Double digit record growth reaffirms the global recognition and acceptance of the FRM designation
NEW YORK and LONDON, Oct. 19 /Xinhua-PRNewswire/ -- The Financial Risk Manager (FRM(R)) Program reached an all-time high in candidate registrations in 2007 with 10,135, representing a 25% increase from the 2006 total of 8,077, the Global Association of Risk Professionals (GARP: www.garp.org ) announced today.
"With the increasing complexity of financial instruments and trading strategies, the demand for risk management skills is growing quickly. It is gratifying for GARP and the FRM Committee that the FRM exam is chosen by so many individuals to demonstrate their command of risk management practices, concepts and theories," states Dr. Rene Stulz, Chairman of the FRM Committee and member of the GARP Board of Trustees. "They understand that the FRM Committee has high standards and that they will be rewarded professionally for meeting them."
Highly sought after, the FRM designation is gaining momentum annually. In fact, the FRM program has experienced a compounded annual growth rate of 22% over the last 6 years, higher than any other financial certification program in any 6-year period in history. The FRM exam was first administered in 1997 with only 108 registrants and 7 testing locations. Now there are 10,135 candidates registered in 73 testing locations for this year's FRM examination to be held on November 17th.
The FRM program has also seen an increase in employers encouraging their employees to obtain the FRM designation as well as hiring managers requiring it for senior level jobs. Companies and organizations with 5 or more FRM registrants grew from only 105 in 2003 to 335 in 2007.
"The FRM designation is proving year after year to be a valuable credential to employers at commercial and investment banks, insurance firms, brokerage firms, corporations, consulting firms, asset management firms, regulatory bodies, academic institutions, corporate treasury operations and software vendors worldwide" said Richard Apostolik, GARP President and CEO. "Based on its growth, earning the FRM designation has become the standard financial risk managers must meet in order to objectively demonstrate competence in the profession of financial risk management. We see more and more established firms such as KPMG, Morgan Stanley, Genworth Financial and NY Life requesting that their candidates for senior level risk manager positions have the FRM."
About GARP
The Global Association of Risk Professionals (GARP) is a not-for-profit independent association of over 67,000 risk management practitioners and researchers representing banks, investment management firms, government agencies, regulatory bodies, academic institutions and corporations from more than 167 countries worldwide. It also administers the Financial Risk Manager (FRM(R)) examination, the world's premier certification for the financial risk professional. GARP's mission is to be the leading professional association for risk managers, managed by and for its members dedicated to the advancement of the risk profession through education, training an the promotion of best practices globally. http://www.garp.org
If you would like more information about this topic, or to schedule an interview, please call Greg Winsper at +1 201-719-7240 or e-mail Greg at greg.winsper@garp.com
