Estimated reading time: 7 minutes
So, What now?
GARP has officially announced the postponement of its global examinations. This comes as the coronavirus pandemic continues to affect all modes of life, including the economy, education, and sporting.
So what should students do now that their tests are off?
Stay indoors and stay safe
The professional body has done this action for one reason- your safety. It would beat all logic, therefore, to go about your normal activities and get infected with the virus anyway.
What you can do now as part of your career advancement goals in financial risk management is to safeguard your health and that of your loved ones.
If you carefully asses the risks posed by COVID 19, you’ll find that it’s unlike any other we have seen in recent memory. The stakes are high. GARP carefully assessed that and decided to follow guidelines by the World Health Organization. We encourage you to do the same.
Make up for lost time with your family or friends
That’s not to say you should socialize like any other time. Make good with the friends and family you live with. Spend time with them knowing that when all of this is over, and the routines start again, there will be little time to spare for them.
So, enjoy the company of your family and don’t even complain. Find fun ways to spend time indoors together. Watch something, play a game, or just talk. This investment you make in your relationships will pay off over time.
These are the same people that will act as your support pillars when the race to the Financial Risk Manager examinations starts once again.
Stay updated on news from GARP
Now that cities are under lock-down, it’s actually not time to start living under a rock. Stay informed on how things are progressing in the world. Keep your friends and family informed, too, by sharing prevention and safety tips.
Check your emails regularly in case there is communication from GARP. You want to be the first to know when new information lands.
In their official communication, GARP announced that all May 2020 exams would be put off to the new date later in the year. The tradition is that there are two cycles in a year, and the professional body is keen on keeping that tradition.
What you can do on your part is to stay up to date by regularly visiting their website and social media pages, apart from checking your emails.
Attend to your affected loved ones
A lot is happening at the moment. People are getting sick. Many are getting laid off. Some are dying and given unusual send-offs. Times are hard. What you can do now is be a strong pillar of support for those around you.
You must be a highly optimistic person to want to grow your career. You must be a positive thinker to seek personal fulfillment and self-growth through professional certification courses. Now at this time, everyone around you needs that kind of positive thinking. It’s your time to make a difference.
Your difference could be providing a casual risk assessment to your friend who runs a restaurant close by. They will be dying to know whether to pause investing at this time, how to re-think supply chains, and what to do with high payrolls and low productivity.
Your difference could be providing wisdom to a family member who wants to navigate out of debt now. Is taking on more debt a good thing during a looming recession? We have a feeling that they will really appreciate your advice.
Live off barbeque
Hey, but don’t invite anyone over, just friends and family that you stay with. You don’t have to be trapped indoors. You can still be safe from the virus provided you don’t wander far from home or socialize with many people.
Now, take a break from watching movies and light up that grill in your backyard. In a couple weeks, you will probably be so busy with books you won’t even remember how a burger tastes like. So let your hair down and indulge.
Prepare for a worst-case scenario
As a risk expert, you are the one blessed with three eyes. You can see the bigger picture of what this virus will do by the time it’s over. It’s not just about health, but about the economy as well. What strategies do you have in place for your financial future?
Take this time to do an assessment and weigh options. It’s probably going to be a long time of economic slowdown. Business models of the past are probably never going to be feasible again.
What will become of your mortgage or insurance after COVID-19? How would you help your organization to recover as fast as possible? Be strategic.
Don’t throw away your books
It would be wrong to think that the test will never come around again. It would be a big mistake to invest all your time on social media and forget that you have a career ladder to climb.
So, even as you stay quarantined, take this time to review your course content.
It would be a shame not to pass this year’s exam after all the extra time that’s been allowed due to the virus outbreak. It would be unfair to you and the world in general.
At least one good should come out of this ravaging pandemic, and that is you passing the paper and going on to become a change-making expert in the financial world.
Study online with friends
You have digital study groups, right? If you don’t, this would be the time to create one and make use of the opportunities that you have. You can take this time to understand the convoluted concepts in financial risk management.
You can also take the time to build your intellectual stamina by attempting as many questions as possible from your FRM Question Bank. Just do as many as you can.
Evaluate and re-evaluate yourself until you get a better score. You have the time. Nothing should stop you from succeeding. Focus.
Try virtual reality technology
Do you have VR-headsets? Slide them on. This is the right time to put the right technology to good use. Your online study group sessions can be extra productive, given the increased interactivity that VR tech guarantees.
With the right gear, your study buddies will feel as though they are right there in the room with you. There is instant feedback, and you can even read expressions and other body language cues.
Such tech could be the solution for isolation and loneliness at this time if the crisis.
Study non-course related content
Do you read research journals and newspapers? Why not stay updated with news from other aspects around the world? Read about politics, technology and other things.
Additionally, go through case studies and devise practical solutions. Remember that this challenge isn’t 100% theoretical; they will test your ability to think outside the box based on what is currently happening around the globe.
Will you be ready to showcase your intellectual prowess when testing comes around? Take this time to prepare.
Develop a cognitive enhancing hobby
Want to learn how to play the piano? Wish to test your cooking skills? Now is the time. Do those things that give you the rush provided they are within the confines of your home.
Don’t hold back on life because of this horrible virus. Researchers say that people who are continually doing something new set themselves up for better cognitive performance.
So, when you are done with your study session for the day, pick up the guitar and pluck some tunes. Try your hand at a game of cards or Sudoku. If you can, invest time in those activities that require you to think.
The more you engage the prefrontal cortex of your brain, the more you’ll fine-tune your cognitive performance. The results of that will manifest in the future.
Finish your DIY project and then get back to reading
Do you have that kitchen remodel project that you have been putting off? Or maybe your flower garden needs tending. This is the time to fix them before you are too busy to do it. Get it done now so you can go back to your study schedule.
Strive to accomplish
Many companies have required that employees work from home during the outbreak. Please don’t be sluggish with your goals. Avoid distractions and complete your goals.
And if you have time to spare, do some physical workouts at home. These not only help with mental performance but can also reduce your risk of susceptibility to the virus.
Thanks for reading! In your spare time, be sure to hit the following links for even more valuable information:
Stay motivated. Stay safe
The QuestionBank Family