Associate Risk Management Certification
Learn how attaining your Associate of Risk Management (ARM) certification can lead to a career in risk management. Get information about certification programs and career outlook.
What Is Risk Management?
Risk management is the act of analyzing information and determining possible problem areas, and then working to minimize or control them. As a risk manager in an insurance or financial industry, you'll look at market trends, regulations, and liabilities to help your company make the best decisions to avoid or power through any issues. This involves creating a foolproof strategy to target perceived threats.
|Career Responsibilities||Observe market trends and regulations, avoid or solve problems|
|Certification Prerequisites||Completion of a bachelor's and 3 IIA courses/exams|
|Benefits of Certification||Potential fellowship at the Risk and Insurance Management Society (RIMS); demonstrate professional proficiency|
|Median Salary (2018)||$85,866 (for all risk managers)*|
|Job Outlook (2016-2026)||19% growth (for all financial managers)**|
Source: *Payscale, **U.S. Bureau of Labor Statistics
How Do I Become Certified?
Most entry-level positions require candidates with a bachelor's degree in a field such as finance or business, though some universities are now offering degrees specific to risk management and insurance. Some employers may want you to have an MBA. Several schools offer risk management certificate programs for those who already have a degree and would like specific training in this area.
In order to receive an Associate of Risk Management certification, you must take and pass three courses and their respective exams through the Insurance Institute of America. You can find local courses through the organization's website and some may be available online. Colleges and universities may host approved courses, and that will help you prepare for the exams while you're still enrolled; you can even pass the exams and earn certification before you graduate.
There are two additional risk management certifications also offered by the Insurance Institute of America: one for being a public entity (ARM-P), and one for enterprise-wide risk management (ARM-E). To earn these, you must take an additional course and pass another exam.
What Can I Do With My Certification?
Certification enables you to prove to potential employers that you have specifically trained in risk management. ARM certification also completes one of the requirements for becoming a fellow at the Risk and Insurance Management Society (RIMS).