Insurance broker : Entry requirements

This area of work is open to all graduates, although a degree in the following subjects may increase your chances:

• accounting or finance;
• business or management;
• economics;
• statistics;
• mathematics;
• modern languages;
• international business or business with languages.

Theoretically, this area of work is also open to all diplomates although, in reality, large companies tend not to accept HND/foundation degree holders onto their graduate training schemes. Entry without a degree is also possible, in which case the entry-level post would be as a trainee insurance technician or junior/administrative level with progression to broker after gaining experience and insurance industry qualifications.

Although not essential, a postgraduate degree in risk management or other insurance/finance-related subject may be an advantage.

Skills and personal qualities are seen to be as important as qualifications and experience for this area of work. Candidates need to show evidence of the following:

• strong communication and interpersonal skills;
• the confidence to advise and negotiate with clients and underwriters;
• a high level of numeracy;
• the ability to manage a number of projects concurrently;
• an understanding of insurance-related legal issues;
• strong analytical skills;
• negotiating skills;
• attention to detail.

Work experience in customer services in the financial services sector is advantageous although not always essential. Sales experience may also be useful.

Opportunities within insurance broking occur mainly with national brokers who offer structured training schemes. These are very competitive and usually a 2:1 or above is required, although some companies will accept a 2:2.

The insurance sector is significantly affected by the economic climate but generally has more stability than the financial markets. There will always be a need for insurance, so it is usually a secure industry for those who are successful.

For more information, see work experience and internships and search courses and research.