Diane Walker, head of faculty risk and insurance management at the Institute of Financial Services, sums up the institute's courses
In a world where the language of texting and email is full of shortened words, you could easily spend hours trying to translate TCF, IFS, CeRGI, CeRCC, PDFSM, FSA, BSc, and AdvDipRIM. All of them are directly related to insurance courses we now offer.
Organisations tend to have their own language. We shorten exam titles to save ourselves hours of speaking and typing. You get used to short names, and it is easy to forget that other people may have no idea what you are talking about. So, below is a simple fact file for each of the main qualifications offered by the Institute of Financial Services (ifs) and directly relevant to general insurance.
Regulation, the need for lifetime learning and development, treating customers fairly, and the basic right of employees to be allowed to develop to the full, mean our range is constantly increasing.
It caters for the relative newcomer working in a call centre, to someone who wants to be the next chief executive, and for all those in between.
The ifs provides learning, both work based and for those carving out a career in general insurance. Key to what we offer is electronic learning where students can learn when, where and at what speed suits them best.
To make life easier, we have electronic assessments and examinations at over 150 centres around the UK.
For those employed in the industry, our qualifications and ongoing learning programmes aim to recognise and raise standards of professionalism.
Treating customers fairly (TCF) is a hot topic. The Financial Services Authority (FSA) has indicated that it will specifically ask authorised firms how they embed this standard throughout their organisations.
TCF needs to be evident at all levels within firms and be seen to be addressed in areas such as product design, complaints handling and the treatment of customers by staff at all stages of their dealings with the firm. The ifs is a pioneer of TCF qualifications.
THE MAIN QUALIFICATIONS
CeRCC
Full name: Certificate in Regulated Customer Care
Why it exists: TCF is increasingly important to and this assists individuals and firms in ensuring the fair treatment of customers. Formally assessed knowledge and understanding of the principles and practice of treating customers fairly provides evidence of the action taken to embed TCF at all levels in an organisation
Who it is aimed at: individuals dealing with customers
Entry requirements: none
Level: foundation level qualification equivalent to A-level
Recommended study time: 40 hours
Number of modules: one
Exams: 90-minute objective examination delivered electronically.
CeRGI
Full name: Certificate of Regulated General Insurance
Why it exists: an external benchmark of generic general insurance knowledge which can supplement product knowledge testing by an employer or product provider
Who it is aimed at: those who offer advice on general insurance, often as a part of other service such as mortgage advice or banking
Entry requirements: None
Level: foundation level qualification equivalent to A-level
Recommended study time: 40 hours
Number of modules: one
Exams: two-hour objective examination delivered electronically.
PDFSM
Full name: Professional Diploma in Financial Services Management
Why it exists: a recognisable and transportable high-level introduction to the knowledge and skills in financial services management
Who it is aimed at: those who want to move into management roles
Entry requirements: none
Level: first year UK undergraduate degree level
Recommended study time: 1,200 hours over two years
Number of modules: four
Exams: each unit has a two-hour objective test delivered electronically and one written coursework assignment.
AdvDipRIM
Full name: Advanced Diploma in Risk and Insurance Management
Why it exists: a stand-alone or part of a wider degree, explaining the complexities of several chosen parts of insurance
Who it is aimed at: those in insurance or banking management who want a wider view of insurance
Entry requirements: honours degree
Level: undergraduate degree
Recommended study time: 800 in up to six years
Number of modules: four (various options)
Exams: a combination of exams and coursework.
BScFS
Full name: BSc (Hons) degree in financial services
Why it exists: the global insurance environment is evolving. Huge changes have occurred, in the complexity of products, their delivery and distribution. To keep pace with these changes there is an increased recognition of the need to develop specialist skills
Who it is aimed at: those in, or aspiring to, a middle or senior management position
Entry requirements: honours degree and/or ACII
Level: undergraduate degree
Recommended study time: 1,600 hours within six years
Number of modules: eight (ACII could do as few as four)
Exams: a combination of exams and coursework.
By necessity, the above descriptions simplify the detail and flexibility of the options.
If you want to know more, please look on our website ( www.ifslearning.com ) or ring us on 01227 818 609.