Are you looking for a new career opportunity in risk management? Are you curious to understand a structured process for managing risks? Or you already have a good experience in the risk management area but looking for an official recognition? Then, the Risk Management Professional certificate that is provided by Project Management Institute (PMI-RMP) is a good choice for you.
Following to a previous post about the value of getting certified and my lessons learned during the preparation for my PMP (Project Management Professional) certificate here, I will discuss in this article my lesson learned when I prepared for PMI-RMP certificate. Honestly, this exam is one of the most interesting topics I have ever studied, so I highly recommend even if you are inserted in the project management area in specific.
PMI does not require you to take a PMP certificate before sitting for the PMI-RMP certificate, but I recommend reviewing this article before reading this one.
PMI-RMP certificate is less popular than the PMP. According to the below statics, there are 3,831 certified professionals as PMI-RMP by end of November 2016.
PMI published many preparation guidebooks and practice standards, however, I found that they are not enough and other resources are needed as I will show shortly.
As a summary for my preparation process:
- Time: it took me 2-4 weeks to study given that there were three years between passing the PMP exam and sitting for the PMI- RMP exam.
- Cost: 719 USD (online course= 199 USD and exam fees: 520 USD). It is important to consider that I was already a PMI member which means I paid 520 USD for the exam instead of 670 USD ; I already had my PMP preparation resources which are the PMBOK Guide and Rita’s Book and finally, being a PMI member allowed me to download the ‘Project Risk Management Practice Standard’ for free.
My lessons learned and preparation steps for the PMI-RMP certificates are:
- As you may know, there are different certificates related to the Risk Management discipline, so in order to decide if this certificate is the most suitable one for you or not, you may start by reading this page and downloading this handbook.
- If you decide that you want to set for this exam, you need to show an evidence for attending 30 training hours in risk management if you have a bachelor degree, and 40 hours if you have a secondary degree. Because I am already certified as PMP, I decided to go for an online course from Simplilearn at this link, however, if you are not PMP certified, I recommend going for a classroom course.
- In addition to the education part, you need to show an evidence for 3,000 hours of risk management experience if you have a bachelor degree and 4,500 hours if you have a secondary degree. I discussed how I documented my PMP experience and the excel sheet that I used for this purpose in this post, so you may refer to them but in this case, instead of reporting your overall project management experience, you need to report the amount of time that was related to risk management only.
- The steps that I followed when I studied for the exam were as the following. Firstly, I reviewed the whole PMBOK® Guide and Rita’s preparation book.Secondly, I studied the PMI-RMP Practice Standard. Thirdly, I solved mock exams as much as I could. It is not easy to find mock exams about risk management in specific, so I had to solve whatever I found just to familiarize myself with PMI’s way of setting the questions and to get used to the testing environment. In total, I studied each of the above books twice.
- Once you are ready, you need to book for the exam through https: //www.prometric.com/ and follow the steps that you will receive by PMI. At this stage, you can decide if you would like to set for the exam as a PMI member or not, which means the exam fees will be different. Personally, I prefer to be a member because I can get a free access to the practice standard and other helpful resources.
- The auditing process: as you know, PMI selects random applications for auditing and verification purpose, and my PMI-RMP application was selected for that step. In this case, PMI sent me a form called ‘Project Experience Audit Report’ which included a summary of the information that I already submitted my application in regards to my work experience. The form included a list of each project, its start and end date, the working hours that I spent in each project in four categories: Risk Communication, Risk Analysis, Risk Response Planning and Risk Governance followed by a statement that must be signed by my manager (the same manager that I already reported in my application). The next step was to sign the form from my manager, combine it with my risk management training’s certificate and my bachelor degree certificate and send them to PMI in the USA. I received a positive reply within one day of receiving my documents, so I completed my exam registration process accordingly.
The certification exam is computer based with 170 multiple-choice questions. The exam duration is 3.5 hours including all breaks that you may wish to take.
As a final advice, I recommend reviewing Rita’s Tips on passing the PMP exam even for the PMI-RMP exam.