Professional Designations
The Katie School encourages students seeking a career in insurance to pass as many courses as possible leading toward industry designations and certifications. Related designations are:
- AIC - Associate in Claims
- ARM - Associate in Risk Management
- ARe - Associate in Reinsurance
- CPCU - Chartered Property and Casualty Underwriter
- INS - Program in General Insurance
- ChFC - Chartered Financial Consultant
- RPLU - Registered Professional Liability Underwriter
Contrary to appearances, these designation programs are not limited to people seeking a job in underwriting. The courses apply to all functions of the insurance and finance industries. Although it is unlikely that a student would be able to attain a full designation before graduating, it is possible to successfully complete one or more of the required courses.
What is the CPCU designation?
The Chartered Property Casualty Underwriter (CPCU) designation program consists of four foundation courses, one elective course (not shown) and three courses in either the personal lines or the commercial lines concentration:
Foundation Courses
- CPCU500 - Foundations of Risk Management and Insurance
- CPCU520 - Insurance Operations
- CPCU530 - Business Law for Insurance Professionals
- CPCU540 - Finance and Accounting for Insurance Professionals
Commercial Lines Concentration
- CPCU551 - Commercial Property Risk Management Insurance
- CPCU552 - Commercial Liability Risk Management and Insurance
- CPCU553 - Survey of Personal Risk Management, Insurance, and Financial Planning
Personal Lines Concentration
- CPCU555 - Personal Risk Management and Property-Casualty Insurance
- CPCU556 - Personal Financial Planning
- CPCU557 - Survey of Commercial Risk Management and Insurance
Much of the insurance coursework offered through the Katie School corresponds with the material included in some of the CPCU exams on either of these paths.
CPCU Course Waivers
You can earn two course waivers towards the CPCU designation through The Institutes. To qualify, students must earn a "B" or better as their final grade in approved coursework. More information and the online application for the waiver is available here.
At the page, the student will be prompted by The Institutes to fill out an application requesting personal information and details on which class, who the professor was, and a copy of their transcript. You may get a transcript printed at the ISU Registrar, scanned it to a PDF, and attached it to my waiver application. Students obviously need to have an Institutes account already made and allow 10 business days for the Institutes to process the request.
CPCU Similar Material
The following courses and CPCU exams have similar material.
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CPCU 551 - Commercial Property Risk Management and Insurance
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FIL 350 - Property Insurance |
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CPCU 520 - Insurance Operations, Regulations, and Statutory Accounting
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| Corresponding Coursework: |
FIL 355 - Insurance Company Operations |
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*Two-thirds of the CPCU 520 material is covered in FIL 355.
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The CPCU Society
Pursuing a CPCU designation has many benefits. Five Katie School students in pursuit of their CPCU designations attended the 2015 CPCU Society Annual Meeting and Seminars in Indianapolis, Indiana sponsored by the Central Illinois Chapter.
Awards
The Katie School supports students pursuing professional designations by providing students with:
- $230 award for passing any CPCU or ARM exam
- $150 award for passing any ARe or AIC exam
- $100 award for passing any INS exam
Please note that all awards are paid to the ISU Financial Aid Office and credited to the student's account. To be eligible for the CPCU award a student must successfully complete the CPCU course and apply for the award either while enrolled as a student at Illinois State University, or within six months of graduation.
What is the ChFC designation?
In view of the new minor in Financial Planning offered by the Finance, Insurance, and Law Department and the Katie School of Insurance and Financial Services industry partner's desire for students to have enhanced financial acumen, and professional designations, the Katie School is encouraging participation in the Chartered Financial Consultant curriculum.
The Chartered Financial Consultant (ChFC) designation program has 9 courses: 7 required and 2 elective (not shown).
Required Courses:
- HS300 - Financial Planning: Process and Environment
- HS311 - Fundamentals of Insurance Planning
- HS321 - Income Taxation
- HS326 - Planning for Retirement Needs
- HS328 - Investments
- HS330 - Fundamentals of Estate Planning
- HS332 - Financial Planning Applications
For more information about the ChFC designation, curriculum, and materials visit the ChFC Advanced Financial Planning Programs of Study page.
For more information regarding the ChFC independent study please see the information sheet or contact Dr. Edgar Norton or Jim Jones.
FIL287 Independent Study:
Started in January 2010, students can earn 3 credit hours for an independent study in insurance (CPCU/IIA) or finance (only ChFC) by following these steps:
- Obtain the FIL Independent Study Enrollment Form from the FIL department in SFH 434
- Contact a professor that will serve as your sponsor for the independent study. With this professor, you will:
- Sign a contract with them verifying grading scale and plan of study
- Obtain the professor's signature on the FIL Independent Study Enrollment Form
- Turn in the contract and FIL Independent Study Enrollment Form to the FIL department in SFH 434 to get approved by the FIL department head
- Once it is approved, you will have an override to register for FIL287
- Remember, you must follow the Exam Details instructions in order to register for the exam through The Institutes
FIL287 Independent Study Sponsors
The sponsorship list includes, but is not limited to:
- Yayuan Ren: CPCU 500
- Kevin Ahlgrim: CPCU 540
- Dr. Edgar Norton: ChFC
Benefits of the CPCU Designation
The American Institute for CPCU and Insurance Institute of America surveyed designation holders about the value of such a designation and found that:
- 99% say they gained technical property-casualty insurance knowledge as a result of earning the designation
- 97% say earning the designation resulted in professional recognition
- 92% say earning the designation helped them prepare for their long-term career goals
- 91% say earning the designation provided them with increased job opportunities
- 86% say earning the designation increased their job security during organizational transitions or consolidations
- 85% say earning the designation fast-tracked their career progression
- 83% say earning the designation helped them prepare for their current job responsibilities
- 78% earn more than $60,000 annually