Designations for Insurance and Financial Professionals
A look at the certification programs from recognized organizations that lead to success.
ACORD
Association for Cooperative Operations Research and Development
acord.org
ACE: ACORD Certified Expert
Description: An ACE certification means that an individual has received consistent training, passed the exams required for the designation, and is up to date on the latest ACORD standards and versions through continuing education.
Qualifications: Criteria for receiving an ACE include taking three exams focusing on specific topic areas: participation in the standards process; business line specific standards (property/casualty/surety; life, annuity and health; or reinsurance & large commercial); and insurance product knowledge. Continuing education will also be mandatory for maintaining an ACE.
AHIP
America's Health Insurance Plans
insuranceeducation.org
DHP: Disability Health Care Professional
Description: This program expands the specialized course of study offered in the Disability Income Associate program by focusing on disability income insurance, group and individual health insurance.
Qualifications: Eligible candidates have successfully completed five courses and an exam.
LTCP: Long-Term Care Professional
Description: This program provides an understanding of the role of insurance in rising long-term care needs, methods of financing long-term care, claims and administration associated with the coverage.
Qualifications: Eligible candidates will have successfully completed four courses and an examination.
MHP: Managed Health Care Professional
Description: Students gain knowledge and skills necessary to pursue a management position in the health insurance industry including an understanding of the broad management role and organizational structures, operations and administration of managed care.
Qualifications: Eligible candidates will have successfully completed six courses and an exam.
The American College
theamericancollege.edu
ChFC: Chartered Financial Consultant
Description: Students gain expertise in insurance, tax credits, retirement planning, portfolio management, estate administration and other subjects.
Qualifications: Eligible candidates have successfully completed self-study or live classes. Seven core courses and two electives are required. Three years of full-time business experience is also required.
CLU: Chartered Life Underwriter
Description: This program focuses on life insurance products designed to meet the needs of individuals, business owners and professionals, including income replacement, estate planning and wealth transfer.
Qualifications: Eligible candidates have successfully completed five core classes and three electives in a classroom or online setting or on a self-study basis. Three years of full-time business experience is required. The three-year period must be within the five years preceding the date of the award.
FSS: Financial Services Specialist
Description: This basic program provides an overview of a comprehensive financial plan, including insurance, risk management, employee benefits, investments, income tax, retirement and estate planning. The course also covers Social Security and Medicare.
Qualifications: The FSS Designation can be earned by successfully completing three required courses, one of which deals with professional ethics; and three elective courses, along with all exams.
LUTCF: Life Underwriter Training Council Fellow
Description: Course work involves the basics of prospecting, business insurance, estate planning concepts, sales training, communication skills and knowledge of a wide range of life insurance, health insurance or multiline products and services.
Qualifications: Eligible candidates must successfully complete five to six courses depending on their chosen field of study, including a required ethics course, and all examinations.
MSFS: Master of Science in Financial Services
Description: This intensive program provides the tools to analyze, plan and implement integrated financial and life strategies for practitioners in affluent markets, such as financial planners, life insurance specialists, CPAs and investment consultants.
Qualifications: To be admitted into the program, applicant must have a bachelor's degree from an accredited college or university, pay the required application fee and submit official transcripts from each college or university attended. The MSFS degree requires the completion of 36 course credits—30 from required and elective courses and six from a four-day residency.
RHU: Registered Health Underwriter
Description: This designation is for those involved in group insurance benefits and health insurance for individuals and families. The program also helps students stay current with the major benefit protection laws including COBRA, ERISA and HIPAA.
Qualifications: The two required courses and one elective course can be completed through independent study. Three years of full-time business experience is required. The three-year period must be within the five years preceding the date of the award.
REBC: Registered Employee Benefits Consultant
Description: Students gain knowledge necessary to become a professional in the sale and service of employee benefits plans. Individuals develop an understanding of the various types of group benefits and retirement plans.
Qualifications: The three required courses and two elective courses can be completed through independent study. Three years of full-time business experience is required. The three-year period must be within the five years preceding the date of the award.
AICPCU/IIA
American Institute for CPCU/Insurance Institute of America
aicpcu.org
AFSB: Associate in Fidelity and Surety Bonding
Description: This program, developed with the National Association of Surety Bond Producers and the Surety & Fidelity Association of America, expands understanding of contract and non-contract surety, as well as crime insurance.
Qualifications: Five courses must be completed, including two CPCU-related classes.
AIM: Associate in Management
Description: This program includes human resource management, analysis of current business issues, and general management principles and practices. The courses in this program are best suited for mid-level managers, principals and underwriters.
Qualifications: Eligible candidates will have successfully completed three classes and exams.
ANFI: Associate in National Flood Insurance
Description: This new designation, developed in conjunction with FEMA, is designed for company underwriters and insurance and risk management professionals. The program will reinforce the technical, practical flood insurance knowledge and skills needed to confidently and accurately handle all aspects of flood insurance coverage.
Qualifications: Candidates complete an ethics course as well as a course in fundamentals, available starting in July; and an advanced studies course, available this October, and pass all necessary exams.
AMIM: Associate in Marine Insurance Management
Description: Courses build a foundation in both inland and ocean marine products and coverages. This designation was developed with the assistance of the Inland Marine Underwriters Association and the American Institute of Marine Underwriters.
Qualifications: Students must complete four core courses, including two CPCU-related classes; and two elective courses.
CPCU: Chartered Property Casualty Underwriter
Description: This designation indicates a broad understanding of property/casualty insurance as well as a concentration in commercial or personal risk management.
Qualifications: All candidates must complete and pass five core courses, plus three courses from either the commercial- or personal-insurance concentration of studies. Candidates may not combine courses from both concentrations. They must complete suitable insurance or related activities for any 24 months (a minimum of 17.5 hours per week) during the five-year period immediately preceding the conferment of the CPCU designation.
American Society of Pension Professionals & Actuaries
asppa.org
MSPA: Member, Society of Pension Actuaries
Description: This program is for consultants and administrators, actuaries and other benefit professionals.
Qualifications: Eligible applicants must successfully complete three examinations as required for Enrolled Actuary status, and have at least three years of responsible actuarial experience.
QPFC: Qualified Plan Financial Consultant
Description: This designation is for financial professionals who specialize in retirement plans, helping them gain knowledge and experience in the investment side of qualified retirement plans. It is not an entry-level credential.
Qualifications: Eligible candidates must have at least three years of investment-related experience and hold certain licenses. Applicants must demonstrate competence in specific areas of qualified retirement plans through completion of the four-examination series.
Association of Average Adjusters of the U.S.
usaverageadjusters.org
MHCP: Marine Hull Claims Professional
Description: The designation provides a means for people involved in the adjustment of marine claims to attain a professional qualification. The designation recognizes that the industry needs professionals to meet the demands of clients, brokers and, increasingly, the regulatory environment. The designation offers recognition to individuals who provide the claims-adjusting services for United States marine insurers.
Qualifications: The designation is open to Resident Associates and Junior Members who have been continuously and actively employed as adjusters or as underwriter's claims examiners/adjusters mentored by a full Member for at least three years as a Resident or one year as a Junior, and have successfully completed a written exam. Exam topics include policies, statutes, rules of practice and legal case studies.
Board of Certified Safety Professionals
bcsp.org
CSP: Certified Safety Professional
Description: The CSP is a certification for those safety professionals who develop or administer procedures and standards to control or reduce hazards and exposures that potentially are harmful to people, property and the environment.
Qualifications: Candidates will have an Associate's degree in safety or a four-year degree in any subject from an accredited college; pass the Associate Safety Professional exams; have at least four years' professional experience; and successfully complete all other courses with exams.
Casualty Actuarial Society
casact.org
FCAS: Fellow, Casualty Actuarial Society
Description: This designation indicates expertise in strategic, financial and operational risk and the integration of hazard risk with these risks.
Qualifications: Eligible candidates have fulfilled the requirements of Associate (ACAS) and successfully completed nine examinations.
Certified Financial Planner Board of Standards
cfp.net
CFP: Certified Financial Planner
Description: This designation indicates knowledge of competent, professional and ethical financial planning.
Qualifications: A bachelor's degree in any discipline is required to attain CFP certification. Other requirements include at least three years of qualifying full-time work experience. Candidates can complete a course of study offered by an education institution with a curriculum registered with the CFP Board. Regardless of program type, the curriculum taught must be the equivalent of at least 15 semester credit hours. Generally, the course work in a certificate level program can be completed in 18 to 24 months. The 10-hour exam is divided into three sessions.
CFA Institute
cfainstitute.org
CFA: Chartered Financial Analyst
Description: This program is intended to supplement the education and work experience of investment professionals. Curriculum emphasizes the knowledge and skills needed to be involved in asset valuation or portfolio management.
Qualifications: Eligible candidates hold a bachelor's degree or the equivalent, or have four years of qualified professional work experience. They have successfully completed three sequential, six-hour examinations over at least two years. In addition, they have worked as an investment professional for at least three years. Work experience may be prior, concurrent or subsequent to exam completion. Candidates must maintain membership-in-good-standing with the CFA Institute. The institute estimates candidates will need 10 to 15 hours per week for 18 weeks to prepare adequately for the Level I or the Level II examination. The minimum length of time taken to sequentially pass all three exams is two years. On average, it takes more than four years for candidates to earn the CFA charter.
Chartered Alternative Investment Analyst Association
caia.org
CAIA: Chartered Alternative Investment Analyst
Description: A unique educational standard designed for individuals specializing in alternative investments. Covering hedge funds, real estate, private equity, commodities and managed futures, the CAIA charter demonstrates commitment to professionalism and command of AI's unique fundamentals.
Qualifications: A college degree and one year of experience in a full-time capacity in the bank regulatory, banking, financial or related fields; or four years of experience otherwise. Two modules are involved: Level I uses investment analytics to examine the fundamentals of each alternative asset class; Level II applies these analytics within an asset allocation and decision-making framework. Candidates must pass the Level II exam within three years of passing the Level I exam to qualify for CAIA designation.
Conference of Consulting Actuaries
ccactuaries.org
FCA: Fellow, Conference of Consulting Actuaries
Description: This designation indicates expertise in strategic, financial and operational risk and the integration of hazard risk with these risks.
Qualifications: Eligible candidates have fulfilled the requirements of Associate (ACAS) and successfully completed nine examinations.
Insurance Data Management Association
idma.org
CIDM: Certified Insurance Data Manager
Description: The CIDM curriculum covers collection and reporting of insurance data, data quality control techniques and essential organizational and technological expertise. The program also consists of several non-IDMA courses that study insurance operations, loss exposures and coverages.
Qualifications: Successful completion of eight courses: four independent courses from the IDMA curriculum, and four courses from the CPCU or LOMA or SOFE curriculum, or selected parts of the CAS curriculum; then successful completion of eight examinations.
International Claim Association
claim.org
FLHC: Fellow, Life and Health Claims
Description: The FLHC Program provides an advanced level of claim education in life and health insurance and a thorough understanding of claim administration for both individual and group coverages.
Qualifications: Program curriculum consists of three groups of courses with a specific examination given for each course. They include the required introductory course segment; the Associate, Life and Health Claims segment; and the Fellow, Life and Health Claims segment. Successful candidates must pass a series of exams after each segment. For most examinations, two to three months of preparation are required.
International Foundation For Retirement Education
infre.org
CRC: Certified Retirement Counselor
Description: The program gives retirement planners a mastery of the topics and issues involved in their profession, and requires adherence to a code of ethics and commitment to continuing education.
Qualifications: A bachelor's degree in any field and minimum two years' related professional experience; or high school diploma and minimum five years' experience; acceptable background check; and the successful completion of a comprehensive, four-hour, 200-question proctored exam.
International Foundation of Employee Benefit Plans
ifebp.org
CEBS: Certified Employee Benefits Specialist
Description: This certification is for professionals in the employee benefits and compensation field. The course track requires candidates to first earn designations in three specialized areas: Group Benefits Associate (three courses); Retirement Plans Associate (three courses); and Compensation Management Specialist (three courses).
Qualifications: To earn a CEBS designation, eligible candidates must successfully complete eight courses (six mandatory, two elective) and pass a two-hour exam at a computer-based testing location.
Investment Management Consultants Association
imca.org
CPWA: Chartered Private Wealth Adviser
Description: The designation will certify financial advisers who work with clients with $5 million to $25 million to invest. The CPWA expands on IMCA's existing 18-month-long, three-part wealth management certificate program.
Qualifications: The designation requires five years' experience in the financial services industry and a bachelor's degree or at least one of six other professional designations, including certified financial planner. Course work takes about six months of study and concludes with a week of classroom instruction at the Booth School of Business, University of Chicago. Final exam required for certification.
LIMRA
Life Insurance and Market
Research Association
limra.com
LLIF: Leadership Institute Fellow
Description: Course work involves a blended approach of interactive classroom-based programs, self-assessment activities and engaging in strategic coaching exercises. Successful candidates then attend the invitation-only Capstone Program at The Wharton School.
Qualifications: Eligible candidates obtain 15 credits by passing Limra-sponsored classes. At least five credits must be earned in the Leadership category; at least two credits in the Marketing category; at least two credits in the Financial category; and the remaining six credits are elective. Candidates then apply to enter the Capstone Program. LLIF designation is only conferred upon completion of the Capstone element.
LOMA
Life Office Management Association
loma.org
FLMI: Fellow, Life Management Institute
Description: This designation for insurance and financial services professionals provides key knowledge of how this complex industry operates and an individual's role in the industry's continued strength in the global economy.
Qualifications: Eligible candidates will successfully complete 10 courses on two levels and a proctored final exam.
National Alliance for Insurance Education and Research
scic.com
CIC: Certified Insurance Counselor
Description: This designation recognizes expertise in various types of insurance coverage. Course content is tailored to particular regions.
Qualifications: Eligible candidates are licensed agents, brokers or adjusters with at least two years' experience. Students must successfully complete five courses of study: agency management, commercial casualty, commercial property, life and health and personal lines. Each involves 20 hours of instruction, followed by an exam. (A Certified Risk Manager course may be substituted for one of the above courses of study).
CISR: Certified Insurance Service RepresentativeDescription: This designation demonstrates an understanding of insurance coverages and the ability to analyze risks and exposures. Studies include commercial casualty exposures, commercial property, personal residential property, personal auto exposures and agency operations.
Qualifications: Candidates will have successfully completed five courses and exams. To keep the designation, candidates must update their knowledge each year with additional continuing education courses.
National Association of Estate Planners and Councils
naepc.org
AEP: Accredited Estate Planner
Description: This designation is awarded to attorneys, chartered life underwriters, certified public accountants, certified trust and financial advisers, chartered financial consultants and certified financial planners.
Qualifications: Candidates must meet stringent experience and educational qualifications, including two graduate-level courses administered by The American College.
National Association of Health Underwriters
nahu.org
REBC: Registered Employee Benefits Consultant
Description: This program focuses on providing the student with the knowledge necessary to become a professional in the sale and service of employee benefits plans.
Qualifications: Students complete three required courses and two elective courses and exams. Administered in conjunction with The American College.
National Association of Insuranceand Financial Advisors
naifa.org
LILI: Leadership in Life Institute
Description: This six-month leadership development course is based on The Seven Habits of Highly Effective People by Stephen Covey, and the leadership writings of Jim Collins, John Maxwell and Kouzes & Posner.
Qualifications: Active NAIFA member for at least one year. Candidates attend six one-day sessions; fulfill required assignments; and commit to two years of service in local NAIFA association.
National Association of Insurance Women
naiw.org
CPIW/M: Certified Professional Insurance Woman/Man
Description: This designation certifies professional development, technical knowledge and leadership skills. Course work stresses high standards, a commitment to continuing education and an awareness of industry issues.
Qualifications: Eligible candidates have been members in NAIW for at least two years, have been employed in the insurance industry for at least five years and completed the required classroom educational programs. Certification requires completion of one course offered by an outside insurance education provider.
National Institute of Pension Administrators
nipa.org
APA: Accredited Pension Administrator
Description: This designation focuses on the knowledge and skills needed to determine eligibility; allocate contributions; fulfill reporting and disclosure requirements; and other functions of pension administrators, retirement relationship managers and ERISA compliance specialists.
Qualifications: Candidates must complete four APA self-study courses and successfully pass examinations. Designees must maintain the designation by completing 15 hours of continuing education annually and maintaining their NIPA membership.
Professional Liability Underwriting Society
plusweb.org
RPLU: Registered Professional Liability Underwriter
Description: This program provides a broad basic understanding of the professional liability disciplines. It covers technical issues from a practical point of view, including underwriting, risk management, legal issues, claims review and marketing/sales of professional liability insurance.
Qualifications: The self-study program includes eight core requirements and seven exams; five PLUS Curriculum elective modules and passage of exams; and minimum of two years in the industry.
RIMS
Risk and Insurance Management Society
rims.org
RF: Fellow, Risk and Insurance Management Society
Description: Students gain skills and knowledge needed to identify and manage operational, financial, external and other risks in organizations.
Qualifications: Candidates must complete three college- or university-level courses: risk assessment, risk financing and risk control. Accounting and finance courses are also required, along with two additional college- or university-level courses in either business, economics, MIS, law, insurance, marketing or management. At least five years' industry experience is mandatory. Requirements include 12 days of RIMS Fellow workshops.
Society of Actuaries
soa.org
ASA: Associate, Society of Actuaries
Description: The preliminary SOA examinations provide an understanding of fundamental mathematical concepts and how they are applied, with recognition of the dynamic nature of these fundamental concepts. In addition, a set of computer-based modules exposes a broad range of techniques the actuary can recognize and identify as to their application and inherent limitations.
Qualifications: Eligible candidates will have successfully completed five examinations, three courses validated by educational experience, a series of online modules and exercises and a professionalism course.
CERA: Chartered Enterprise
Risk Analyst
Description: Curriculum encompasses a comprehensive demonstration of enterprise risk management. CERAs are qualified for risk-management leadership positions in many organizations including insurance, benefits, financial services, energy, manufacturing, transportation and health care.
Qualifications: Candidates successfully complete five examinations, as well as an educational module and professionalism course. Completing the CERA curriculum takes an estimated three to four years, and successful candidates will also become Associates of the Society of Actuaries.
FSA: Fellow, Society of Actuaries
Description: Fellowship candidates choose a specialty track and complete the requirements of that track, which include financial risk of life insurance, health programs, retirement system, enterprise risk management, finance, or investment specialties.
Qualifications: The FSA designation is achieved by completing the ASA requirements plus e-Learning courses and modules, validation of educational experiences outside the SOA Education system, a professionalism seminar and the Fellowship Admissions Course.
Society of Insurance Trainers and Educators
insurancetrainers.org
ITP: Insurance Training Professional
Description: This designation recognizes excellence in professional trainers. Requires both training and insurance experience and knowledge.
Qualifications: Candidates must be members of the Society of Insurance Trainers and Educators. Candidates must show insurance knowledge through a certificate or designation or an insurance/financial services course of at least 20 hours, or a minimum of 10 years' insurance company experience in core competencies; evidence of training or accredited degree in adult education or a closely related field with significant education course work, or at least 20 semester hours in an undergraduate or graduate degree program; and a minimum of five years' experience as a trainer/educator.
NOTE TO READERS: This is a selective listing of insurance designations. It is not a full list of every available designation. Visit our Web site, bestreview.com/thevault.asp, and the Web sites of the various organizations listed here, to see other designations being offered.
