Education and training requirements
Though most brokerages prefer to hire people with post-secondary
education, many will hire high-school graduates who demonstrate
potential. For those considering taking post-secondary courses,
classes in finance, accounting, economics, business law, business
administration, and public speaking will be beneficial to you in
an insurance career. In fact, credits earned could be recognized
for a Canadian Professional Insurance Broker designation.
 To work as an insurance broker, you must attain a Level 1 insurance
license. This can be accomplished by completing one of two exams:
the Fundamentals of Insurance, or the Canadian Accredited Insurance
Broker (CAIB) 1 exam. The IBABC administers exams for both courses.
With a passing mark and an offer of employment from an insurance
brokerage, you’re ready to apply to the Insurance
Council of B.C. for your license.
A Level 1 license qualifies you to work in any of several positions
in an insurance brokerage: handling auto, home and other personal
lines transactions, or as a mobile road agent (visiting car dealerships
to insure newly purchased vehicles). Level 1 salespeople operate
under the supervision of a Level 2 or 3 broker.
For other positions in insurance, such as a commercial lines representative,
or a personal lines supervisor, a Level 2 license is needed. This
can be attained by completing two more exams: the CAIB 2 and the
CAIB 3. A Level 2 license allows you to complete policies outside
of the office, and without the supervision of a more senior broker.
A Level 2 license also gives you the opportunity to supervise Level
1 brokers in the office.
A Level 3 license allows you to manage a brokerage. It is mostly
concerned with how insurance fits within the general economy, and
deals with more managerial issues.
By completing all CAIB exams (CAIB 1, 2, 3 and 4) you achieve
your CAIB designation- something that is often sought after by
prospective employers.
Other designation programs are also available for completion,
such as the Canadian Certified Insurance Broker program (CCIB)
and the Canadian Professional Insurance Broker program (CPIB).
The CPIB even allows you to apply credits from some post-secondary
courses to the completion of the program. |
