Insurance broker : Training

Training may be offered through structured graduate training schemes at large firms of brokers or through schemes such as the CII Broker Academy run by the Chartered Insurance Institute (CII) . The British Insurance Brokers' Association (BIBA) also offers support for those new to the sector.

Many structured training schemes provided by large firms of brokers give new graduates experience of different areas of work over a period of 18 months to 3 years. This generally includes attachments to a variety of departments. Training will usually include courses to cover the technical aspects of broking.

Brokers who deal with life assurance or pensions (long-term investment insurance) need a qualification in insurance or financial advice, or a combination of both, approved by the Financial Services Authority (FSA) . Some employers refer to this as Competent Adviser Status (CAS).

Most new entrants study for the CII examinations, which provide a structured competence framework for the sector to meet the needs of insurance professionals. On the CII website, see information on the CII Broker Academy . This provides a defined career structure from trainee upwards.

The trainee-level qualification is the CII's Certificate in Insurance. After one to two years' experience, certificate holders can take the CII Diploma in Insurance. At this stage an individual would be a certified broker. After two to five years' experience, a broker can take the Advanced Diploma in Insurance (also know by the letters ACII) and become a professional broker.

After five years' industry experience, chartered status becomes available. Those holding degrees in areas such as business, economics, finance and law can receive credits at diploma and advanced diploma level. Study time may be granted to support this training.

Only those who qualify with the CII are allowed to use the title of Chartered Insurance Broker; CII qualifications are now seen as essential rather than optional to ensure recognised professional status. The development of regulation under the Financial Services Authority (FSA) has also increased the importance of appropriate qualifications and continuing professional development (CPD).

The BIBA also offers training to ensure that all brokers have up-to-date knowledge and are continually improving their skills. New entrants to the profession may be advised to undertake both CII and BIBA training.