Exam Identifier
CRA Level 1
Focus
Foundations
Questions
100
Format
Multiple Choice + Matching
Exam Time
3 hours 30 minutes
Sections
3
RAI Learning
Login here

Examination Overview

Certified Risk Analyst | Level 1

The CRA Level 1 Examination evaluates your understanding of fundamental risk management concepts, analytical techniques, and their application within organizational settings. It is aligned to the foundations covered in RAI101: Introduction to Risk Management and Analysis.

The examination is structured across three super-sections covering risk principles, risk analysis methods, and the integration of risk management into governance and decision-making.

Exam Structure

  • Total Questions: 100
  • Format: Multiple-choice and matching questions
  • Total Time: 3 hours 30 minutes
  • Sections: 3 sections with allocated time guidance

Permitted Materials

  • Basic or financial calculators
  • Blank paper for notes, calculations, and rough work

Academic Integrity and Proctoring

This examination must be completed independently by the registered candidate. Copying, sharing, or reproducing exam content is strictly prohibited. The exam is monitored using proctoring software that records activity, including screen interactions, navigation behavior, and session activity. Any irregular behavior or suspected misconduct may result in review and potential disqualification.

What This Exam Assesses

Candidates are expected to demonstrate conceptual understanding and practical application of foundational risk management principles, including financial and non-financial risk categories, analytical techniques, governance integration, frameworks, emerging trends, and case-based reasoning.

Section A

Foundations and Core Risk Domains

Section B

Risk Analysis Techniques and Methods

Section C

Integration, Frameworks, Trends, and Application

Faculty / Subject Matter Contributors

James Hurst, PhD
Lecturer / Contributor
Jen-Wen Lin, PhD
Lecturer / Contributor
Joseph Tagne, PhD
Lecturer / Contributor

Examination Sections Outline & Study Guide

Section A: Foundations and Core Risk Domains

This section assesses your understanding of core risk management principles and the key categories of risk faced by organizations.

  • Number of Questions: 60 (~45 multiple-choice, ~15 matching)
  • Time Allocation: ~75 minutes
  • Suggested Pace: ~1 minute per multiple-choice, ~1.5 minutes per matching set
  • Coverage: financial and non-financial risks, including market, credit, liquidity, operational, regulatory, reputational, and strategic risks
  • Focus: identifying, classifying, evaluating, and managing risks in organizational contexts
Section B: Risk Analysis Techniques and Methods

This section evaluates your understanding of the techniques used to analyze and assess risks.

  • Number of Questions: 40 (~30 multiple-choice, ~10 matching)
  • Time Allocation: ~55 minutes
  • Suggested Pace: ~1 minute per multiple-choice, ~1.5 minutes per matching set
  • Coverage: quantitative and qualitative approaches, scenario analysis, stress testing, and risk assessment methods
  • Focus: selecting appropriate techniques, interpreting results, and understanding how methods support decision-making
Section C: Integration, Frameworks, Trends, and Application

This section assesses your ability to apply risk management concepts within organizational settings.

  • Number of Questions: 60 (~40 multiple-choice, ~20 matching)
  • Time Allocation: ~80 minutes
  • Suggested Pace: ~1 minute per multiple-choice, ~1.5 minutes per matching set
  • Coverage: governance, decision-making integration, strategy, risk frameworks and standards, emerging trends, and case-based application
  • Focus: interpreting scenarios, applying frameworks, and demonstrating how risk management supports resilience and effective decision-making
CRA Level 1 Study Guide
Request the CRA Level 1 Study Guide

Related CRA Courses

You may also be interested in these related courses: