How to become an ACII (Associate of the Chartered Insurance Institute)
ACII stands for Associateship of Chartered Insurance Institute. ACII and FCII are insurance qualifications offered by the Chartered Insurance Institute, London.) It is considered as the Best insurance degree programs in the World, offered in the United Kingdom since 1912 the year when the Royal Charter was granted for the CII.
How to Become an ACII (Associate of Chartered Insurance Institute)
Insurance being one of the means of transferring risks to the insurers from the shoulder of the insured has been recognized for centuries, and been protecting our lives and properties from the unwelcome events. In the modern age, the insurance services have essentially become an integral part of the financial services market. The more services are getting indispensable, the more it necessitates professionalism.
The required level of professionalism can only be achieved from the qualifying in the professional examination set by the relevant professional body, such as Chartered Insurance Institute, United Kingdom; Malaysian Insurance Institute; Pakistan Insurance Institute and Indian Insurance Institute.
In the coming paragraph, if you go through ‘How to Become an ACII Associate of Chartered Insurance Institute’ article, you would be able to take the decision on your career prospects in insurance.
WORLD’S BEST INSURANCE DEGREE PROGRAM
In view of the above, going for the insurance based professional qualification to be an insurance professional is a must. To let you know the world’s best insurance qualification, we are, in the first part, going to elaborate the procedure for being ACII – an Associate of Chartered Insurance Institute. CII offers online study materials in the revisionmate.
BECOMING CHARTERED INSURER
Insurance as a career for the future talents is gaining popularity amongst the talents and their influences across the globe, even in lower-income countries like India, Bangladesh, and Sri Lanka. The profession offers not only a way of life but also professional statues i.e. Chartered Insurer, in line with the Chartered Accountants, Chartered Cost & Management Accountant and Chartered Secretary.
HOW TO GET CHARTED STATUS
A student having completed advance diploma in insurance can apply for the chartered status on condition that he/she has at least 05(five) years’ service experiences in an insurance organization. This five-year working experience is to be achieved not necessarily in the post ACII period. To be a fellow, a 10,000-word dissertation has to be submitted to CII after meeting required level of piratical experience.
As of 31st December 2017, the breakdown of CII members is FCII (5,003), ACII (20,486), Dip CII (7,455), Cert CII (18,956), and Ordinary/students (35,292). These figures are as per the annual report of the CII.
CAREER PROSPECTS FOR ACII HOLDERS
As of 2015, there are about 25,000 associate members around the world whereas there are around 13,000 insurance companies worldwide, and the number of brokerage/ancillary firm involved is more than million. Therefore the future of ACII holders is full of unlimited potentialities. ACII salary is £35,013 as per payscale.com
HOW TO GET ENROLLED IN CII QUALIFICATIONS
Simply by paying £37 as a one-off fee, one can get enrolled either online or submission of filled-up application form to CII’s London Office. There is a wide variety of subjects/units to complete a total of 290 credits in ACII.
NEW ASSESSMENT SYSTEM BY THE CII
As of 2015-2016, you have to gain, by examination, at least 290 credits for ACII, 120 for ‘Dip CII’, and 40 for ‘Cert CII’ professional designations. From 2017 onward the ACII qualification frame will be to make the entire process easier for the students engaged in full-time employment since The CII has introduced missed assessment and coursework assignment methods in their assessment system for offering professional designations.
WHAT are THE MIXED & COURSEWORK ASSESSMENTS?
No written exam will be held from 2017. The mixed assignment consists of multiple choice examinations for two hours, and 01assignment in each Diploma subject/unit. Coursework assignment consists of 03 assignments in each Advance Diploma subject/unit.
HOW MANY YEARS DOES ACII TAKE?
For being ACII, you have to pass 17 assignments and 08 written examinations, totaling 25 tests. The completion of ACII is dependent on the number of the units taken per exam sitting. If you take a single unit per sitting, it will take five years. If two units are taken, then it will take 30 months.
COSTS & EXPENSES IN DOING ACII
The following cost for lower GDP countries’ students will be incurred if you intend to do ACII:
Admission fee (one-off) = £37
Membership fee (per year) = £50 X for 5 years =£250
08 Diploma Subject Enrollment fee =£201 X8 =£1616
(Inclusive of 01 assignment for each subject)
08 Diploma Subject examination fee =£123 X8 =£984
03 Advance Diploma Subject Enrollment fee =£218 X3 =£654
(Inclusive of 03 assignments for each subject)
03 Advance Diploma Subject examination fee =£130 X3 =£390
Exam guide for 11 subjects =£6 X11 =£66
Summary booklet for 11 subjects =£13 X11 =£141
Total Payable = £4141
In addition to above, if failed or missed the submission deadline, you have to pay £126 for each assignment (a total of 17 assignments for ACII) and you are to pay subject exam fees if failed in the examination.
ACII subject lists:
EXAM CENTERS WORLDWIDE
Over 150 countries have CII exam centers including one at Bangladesh Insurance Academy. Worldwide only written exams are held in April and October.
List of Qualifications offered by the CII.
The CII creates insurance professionals from new entrants through to seasoned professionals.
Further information on other CII qualifications offered by the institute can be gone through in the CII webpages.
Certifiate in Insurance
Diploma in Insurance
Diploma in Insurance
Fellowship of the CII
Other insurance training bodies worldwide:
Malaysian Insurance Institute
Indian Insurance Institute
Insurance Institute of Canada
Bahrain Institute of Banking & Finance
Australian and New Zealand Institute of Insurance and Finance
CII insurance qualification 2018 handbook
The CII from Wikipedia
CII Journal six issues a year publication by the CII
Note: CII Logo is the trademark of Chartered Insurance Institute of the UK.
If you have any question, ask here.
Mr. Abdul has been in insurance sector of Bangladesh for a decade. He is an Associate Member (ACII) of Chartered Insurance Institute of London.