All GARP Exams

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ICBRR
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International Certificate in Banking Risk and Regulation (ICBRR)
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About GARP Certifications

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GARP or the Global Association of Risk Professionals is the gold standard for obtaining a professional risk management certification. Its three assorted certificates cover areas like financial risks, energy risks, and sustainability & climate risks. So, let’s explore more about these high-end designations and figure out how they can level up the career of a risk manager.

Certification #1 - Financial Risk Manager (FRM)

Accepted by every leading financial enterprise as key recruitment criteria, the Financial Risk Manager or FRM validation is a globally recognized risk management certificate. Risk managers from multiple domains can use this certificate as a means to showcase their outstanding expertise earned in early anticipation, proper handling, and immediate adoption of remedial solutions for critical risk issues. It is open for all aspiring candidates, as no stringent prior knowledge is imposed by the vendor.

Exam Profile

Becoming a certified Financial Risk Manager is feasible after weaving success in two exams: the FRM Part 1 and FRM Part 2. As for the FRM Part 1 test, it is an MCQ-based exam containing 100 questions. The key focus of this evaluation is on concepts like risk management foundation, financial markets, quantitative analysis, and valuation & risk models. After contriving success in Part 1, candidates have to aim at the FRM Part 2 exam, which, in its turn, consists of 80 MCQ-based items, and puts emphasis on real-world applications of tools like credit risk, market risk, treasury & liquidity risk, and finally, resiliency along with operational risks. Note that it is a must that after passing two portions of the FRM test aspirants should gain a minimum of two years of hands-on experience in finance to complete the certification process. More so, candidates are compelled to sit for the FRM Part 2 exam within four years after nailing the FRM Part 1 to claim the certification. To add more, the allotted time duration for each of these tests is 4 hours. Also, though one can sit for both the exams on a single day, scoring passing grades in the FRM Part 1 is essential to sit for the FRM Part 2. The result, pass/fail, will be declared within six weeks of the official exam. Thankfully, there is no negative scoring for wrong answers. So, candidates can try their luck, in doubtful questions, without any qualms. Finally, the standard exam fee for the FRM Part 1 validation is about $950-$1150. Similarly, you’ll have to pay the same price to enroll for the FRM Part 2 test.

Career Prospects

The GARP FRM designation is not easy to tame and one has to burn the midnight oil to ace the associated exams. However, seeing the career prospects, we must admit that it is worth it. Thus, a certified Financial Risk Manager is capable of making $89,297 annually as per Payscale.com.

Certification #2 - Energy Risk Professional (ERP)

The Energy Risk Professional or ERP is the first choice for energy companies, energy consulting firms, and commodity companies when building a team of skilled energy risk managers is a matter of concern. It is because of the high-end learning that one will gain after the successful completion of the ERP certification process. With such a certificate, candidates will be able to perform audits, risk management-related jobs, energy risk consulting, and the like tasks. Notably, this designation is equal to a Master's degree in the energy risk area.

Exam Profile

Previously, obtaining this certification demanded passing 2 exams, i.e. the ERP Part 1 and ERP Part 2. However, these certification programs will be discontinued after 2021. Hence, the vendor has stopped registration for the ERP Part 1. Now, only the EPR Part 2 test is available for those who have already cleared the ERP Part 1. All in all, candidates will have five years to submit the work experience proof. To add more, the ERP Part 2 is based on financial energy products, risk assessment & energy price modeling, and risk mitigation. The competency on all these topics is checked with the help of 60 MCQs. The allotted time for this exam is 4 hours. Last of all, the test fee for the ERP Part 2 evaluation is $475.

Career Prospects

Many international companies are currently eyeing for certified ERPs. The average salary in this domain ranges from $43k to $155k per year as stated by ZipRecruiter and specialists can opt for such roles as an energy assessor, energy risk analyst, energy manager, and so on.

Certification #3 - Sustainability and Climate Risk (SCR)

The Sustainability and Climate Risk or SCR designation is a part of GARP’s flagship program which aims to create a team of climate risk leaders that can identify climate change in the infancy stage and fabricate remedial solutions. World-class climate change leaders are generated via this certificate. In particular, such specialists are capable of imparting the best sustainability practices within a given ecosystem. Since there is no official prerequisite for the SCR exam, anyone can go for it and have a smooth career transition.

Exam Profile

The SCR is a very comprehensive exam designed to validate the test-takers’ expertise in concepts like climate change foundation, green sustainable finance, climate risk measurement, climate scenarios analysis, current issues in sustainability, and climate risks. It’s peculiar that all the leading fundamental guidelines, methodologies, and climate managing risks are covered in this evaluation. In all, the official exam includes 80 multiple-choice questions and allows three hours to answer all the items. What’s more, the test is available only in American English. The SCR exam fee varies as per the status of the candidate. For instance, non-GARP members have to pay $750 per one SCR attempt while a registered member pays only $650. Significantly, certified FRM or ERM members of GARP have to splash out $625 for the actual SCR exam.

Career Prospects

Around 95% of organizations are planning to adopt the sustainability climate change practice in the future as the vendor claims. Hence, SCR certified specialists have bright prospering chances. So, certified individuals can easily make around $66k annually as rendered by Glassdoor.com.

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