Estimated reading time: 10 minutes
Are you considering taking the FRM course? Well read on and let’s look at the reasons why you should be interested.
The financial service industry is vast, with an assortment of opportunities, positions, and environments waiting to be filled.
Over the last few years, this industry has undergone various changes which have presented unique opportunities for those looking to build a successful career in finance. This is so, particularly for risk managers and analysts.
For a successful career in finance, a degree is just the minimum requirement. The diversity and advancements in the financial risk management field require a varied skill set.
This means you need to find ways to add new abilities while building those that you already possess. That said, the financial industry offers dedicated professionals an opportunity to expand their employment horizons.
Hence, instead of spending a good portion of your adult life chasing higher qualifications in general finance, additional specialist courses can provide the chance to update your qualifications.
Take a closer look at this structure and then measure yourself to see how you can fill the industry gaps.
1. Demonstrate strong work ethics
Mastering the FRM contents in addition to your normal work routine is bound to make your schedule harder.
It takes work and determination to achieve GARP’s designation but doing so will demonstrate strong work ethics to your team and supervisors.
This is because education is something your supervisors and business executives like to see.
Therefore when an employer sees that you have the drive and initiative to expand your knowledge. This is usually a good sign that you will be able to benefit their company further.
It also demonstrates that you have a strong commitment to your goals, and work ethics.
This gives management hope that you will continue being successful in your work environment. If you are already in management, your dedication will set an example for your co-workers and those that report to you.
2. Improved wages and higher chances at promotions
Once you obtain the certification, you immediately improve your chances of getting a promotion and can even qualify for a bigger salary.
According to statistics from the Bureau of Labor, the outlook for professionals with a master’s degree or their equivalents is quite lucrative.
Although degrees do not necessarily improve salaries in all fields, a master’s degree or a professional course will lead to better wages in numerous jobs.
3. Psychological factors
When you earn that GARP designation, you accomplish a big step in life. You gain skills, knowledge, and experience which help you both in life in general and your career.
As a result of the structure, you will also gain additional skills in communication and problem solving which can increase your overall confidence. Studies show that greater confidence leads to greater career advancement.
A study from the University of Melbourne published in Science daily shows that there is a strong correlation between confidence and success. In this study, the participants graded their confidence on different education levels.
The results found that those who attained higher confidence levels earlier had better wages and were promoted far much quicker.
4. Improving your marketability
Gaining financial risk management education can significantly increase your marketability in the job market.
For starters, your general financial education is often the minimum requirement for finance professionals in the field. However, taking up this challenge automatically improves your marketability.
This is so as it gives you the necessary skills and qualifications for additional tasks that you would otherwise have not qualified for.
5. Increases your ability to make a career transition
The additional accreditation provides a great way to develop the knowledge and skills necessary for a career transition.
Although you will not always have to get additional courses whenever you want to change careers, there are instances where the achievement will come in handy.
For instance, if you are looking to enhance your career, you will want to look upon whether getting an extra course will help.
This way you will be able to identify what skills you will need for the new job to help you choose the best course to pursue.
6. Enhance your personal development
You may want the experience the challenge of the content details. Not because you want to boost career, but simply because you want to learn more about subjects of interest.
Personal development through learning is more than merely working on the skills you already have. It is about growing and gaining valuable qualities that can help you to impact the world positively.
Hence, having this accreditation doesn’t have to be directly related to your financial career.
For instance, if have a particular interest in literature, taking up a course in literature is a great way to awaken and encourage the amateur writer in you.
7. To improve your image
Generally speaking, taking on additional courses may help your image among people you spend most of the time with. Obtaining the qualification can help you improve your image in your social, family and professional circles.
This additional course equips you with new skills and knowledge that you can use to better yourself and contribute to the community.
8. Stand out from your competition
Currently, there are more financial professionals available to businesses than ever. There are financial experts advertising their services on multiple social networks and the number just keeps growing.
Therefore, your financial qualifications are just one among many others which are equally great. For you to gain the upper hand, you need to be able to provide exceptional financial services that cannot be matched by anyone else.
This happens only through investing your time and money in your own personal development. Executives in search of well-rounded finance employees look for certain skills when hiring.
Various surveys have found that these establishments want the learning institutions to place more importance on critical decision-making. This, in addition to quantitative, strategic, and communicative skills.
Which are most of the time, best developed in courses outside of business schools. If you want to get the best possible preparation for the finance world, consider this massive endorsement opportunity by GARP.
The more qualifications and training you have, the higher your chances to stand out will be since you will have set yourself apart in this competitive marketplace.
These additional certifications will help you win the trust of your employers who will be confident that you are a qualified risk professional able to provide exceptional services.
9. Increasing your ROI
The return on investment you get from improving yourself is astronomically higher than any financial investment you will ever make.
Investing in your education increases your personal net worth by increasing your skills, ideas and marketability. It also aids your personal networks, ideas, passion and the ability to make things happen.
You will receive lifetime earning power and unbelievable opportunities, and protection against unemployment and the contentment that comes from personal growth and success.
The returns are clearly enormous.
10. Improved efficiency
Professional development through the financial risk manager program offers new skill sets and allows you to improve your efficiency in what you do.
Taking on this course can help you break the monotony of everyday work and re-energize your creativity. You will also gain new skills and perspectives, which can translate into how you approach your job.
11. Building confidence and credibility
As a risk professional, you do not want to feel like there are missing skills in your job. Taking up the task to build on your profession will help you build confidence in your work.
You will also build credibility as you continue to gain new skill sets and certificates.
12. Enhance your soft skills
When you return to school to further your education, you learn so much more than just how to create an influential presentation or different financial skills. You learn skills that are rather subtle but still important.
These soft skills include abilities like communication, critical thinking, problem-solving, teamwork, and communication.
Each of the segments in the curriculum can give you the experience you need to be prepared and equipped to take that next step toward achieving your professional goals.
13. Social factors to be considered
At its core, the finance industry heavily relies on customer satisfaction. Advancements in technology have changed the customer service model across the board, and financial professionals must rise to meet client expectations today, more than ever.
Professionals in the financial industry must harness their interpersonal skills, whether or not their position is directly customer-facing. Those who interact directly with clients must prioritize creating positive experiences.
Whereas those in the background will need to rely on efficient interactions between colleagues to excel.
This recognition can help you better present financial reports and explain the meaning behind various risk factors to colleagues in group settings.
This program may also help in the management of organizational relations such as delegating responsibilities to employees within financial departments.
14. Bigger opportunities
Although there might be many opportunities in your home country, the need for financial professionals is worldwide. There are a plethora of overseas positions for those seeking a wider, more inclusive experience.
However, as mentioned above, the onset of the digital era has changed and continues to change the landscape of the finance industry.
The speed at which technological advances in finance are occurring is at an all-time high. Client expectations also have had a dramatic implication for the ways in which financial services are structured and delivered
Therefore, taking up an additional course such as this will advance your skills. And this in-turn will improve your chances of benefiting from opportunities.
15. Being able to function at a higher level
Financial professionals are typically tasked with big responsibilities in their professions. Most are usually responsible for how money flows at their company and identifying financial risks and returns.
Corporate scandals have encouraged a lot of professionals in the finance industry to take up ethics and risk management exercises.
The content details are geared towards any individual looking to function at higher levels in their company.
16. Grow your social network
This does not refer to adding more friends or followers on social media platforms like Facebook or Instagram.
When undertaking a new course in a class setting, you get the opportunity to interact with other professionals.
You will meet with fellow students who may come from a variety of professional backgrounds. This exposes you to a wider professional network as you seek further education.
You will get to meet people who are in similar situations. Or, have been where you are and have overcome hardships by advancing their career.
The network you grow as you earn a degree can provide a wealth of insight and information as you advance your own career.
17. Better career opportunities
Just because you have a job does not mean you should hold back or let your skills stagnate. Financial graduates with additional courses such as in risk management hold a higher chance of obtaining and holding high-level management positions.
Up-skill yourself by pursuing this accreditation to expand your knowledge base and increase your marketability. Having that accreditation will spice up your resume and open more doors in your future.
The financial risk manager certification shows that you have the motivation needed to boost your career forward. It also opens up a wide range of roles and careers when you have earned the certified title.
Even if you are self-employed, you will be able to offer more to your clients. Additionally, you increase your earning potential by a deeper understanding of risk and its management.
18. Start your own business
With enough qualifications under your belt, you will be in a better position to start your own business.
If you are currently an employee, the risk manager qualification may give you that push needed for you may start your own company!
The Bottom Line
To enhance your physical strength, you need to train and work at lifting weights and exercising. But to grow in your career, you need to put in the effort to gain skills.
You need to deepen your knowledge, and develop a solid network to help you take that next step.
Yes, a degree in finance may be sufficient for some. However, you may want to consider the FRM course to enhance your abilities and prospects.
The more you develop your skills, the more you are able to advance in your career.
Thanks for reading,
The QuestionBank Family