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PRMIA 8004 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Standards & Practices | - Principles of Good Governance Principles, PRMIA - Standards of Best Practice, Conduct and Ethics, PRMIA Ethics Committee - Group of Thirty Best Practices, Global Derivatives Study Group - Bylaws of Professional Risk Managers' International Association, PRMIA |
| Topic 2: Case Studies | - Fannie Mae and Freddie Mac - WorldCom - Barings - Silicon Valley Bank - Bankers Trust - Lehman Brothers - Long Term Capital Management (LTCM) - American Insurance Group (AIG) - Northern Rock - FTX - Orange County - Washington Mutual (Wamu) - National Australia Bank (NAB) - FX Options - Metallgesellschaft - Operational Resilience at TSB |
The PRMIA PRM Certification - Exam IV: Case Studies; Standards: Governance, Best Practices and Ethics Exam: What to Know First
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The 8004 exam is the official assessment behind the PRMIA PRM Certification - Exam IV: Case Studies; Standards: Governance, Best Practices and Ethics certification from PRMIA, and its pass rate is genuinely low — many candidates need two or three attempts to get through. The difficulty is real, but it is also manageable: candidates who prepare with material aligned to the published objectives give themselves a far better starting position than those who walk in underprepared.
The official outline divides the 8004 exam into weighted domains, including:
- Standards & Practices ()
- Case Studies ()
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Passing the 8004 exam requires 60% (PRM exam standard) :contentReference[oaicite:0]{index=0}, and registration costs See PRMIA official fee schedule (varies by membership status; official site required) :contentReference[oaicite:2]{index=2} — per attempt. With retakes so common on this exam, preparing properly for one focused attempt is the choice that protects your budget.
The 8004 exam contains 110 multiple-choice questions (varies slightly by test version) :contentReference[oaicite:1]{index=1} questions with Usually part of PRM Exam 2 structure, ~240 total for exam 2 (individual session details vary by test form) minutes to complete them. Practicing under the same time limit is the reliable way to make exam-day pacing feel familiar rather than frantic.
Must be enrolled in or progressing toward the PRM designation program; detailed prerequisites and eligibility provided by PRMIA candidate guidebook or official site :contentReference[oaicite:3]{index=3}
PRMIA PRM Certification - Exam IV: Case Studies; Standards: Governance, Best Practices and Ethics Sample Questions:
A risk manager finds that a client is engaged in a practice that looks like money laundering.
According to the PRMIA Standards of Best Practice, Conduct and Ethics (Code of Conduct), the risk manager should:
- A. Respect the client's confidentiality as that takes precedence
- B. Report the findings immediately to authorities
- C. Report this conduct to their immediate supervisor
- D. Approach the client about the concern, regardless of what their reaction might be
Correct Answer: C 🗳️
According to LTCM managers:
- A. Stress Testing was elaborate, complex and conducted on their entire portfolio. It included the assumptions of a major breakdown in historical correlations
- B. Stress Testing was not necessary because their trades were hedged
- C. Stress Testing looked at the 12 biggest deals with each of their top 20 counterparties
- D. Stress Testing was not conducted
Correct Answer: C 🗳️
Which of the following was NOT a factor in the Long Term Capital Management case?
- A. Unwinding of liquid positions at the beginning of major losses
- B. Inadequate separation of front and back offices
- C. Changes/breakdowns in historical correlations
- D. Model risk
Correct Answer: B 🗳️
TMFI's internal procedures and management were
- A. fully aware of the uninsured risks Fortress Re were taking
- B. aware that they had some uninsured liabilities but thought they had enough capital to withstand any uninsured losses
- C. absolutely unaware of their uninsured liabilities
- D. None of the above
Correct Answer: C 🗳️
Unlike the case at Barings Bank, National Australia Bank:
- A. Had a risk management infrastructure that was credited with doing its' job well, despite the losses
- B. Had a separation of duties between trading and back office
- C. Was not dealing in derivatives
- D. Had a Board of Directors that was unaware of the true nature of trading activities
Correct Answer: B 🗳️
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