FRM Certification and its Scope: FRM Jobs in India and Salary

Every finance professional course caters to the needs of companies in that industry. FRM-certified professionals are no less and they are in high demand! FRM scope in India is positive. It stands for financial risk manager, and the course is a specialized course in risk management. It is a renowned and respected designation provided by the Global Association of Risk Professionals (GARP). It is one of the most demanded certifications in the finance world. No wonder! This certification is a well-known credential worldwide. 

The financial world is continually evolving. Thus, risk management has also emerged as a growing industry component. Pursuing FRM will help individuals become globally recognized and certified financial risk professionals in the finance market. Interested in pursuing the FRM certification course? You might be wondering if FRM is a good option for individuals in India. Look no further! We will walk you through the FRM certification scope, FRM jobs in India, career opportunities, and dispel any FRM myths!

Key Takeaways

• Financial Risk Manager

• Why Should You Pursue the FRM Certification

• Job Prospects of FRM in India

How to Become an Indian Financial Risk Manager (FRM)?

The FRM exam is well-known in 190 countries worldwide. It assesses applicants' financial risk knowledge and ability to recognize, assess, and manage risk in real time.

Financial Risk Manager is a well-known and respected title that requires candidates to pass both portions of the FRM exam: the FRM level 1 exam and the FRM level 2 exam. Two years of work experience in financial risk management is also necessary. 

However, numerous professional pathways can take you to FRM. As a result, you can become a financial risk manager by pursuing any of the three FRM career pathways. Let's get started!

Career Path 1

• Complete your secondary level degree (10+2)
• Choose one of the streams, namely Science or Commerce, in your 12th grade.
• Complete your degree course by pursuing a B.Com, preferably in finance. 
• After that, you can proceed toward taking FRM after graduation.

Career Path 2

• Complete your secondary level degree (10+2)
• Choose one of the streams, namely Science or Commerce, in your 12th grade.
• Complete your degree program by pursuing a BCom specializing in risk management.
• Finally, pursue your post-graduate degree program through M.Com Risk Management.

Career Path 3

• Complete your secondary level degree (10+2)
• Choose one of the streams, namely Science or Commerce, in your 12th grade.
• Complete your degree program by pursuing a BBA specializing in risk management.
• Finally, pursue an MBA program specializing in risk management.

Why Should You Pursue the FRM Certification Course?

The FRM certification test gauges the individual knowledge in navigating complexities and the necessary skills and abilities required for risk management. Various employers seek FRM-certified employees because these individuals are proficient in determining, analyzing, and managing financial risks. Therefore, earning an FRM certification will help you to demonstrate yourself as a trusted and reliable financial risk manager in the industry.  There are other benefits to the FRM certification course as well. 

• The FRM exam lands you in a better position than other professionals in risk management. It gives you greater career prospects by providing more job opportunities and handsome salaries. 
• The FRM exam has an international presence in over 90 countries. This will give you an edge to work internationally as well.
• The FRM exam is reliable and credible, giving you a lifetime assurance of a positive career in risk management.
• Making money is a prime factor in a career. You will get a handsome salary hike when you become an FRM professional due to its elite base.
• Get a better networking base and become a part of 32000 elite professionals who have aced this difficult exam. 
• The FRM exam gives you immense opportunities in a short duration of time. Taking up and passing the exam will take less time than pursuing an MBA or M Com in risk management. You can complete the FRM exam in just a few months with consistent hard work.
• In the global financial market,  the FRM exam under GARP becomes the gateway that helps you to carry out higher responsibilities and be at that higher position in the company.
• Being an FRM-certified professional leads you to gain exhaustive knowledge of risk mitigation. This helps recruiters accept your competency in the market, and you can demonstrate your skills proficiently.

Who Should Opt for the FRM Career?

Think for a while! Are you the one who enjoys learning accounting and economics? Or do you make financial decisions with calculated risk? If you assume yourself to be in that segment of people, FRM level 1 is for you! You can consider a career as a financial risk manager:

• If you are an experienced working professional in risk management or any such allied industry.
• If you are working in some other industry yet not finding your niche. In such cases, you can switch towards an FRM course and work as a risk manager.
• If you are a student and quite inclined toward the risk management field. 

Job Prospects of FRM in India – Expectations Vs. Reality

FRM is a niche market therefore, the job prospects of FRM may sometimes vary. There are expectations of higher job prospects among FRM test takers in India. People expect this due to the growing demand for FRM in the country. However, the reality is different. 

The reality might diminish the expectations of positive prospects of FRM career in India. The job prospect of FRM in reality depends on various factors such as;

• The total number of years of work experience you possess in risk management. 
• The required skills and abilities necessary for assessing, moderating and monitoring risk management in the global finance industry.
• The networking base of the country with other countries and communities.
• The economic situation of the country in terms of stability and resilience. 

The FRM certification undoubtedly enhances your career path and boosts your resumè. Yet you must know that success eventually depends on various factors, as mentioned above. 

FRM Course Salary Structure in India

It is widely known that the salary of a particular job role depends on its years of experience. FRM jobs in India are no different! Various parameters determine the FRM salary in India. It includes the compensation rates for the position they want to fill in the first place. Thereafter, an analysis is done on how many people with similar skills have applied for a similar position.

Average FRM salary in India: 

• Entry-level financial risk manager with 0–3 years of work experience ranges from 0.9 to 3.2 LPA. 
• Mid-level financial risk manager whose work experience ranges from 4-9 years typically earns an average salary of ₹ 4.3 LPA - ₹ 5.5 LPA  
• Senior-level financial risk manager, whose work experience ranges from 10-20 years, earns an average ₹12,70,000 annually. 

Gender diversification has a huge gap in FRM jobs in India. 83% of males occupy FRM job positions, while females occupy merely 17% of FRM jobs in the country.

FRM Jobs in India

There are numerous job opportunities for FRM-certified individuals in India. FRM is a niche career path in India. Therefore, you can find a lot of job prospects in this field due to the lower workforce supply. So, FRM jobs are highly recognizable and in demand in India. 

Though there are a lot of job opportunities in India for FRM-certified candidates, the 3 major segments of risks are faced by almost every company. These sectors are widely known and popular among FRM candidates to build a career after FRM. 

• Credit Risk

The hiring firms are mainly credit rating agencies, NBFCs, and banks. The popular job titles for FRM in these agencies are Risk Manager, Credit risk Analyst or Associate, and Counterparty credit risk Analyst or Associate.

These job roles mainly revolve around risks related to lending money to counterparty. There are rating agencies wherein you will be responsible for giving credit ratings to financial companies and countries, too, as per their credibility.

• Market Risk

The hiring firms are mainly investment agencies like mutual funds agencies, investment banks, hedge funds, and private equity banks. The popular job titles for FRM in these agencies are Market Risk Analyst or Associate and Risk Manager.

These job roles mainly revolve around measuring and evaluating the effects on a firm's portfolio when that firm faces fluctuations in interest rate, market price, or foreign exchange rate. 

• Operational Risk

The hiring firms are mainly those firms that have more significant operational risk in their functioning. As per NorthStar Academy, the popular job titles for FRM in these agencies are Risk Analyst, Operational Risk Manager Analyst, or Risk Associate.

The major job responsibilities of such professionals revolve around the measurement, monitoring, and production strategies to manage and solve day-to-day operational risks the company might face. 

There are other popular job titles of FRM as well. Some of them are:

• Compliance analyst or associate: This job role revolves around conducting supervision of various risks related to rules and regulations of different industries that can affect risk management.
• Stress testing analyst: The job role encompasses monitoring the effect of situational analysis on the portfolio.
• Risk Modeling/validation analyst: These analysts are liable to validate and check risk models like capital, credit, loan loss, etc.

FRM Recruiters in India

A range of small and large organizations in India and worldwide offer greater career prospects for FRM-certified professionals in India. The financial services companies mainly recruit FRM. However, the demand for FRM ranges from technology to healthcare services. If you are ready to buckle up with us, Get Started Today! The top FRM recruiters and  companies in India and worldwide are;

• ICBC
• Bank of China
• Citi Group
• KPMG
• Deutsche Bank
• Credit Suisse
• UBS
• PwC
• JP Morgan chase
• Wells Fargo
• Bank of America

Conclusion

FRM certification can provide innumerable advantages to you in India. Being a part of the niche segment of the country, you will be able to unleash positive career prospects, a good networking base, higher earning opportunities, and skill enhancement as a financial risk manager. With greater advantages come greater hard work and dedication toward your goal, right? To pass both levels of the FRM exam is not a cakewalk, you see! But don't you worry! We got your back. NorthStar Academy brings you a comprehensive training course for FRM, specially designed for candidates like you who are willing to build careers in risk management.