If you’re pursuing a career in insurance, then at some point, you may have considered obtaining your CPCU designation.
As a CPCU, you’ll be able to offer a higher level of skill and expertise to your customers. And, it’ll earn you more respect from your colleagues and business partners.
What is the CPCU, and what are the benefits of achieving this certification? Here’s what a CPCU designation could do to empower you, your business partners, and your clients.
What Does a CPCU Do?
A chartered property casualty underwriter (CPCU) is a credential for professionals in the insurance industry. The CPCU is like a master’s degree in insurance: it’s advanced training that focuses on topics like risk management and property-casualty insurance.
The CPCU designation is offered by The Institutes, a company providing professional development solutions for the insurance industry. To obtain your CPCU, you’ll start by going through the required coursework, which occurs in four phases:
- Core Courses (risk management, business operations, legal, finance)
- Concentration Courses (Commerical or Personal Track)
- Elective Course (bag data analytics, cyber ris, claim handling, reinsurance, commercial underwriting)
Once you finish the coursework and pass the virtual exams, you’ll receive the opportunity to join the CPCU Society. This professional organization will give you access to additional networking and ongoing training.
The cost of obtaining your CPCU will depend largely on the type of materials you purchase. The materials cost anywhere from $345-$425, and the exams cost anywhere between $285-$400 each.
In total, you can expect to pay close to $3,000 to obtain your CPCU. And it takes most people two to three years to finish the CPCU certification, though this depends on how much time you have to devote to studying.
What Are the Biggest Benefits of Obtaining Your CPCU Designation?
Obtaining your CPCU is no small feat and it will require a significant investment of your time. But the benefits to your career will far outweigh the costs. Here are six advantages of receiving your CPCU designation.
1. Provide better service to your customers
When you have your CPCU, you have specialized knowledge about the insurance industry, which allows you to provide better service to your customers. You’ll walk away from the experience with a more thorough understanding of the following subjects:
- Property-casualty insurance
- How to plan for and manage risks
- A deeper understanding of insurance underwriting
- Advanced financial planning tools
Your specialty knowledge will allow you to provide better recommendations to your customers and make better business decisions overall.
2. Stand out in your industry
When you obtain your CPCU, it’s kind of like receiving a Master’s degree in insurance. Only 4% of the industry has received their CPCU, so having the certification will help you stand out from other agents and brokers.
Many people pursue their CPCU once they realize it’s one of the best ways to advance their careers and earn industry-wide respect.
3. Access to additional networking opportunities
Once you are a certified CPCU, you’ll become a member of the national CPCU Society. This membership opens the doors to networking and mentoring opportunities with industry leaders.
You can interact with other members through INTeract, which is the Society’s online community. And you’ll have access to over 120 local chapters. The networking opportunities alone can prove to be invaluable.
4. Your company may pay for the CPCU
If you’re considering obtaining your CPCU, your employer will be willing to pay for it. You can contact the HR department at your company to find out what their policies are.
Of course, there are no guarantees that your employer will pay for the certification. But if you have to pay for it out of pocket, it’s still much less costly than pursuing an MBA.
5. Earn a higher income
If you want to fast-track your career, obtaining your CPCU is one of the best ways to do it. On average, CPCUs earn 29% more than their peers who haven’t received the certification. And most see an increase in opportunities and job promotions thanks to receiving their CPCU.
6. Further your knowledge of the insurance industry
Continuing education is necessary if you want to continue to provide the highest level of service to your customers. The industry is always evolving, and ongoing education ensures that you can fully answer your customer’s questions.
As a CPCU, you’ll gain access to additional resources and educational materials, like complimentary webinars and online courses.
Stand Out from the Crowd with a CPCU
The CPCU is an advanced certification for professionals in the insurance industry. It gives you specialized knowledge of property-casualty insurance, risk management, and insurance underwriting.
If you’ve been considering obtaining your CPCU designation, you may be on the fence due to the time commitment and costs involved. Pursuing your CPCU will not be easy, but it can help you grow your business and add more value to every client relationship.
As a CPCU, you’ll be able to offer a higher level of service to your customers. You’ll receive access to ongoing training so you can continue to grow and advance in your career. And obtaining your CPCU is one of the best ways to quickly progress in your career and stand out in your industry.