When you registered for the course, you were provided with a text, a study guide and, if you did the self-study option, the answers to the chapter checkpoints. If you did discussion group or an immersion course, your chapter checkpoints were handed out in class. What should you do with these 3 things?
Text – Be sure to read the text carefully. No chapter is weighted higher or lower than another so give them all your utmost attention. And be sure not to read for too long at one time or you stop remembering what you are readying. Studies show that for every hour of studying you should take a 10 minute break to clear your head and refocus. Between chapter are sample policies and wordings – you are not tested on these items but they will show you how the information you learned in a chapter is published in the insurance industry as a reference.
Study Guide – I beg you to not leave this book until a week or two before the exam to use it as your last minute study system. The questions asked in the study guide are very detailed and it will take you a substantial amount of time to complete the book. If you haven’t already, get started on this book now as you need all the time you can find to work on it. This is great if writing out answers helps you to remember ideas.
Chapter Checkpoint – These questions are a great resource for you to see what types of questions are going to be on the exam. While they may not be exact, many of the Chapter Checkpoints highlight the important areas of the chapter so use them to ensure you understand the most important concepts that were taught. The format of the questions also makes them excellent examples of how the short-answer questions are going to be laid out.
Your Notes – The final piece of material you should be using to help you study will be your own notes. Reading is not always enough so making notes to summarize important topics and to list information such as key terms are great way to work on your final review before the exam.
If you still feel like you need more guidance and material to review for the course, a great aid is the IBAM CAIB Online Study Tool. This online course is available for all 4 levels of CAIB and was authored by experienced instructors where each course contains extensive multimedia lectures, downloadable tools, progress quizzes to consolidate your learning, and a discussion board where you can interact freely with a qualified instructor and other learners.
This tool will enhance the learning experience of your Self Study, Discussion Group or Immersion CAIB course. For only $49.00, you will receive 12 weeks of online activation. For more information on how to register for this tool, please visit the online education area of the IBAM Website (found on the member side of the site).
Time to get reading!
Studying for your CAIB or CPIB exam can be a stressful for insurance brokers. The main thing to remember is to always approach and exam seriously and to commit to the process. These are all university level courses that will need time and effort dedicated to them to in order to ensure success.
Over the next few weeks as you prepare for your upcoming exams, I will let you know some key pieces of information that you should keep in mind when you are preparing to write. Do you have a hint or trick that has worked well for you in the past? Please let me know!! I would love to pass the idea onto other brokers to help them make the best of their CAIB experience.
Looking for individual help preparing for the CAIB or CPIB exams? IBAM is hosting informal study groups building up to the December 2013 exam sitting. Contact the IBAM office for more information on how to register.
I’ve heard I need to wait 2 years after getting a Level 2 General Insurance License before I can take CAIB 4 – is that True?
Absolutely not! Completing your CAIB (Canadian Accredited Insurance Broker) designation and earning a Level 3 General Insurance License are linked by only in a small way.
The Insurance Council of Manitoba (ICM) does require that a broker has their Level 2 General Insurance Brokerage for at least 2 years before they can be granted a Level 3 license. This is to help maintain the professionalism of the insurance industry by ensuring that a person has a minimum of 2 years of insurance experience before being granted a license that would permit them to own and manage their own brokerage.
The completion of your CAIB designation can, alternately, be done as quickly or as slowly as you would like. I have seen people complete all 4 exams in under a year which I think is crazy but they were up for the challenge. You will receive your CAIB certificate and can begin using the designation once all 4 exams are successfully passed.
If you do the accelerated method of earning your CAIB’s, ICM will note in their system when you have earned your Level 2 General Insurance License. Once 2 years has passed, because IBAM has already notified them of your successful completion of CAIB 4, your license will be automatically upgraded to a Level 3 license.
So this means… Go for it!! You can always be working towards your designation as education should be a big goal of any insurance broker professional. You just can’t own or manage your own insurance brokerage at this time but there is plenty of time for that – these are the years for you to be learning all you can about the industry.
While I have only been working in the IBAM office for a few short months, I often hear people get confused with how the licensing system in Manitoba works. I just thought I would take a moment to explain the different levels to you.
In Manitoba, there are 4 different General Insurance Licenses that are issued by the Insurance Council of Manitoba (ICM). A potential insurance broker must fulfill the required educational steps in order to qualify for a license which means passing an accredited insurance exam.
*Note – CEC stands for Continuing Education Credits which are required by your license renewal date of May 31 each year in order to maintain your insurance license.
Many brokers may find that they have earned a new license level during the course of the licensing year. This concerns them as most people want their license to be upgraded as soon as they pass the qualifying exam. If you have passed an IBAM course, IBAM always submits the successful marks to ICM who will note the update their system. This will trigger a revised license to be sent to the insurance broker showing their new license level at no charge to the brokerage.
For more information on how licensing works in Manitoba, simply contact Katrina at the IBAM office or you can visit the ICM Website at www.icm.mb.ca.