In order to support you choosing one of the certification programs we have compared GARP and PRMIA and their certification programs in the following spreadsheet:<BR>
<DIV align=center>
<CENTER>
<TABLE>
<TR>
<TD vAlign=top width=104>Organization</TD>
<TD vAlign=top width=242><a href="http://www.garp.com/" target="_blank" >GARP</A></TD>
<TD vAlign=top width=259><a href="http://prmia.org/" target="_blank" >PRMIA</A></TD></TR>
<TR>
<TD width=104>founded</TD>
<TD width=242>1996</TD>
<TD width=259>2002</TD></TR>
<TR>
<TD vAlign=top width=104>aim/mission</TD>
<TD vAlign=top width=242>"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 and the promotion of best practices globally."</TD>
<TD vAlign=top width=259>"The PRMIA Mission is to provide a free and open forum for the promotion of sound risk management standards and practices globally." </TD></TR>
<TR>
<TD vAlign=top width=104>members</TD>
<TD vAlign=top width=242>over 58,000 (as of September 2006)</TD>
<TD vAlign=top width=259>over 36,000 (as of September 2006)</TD></TR>
<TR>
<TD vAlign=top width=104>member fee</TD>
<TD vAlign=top width=242>$100<BR>$50 for students<BR>free affiliate membership</TD>
<TD vAlign=top width=259>no fee</TD></TR>
<TR>
<TD vAlign=top width=104>representatives in Germany</TD>
<TD vAlign=top width=242>Stephan Bellarz, FRM, Frankfurt<BR>Kai Gammelin, Frankfurt</TD>
<TD vAlign=top width=259>Stephan Wurm, <a href="http://prmia.org/rd_pages/rd_pages.php?Section=rd_pages&amp;Page=index&amp;Chapter=Dusseldorf" target="_blank" ><FONT size=1>Düsseldorf</FONT></A></FONT><BR>Dr. Robert Fiedler, <a href="http://prmia.org/rd_pages/rd_pages.php?Section=rd_pages&amp;Page=index&amp;Chapter=Frankfurt&amp;PHPSESSID=51b8eafaf3dbdcebb3eb65b881ec7d8a" target="_blank" ><FONT size=1>Frankfurt</FONT></A></FONT><BR>Dr. Dominik Dersch, <a href="http://prmia.org/rd_pages/rd_pages.php?Section=rd_pages&amp;Page=index&amp;Chapter=Munich" target="_blank" ><FONT size=1>Munich</FONT></A></FONT></TD></TR>
<TR>
<TD vAlign=top width=104>features</TD>
<TD vAlign=top width=242>
<UL>
<LI>monthly GARP newsletter
<LI>bimonthly GARP Risk Review
<LI>monthly FRM-Newsletter
<LI>Daily e-news alerts
<LI>discount to GARP's annual convention, conferences and seminars, and books
<LI>access to Career Center </LI></UL></TD>
<TD vAlign=top width=259>
<UL>
<LI>monthly members newsletter
<LI>members only special links, discounts and offers
<LI>ROSE: PRMIA has developed a unique online search engine, using member-recommended sites that serve the risk and finance communities
<LI>PRM Online Study Groups
<LI>Jobs Board </LI></UL></TD></TR></TABLE></CENTER></DIV>
<DIV align=center>
<CENTER>
<TABLE>
<TR>
<TD vAlign=top width=102>Certification</TD>
<TD vAlign=top width=244><a href="http://www.garp.com/frmexam/" target="_blank" >FRM</A></TD>
<TD vAlign=top width=259 colSpan=3><a href="http://prmia.org/" target="_blank" >PRM</A></TD></TR>
<TR>
<TD vAlign=top width=102>Philosophy</TD>
<TD vAlign=top width=244>"The FRM exam should, as much as possible, reflect real-world practices and test a manager not only on his or her technical prowess but also their ability to recognize issues. As a risk manager it would be very rare for a colleague to approach you with a problem and simultaneously identify it as a “market risk or credit risk” issue.<BR><BR>The FRM Committee does not feel that modularizing a comprehensive risk management-related examination, allowing candidates to take and pass each section separately, is a good approach to measuring a candidates ability to make decisions in a real world environment. That methodology simply makes the exam easier to pass and does not truly measure a candidate’s overall risk management capabilities, thereby reducing its credibility and acceptance as a rigorous and globally adopted test of financial risk management competency."<BR><BR>Certificates will be handed over only to candidates who have passed the FRM Exam and provided GARP with proof of their 2 years of work experience.</TD>
<TD vAlign=top width=259 colSpan=3>"The PRMIA Certified Risk Manager program sets the standard for assessing the knowledge, competence and integrity of risk professionals. It is the only Globally Endorsed certification program for risk managers. The exam tests a candidate's knowledge and ability to apply the essentials of financial risk management to everyday, real-life situations in the workplace."<BR><BR>"To meet with the needs of busy professionals, the program provides for great flexibility, offering one six-hour exam for those wishing to complete evaluation in one day, or four separate exams, varying in length from one to two hours, which can be taken in any order over a period of up to two years. Passing all four exams leads to the award of the PRM designation."<BR><BR><BR><BR><BR><BR><BR><BR>An online scientific calculator will be provided at the test center. No other calculators will be allowed.</TD></TR>
<TR>
<TD vAlign=top width=102>Exam Structure</TD>
<TD vAlign=top width=244>I Quantitative Analysis - 10 %<BR>II Market Risk Measurement and Management - 25 %<BR>III Credit Risk Measurement and Management - 30 %<BR>IV Operational and Integrated Risk Management, Legal, Accounting, and Ethics - 25 %<BR>V Risk Management in Investment Management – 10 %</TD>
<TD vAlign=top width=259 colSpan=3>Exam I: Finance Theory, Financial Instruments and Markets (25 %, 36 questions, 120 minutes)<BR>Exam II: Mathematical Foundations of Risk Measurement (20 %, 24 questions, 120 minutes)<BR>Exam III: Risk Management Practices (30 %, 36 questions, 90 minutes)<BR>Exam IV: Case Studies, PRMIA Standards of Best Practice, Conduct and Ethics, Bylaws (25 %, 24 questions, 60 minutes)</TD></TR>
<TR>
<TD vAlign=top width=102>Exam fees</TD>
<TD vAlign=top width=244>$500 early registration till 30-04-2005<BR>$650 standard registration till 31-08-2005<BR>$900 late registration till 17-10-2005<BR>($ 100 membership fee included)</TD>
<TD vAlign=top width=93>from <BR>01-03-2006<BR>any one exam<BR>full exam</TD>
<TD vAlign=top width=56>standard<BR><BR>$195<BR>$500</TD>
<TD vAlign=top width=110>sustaining PRMIA members<BR>$175<BR>$450</TD></TR>
<TR>
<TD vAlign=top width=102>Discounts</TD>
<TD vAlign=top width=244>early registration; scholarship possible</TD>
<TD vAlign=top width=259 colSpan=3>for groups of 10 or more candidates from the same organization; scholarship possible</TD></TR>
<TR>
<TD vAlign=top width=102>Basic Readings</TD>
<TD vAlign=top width=244>Study Guide<BR>free downloadable readings<BR>Jorion: Financial Risk Manager's Handbook, 3rd edition 2005<BR>Readings CD</TD>
<TD vAlign=top width=259 colSpan=3>Self Study Guide<BR>Exam guide<BR>Professional Risk Managers' Handbook</TD></TR>
<TR>
<TD vAlign=top width=102>Study Groups/Course Providers</TD>
<TD vAlign=top width=244><a href="http://www.siegert-partner.de/GARP_PRMIA/GARP.htm#study target="_blank" ><FONT size=1>in Germany</FONT></A></TD>
<TD vAlign=top width=259 colSpan=3><a href="http://www.siegert-partner.de/GARP_PRMIA/PRMIA.htm#study target="_blank" ><FONT size=1>in Germany</FONT></A></TD></TR>
<TR>
<TD vAlign=top width=102>Next Possible Exam Dates</TD>
<TD vAlign=top width=244>November 18, 2006</TD>
<TD vAlign=top width=259 colSpan=3>any business day of the year</TD></TR>
<TR>
<TD vAlign=top width=102>Testing Locations</TD>
<TD vAlign=top width=244>66 cities worldwide<BR>in Germany: Frankfurt, Munich</TD>
<TD vAlign=top width=259 colSpan=3>any of nearly 4,000 locations, operated by Pearson VUE, in over 140 countries; more than 150 locations in Germany (e.g. Berlin, Frankfurt, Marburg)</TD></TR>
<TR>
<TD vAlign=top width=102>Format</TD>
<TD vAlign=top width=244>multiple choice; 140 questions (not presented by category), 2 - 2,5 hours "sessions"</TD>
<TD vAlign=top width=259 colSpan=3>multiple choice; full exam: 120 questions; Exam questions are randomly drawn, according to the syllabus order and weightings, from the exam database</TD></TR>
<TR>
<TD vAlign=top width=102>Recognition of Other Designations</TD>
<TD vAlign=top width=244> </TD>
<TD vAlign=top width=259 colSpan=3>candidates need only to pass the following exams</TD></TR>
<TR>
<TD vAlign=top width=102> </TD>
<TD vAlign=top width=244> </TD>
<TD vAlign=top width=172 colSpan=2>CFA, CIIA, CQF, Act. Fellow cross-over</TD>
<TD vAlign=top width=81>exams III and IV</TD></TR>
<TR>
<TD vAlign=top width=102> </TD>
<TD vAlign=top width=244> </TD>
<TD vAlign=top width=172 colSpan=2>Acturial Associates</TD>
<TD vAlign=top width=81>exams I, III and IV</TD></TR>
<TR>
<TD vAlign=top width=102> </TD>
<TD vAlign=top width=244> </TD>
<TD vAlign=top width=172 colSpan=2>CSI Financial Risk Management Graduates</TD>
<TD vAlign=top width=81>exams II, III, and IV</TD></TR>
<TR>
<TD vAlign=top width=102> </TD>
<TD vAlign=top width=244> </TD>
<TD vAlign=top width=172 colSpan=2>FRM cross-over</TD>
<TD vAlign=top width=81>exams II and IV</TD></TR>
<TR>
<TD vAlign=top width=102>Exam Results</TD>
<TD vAlign=top width=244>in January 2007</TD>
<TD vAlign=top width=259 colSpan=3>15 business days after the exam has been taken</TD></TR>
<TR>
<TD vAlign=top width=102>Statistics</TD>
<TD vAlign=top width=509 colSpan=4>(as of March 2006)</TD></TR>
<TR>
<TD width=102> Certifications</TD>
<TD vAlign=top width=244>8404</TD>
<TD vAlign=top width=259 colSpan=3>n/a</TD></TR>
<TR>
<TD vAlign=top width=102> Passing Rates</TD>
<TD vAlign=top width=244>44 % </TD>
<TD vAlign=top width=259 colSpan=3>49 % (exam I) -72% (exam IV)</TD></TR></TABLE></CENTER></DIV>