Can an IRM qualification get you a pay rise and boost your career in risk management?

Read more testimonials from our members and students. What’s stopping you?

Risk management jobs are hot. Organisations are trying to make the same amount of money while taking a lesser amount of risk; risk management expertise has become a crucial component of revenue generation.

For example, as the Basel Committee on Banking Supervision clamps down on variability in risk models, banks are having to re-visit the risk models they use and the premises underlying them. Financial services companies have suffered gigantic fines and reputational damage from FX fixing and cyber-security breaches have affected public sector organisations and telecommunications companies - operational risk is becoming an even bigger issue than it was already. Risk jobs are hot – and they will stay that way.

Whether you are just starting out on your career or considering how to make the most of your existing options, risk management offers you the chance to become a pivotal player in any organisation. Risk management is a key business discipline. It supports the requirements of corporate governance and adds significant value to any organisation's performance.

How can you get a job in risk management/ or advance your career?

Our two certificate level qualifications are the pathway to the International Diploma.

Nicola Crawford, CFIRM and Chair of the Institute of Risk Management says:

"IRM qualifications are a solid platform which give the broad background of risk and help to develop transferrable skills.

I came from a banking back office and then strategic planning background which means I have seen what happens when ERM is not embedded in organisations key processes.  Understanding other organisational functions is an important element of being able to help organisations learn how ERM fits into the rest of the organisation and where the key changes need to occur to make this happen."

How long does it take to achieve the International Certificate in Risk Management/ Financial Services Certificate?

The International Certificate in Enterprise Risk Management is the ideal qualification for anyone looking for a solid foundation in the theory and practice of effective risk management.

Taking 6-9 months to complete, the certificate is a supported distance learning study programme that is internationally recognised.

The International Certificate in Financial Services Risk Management can be completed in the same time and is also delivered by online supported distance learning. This qualification is targeted specifically for those working in banking, building societies, consultancies, insurance and regulators.

How much does it cost?

Taking the certificate costs in the region of £1995, (IRM members and students from low GDP countries get a cheaper rate).

What’s the average pass rate?

This varies by module but is generally around 60-70%.

How many people achieve the qualification each year?

Around 400 people each year achieve the Certificate stage and about 40 complete the Diploma stage.  .We have thousands of people a year attend our training programmes.

Which are the 3 most common jobs held by people with IRM qualifications?

Because risk management is an essential skill for so many roles and professions, the range of job titles is very broad. However, the most common job title is actually ‘Director’ or ‘Managing Director’ of a wide range or organisations. After that, some form of ‘Risk Manager’ or ‘Head of Risk’.

Our qualifications are applicable for anyone involved in risk, in any sector globally.

Here are some testimonials from our members and past students.

What’s the average level of pay?

We don’t have exact figures on the pay of our members and students. For risk management professionals in general, recent surveys by AIRMIC indicate that the average Chief Risk Officer earns £120k, the average director of risk management earns about £105k and the average head of risk management about £98k.  

Where in the world are people with the qualification based?

Historically, our key areas have been the UK and Ireland although we are now experiencing faster growth overseas, especially the Middle East and Africa (MENA) India and South East Asia. Numbers from continental Europe have also risen in recent years as English has become established as the business language.

However, because the qualifications are available online, our students come from a very broad range of countries, organisations and sectors across the globe.

What makes IRM qualifications better than rival risk qualifications?

  • You can take the qualification from anywhere in the world – it is designed for distance learning with online support for students
  • IRM’s qualifications are developed by a mixed team of practitioners working in risk management and top level academics from around the world – we think this high level of practical input is unique
  • The Certificate level qualifications are degree equivalent and allow you to earn and learn at your own pace.
  • The Diploma is a challenging qualification at post graduate level, requiring 180 – 200 hours of study per module, but you can organise your study flexibly to fit around work and family commitments
  • Students become part of a global network of risk professionals sharing knowledge and resources
  •  The broad content of our qualifications provide relevant knowledge and practical skills you can apply immediately, whatever your sector, organisation or country
  • Our ongoing programme of review and refresh means that our qualifications cover the latest thinking in risk management, including behavioural issues, risk appetite and culture, ethics and emerging risks.

Benefits to Employers

An organisation that effectively and efficiently manages its risks and opportunities is more likely to achieve its business objectives at lower overall costs. Risk management is an inherent part of good management.

  • By supporting your people through our qualifications, you will benefit from:
  • Developing a motivated, skilled and knowledgeable team
  • Attracting high-calibre professionals by investing in personal development
  • Enhancing business performance and improving risk taking approaches
  • Associating your organisation with best risk management practice
  • Receiving discounts on membership, qualifications, training, events etc.

The latest International Certificate in Financial Services Risk Management has been updated in response to international regulatory developments such as Basel III and Solvency II which require that companies and their staff have a broader understanding of risk management.

The certificate is a supported distance learning study programme that is internationally recognised and designed to meet the specific demands of the financial services sector from a banking and insurance perspective.

Here’s what some of our students have said:

Lisa Khan, CMIRM
Governance, Risk & Assurance Advisor [GRA] - Holdings & Treasury 
Shell International   

“My IRM qualifications have helped me develop my knowledge base, capability and confidence, expanding my horizons as an individual. I was one of the people first awarded as a Certified Risk Manager last July, launching my career platform even further having this gold standard for the risk management profession. IRM offers the combination of practice and principles of risk management with universal relevance, designed for all sectors – private, public and not for profit sectors, offering  individuals the knowledge, skills and behaviours expected of competent risk professionals”.

Andrew Glenister, IRMCert
Senior Risk Partner

“My IRM qualifications have helped in a couple of ways: firstly, and most importantly, the process of getting these qualifications has really helped to learn and embed the principles of risk management. Knowledge of these principles has helped me every day, even when not performing tasks that are specifically related to risk management. The second way that the qualifications have helped is giving me the self-confidence and belief in the advice I am giving to business areas and the respect and recognition from them that I am an expert in my field!”

Vinay Shrivastava, CFIRM
Turner & Townsend Infrastructure

“The IRM qualifications are a necessary quality benchmark in our Industry. I receive dozens of CVs on a weekly basis and candidates who are CIRM/ MIRM qualified (or equivalent) stand out for consideration for our roles as it indicates that these individuals, beyond having a demonstrable core skill set, take professional development seriously and are committed to a career in risk management”.

Abhishek Upadhayay, CMIRM
Senior Risk Consulting Manager

Axa Insurance Gulf (UAE) 

“Studying IRM’s Diploma course provided me a structured approach to critical thinking in risk management. It exposed me to the human side of the subject which is the most critical aspect of managing risks.

I specialised in Governance and Financial Service risk management which provided the top level perspective and strategic vision in execution planning.

The course study materials are very elaborate and extensive from various fields. This really helps in understanding every aspect of the subject.

Read more testimonials from our members and students. What’s stopping you?