Professional Risk Management and Insurance Designations
RMI students are encouraged to consider taking examinations leading to one or more professional designations. Several of these exams can be taken while students are enrolled in college. The following programs comprise the most common designations students may wish to consider:
- Chartered Property Casualty Underwriter (CPCU)
- Associate in Risk Management (ARM)
- Chartered Life Underwriter (CLU)
- Chartered Financial Consultant (ChFC)
- Certified Employee Benefit Specialist (CEBS)
- Designations Available Through LOMA (FLMI, ACS, AIAA, AIAF, ARP)
- Designations Available Through the Academy for Healthcare Management (PAHM, FAHM)
This program, consisting of ten exams, is administered by the American Institute for CPCU. It is appropriate for for students who want to pursue a career in either risk management or the property and liability insurance industry. The departmental course RMIN 5530 is designed to help students pass Part 3 of the CPCU exams and RMIN 5540 covers the material for Part 4. In addition, LEGL 2700 is useful in preparing for Part 6, MGMT 3000 covers most of the material tested in Part 7, and ECON 2105 and 2106 are useful for Part 9. (Please note that exams can be taken in any order desired by the student -- it is not necessary to take the exams in any particular numerical sequence.) The department provides exam fee reimbursement for students who pass any of the CPCU exams.
The Associate in Risk Management offered by the Insurance Institute of America is a three-part series designed for individuals who anticipate working in corporate risk management or brokerage. RMIN 5950 is very helpful in preparing for ARM 54 and to a lesser degree ARM 55. The department provides exam fee reimbursement for students who pass any of the ARM exams.
The CLU designation has traditionally been the mark of professionalism for individuals working in life insurance marketing. Recent revisions to the CLU program now make it suitable not only for students who intend to concentrate in life insurance but also for those who will be involved in additional areas of financial planning. The CLU program consists of ten exams; students have some limited choice regarding the exams they take, depending on their intended areas of future specialization. As with the CPCU exams, some courses at The University of Georgia are helpful in preparing for CLU exams, although none of the courses are specifically designed for this purpose. The department provides exam fee reimbursement for students who pass any of the CLU exams. Click here for more information on the CLU designation.
The ChFC exam series is designed for persons interested in coordinating comprehensive financial plans for both businesses and individuals. The ChFC series consists of ten exams. However, individuals who already hold the CLU designation can also obtain the ChFC designation by taking only an additional three exams. The department provides exam fee reimbursement for students who pass any of the ChFC exams. Click here for more information on the ChFC designation.
The CEBS Program is a ten-part series designed for individuals who will work with employee benefits. (Note that many risk managers are responsible for their corporations' employee benefit plans.) Courses at the University of Georgia which are helpful in passing some of these exams include: LEGL 2700 (Part 5); and ECON 2105 and 2106 (Part 9). In addition, students who do well in RMIN 5110 should be able to pass Parts l and 2 of the CEBS exams after a minimal amount of extra reading. The department provides exam fee reimbursement for students who pass any of the CEBS exams.
LOMA (Life Office Management Association) offers various designations that are helpful for insurance industry professionals as well as students who are interested in furthering their knowledge prior to entering the life insurance industry. Some of the designations offered through LOMA are:
- FLMI (Fellow, Life Management Institute)
- Associate, Customer Service (ACS)
- Associate, Insurance Agency Administration (AIAA)
- Associate in Insurance Accounting and Finance (AIAF)
- Associate in Research and Planning (ARP)
For more information on LOMA and these designation programs, please visit the LOMA WebSite at http://www.loma.org.
The Academy for Healthcare Management offers industry-wide educational programs focusing on the unique complexities associated with managed healthcare. Their programs focus on cross-training in all areas of managed care. The designations offered are through a two-tiered program. One would first complete the introductory program and achieve their Professional, Academy for Healthcare Management (PAHM) designation. The advanced program would lead to the Fellow, Academy for Healthcare Management (FAHM) designation.
For more information about the Academy for Healthcare Management and their designation programs please visit their website at http://www.academyforhealthcare.com.