The CII has decided to maintain its status as a professional qualifications awarding body...
The CII has decided to maintain its status as a professional qualifications awarding body and not to seek powers to confer degrees, following a 12-month review.
Results from a survey conducted with the CII's membership highlighted that greater value was attached to the CII's professional and vocational qualifications, which are seen to be more relevant than academic degrees.
Additionally, members felt that the perceptions of 'dumbing down' have effectively de-valued many degrees in the eyes of an employer.
CII deputy director general Bob Bullivant said, "It's vital for the CII to preserve the integrity of its qualifications which are highly regarded around the world.
"There is also a clear distinction between the CII's qualifications which are firmly based on the needs of the practitioner, as opposed to a broad based degree which does not equip someone to do the job."
“It's vital for the CII to preserve the integrity of its qualifications which are highly regarded around the world
Bob Bullivant, CII deputy director general
The CII's Advanced Diploma in insurance and in financial planning are already acknowledged to be at the level of an honours degree. Holders also meet the knowledge criteria to be awarded one of the CII's four Chartered titles.
Bullivant said, "We already offer Advanced Diploma holders the opportunity to go on and study an MSc in Insurance and Risk Management through a joint venture with Cass Business School.
"We are also in discussion with a number of leading universities to develop a management skills top-up leading to an MBA. I see programmes of this nature as being the future, rather than for the CII to award degrees itself."
Costs were also underlined as an issue by the CII's research. Student's going to University can now expect to pay in excess of £9,000 in fees and will typically end up owing more than £20,000 on completion of their degree. By comparison, the cost of the examinations and study materials for completing the CII's Advanced Diploma is less than £3,000.