There is a certain level of risk in any type of business, and many companies attempt to alleviate as much as risk as possible by employing risk managers. Risk managers analyze the current business environment to identify potential trouble areas and develop solutions to problems. There are no data on the number of female risk managers. However, organizations like the Risk and Insurance Management Society have seen an increase in female members. Such organizations also encourage and promote women in the risk management industry by offering mentoring and training.
Who Offers the Designation
The Institutes, a collaboration between the American Institute For Chartered Property Casualty Underwriters and the Insurance Institute of America, offers the official Associate in Risk Management Certification. Along with the comprehensive ARM certification, you can also choose to pursue the ARM for Public Entities certification and the ARM Enterprise-Wide certification.
Benefits of Certification
The ARM certification is not required for you to take a position as a risk manager. However, it does look good on your resume and improve your job prospects because it shows potential employers that you’ve gone the extra mile to increase your knowledge and skills in risk management, and that you can apply that knowledge in the real world. According to The Institutes, 75 percent of risk managers who hold the ARM certification reached their career goals faster than those who don't have the certification. This includes earning promotions quicker.
Taking the Courses
Earning ARM certification means taking and passing three courses: Risk Management Principles and Practices; Risk Assessment and Treatment; and Risk Financing. The ARM-P and ARM-E designations also require you to pass one course for each certification. All of the courses take five to seven weeks to complete. You can choose to complete the courses through at-home self-study, instructor-led online courses or in-person traditional classes. Each course requires you to purchase a course guide and textbook. Supplemental materials to help you pass the courses are also available for purchase. The Institutes has even created study apps through Google Play and iTunes.
Passing the Exams
You’ll also have to pass a final exam for each course to earn the ARM designation. The Institutes offers the exams four times a year in two-month testing periods, and utilizes Prometric and other approved testing centers to proctor the exams. You’ll have an hour to complete each exam, which consist of 15 to 40 multiple-choice questions. To improve you chances of passing the ARM exams, plenty of options exist to help you prepare for them. These include resources provided by The Institutes such as an exam handbook, test demos, practice questions and study aids. Outside sources, such as the Agent Broker Training Center, also sell exam resources such as online courses, books and exam review programs. In addition to the three course exams, you must also take and pass a 50-question ethics exam.
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