My sharing on passing PRM exams (2011 Edition)

[Anonymous]

Hi

I just cleared my last PRM exam this month and finally gotten my PRM designation this week
Like many others who had done such post before me, I thought that I should chip in and share my strategy of passing all PRM exams (at first attempt).

I am based in Singapore, have a Masters in Engineering and close to 5 years of banking experience. My exposure to risk management, in particular Operational Risk (& a bit of Credit Risk), is about 2 years.
In addition, I am an APRM certified 2 years ago before I decided to challenge myself to go for PRM late last year (just in time before the launch of the 2015 edition)

Initially I thought, given my background, I should be able to clear Exam 1 to 3 easily. But I was wrong.
The PRM exams are certainly not a walk in the park but with ample preparation and planning, you should be able to pass this tough exam at the first attempt.
Point 1: Read Sufficiently:
Make a point to read through the entire PRM Textbooks once (only) to get an idea of what is expected for the exam. In additionally, do read through all the (free) tutorials provided in the Riskprep website to help you understand the topics better.

Point 2: Practice, Practice and more practice
I bought the question banks from Riskprep and Kesdee as well as downloaded the free (sample) questions from PRMIA study guides.
I did the questions 4 times.
1st time: I completed all the questions to get an idea;
2nd time: I repeated all the questions to identify those that I was weak in or questions I thought were very important;
3rd time: I did all those questions (~50% of total) I identified (at the 2nd time) to confirm my understanding
4th time (just 2 days before the exam date); I did those identified questions (~30% of total) that I had marked as “must review” during the 3rd time.

Point 3: Plan your time and build up your confidence
Taking exams are stressful; but it is wiser if you can make the experience easier for yourself. Here’s how:
– Take exams separately instead of all at one go. (This is the plus point of PRM: flexibility)
– Take each exam at each quarter continuously so that you do not lose the momentum
– Take the first exam that you thought is easier to pass to build up your confidence
My order from the easiest to the most difficult was

Exam 2 (Maths is my strength) -> Exam 1 (the questions was not as tough as exam 3 but that’s a lot of topics to cover) -> Exam 3 (Deeper understanding of risk management is required)

Point 4: Note taking and prepare a ‘cheatsheet’
To help yourself manage the (large) amount of content and not forgetting what you have just read.
Try to summaries the key points and equations on separate sheets of paper
Prepare a ‘cheatsheet’ (like 2 to 4 pages) that sum up the most important points and equations. The cheatsheet is supposed to serve as a quick revision notes on the day of exam

Point 5: Good Luck and Rest well
Praying should probably help, but if you have been study ~2 hrs everyday for 10 weeks before each exam, you should stand a good chance to pass the exam.
A good rest of ~7 hrs the night before and perhaps a short (1hr) nap before the exam ( mine is always the last slot of the day at the test center) can help to keep your mind more alert and calm.

Finally, all the best to those preparing for the PRM exam.

P.S: For those in the risk management area, quite a number of them are aware of PRM (existence). I hope soon, PRM will be as well recognize as FRM.

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