I know this won't apply to everyone — but if you're sitting for your ARM or CPCU exam during the July 15 – September 15 window, this is worth a few minutes of your time before you test.
The Institutes just expanded their free retake offer, and this window it covers both CPCU and ARM candidates for the first time. Last window, the offer was CPCU-only. This window, ARM is included too.
Most candidates will read that as a safety net — something nice to know about, something you hope you never need. I want you to think about it differently. Because if you understand what this offer actually does to the math of this window, it changes how you should approach your exam.
The Mulligan Strategy
In golf, a mulligan is a free shot. You don't use it unless you need it — but knowing it exists changes how you step up to the ball. You swing a little more freely. You commit more fully. The presence of a mulligan doesn't make you worse. It makes you better.
That's exactly what RETAKE26 does for candidates this window.
Think about the normal calculus of sitting for an exam when you're not fully confident. A non-pass costs you the registration fee, the psychological weight of a failed attempt, and three months until the next window opens. That's a real cost — and it's the reason so many candidates keep waiting until they feel completely ready.
This window, the financial cost of a non-pass on an eligible ARM or CPCU exam is zero. Code RETAKE26 covers it. Which means if you've been registered and sitting on the fence about whether you're ready — the answer this window is: go take the exam.
Not unprepared. Do the work first. Study the material, go through the lessons, understand the concepts. But if you've been waiting for a level of certainty that hasn't quite arrived — this offer removes the financial downside of acting on imperfect confidence.
What That First Attempt Actually Gives You
Here's what makes the mulligan strategy genuinely valuable — not just theoretically, but practically.
That first attempt, if you need the retake, becomes something no study guide, no practice exam, and no simulated test can replicate: a real look at the actual exam.
You'll see exactly how scenario questions are framed. You'll learn which topics are tested more heavily than you expected. You'll discover which concepts you thought you understood but couldn't quite apply under time pressure. And you'll walk out of that exam with a grade report — available within 24 hours — that tells you precisely by topic area where you missed questions.
After a non-pass, The Institutes send a detailed grade report showing your score broken down by topic area. That report tells you exactly where to focus for your retake. Study the topics where you missed questions — not the entire course from scratch. It's the most targeted study guide you'll ever get.
Then, with that intelligence, you use RETAKE26 and go back in for the retake. This time you're not guessing at what to focus on. You know. And the data backs up why this matters.
That 33% figure isn't an argument to be careless with your preparation. It's an argument for taking action while you have momentum, rather than waiting for a later window when everything you learned will have had months to fade.
This Is Especially Important for ARM Candidates
Last window, the free retake was CPCU-only. ARM candidates had no equivalent offer. This window, that changed — and ARM candidates specifically should pay attention to what that means.
The ARM designation covers material that is directly applicable to your career right now. Risk identification, assessment, and treatment. ERM frameworks. ISO 31000. The total cost of risk. These aren't concepts you learn for an exam and then set aside. They're the foundation of everything a risk management professional does at a high level.
The offer covers new and expiring ARM courses specifically. If you've been working toward your ARM designation and have been hesitating to sit because you're not sure you're ready — this is your window. Register, sit, and use RETAKE26 if you need it.
The CPCU concentration courses are also now included — not just the core courses as in previous windows. If you're working on CPCU 551, 552, or the personal lines concentration courses, those are eligible this window as well.
Four Things Worth Knowing Before You Sit
Bottom Line
The Institutes have given ARM and CPCU candidates something genuinely valuable this window: a real exam attempt with zero financial downside if you need a second try.
The window closes September 15. The retake deadline is September 15. Everything between now and then is time you can use.
Study first. Sit with as much confidence as you can build between now and your exam date. Use RETAKE26 if you need it. And if the grade report tells you where the gaps are — go close them.
The Institutes always offer an $80 discount on same-window retakes. This offer — code RETAKE26, making the retake completely free — is a separate, time-limited promotion. The two are different. RETAKE26 covers the full retake cost on eligible ARM and CPCU courses for this window only.
Need Help Focusing Your Prep Before the Exam?
Questions about which topics to prioritize, how to work through a concept that isn't clicking, or whether you're ready to sit — that's exactly what the direct instructor access is for.
ARM™ and CPCU® are trademarks of The Institutes. The Risk Management Study Group is not affiliated with or endorsed by The Institutes. Free retake offer details are controlled by The Institutes and subject to change — verify current eligibility, eligible courses, and terms at web.theinstitutes.org/free-exam-retake-details. The 33% retake pass rate statistic is sourced from The Institutes' published research on exam retake outcomes.