Credit Risk Certification (CRC)

ProSight provides several tools and resources to help applicants prepare for the exam. The CRC Steering Committee recommends 40 to 80 hours of examination study time.

Body of Knowledge
The Body of Knowledge contains the minimum material you should know to successfully pass the examination. It outlines the exam blueprint, including each of the seven topic areas. Each area in the Body of Knowledge highlights key topics, additional skill-enhancing resources, and detailed topic-related content. Your on-the-job experience and knowledge will be necessary to add depth to the Body of Knowledge material.

Exam Fee

• $550 is due with your application for the initial exam.
• If you are a no-show to the exam, this fee is not refundable.
• The change fee to move your exam to the next exam window is $150.
• If you cancel by noon at least two business days prior to your scheduled exam date, your exam fee will be refunded less a $150 cancellation fee.
• If you do not pass the exam the first time, you can re-take the exam – the fee for this is $250.
• A recertification fee of $150 every three years must be paid to keep the CRC designation.

What does the exam cover?
The 120 scored, multiple-choice questions are from topic areas derived from the seven dimensions of the credit risk field as defined by the ProSight Certification Steering Committee.

The exam has been designed to assess the knowledge of a commercial credit risk professional with a minimum of three years (five years recommended) of credit risk experience.

The 120 scored examination questions will focus on the following seven topics:

• Evaluate client industry, markets, and competitors.
• Assess management’s ability to formulate business and financial strategies and execute them.
• Complete accurate, ongoing, and timely financial assessments of the client and its other credit sponsors.
• Assess strength and quality of client/sponsor cash flow.
• Evaluate collateral values and conduct periodic inspections of collateral.
• Identify repayment sources and appropriately structure and document credit exposures for their intended purpose (loan structure and documentation).
• Be aware of problem loans and the appropriate actions to take

There are seven domains the exam covers. Here is a breakdown by domain of the % of items (questions) per domain to anticipate during the CRC Exam:

1. Evaluate client industry, markets, and competitors 10-15%
2. Assess management’s ability to formulate business and financial strategy and execute them 10-15%
3. Complete accurate, on-going and timely financial assessments of the client and its other credit sponsors 17-24%
4. Assess strength and quality of client/sponsor cash flow 15-23%
5. Evaluate collateral values and conduct periodic inspections of collateral 15-23%
6. Identify repayment sources and appropriately structure and document credit exposures for their intended purpose (Loan Structure and Documentation) 14-21%
7. Problem Loan Awareness and Actions 10-15%

There is not a set number of items (questions) candidates need to score correctly in order to pass the exam. Each exam window and item bank (set of questions) delivered varies for each testing window, therefore there is not a standard cut score.

Exam Format
The 120 multiple-choice questions are from topic areas derived from the seven dimensions of the credit risk field as defined by the ProSight Certification Steering Committee. An additional 10 pilot items may appear in random order throughout the exam. Pilot items are new items that are being field tested for future exams. Pilot items are NOT used to calculate an examinee’s score.

The exam has been designed to assess the knowledge of a commercial credit risk professional with a minimum of three years (five years recommended) of credit risk experience.

The exam is composed of stand-alone multiple-choice questions of varying length and complexity, but which all offer four options. The entire exam is based on the concepts and experiences related to the commercial credit risk field.

At the test center, before taking the actual exam, you will be offered a five-minute computer tutorial and briefing. This is presented to familiarize you with computer-based exam procedures and the tabs you can use to access cash flow terms, ratios, and the on-screen calculator. Since no additional examination time is allocated to learn the computer, it is recommended that all applicants take the tutorial.

The total seat time in the examination room will be four hours and 50 minutes (290 minutes) for the exam, plus five minutes for the tutorial and five minutes for a survey. You may go to your locker for any water or snacks you bring. Although the clock will keep ticking, additional time has been provided so you can take a break.

Exam Enrollment

Full payment—by credit card only—must be submitted at the time of registration. Applications must be completed and submitted online. Online registration is accessible only during the open enrollment period.

Applications cannot be submitted after the deadline. If you miss an application deadline, you must wait until the application process begins for the next testing window. ProSight will process your application within 10–14 business days of receipt. Within three weeks of receiving your application, ProSight will notify you of the results.

ProSight will email the results of your application review. If you are accepted, you will receive information on accessing the Body of Knowledge study material and the Web-based sample questions. You will also receive an Authorization-to-Test letter. If you do not receive the letter within three weeks of your application date, contact ProSight immediately at 215-446-4013. It is your responsibility to ensure that the email and mailing information you provide on your application is accurate and that your system will accept email from ProSight.

Scheduling Your Exam

Verify all your personal data. Pay particular attention to your name and address. If you have any questions or concerns, or need to make edits to your personal information, call the Credit Risk Certification Specialist at 800-677-7621 or 215-446-4013 prior to making your exam appointment. It is critical that your personal data matches the form of identification you will be presenting at the testing center. If it does not match exactly, you may not be permitted to take the exam.

The name on the Authorization-to-Test letter is the name that will be used for verifying your identification, for your results report, and for your certificate.

To schedule your exam, call the Pearson VUE Call Center at 877-378-8378 or log on to the Pearson VUE website, www.pearsonvue.com/rma. Be sure to schedule your exam several weeks before your desired date to avoid disappointment. Pearson VUE Call Center hours are outlined in the ATT letter.

To complete the scheduling process, you will be asked for the examination identification number (or name) and the candidate ID number. Identify the test as the Credit Risk Certified examination. Refer to the specific exam number found in your ATT information.

Your information listed on the ATT page was sent to Pearson VUE. If you change anything, such as your last name, address, or phone number, be sure to contact the Credit Risk Certification Specialist at 800-677-7621 or 215-446-4013. Your updated information must be available at the testing center when you take the exam.

You will be given a confirmation number when you schedule your exam with Pearson VUE. Record this number and take it with you to the testing center. You will receive a confirmation letter from Pearson VUE by email within 48 hours (if you have provided an email address). The confirmation letter will state the date, time, and testing center of your scheduled appointment, along with driving directions. If you do not receive this email, contact Pearson VUE immediately at 877-378-8378. Be sure to take your Pearson VUE confirmation material to the exam.

Test Provider

The CRC exam is administered by Pearson VUE. As part of Pearson, the international media company, Pearson VUE implements innovative testing solutions that enhance the performance reliability and security of licensing and certification programs throughout the world.

The Authorization-to-Test (ATT) information is included in the document you use to contact the Pearson VUE testing center to schedule your examination. The information in this document—which has been sent to Pearson VUE—will confirm the examination availability dates and the contact information for the Pearson VUE Call Center. It will also contain instructions for scheduling and taking the examination.

The exam is offered at Pearson VUE Professional Centers (200 locations in the United States and its territories and over 115 Pearson VUE Authorized Testing Centers in Canada). To avoid disappointment, you are encouraged to contact Pearson VUE as soon as possible to obtain your first choice of testing centers and times. Pearson VUE offers examinations for many clients.

Special Accommodations

In compliance with the Americans with Disabilities Act and Title VII of the Civil Rights Act as amended, (in Canada the Employment Equity Act, Canada) candidates with disabilities who require special arrangements at the exam site will be accommodated. Auxiliary services will be provided if they do not alter the exam or result in an unreasonable burden.

Candidates with documented disabilities that would prohibit them from taking the exam under standard conditions may request special examination accommodations. Contact ProSight for a form to complete.

If the request for special accommodations is approved, the Certification website will list the authorization-to-test (ATT) information noting the approved accommodation. For further ATT details, see the Authorization to Test section below. There is no additional fee for this service. Accommodations at the test site will be made to provide the special-needs candidate an environment equal to the testing environment of all other candidates.

Rescheduling Your Exam

Requests for exam rescheduling due to special circumstances (i.e., medical emergencies, birth or death of an immediate family member) must be submitted in writing along with official medical documentation. Send this request to the Credit Certification Specialist, 2005 Market Street, One Commerce Square Suite 3600, Philadelphia, PA 19103, USA. ProSight recommends you contact the Credit Risk Certification Specialist, at 800-677-7621 or 215-446-4013, as soon as the emergency is identified but no later than 72 hours after the scheduled examination date. The Credit Risk Certification Specialist will review all requests on an individual basis. All responses from ProSight will be in writing and sent through the U.S. mail. If approved, the deferral will be to the next testing window. If you do not take the exam in the approved testing window, you must begin the application process again by submitting a new application and the full fee.

Results Notification

You will receive initial results on-site, immediately following the certification exam. After confirmation of results, ProSight will send official results letters by U.S. mail approximately 30 working days after the close of the examination window. Questions concerning the results should be directed to the ProSight Credit Risk Certification Specialist at 615-880-4123.

Exam Retakes

You may re-take the exam if you do not pass. ProSight provides this option at a reduced fee. The reduced-fee option can be exercised one time only in the next testing window. If you wish to re-take the exam beyond your second attempt, you must submit a new application and pay the full examination fee in effect at the time. 

The Credit Risk Certification is valid for three years.

To maintain your credential, you must earn a total of 45 continuing-education credits within those three years. The three-year period begins either June 1 or January 1 following the end of your testing window, whichever comes first. For example, if your testing window ended April 2034, your continuing-education period would start June 1, 2034, and end June 30, 2037.

Before the certification period ends, you will need to report your credits and how you obtained them and remit the  Recertification fee. Only those credits earned during the recertification cycle will be accepted for the reporting period.

Reporting Guidelines

You must maintain records documenting your continuing-education credits. A copy of an educational event’s registration form and program are adequate documentation. Be sure to retain this documentation for two full years after completing each three-year recertification cycle. You will need this documentation for an audit, so keep it readily accessible: Random audits will be performed.

Recertification Credits Guidelines

• You may earn any number of credits each year. However, ProSight encourages you to earn your credits evenly throughout the renewal cycle.
• Be aware that some activities have maximum credits per recertification cycle.
• Report only qualified educational activities in approved subject areas.
• List the program’s title exactly as it appears on the brochure.

Recertification Notification

ProSight will send your continuing education certificate confirming your recertification via email. At that time you will begin your next continuing education recertification cycle.

Expiration

If by the appropriate deadline you have neither reported the required 45 credits, nor requested (or qualified for) an extension, your certification will expire. Should you wish to earn the CRC credential in the future, you will be required to resubmit a CRC examination application, remit the full registration fee, pass the CRC exam, and submit continuing-education credits in accordance with the recertification policy in effect at the time.

How were the exam questions created?
All questions have been created by active professionals in commercial credit and lending, predominantly by those holding the CRC credential. Every year groups of CRC designees are called upon to volunteer their expertise, and under the guidance of a psychometrician, create new questions for pilot testing, and eventual inclusion on the CRC exam. All CRC designees are eligible to become item writers for the CRC exam.

Why is there a Continuing Education requirement?
The CRC program, like all professional certification designations, indicates a broad commitment to the profession, in this case, commercial credit and lending. An integral part of this commitment is staying current in your field. There is a broad variety of ways to maintain your credentials, which you can read about above, or contact ProSight for more information.

How do I track the progress of my application?
ProSight will email the results of your application review. If you do not receive the letter within three weeks of your application date, contact ProSight immediately, at 215-446-4013. It is your responsibility to ensure that the email and mailing information you provide on your application is accurate and that your system can accept email from ProSight.

How will I know if my application if accepted?
ProSight will process your application within 10–14 business days of receipt. Within three weeks of receiving your application, ProSight will notify you of the results. If you are accepted, you will receive information on accessing the Body of Knowledge study material and the Web-based sample test. You will also receive an Authorization to Test letter.

Will applications be accepted after the deadline?
Applications cannot be submitted after the deadline. If you miss an application deadline, you must wait until the application process begins for the next testing window.

Where is the exam offered?
The exam is offered at Pearson Professional Centers (200 locations in the United States and the U.S. Territories).

What are the exam testing windows?
The CRC examination test windows are mid-March through mid-April, late-July through mid-August, and mid-October through mid-November each year.

When do I choose the date and test center for my exam?
Approximately one month before the examination window begins, you will be able to schedule your date and place online. Please refer to your Authorization-to-Test letter for specific dates. Your letter will also contain specific registration information. To avoid disappointment, you are encouraged to contact Pearson-VUE as soon as possible after the opening of the registration period to obtain your first choice of testing centers and times.

For more information regarding CRC Continuing Education Credits, see the handbook.