Ready to learn about the difference between the CIP and FCIP designations?
You can complete and earn designations through The Insurance Institute of Canada (IIC). The IIC provides Insurance professionals or soon-to-be Insurance professionals with the opportunity to add an edge to their credibility, knowledge, and opportunities through two designations; the CIP and the FCIP. These two designations may seem similar at a first glance, though they each have unique goals and different outcomes.
If you’re thinking of hatching an Insurance career, it’s important to think about which designation is more appropriate for you and why. Not sure where to start or why it’s important to earn professional designations? Not to worry – we have compared the two designations to make this decision simple for you!
The Chartered Insurance Professional Program
The CIP program is a great way for students and recent grads to gain a strong competitive edge to grow their Insurance careers. This program is recognized in Canada along with several other countries and can be completed either in class, through distant education or virtual learning.
The goal of the CIP designation is to support Insurance professionals (experienced and not experienced) in building their careers through comprehensive learning and skill development.
Upon completion of the program, CIP designated professionals are equipped with the skills and knowledge needed to excel in any Insurance role or organization. What does this mean for students and new grads with a CIP designation? It means faster career growth, more opportunities, higher career potential, and added job security.
Completing the program and earning your CIP designation requires you to:
- Complete 10 courses (5 mandatory courses, 3 applied professional courses, and 2 elective course)
- Meet the academic requirements of an aggregate average of 60%
- Complete all examinations within the specified time frame
- Become and remain a member of your local insurance institute
The Fellow Chartered Insurance Program
The FCIP program is an online designation designed to provide Insurance professionals with the skills they need to reach their potential in leadership related roles. This is a designation for Insurance professionals who have already hatched their career in the industry.
Nonetheless, it’s important for students and new grads heading into the industry to plan out what their next steps will be to progress in their field. One of these steps is earning your FCIP designation!
In order to complete the FCIP designation you must first:
- Complete the CIP designation
- Be a current Insurance Institute member
- Be a current CIP Society member (applicable only to CIP graduates)
- Have a Canadian undergraduate degree or two year diploma
Once enrolled in the program, FCIP students will be required to complete 6 mandatory courses. And the end of the term students will complete 4 examinations (2 of the courses don’t have an exam). The goal of the FCIP designation is to “provide current and future leaders in the insurance business with the knowledge and skills they need to embrace their potential.”
What does being earning your FCIP designation mean for you? This designation brings your career the opportunity to earn leadership roles as an insurance broker, underwriter, claims professional, manager, director, supervisors or executive.
Want to learn more about the Insurance industry? Check out our Insurance Career Guide for tons of great information, resources, and tips for hatching a career in Insurance!
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