Most entry-level risk analyst jobs don’t require a certification. The right credential depends on which kind of risk you work in: the FRM and PRM fit financial risk, CRISC fits IT risk, and the ARM fits insurance and enterprise risk. This guide compares them so you can decide whether one is worth it now or later.
Fees and rules below come from each issuer’s website as of November 2026. Issuers change them, so confirm on the linked page before you register.
Why Get Certified as a Risk Analyst?
A certification won’t replace experience, and most hiring managers for analyst roles care first about whether you can work accurately with data. Where a certification does help:
- It proves knowledge you can’t show yet. If you’re moving into risk from another field, passing an exam shows you understand how the risk type is measured.
- It signals commitment to a track. Passing FRM Part I tells a credit or market risk team you’re serious about financial risk.
- It prepares you for promotion. Credentials such as the FRM and CRISC carry experience requirements that line up with the senior analyst and manager stages.
- Some employers pay for it. Some employers reimburse exam fees, so it can be worth asking before you pay yourself.
Exam progress counts on a resume. “FRM Part I passed” is a real credential even before you earn the full designation.
Top Risk Analyst Certifications
Financial Risk Manager (FRM)
The FRM from the Global Association of Risk Professionals (GARP) is a financial risk credential covering market, credit, and operational risk and risk models.
- Issuer: GARP
- Format: two computer-based multiple-choice exams. Part I has 100 questions and Part II has 80, with four hours for each. Exams are offered in May, August, and November.
- Cost: a one-time $400 enrollment fee, plus $600 per part at early registration or $800 per part at standard registration (GARP fees). A new candidate who registers early for both parts pays $1,600.
- Prerequisites: none to sit the exams. To be certified, you need two years of full-time relevant work experience, gained before or after the exams and submitted within 10 years of sitting Part II.
- Time to complete: you have four years after passing Part I to pass Part II. GARP reports candidates spend about 240 hours studying on average.
- Renewal: GARP asks FRM holders to earn 40 continuing professional development credits every two years (GARP CPD); it describes the program as strongly encouraged rather than mandatory.
- Best for: credit, market, and model risk analysts at banks and investment firms.
Professional Risk Manager (PRM)
The PRM from the Professional Risk Managers’ International Association (PRMIA) covers financial risk, risk models, and risk governance across two exams.
- Issuer: PRMIA
- Format: two exams (PRM Exam 1 and PRM Exam 2), which must all be completed within two years.
- Cost: for non-members, $800 per exam or $1,500 for both. Members pay less (for Sustaining members, $650 per exam or $1,200 for both).
- Prerequisites: one of a graduate degree, a current CFA, CIIA, or FRM, a bachelor’s degree with two years of full-time work, or four years of full-time work, in financial services or a risk department.
- Time to complete: up to two years.
- Renewal: 20 Continued Risk Learning credits each calendar year, plus an annual PRMIA Sustaining membership (PRMIA CRL).
- Best for: financial risk analysts who want a broad credential and already meet the education or experience requirement.
Certified in Risk and Information Systems Control (CRISC)
CRISC from ISACA focuses on IT risk: governance, risk assessment, risk response and reporting, and technology and security controls.
- Issuer: ISACA
- Cost: $575 for ISACA members or $760 for non-members to take the exam, plus a $50 application fee for certification.
- Prerequisites: you can take the exam first. For exam passers after November 2025, certification requires three years of verified experience in both Risk Assessment and Risk Response and Reporting, two of the four CRISC domains, with no waivers (ISACA requirements).
- Time to complete: you have five years after passing the exam to apply for certification.
- Renewal: at least 20 continuing professional education (CPE) hours a year and 120 over each three-year period, plus an annual maintenance fee of $45 for members or $85 for non-members (ISACA maintenance).
- Best for: IT, cyber, and vendor risk analysts. Because of the experience requirement, it usually fits a senior analyst better than a new one.
Associate in Risk Management (ARM)
The ARM from The Institutes is an insurance-industry designation covering risk assessment, treatment, and the use of technology in risk management.
- Issuer: The Institutes
- Format: three online courses (ARM 400, ARM 401, and ARM 402) plus an ethics course. Each course ends with an online exam of 50 questions in 65 minutes.
- Cost: The Institutes doesn’t list a single designation price on its overview page; check current course pricing there.
- Prerequisites: none listed.
- Time to complete: about 6 to 9 months, with each course taking 4 to 6 weeks on average.
- Renewal: no continuing education requirement is listed on the designation page; ARM courses may count toward state insurance CE.
- Best for: risk analysts at insurers, brokers, and corporate risk and insurance departments.
Chartered Financial Analyst (CFA)
The CFA from CFA Institute is a broad investment credential rather than a risk credential, but it carries weight in market risk and investment risk teams.
- Issuer: CFA Institute
- Format: three exams, Levels I, II, and III, taken in order.
- Cost: Level I registration is $1,140 (early) or $1,490 (standard) (CFA Institute dates and fees). CFA Institute removed its one-time $350 enrollment fee in April 2025 (announcement).
- Prerequisites: to earn the charter, you also need qualifying work experience.
- Time to complete: three exams taken one at a time, so plan on more than a year for all three levels.
- Renewal: not a renewal-cycle credential; check CFA Institute for charterholder membership requirements.
- Best for: market and investment risk analysts who may later move into portfolio management. For most other risk tracks, the FRM is the more direct choice.
How to Choose the Right Certification
Start with your risk type, then your career stage.
- New to risk, or still choosing a track: skip certification for now. Build Excel, SQL, and reporting experience first.
- Credit, market, or model risk: the FRM is the usual choice. Part I alone is a useful signal while you’re still an analyst.
- IT, cyber, or vendor risk: plan for CRISC once you have the experience it requires.
- Insurance or corporate risk: the ARM is the most practical fit.
- Investment or portfolio risk: consider the CFA, especially if you may move to the investment side.
The table below compares the five side by side. The number of exams is a rough guide to the effort involved; pass rates and study time vary by candidate.
| Certification | Exam cost | Exams to pass | Experience required | Time to complete | Best for |
|---|---|---|---|---|---|
| FRM (GARP) | $1,600 to $2,000 for a new candidate | 2 | 2 years, before or after the exams | Up to 4 years after Part I | Credit, market, model risk |
| PRM (PRMIA) | $1,200 to $1,500 for both exams | 2 | Degree or experience, depending on route | Within 2 years | Financial risk |
| CRISC (ISACA) | $575 to $760, plus $50 application | 1 | 3 years in 2 named domains | Exam first; apply within 5 years | IT, cyber, vendor risk |
| ARM (The Institutes) | Check current course prices | 3 course exams | None listed | About 6 to 9 months | Insurance and corporate risk |
| CFA (CFA Institute) | Level I: $1,140 to $1,490 | 3 | Required for the charter | Several years for all three levels | Market and investment risk |
Costs are exam and registration fees only. Study materials, memberships, and retakes cost extra.
When you’re further along, the Risk Manager certifications guide covers credentials aimed at the manager stage.
How Certifications Appear in Job Listings
In risk analyst postings, certifications more often appear as “preferred” than “required.” Patterns to look for:
- Bank credit and market risk postings may mention the FRM, sometimes as “FRM or progress toward it.”
- IT and vendor risk postings tend to list CRISC, CISA, or a security certification instead.
- Senior and manager postings list certifications more often, and are more likely to require one.
When a posting names a certification you’re working toward, list your progress plainly on your resume, such as “FRM Part I (passed)” or “CRISC exam scheduled for March.” Don’t imply you hold a designation before it’s awarded. Match the rest of your resume to the posting’s skills, too; Teal’s AI Resume Builder can help you tailor it to each job.
Frequently Asked Questions
Do I need a certification to get a risk analyst job?
Usually not. Most entry-level risk analyst jobs ask for a relevant degree and data skills, and treat a certification as a bonus. It matters more for promotion and for moving into risk from another field.
Which certification should a beginner start with?
If you’re aiming at financial risk, FRM Part I is the most common first step. If you’re still deciding between risk types, wait until you’ve chosen one, since the credentials don’t overlap much.
How long does the FRM take?
Exams are offered three times a year, and you have up to four years after passing Part I to pass Part II. GARP reports an average of about 240 study hours. The designation also requires two years of relevant work experience.
Is the FRM or CFA better for a risk analyst?
For most risk analyst roles, the FRM, because its whole curriculum is about risk. The CFA is broader and fits better if you work in investment risk or may move into portfolio management.
Will my employer pay for a certification?
Some employers offer exam reimbursement, but policies vary. Ask during the offer stage or check your benefits before paying yourself.
For more on the role itself, return to the Risk Analyst career guide.