To obtain a license, you will need to pass an exam testing your knowledge and understanding. The IBAA offers self study materials, week-long immersion courses, an online course and weekend/evening courses. After receiving your level 1 license, you are required to obtain level 2 license. The IBAA offers courses as well as self study materials for level 2. For more information about licensing, contact the Alberta Insurance Council.
Most brokerage firms prefer to hire college or university graduates, especially those who have majored in business or economics. Sales courses and computer skills are also an asset. In Alberta, Grant MacEwan College offers an Insurance and Risk Management program, and Mount Royal College offers a Business Administration and Insurance diploma.
In Alberta, insurance brokers are required to participate in 15 hours of continuing education each year. The IBAA offers several seminars and online courses to fulfill these requirements. You can also obtain a national, professional designation by completing one of all the following programs:
ÿ CAIB – Canadian Accredited Insurance Broker
ÿ CPIB – Canadian Professional Insurance Broker
ÿ CCIB – Canadian Certified Insurance Broker
These professional designations assure clients and employers that a broker has achieved a recognized level of knowledge.
Advancement
An insurance broker showing exceptional sales ability and leadership skills could advance through the ranks and become a sales manager. Some may also advance to brokerage management, ownership, or other executive positions.
Income
Income varies with responsibilities within the brokerage. Job positions range from a customer service representative whose responsibilities would include managing an established portfolio of clientele on behalf of a brokerage firm, to that of a highly trained commercial producer handling large, complex commercial accounts to that of managing an entire brokerage. Brokers may be compensated by salary, commission or both.