2015

Continuing
Professional
Development
A Handbook for FRMs and ERPs

2015 | CONTINUING PROFESSIONAL DEVELOPMENT

Professional development and life-long

learning are important cornerstones in the
practice of risk management.
Risk Management is an evolving discipline with new challenges emerging every day. These challenges make
continued learning essential for FRMs and ERPs. GARPs Continuing Professional Development program provides
the resources you need to maintain your knowledge and expertise, and advance your professional development.
The CPD program delivers a broad range of accessible learning opportunities and provides the tools you need
to track and document your activities. Certified FRMs and ERPs are expected to actively participate throughout
their careers. CPD credits may be earned by participating in structured, self-study, live or online learning activities.
You may choose an activity of your own or access the extensive offerings available through your GARP account.
The following document establishes the framework for choosing, submitting and monitoring your CPD credits.
Email CPD@garp.com with questions or comments regarding the program.

Overview and Requirements

For FRMs, participating in the CPD program is strongly

The CPD program is based on two-year cycle and partici-

encouraged. FRMs should consider their participation a

pants are required to earn 40 credits each cycle. Credits

professional obligation to best maintain the value and

are typically measured by one hour of learning activity

equaling one credit. Credits may be earned by participating

integrity of the FRM certification.

For ERPs, participating in the CPD program is manda-

in a wide range of learning activities, and FRMs and ERPs

tory. ERPs are required to participate in the program in

are afforded broad latitude in selecting both activities

order to use their ERP professional designation.

and providers.

If you are both an ERP and an FRM, participating in CPD

is mandatory. You may earn credits simultaneously and

While the program is based on an honor system; you will

CPD credits may be shared among your credentials.

need to submit requests for credit through your online credit

tracking tool accessible through your GARP account.

If you are unable to participate for personal or professional

reasons, contact CPD@garp.com at least six weeks prior to
the end of your cycle.

2015 | Handbook for FRMs and ERPs

Getting Started

As a general rule, activities submitted for credit should align

After becoming certified, you will receive notification of your

with the following subject areas:

first open CPD cycle. Depending on your certification date,

your cycle will either open in the current calendar year or

Credit, Market, Operational Risk

the following January.

Energy Markets/Risk

Enterprise Risk Management

If you are certified on or before June 30, your first CPD

Ethics

cycle will start in the current year and you may begin

Financial Markets and Products

submitting credits immediately. Example: if you are

Leadership Development

certified April 2015, your first CPD cycle will span the

Quantitative Analysis

2015-2016 calendar years.

Regulatory and Compliance

If you are certified after June 30, your cycle will begin

Sovereign Risk

the following January. Example, if you are certified in

Other risk related (e.g., actuarial, asset management)

September 2015, your CPD cycle will not begin until the

following January and you will not be able to submit

Attending or participating in a program that demonstrates

credits until January 2016.

a products functionality, or markets a product or service

For FRMs and ERPs certified prior to January 2015,

should not be submitted for credit. If there is an activity you

who are not currently in a CPD cycle, your first cycle

would like to participate in that is not listed, we encourage

assignment will be the 2015-2016 calendar years. You will

you to submit a request to have the activity reviewed and

be eligible to submit credits beginning January 1, 2015.

approved in advance. For questions, email CPD@garp.com.

Note that all newly certified FRMs and ERPs will have a

Calculating and Submitting Credits

one-time opportunity to move their first cycle start date

Credits may be submitted for approval by accessing the

forward or backward.

credit tracker tool which is available through your GARP

account. Credits earned by attending GARP programs and
through your Individual Membership (e.g., GARP chapter
meetings, member-only webcasts) are recorded automati-

Professional Development Activities

cally. Credits earned at any time during the cycle will be

Activities and programs eligible for credit should be

considered for approval. Credits may not be carried over

educational in nature and focus on risk-relevant topics

from one cycle to the next.

at an advanced level. Typical activities:

Only FRMs and ERPs that are Individual Members in good

Attend: Conferences, forum, seminars, chapter or

standing have online access to record and manage credits.

society meetings or other live events

If your Individual Membership lapses, you will need to

Read or Publish: In-depth articles, journals or

renew your membership to record credits and complete

books, whitepapers, research papers

your cycle. In general, credits should be calculated based

Participate: Training courses, employer training or

on a 60-minute session; 60 minutes = 1 credit.

programs, college or university courses (including

MOOCs)

View or Listen: Webcasts, podcasts, videos or

based on time spent actively engaged in educational

content. Time spent networking, at meals or on breaks

Achieve: Earning a passing score on risk relevant

should not be included.

Speak or Teach: Featured or panel speaker at event,

on a webcast or video; teach a risk-relevant course

The number of credits submitted should be calculated

on-line training
certification or licensing exams

The minimum length of time for any given CPD activity

is 50 minutes.

Credit may not be earned for sessions lasting only 30

Volunteer: GARP committees and chapters, SMEs,

minutes, but you may submit .5 credits for additional

Item writers

30-minute intervals (e.g., a webcast lasting 90 minutes

should be entered as 1.5 credits).

2015 | Continuing Professional Development (CPD) Program

Credits for reading articles, journals, books, research papers

CPD Activity Partners and Opportunities

and other materials should be calculated based on the

GARP is committed to providing a broad range of accessible

depth of the content, page length and relevance to risk

continuing professional development opportunities in order

management. As a guide, readings considered for credit

to accommodate globally diverse schedules and learning

should provide critical analysis and insight into energy or

styles. In addition to our own program offerings, GARP

financial risk management issues. Estimate one minute per

partners with a select group of providers to bring you a

page of non-technical reading and two minutes per page of

multitude of pre-approved programming; a listing can be

technical reading. Readings requiring less than 50 minutes

found on the website.

to review should not be submitted for credit unless they are

pre-approved; contact CPD@garp.com.

Recognition for Maintaining a Higher Standard

FRMs and ERPs actively participating in CPD can be

For college and university courses, credits should be

acknowledged in the following ways:

calculated based on one academic credit equaling five

CPD credits. Coursework should be at an advanced or
graduate level.
As a rule, exam preparation courses are not eligible for

FRM

DIGITAL BADGE
Provides online verification of your

credit. FRMs and ERPs are required to earn a passing score

certification and validates your

on relevant energy and financial certification exams in order

participation in CPD on professional

to earn CPD credits. Credits may also be earned for success-

ERP

fully passing licensing exams (e.g. FINRA series, ACCA).

and social networking pages like

LinkedIn, Twitter, a blog or website

Your GARP account is a convenient way to record and monitor your progress and review your CPD history. You may also

FRM|ERP DIRECTORY

refer to the CPD Credit Guidelines for further guidance.

Provides verification of your participation in the official directory of FRMs and

Credit Approvals

ERPs, including the date of your last

Credits you submit that fall within the guidelines provided

completed cycle

are usually approved within 3-5 business days. If your credits

are declined or if you receive fewer credits than submitted,
it is most likely due to one of the following factors:

ACKNOWLEDGEMENT OF COMPLETION

Credits submitted were in excess of or non-compliant

ment in meeting the standards set forth

with those recommended on the CPD Credit Guidelines

in the CPD program

Provides printable proof of your achieve-

(e.g., exam prep courses are not eligible for credits)

Credits were submitted for non-instructional time (e.g.,

networking, break times, exhibit hours)

Credit Audits

Credits submitted were not at a level consistent with the

GARP conducts annual audits to review documentation

knowledge and skill level of an FRM or ERP

for CPD credits. If you are selected for an audit of your

The program submitted was not successfully completed

CPD credits, you will receive advance notification and have

(e.g., enrollment alone in a certification program does not

adequate time to provide verification. If selected, you will be

qualify for CPD, passing the certification is required)

asked to provide proof of attendance for participation in the

activities submitted for credit.

To appeal denied or partial credits, submit your request to

CPD@garp.com.

Contact CPD@garp.com for questions or comments.

2015 | Handbook for FRMs and ERPs

CPD Credit Guidelines

PROFESSIONAL
DEVELOPMENT ACTIVITY

DESCRIPTION

RECOMMENDED CREDITS

MAXIMUM
CREDITS*

Selected Readings

Approved readings from GARP CPD

communications

1 credit per reading; unless

otherwise published

20

In-depth articles, journals or research papers;

readings considered for credit should provide
critical analysis and insight into energy or
nancial risk management issues

Estimate one minute per page

for non-technical reading;
two minutes per page for
technical reading

20

Risk-relevant books or textbooks

1 credit per 60 pages for nontechnical reading; 40 pages

per credit of technical reading

20

Webcasts

Viewing/listening to webcasts, podcasts or

videos; webcast must focus on risk-related
energy or nancial market topics

60 minutes per credit

20

Conference/Events

Attendance at conferences, seminars, roundtables

or other energy/nancial risk-related briengs;
credit given for instructional time only

60 minutes per credit

No
maximum
limit

Employee Based Programs

Program must be energy or nancial-risk relevant; participants must provide training or business head contact information to request credits

60 minutes per credit

20

Professional Association
Meetings

Participation in relevant professional association

or society meetings

1 credit per meeting

20

Passing Relevant Exams

Credit for passing a risk-relevant designation

exam (e.g., CFA, CIA, CPA, CAIA, SOA, etc.)

20 credits per exam; passing

score required

No
maximum
limit

Passing a level or series of nancial-industry

licensing exams (e.g., FINRA)

5 credits per exam

20

Passing the FRM Exam; counted as continuing

education for FRMs only

Part I = 20 credits
Part II = 20 credits

40

Passing the ERP Exam; counted as continuing

education for ERPs only

40 credits

40

*Per cycle

Questions? Contact CPD@garp.com

DEVELOPMENT ACTIVITY

DESCRIPTION

RECOMMENDED CREDITS

MAXIMUM
CREDITS*

Training Courses
Live or e-learning

Completing a risk or energy/nancial-market

focused training course; credits approved
are based on hours of instruction or those
calculated by Approved Providers; exam prep
courses are not eligible for credit

60 minutes per credit

No
maximum
limit

University Courses
Graduate or executive
business school preferred

Completing an accredited university/college

course or program (for credit);passing grade
required

15 credits per full-term

course or 5 CPD credits
per 1 university credit

No
maximum
limit

Completing an open online university/college

course (e.g., Coursera); Credits not awarded for
"non-classroom" time

8-10 credits per course

No
maximum
limit

Publication of energy/nancial risk-relevant

articles or research papers; Provide URL to paper
for review and approval

10 credits or 2 credits
per page for less than
ve pages

No
maximum
limit

Publication of energy/nancial risk-relevant books:

Provide URL to book oering for review

40 credits

No
maximum
limit

Teaching
Based on classroom hours

Teaching a risk or energy/nancial-market focused

course; material covered should build over course
time-frame vs. requesting credit for same material
covered multiple times

2 credits per classroom

hour

No
maximum
limit

Speaking at an Event

Featured speaker at a risk or energy/nancialmarket focused event or webinar

5 credits

30

Panel participant at a risk or energy/nancialmarket focused event or webinar

3 credits

30

Subject matter experts, item writing participants,

committee members and the like

Credits based on
contribution

No
maximum
limit

GARP Regional Director

4 credits per meeting

20

Publishing/Authorship

GARP Volunteer

*Per cycle

Creating a culture of
risk awareness

Global Association of
Risk Professionals
111 Town Square Place
14th Floor
Jersey City, New Jersey 07310
U.S.A.
+ 1 201.719.7210
CPD@garp.com
2nd Floor
Bengal Wing
9A Devonshire Square
London, EC2M 4YN
U.K.
+ 44 (0) 20 7397 9630
www.garp.org

About GARP | The Global Association of Risk Professionals (GARP) is a not-for-prot global membership organization dedicated to
preparing professionals and organizations to make better informed risk decisions. Membership represents over 150,000 Members and
Aliates from banks, investment management rms, government agencies, academic institutions, and corporations from more than
195 countries and territories. GARP administers the Financial Risk Manager (FRM) and the Energy Risk Professional (ERP) Exams;
certications recognized by risk professionals worldwide. GARP also helps advance the role of risk management via comprehensive
professional education and training for professionals of all levels. www.garp.org.

2015 Global Association of Risk Professionals. All rights reserved. 2-15