Informative description of the differences of the General Insurance ( non Life) and the Life qualifications within Financial Services. Which one suits you?
QFA v CIP Financial Services Qualifications explained
1. QFA V CIP
Grace Gilbert A.A.T
Client Account Manager at CRL
Does One Size Really Fit All?
2. QFA Versus CIP
Does One Size Really Fit All? We have all been there. Sizing it up, looking, weighing
up the pros and cons of a one size fits all mentality. How can I possibly fit into that? How
can I get something that may not fit, and it end up being something I don’t want?
Well the same applies to your career. One size doesn’t fit all, in the same way that one
qualification doesn’t fit all careers. This is especially true with a career in Insurance. So
what are the real differences between the CIP and the QFA? Which one is best suited to
you, your ambition and your career body shape?
The best and fastest way to have a career in Insurance is to get a qualification. But which
arm of Insurance is the most appealing. Is it General Insurance or Life and Pensions? Is it
the CIP in the Right Corner or the QFA in the left one? Which one of these is the Conor
McGregor of the Insurance world?
Introducing the Opponents:
Opponent 1
In the Right Corner – CIP - General Insurance: This arm of Insurance covers all Personal
and Commercial Lines. Basically any form of Insurance that requires an annual renewal.
Home, Motor, Fleet, Health, Liability covering Employers Liability and Public Liability
and Professional Indemnity. These are all types of General Insurance. The qualification
that covers this entire area of Insurance is the CIP-
C.I.P (Certified Insurance Professional) or the Professional Diploma in Insurance.
General Insurance covers many types of products that change annually and involves new
products being launched to market on an annual basis. The General Insurance product
market is very competitive.
The CIP - Made up of 6 modules all of which need to be completed and passed for full
qualification.
Opponent 2
In the Left Corner – QFA - Life and Pensions. This arm of Insurance does what it says on
the tin and more besides. This is any form of Insurance that covers a long term
commitment and doesn’t require an annual renewal. It can run for a number of years and
does require a commitment from the customer. Life & Pensions covers all Life
3. Assurance, Pensions and also Loans and Mortgages. This means that the QFA not only
covers the Life & Pensions market, but also the arm of banking. Although a smaller
product pool than General Insurance it does require the qualified QFA Professional to
advise individuals on the best product suited to their individual requirements. A QFA
person is a Qualified Financial Advisor.
Like the CIP it is made up of 6 modules which must be passed for full qualification.
The Head Lock: This is required by both opponents. You need to get your head
around sitting regulated examinations and be committed to work and study. These 6
exams are not easy to pass and need extra strength to be able to work and get focused
into passing.
The Third Round: After successfully passing 3 of the 6 modules in both the CIP
and the QFA you can become APA qualified. This means that if you pick 2 compulsory
modules and chose one product module you will become APA’d in that product. The
QFA, APAs are Life and Pensions, Loans and Financial Advice. With the CIP the APA’s
are in Personal Lines and Commercial Lines of Insurance. So basically just doing half the
exams means that you can do half the product lines. APA = Accredited Product Advisor-
means that you are recognised as having reached a competent level in whatever product
module you chose (along with the compulsory modules) and advise all customers
correctlyin that chosen APA.
The Final Round: The APA’s are the Minimum Competency level required for
those working in Insurance to satisfy the Central Bank of Ireland. By completing the
remaining 3 modules of either the CIP or QFA means that you are fully qualified and
have reached the final round this ensures that you are fully competent in all lines of
Business in either Life & Pensions or General Insurance and therefore satisfy all
regulations required by the Central Bank.
The Referee: The Ruling body on these qualifications and ensure all regulations are
followed are - for the CIP- the Insurance Institute of Ireland and for the QFA the Institute
of Bankers.
Submission: Applications for all these exams are done online and a submission form
must be completed to apply for the exams. The exams are done module by module at
4. various times during the year and various locations throughout Ireland depending on
demand. There is a fee for each module submitted.
Training and keeping in shape: With both the CIP and the QFA constant
training and keeping in touch is required. This is managed by completing CPD hours on
line every year. Both the CIP and the QFA require 15 hours a year to maintain the
qualification and the accreditation. This can be done online or attendance to many of the
accredited courses ran throughout the year by the referring body. Quite often the
company that you are employed by, may also run these CPD hours in-house.
Throwing in the towel! If your CPD hours are not kept up to date you can lose
some of the modules and in some instances with substantial lapse of time it can mean full
repeat of all modules. So keep the CPD hours up to date and you won’t be throwing in
the towel.
The World Title: Although the QFA and the CIP are qualifications they are also
Designations. This means that they can be used as a title also after your name. So if you
are fully CIP or QFA qualified you can be MR Jones C.I.P / Q.F.A
The Kit Bag:Now that you have the QFA and the CIP qualification it is accredited
across various countries as a recognised qualification. You have your kit bag so you are
ready to go. When travelling abroad it can mean that you have a number of exemptions
from the Insurance exams of the particular country that you are travelling to. The
Referees – The Insurance Institute of Ireland and the Institute of Bankers have partnered
with a number of countries for recognition so check the websites for full exemption
details.
The Insurance Institute CIP
The Institute of Bankers QFA
Staring out the Competitor: With General Insurance and Life & Pensions you
need to be commercially aware. You need to know what your competitor is offering in
the market place so that you can compare products and advise your customers correctly
and get the best product suited to their requirements. Not knowing your competitor
means less market awareness.
5. The Bell: Like Staring out your competitor and knowing the market you need to win
customers. This means there is a sales element to both roles within General Insurance
and Life & Pensions. To ring the sales bell, this may, be an element that could be
required in both arms of Insurance, but it is, role dependant.
The Bridge: The Insurance Institute (General Insurance) does offer a Bridging exam
to all Fully QFA’d professionals to work with General Insurance. This is a one module
exam. This is a Professional Certificate in General Insurance and is only offered to Fully
qualified QFA’s with all CPD hours up to date who want to cross over into General
Insurance.
The Winners Belt:
With General Insurance and Life & Pensions there isn’t necessarily a Winner.
Which is best? This totally depends on which line of Insurance you want to work in. So
before you decide, which exams to sit check out the market for both arms of Insurance,
and then chose the relevant qualification.
Speak to a Subject Matter expert in the area, look online at advertised jobs and salaries.
Contact a good recruiter and they will advise the best path that suits your previous
experience.
Contact Grace CRL Account Manager and Employment Advisor on
grace.gilbert.recruit@gmail.com