A Certified Hospitality Revenue Manager (CHRM) refers to a hospitality professional who has earned the industry’s most prestigious revenue management certification. The CHRM credential is a way to recognize hospitality professionals who exhibit exemplary leadership skills, managerial abilities and advanced knowledge. The CHRM certification is a popular way for hotel and casino managers to demonstrate their integrity and competency.
The Application Process
Only certain people who already work within the hospitality industry may apply to take the CHRM exam. Applicants must spend half of their job time performing revenue management duties. This includes revenue rates, occupancy analysis, budget forecasting and inventory management. Applicants should have experience with data input, report generation, employee activities, reservation operations and property management systems. Applicants must have at least six months of relevant work experience in the hospitality industry. There are two exceptions to the work experience rule. First, applicants may substitute an accredited college degree, or they may substitute proof of supervisory or executive certification. The online application will require a current resume, a job description, a signed employment verification form and copies of a diploma or transcript.
The CHRM exam was created by the American Hotel & Lodging Educational Institute (AHLEI) to ensure maximum value and service to hospitality customers. The online CHRM exam must be proctored by a CHRM, supervisor, hospitality educator, AHLEI member or member of the American Hotel & Lodging Association (AH&LA). The CHRM text contains 125 multiple-choice questions. Applicants are given three hours to complete the exam. The test content focuses on five fundamental competencies: statistical analysis, the lodging industry, strategies and tactics and forecasting and planning and e-commerce and online distribution. CHRM exam candidates all receive an official test prep booklet that includes resources, materials and a bonus CD. This tool helps exam candidates to individually assess their knowledge of the five test areas.
Hospitality revenue managers oversee the day-to-day operations of the finance, accounting or reservations departments. They interview, select, train and supervise staff in all elements of their employment. Hospitality revenue managers set performance standards, enforce appropriate behaviors and promote the organizational culture. They must continually motivate staff to exceed expectations, performance goals and guest service standards. Their revenue management duties include brand loyalty, pricing strategy, distribution channels, content management and revenue forecasting, and management. They may monitor reservation activities, review inventory changes, adjust pricing levels, attend staff meetings and distribute daily reports to executives. Hospitality revenue managers may review vendor contracts to ensure revenue compliance, respond to audit documentation requests and review monthly journal entries and account reconciliations.
The best way to start a hospitality career is to earn a bachelor’s degree related to travel, tourism or hospitality administration. The Bureau of Labor statistics (BLS) recommends that aspiring lodging managers earn an accredited degree that is approved by the Accreditation Commission for Programs in Hospitality Administration. There are approximately 60 approved hospitality management degree programs. A Certified Hospitality Revenue Manager is someone who achieved a high level of expertise through their education and experience.