNANCE,
BEST PRACTICES AND ETHICS
(APPROX. 130 PAGES OF REFERENCE MATERIAL)
CASE STUDIES 63%
Barings
NAB-FX Options
Bankgesellscaft
LTCM
Bankers Trust
Orange County
Metallgesellschaft
World Com
Northern Rock
Taisei Fire and Marine Insurance
Fannie Mae/Freddie Mac
China Oil
Washington Mutual
STANDARDS: GOVERNANCE, BEST PRACTICES, ETHICS 37%
PRMIA Bylaws
PRMIA Governance Principles
PRMIA Standards of Best Practice, Conduct and Ethics
Group of Thirty Derivatives Best Practices

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