A guide to professional insurance and risk management qualifications

Professional insurance and risk management qualifications are highly valuable in the industry and help you achieve those higher-paid and competitive roles as you work your way up the ladder. These qualifications are perfect for students, graduates and seasoned professionals. This guide will show you the different institutes that offer the top insurance and risk management qualifications, what you need to apply and where these qualifications can take you.

Institute of Risk Management (IRM)

From enterprise risk management and international financial services risk management certificates, the Institute of Risk Management has a lot to offer graduates. Their qualifications are designed with online coaching, distance learning (workshops) and self-study - this will give you the academic and practical knowledge of managing risks.

Both certificates are equivalent to degree level, and they don’t require specific qualifications to enrol. They are ideal for those wanting a solid foundation in the practise and theory of risk management and consist of online learning and multiple-choice exams, lasting up to ten weeks. Once you have completed this certificate, you’ll become a certificate member (IRMCert) and move onto their international diploma in risk management. 

The Institute of Risk Management international diploma in risk management has been the global choice with risk professionals and their employers. This diploma will develop your understanding of the relationships between governance, risk management and internal control. Ensuring you can make informed risk management decisions and apply the correct tools and techniques to assess or treat risks. This level is equivalent to a Masters degree and will take roughly three years to complete.

Learn if you’re right for a role in Risk Management.

Chartered Insurance Institute (CII)

The Chartered Insurance Institute (CII) offers professional insurance and personal finance qualifications that cater to many levels of knowledge - from entry-level to mid-level professionals. The qualifications range from awards, certificates, a diploma and an advanced diploma. The awards range in specific areas, such as London Market Insurance to Motor Insurance. These awards are designed for those new to the field with no prior qualifications who want to gain knowledge in a specific area. 

For a graduate or student with knowledge and experience in the field, start with the level 3 Insurance certificate. This core qualification takes 160 hours to complete and is perfect for anyone currently working or looking to go into any insurance area. This certificate provides knowledge of insurance principles in the underwriting and regulatory environment for popular areas like healthcare, motor and household insurance. If you’ve studied relevant university or apprenticeship courses, these academic achievements may help you achieve your CII qualification more quickly. Learn about the eligibility and find out if your course is included. 

The CII Diploma in Insurance is for entry-mid-level candidates (e.g. team leaders, insurance technicians and supervisors) and it’s a logical progression from the Level 3 insurance certificate. This diploma takes 480 hours of study and is completed by written exams and coursework with mentor support. Providing you with the opportunity to build upon advanced technical knowledge, offering a firm understanding of insurance fundamentals and key skills you need to thrive in any challenging environment.

Learn more about the types of roles in Insurance.

International Risk Management Institute (IRMI)

At the International Risk Management Institute they offer highly recognised IRMI certifications that help you stand out from the crowd to future employers. These certifications are available in different industries, from energy and construction t management liability and transportation and logistics. 

Take their Energy Risk and Insurance Specialist (ERIS) qualification, for example. This is a specific qualification perfect for an entry-level insurance agent, customer service representative and underwriters to gain specialised knowledge in energy insurance and risk management. There are five core parts to this course, each takes between 6-10 hours to complete:

1. Understanding the oil and gas industry and its risks 
2. Control of well/operators extra expense risks and insurance
3. Workers compensation 
4. Contractual risk transfer in energy
5. Commercial liability insurance

Upon completion, you can show your achievement and specialised knowledge with an IRMI certification digital badge - definitely something to add to your LinkedIn profile! Learn more about the types of roles in Risk Management.

How would I fund a professional insurance or risk management qualification?

A professional insurance or risk management qualification can be funded by your employer or studied alongside a degree. Learn more about the degrees that are accredited to CII qualifications - from finance and investment to insurance and risk management disciplines. Often, top employers in the sector offer their employees the chance to undertake professional qualifications to better their knowledge, skills and career potential. Take a look at the leading graduate employers in Insurance and Risk Management.

Does a degree count as a professional insurance or risk management qualification?

An undergraduate degree is a highly valuable and important qualification to hold in the insurance and risk management sector. But, as they’re more academic based, professional insurance and risk management qualifications will provide you with a deeper knowledge and practical experience that can help you stand out to employers when applying for jobs. 

Learn about the benefits of Risk Management.

Where can a professional insurance and risk management qualification take me?

A professional insurance and risk management qualification can allow you to apply for higher-level jobs, along with giving you the confidence and credibility you need to thrive in this competitive sector. Gaining a professional qualification shows future employers dedication and that you're focused on consistently improving your skills for the future. Like the IRMI Energy Risk and Insurance Specialist qualification, you can become specialised in a specific area which gives you a niche that you’re highly knowledgeable in. Show employers your dedication with an insurance and risk management internship.