FRM Member vs Non-Member

Becoming more informed on whether you should be related to the Global Association of Risk Professionals (GARP) if you currently hold or seek to be recognised with the Financial Risk Manager (FRM) chartering is very relevant to understanding the FRM membership benefits. This blog clarifies what being an FRM member means, what non-members get, and how this choice influences career growth and resources.

What Is FRM Membership?

Meaning and purpose of GARP membership

“FRM member” refers to an individual who has opted to participate in GARP’s individual membership programme in addition to being an FRM charterholder. The significance of “FRM member” is that you are now a member of the GARP community with exclusive benefits beyond being an FRM charterholder.

GARP says that being a member can allow you to network with risk professionals around the world and access thought leadership content.

Eligibility criteria for becoming a member

Membership requires you to apply for individual membership with GARP, regardless of whether you’re already an FRM charterholder or an FRM exam candidate. GARP has an “Individual Member Rate” and a “Certification/Certificate Holder Rate” for persons with FRM, ERP, SCR, or RAI certifications specifically; basically, if you hold the FRM certification, you’re eligible for membership rates.

Annual membership fee and renewal

The basic individual membership fee with GARP is USD 195 per year, applicable to members who are not certification/certificate holders. For certification/certificate holders, such as FRM holders, it stands at USD 150 per year. Membership needs to be renewed on an annual basis if one wishes to avail himself/herself of the FRM membership benefits.

Also visit Registration/Membership/GARP to register for an FRM Membership.

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Benefits of Being an FRM Member

Access to exclusive study materials and resources

You would get access to the members-only multimedia library with webcasts, event recordings, and presentations, in addition to getting access to the GARP Learning portal with FRM syllabus readings, practice questions, etc., thereby further expanding the benefit of holding the FRM certification in terms of access to learning tools after obtaining the certification.

Priority exam updates and GARP community networking

Membership provides you with priority registration to meetings of GARP global chapters, discounted attendance to GARP events, and access to the Member Directory to network with risk professionals in 150+ countries. Networking can be very relevant to risk professionals, providing you with access to employment opportunities and networking.

Global recognition and professional credibility

The FRM designation in itself is recognised globally, but membership with it adds to your credibility because it brings you together with a group of professionals who work in risk management. GARP believes that membership can help “amplify your career and open new professional opportunities to you.”

Career development tools and job opportunities

GARP members enjoy access to the GARP Risk Career Center and discounts on job postings, among other career resources. These resources aid in career transition, promotion, and staying current with industry trends.

Source of Reference for Benefits of Being an FRM Member – Membership/GARP

What Does It Mean to Be a Non-Member?

Who qualifies as a non-member

“Non-member” in this instance is an individual who currently holds, or is working toward, the FRM designation but declines to exercise the GARP membership or allow it to continue on an automatic renewal cycle. The individual is free to work toward the FRM designation and the right to the title ‘FRM’ regardless of membership status.

Limited access to GARP resources

As a non-member, you would not qualify for the full range of FRM membership benefits – you would potentially qualify for access to study materials with exam registration, but not other benefits of member status. There are users who feel that being a non-member would involve fewer “extras”, but the same exam would remain available.

No additional membership benefits

Non-members are not allowed to post benefits of membership in their profile descriptions. Also, they are not eligible to enjoy discounts or contact lists that members enjoy; this can be completely valid because many candidates opt to remain non-members.

How non-members can still appear for FRM exams

Significantly, you can take the FRM examination without belonging to GARP organisations. GARP, in accordance with GARP FAQs, does not require membership for the examination to occur. Therefore, you can qualify only for certification (FRM) but not membership.

FRM Member vs Non Member: Key Differences

Access to resources and tools

• Member: full access to the GARP member multimedia library, best-practice content, job boards, member directory, and member networking opportunities for FRM member vs non member.
• Non-Member: access to exam study resources, but not to other resources available to members, through registration only.

Networking opportunities

• Member: access to priority registration for chapter meetings, access to the worldwide directory, and events.
• Non-Member: Only standard preparation networks such as study groups, but not GARP member networking.

Career growth potential

• Member: benefitting through global recognition, networking, and support for development – thus making them more visible for promotion or even foreign opportunities for FRM member vs non member.
• Non-Member: currently recognised/qualified (if they hold the FRM designation) but perhaps would need to depend more on personal effort for professional development opportunities rather than on member benefits.

Fees and privileges

• Member: pays an annual fee (for instance, USD 195 or USP 150 for the certified member).
• Non-Member: avoids the fee but foregoes optional privileges.

Should You Become a GARP Member?

When it makes sense to opt for membership

• If you remain passionate about a career in risk management and feel you can benefit from the resources of the full membership, it would be to your advantage to join.
• If you’re interested in the extra resources on offer and being able to participate in worldwide events, it definitely has its uses beyond the certification.

Ideal for students vs working professionals

• Students: If your goal is to clear the FRM certification and you’re cost-sensitive, you may choose to remain a non-member initially and reconsider once you’re working.
• Working professionals: If your employer values networking, membership and continuous development, or if your career path includes global roles, being a member becomes more beneficial.

Long-term career advantages

The “FRM membership” becomes an identity over time. It facilitates work experience fulfilment for “FRM certification”. Membership facilitates career growth and networking across the global network. You can qualify for “FRM certification” without being a member, but it adds to your status in the profession and can help you progress in your career faster.

How to Become a GARP Member

Step-by-step process to register

1. Visit the GARP membership page and select “Become a Member”. 
2. Choose the type of membership (Individual Member or Certification/Certificate Holder rate).
3. Fill in personal details, FRM certification status (if applicable), and payment details.

Payment of membership fee

Choose the correct yearly fee (for instance, USD 195 if standard, or USD 150 if one is a Certified Member). Complete the payment process while ensuring the membership category is correct.

Membership activation and access to resources

Following payment, you will be able to access the member area provisions: multimedia resources, member directory, registration for events, local meetings, and exclusive content, among others. Continuous renewal provides you with access to these services.

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Conclusion

Speaking in the context of FRM member vs non member, one thing to bear in mind is: you can definitely avail yourself of the “FRM certification” and benefits without being an FRM member, but it definitely has added value if you take it that way. 

If you sincerely intend to make risk management your sustained professional field and advance further in key roles rather than just getting certifications, “FRM membership benefits” are definitely good enough to make it worthwhile to pay for it every year. 

If you are still in the initial phases or not ready to stretch your budget so far, it is not very difficult to remain a “non-member” – in that case, you can still claim “FRM certification” and further work out your own way ahead in life. 

FAQs on FRM Member vs Non-Member

What are the benefits of becoming a GARP member?

Membership in GARP provides access to unique resources such as the multimedia library, exclusive content, networking opportunities through the member directory, advance registration to events, career centre resources, and professional credibility.

Can I take the FRM exam without membership?

Yes. You can take the FRM Exam and work on FRM certification even if you are not a GARP member. There is no need to join GARP to sit for the test or pass it.

How much does GARP membership cost?

The basic membership fee per individual member is USD 195 per year. For certified holders such as FRM, there is a discounted fee of USD 150 per year.

Is FRM membership mandatory after passing the exam?

No, it is not compulsory even after you pass the exam and qualify for the FRM designation. You can opt not to renew membership but still retain the FRM designation in compliance with GARP requirements.

How do I register as a GARP member?

You can go to the GARP membership page to select the correct category of membership and fill in the details to activate your membership after payment of the fee to enjoy the privileges that come with membership.

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Co-Founder & CEO at Zell Education

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• ACCA – Association of Chartered Certified Accountants, Finance (2011 – 2014)
• Bachelor of Commerce (BCom), Financial Markets from H.R. College Of Commerce & Economics (2010 – 2013)

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