Review: Advanced CAMS - Risk Management (CAMS-RM) / Certified Advanced AML Risk Management Specialist
Ian Messenger
Edit: Whilst I’m happy to answer questions relating to the CAMS-RM, please do not ask me for a PDF copy of the CAMS-RM Study Guide. It is copyrighted material and ACAMS does not allow sharing.
ACAMS has been on a development spree in 2019/2020 with the release of two new certifications: the Certified Global Sanctions Specialist (CGSS), which I reviewed earlier, and the new Advanced CAMS - Risk Management (CAMS-RM). The CAMS-RM is also the only certification in the Advanced range from ACAMS that is exam-based.
Successful passing of the Advanced CAMS - Risk Management program awards the designation of Certified Advanced AML Risk Management Specialist (CAMS-RM)
I’ve received a number of questions about the certification and my experience preparing for the examination. I’ll try and address each of them and provide other information that I think could be relevant to someone thinking of taking the certification. If I have missed something, or you have any other questions, do reach out to me and I’ll try my best to answer.
Released in 2020, the Advanced CAMS-RM is a specialised certification that focuses on Risk Management in Financial Crime. It is also the only - so far - advanced certification from ACAMS that doesn’t involve an in-person workshop; the available of workshops are limited to certain countries and don’t appear to ever be held in Canada.
I signed up for the certification in March 2020 when I discovered that there was a COVID-19 discount of 50%, bringing a USD 1995 certification down to something a little more reasonable.
I took the Advanced CAMS-RM exam on 22nd May 2020 at home via online proctoring - again due to COVID-19.
What was my motivation for studying and taking a certification related to Risk Management? As I mentioned in my CGSS review, the modern financial crime professional needs a broad set of knowledge and skills above and beyond ‘simply’ Anti-Money Laundering - there is the convergence of AML, Fraud, Cyber, and Sanctions remits into a singular Financial Crime Compliance role.
Behind all of these lies Risk Management and using a Risk-based approach.
The Advanced CAMS-RM allows the successful candidate to demonstrate knowledge of Risk Management (obviously) in financial crime but also key aspects of Governance and Risk Based Approaches.
Having a Risk Management certification of any kind - in addition to work experience - can only serve to benefit your CV and candidature when applying for competitive roles. I opted for the certification offered by ACAMS due to its focus on financial crime.
Having completed the process, I can say I did learn things and that it was a worthwhile experience - but with qualifiers (more below)
What did I learn?
The Advanced CAMS-RM study guide is approximately 200 pages in length (minus the appendix and practice questions). There are 4 chapters to study -
Risk Governance Framework,
Risk Identification and Assessment,
Monitoring, Control and Mitigation,
Communication and Training
Each chapter has a series of case studies to put the theory into practice.
I should note that this is the most concise certification (4 chapters, 200 pages) that I have encountered. There is much more additional reading - outside of the study guide - which must be done. NOTE: All the links to the outside material are provided in the study guide.
I would say that the level of complexity is comparable to the CAMS study guide, but much more narrow in scope.
How long did I study?
Over the course of 3 weeks, I read the study guide most evenings.
Being an advanced certification from ACAMS, there was a clear expectation (and requirement) that candidates had completed the original CAMS certification. There was no explanation of basic AML/Financial crime concepts in the Advanced CAMS-RM study guide; it was assumed it was already known.
I had two main observations whilst - and after - studying for this certification. The practice questions at the end of the study guide REALLY don’t resemble the questions in the exam (both in terms of format or complexity) and some of the answers in the study guide were incorrect. Although the beginning of the study guide does state the questions are not representative of the final exam, I was very surprised the extent to which they differed.
Secondly, there is a lot of outside further reading listed in the study guide. At least in my exam I had a high number of questions that were from this literature and not present in the study guide. Key takeaway - don’t expect to pass the exam if you just read the study guide!
There isn’t a right or wrong amount of time and everyone will be different. I would recommend, like most certifications, to study over a condensed period of time rather than spreading it out “here and there” over several months.
Which package?
At the current time, there are 2 options that ACAMS provide: the Standard Package (USD1995) and the Advanced CAMS-RM Virtual Classroom bundle (USD2480).
The more expensive option includes six 2-hour live online classes.
I opted for the Standard Package which included the PDF study guide and the 1st attempt at the exam.
I should also mention that I paid 50% less for the Standard Package due to a COVID-19 promotion. This convinced me to sign up.
What was the format of the exam?
The exam consisted of 100 multiple choice questions covering all 4 chapters of the study guide. The allowed time for the exam was 175 minutes.
I took just over 110 minutes to complete the questions, re-visit the questions I have marked for review (though in most cases I stuck with my original answer), and review all 100 questions. This isn’t an attempt to brag but simply to demonstrate that 175 minutes should be plenty of time to complete the exam.
I found the multiple choice questions were similar to those in the CAMS examination. Most of the questions I received were scenario-based.
In response to COVID-19, at the time I took the exam ACAMS were offering Online Proctoring from home for many of their certifications through Pearson VUE. Overall the “at-home” option worked well and was quite smooth. There were definitely enough pre-exam checks in place to ensure the security of the exam, and throughout the exam period someone was always watching and listening through my webcam. If I had the option in future, I would choose this option rather than a test centre.
Value added?
As I mentioned earlier, the modern Financial Crime Professional needs to have knowledge and experience of a wide range of financial crime remits. Risk Management and the selection of RM topics contained in this certification sit behind all of these and add value to all streams of financial crime investigation. It would be a beneficial certification for a wide range of Financial Crime Professionals.
From a knowledge perspective I would recommend the Advanced CAMS-RM and whilst the standard price of USD 1995 is not insignificant, it is an investment.
BUT…
As of May 2020, the Advanced CAMS-RM study guide is very much a “version 1” product:
Despite only being 200 pages in length (shorter than all the other - less expensive - financial crime certifications), there were many spelling, grammar and other proof-reading errors in the study guide. Suffice to say, it was not a polished document.
When compared with other ACAMS certifications, the amount of “outside of the study guide” reading was much higher. For the price I would have hoped for a more complete - and longer? - study guide. Some key sections of the study guide merely acted as signposts to outside readings.
I suspect that the Advanced CAMS-RM exam may have a much higher failure rate if candidates don’t read all of the additional reading.
Whilst the study guide does state that the practice questions are not representative of the final exam, I was surprised how true this was. Overlooking some of the proof-reading issues, some of the answers to the “practise questions” were just wrong.
There was a degree of duplication between some of the sections. At times I felt I was re-reading the same text twice (and trice!). I checked.
Until these issues are addressed, and I hope they are, it is hard to justify the minimum USD1995 cost.
I feel that the 50% reduction in normal price I paid was more reasonable given the current condition of the study guide.
I would recommend the certification as I feel it does add value from a knowledge perspective but the study materials can be harder work than it needs to be.