RMI Designations

RMI students are encouraged to consider taking examinations leading to one or more professional designations.  Several of these exams can be taken while students are enrolled in college. Exam fees are reimbursable for currently enrolled students who pass any of the exams listed on this page and are members (in good standing) of Gamma Iota Sigma.

The following programs comprise the most common designations students may wish to consider:

•    Chartered Property Casualty Underwriter (CPCU)
•    Associate in Risk Management (ARM)
•    Chartered Life Underwriter (CLU)
•    Chartered Financial Consultant (ChFC)
•    Certified Employee Benefit Specialist (CEBS)
•    Designations Available Through LOMA (FLMI, ACS, AIAA, AIAF, ARP)
•    Certified Insurance Counselor (CIC)
•    Certified Risk Manager (CRM)

Chartered Property Casualty Underwriter (CPCU)
This program, consisting of eight exams, is administered by The Institutes. It is appropriate for students who want to pursue a career in either risk management or the property and liability insurance industry. The departmental course FIN 3305 helps prepare students for the CPCU Foundations course in risk management and insurance. The CPCU designation has a commercial lines concentration and a personal lines concentration. FIN 4320, FIN 4311, FIN 4332 and FIN 4335 would help prepare a student for several exams within the concentrations. (Please note that exams can be taken in any order desired by the student — it is not necessary to take the exams in any particular numerical sequence.)

Associate in Risk Management (ARM)
The Associate in Risk Management offered by The Institutes. is a three-part series designed for individuals who anticipate working in corporate risk management or brokerage. FIN 3305  is very helpful in preparing for ARM 54 and to a lesser degree ARM 55. FIN 4335 is helpful in preparing for ARM 54, 55, 56 and 57.

Chartered Life Underwriter (CLU)
The CLU designation has traditionally been the mark of professionalism for individuals working in life insurance marketing. Recent revisions to the CLU program now make it suitable not only for students who intend to concentrate in life insurance but also for those who will be involved in additional areas of financial planning. The CLU program consists of eight courses and exams offered by The American College of Financial Services. Students have some limited choice regarding the exams they take, depending on their intended areas of future specialization. Some Baylor RMI courses are helpful in preparing for CLU exams, although none of the courses are specifically designed for this purpose. The American College gives credit for some college courses to replace the required course. A student would need to file the necessary credit transfer application with ACFS to determine whether the Baylor course would suffice. FIN 4311 and FIN 4332 are the most likely courses to replace a CLU course. The RMI Program reimburses exam fees (although not ACFS course fees) for eligible, currently enrolled students who pass any of the CLU exams. Click here for more information on the CLU designation.

Chartered Financial Consultant (ChFC)
The ChFC exam series is designed for persons interested in coordinating comprehensive financial plans for both businesses and individuals. The ChFC series consists of nine exams. There is some overlap between CLU and ChFC courses. Some Baylor RMI courses are helpful in preparing for CLU exams, although none of the courses are specifically designed for this purpose. The American College gives credit for some college courses to replace the required course. A student would need to file the necessary credit transfer application with them to determine if the Baylor course would suffice. FIN 4311 and FIN 4332 are the most likely courses to replace a ChFC course. The RMI Program reimburses exam fees (although not ACFS course fees) for eligible, currently enrolled students who pass any of the ChFC exams. Click here for more information on the ChFC designation.

Certified Employee Benefit Specialist (CEBS)

The CEBS Program is a five-part series of exams designed for individuals who will work with employee benefits. (Note that many risk managers are responsible for their corporations’ employee benefit plans.) Two of the exams focus on group insurance and welfare benefit plans, two focus on retirement plans and one exam focuses on employee benefit issues common to both types of benefits. FIN 4311 and 4332 would be helpful in preparing for these exams and would minimize the extra study required to pass them.

Designations Available Through LOMA (Life Office Management Association)
LOMA (Life Office Management Association) offers various designations that are helpful for insurance industry professionals as well as students who are interested in furthering their knowledge prior to entering the life insurance industry. Some of the designations offered through LOMA include:

•    FLMI (Fellow, Life Management Institute)
•    Associate, Customer Service (ACS)
•    Associate, Insurance Agency Administration (AIAA)
•    Associate in Insurance Accounting and Finance (AIAF)
•    Associate in Research and Planning (ARP)

For more information on LOMA and these designation programs, please visit the LOMA WebSite at http://www.loma.org. Paul Anderson, Clinical Assistant Professor is the designated LOMA Educational Representative. You may also contact him at P_Anderson@baylor.edu with questions regarding LOMA.

Certified Insurance Counselor (CIC)
The National Alliance for Insurance Education and Research offers the CIC designation to those who have demonstrated an in-depth knowledge of both property and casualty and life and health insurance. The certification requires the applicant to pass five exams on insurance or four exams on insurance and one on risk management. Baylor has an agreement with National Alliance to allow FIN 4311 and FIN 4320 to substitute for National Alliance courses in preparation for two of the certification tests. FIN 3305 and 4335 will also help prepare a student for the risk management tests. Students taking either of these courses may inquire about the CIC test with their instructor. The RMI Program reimburses exam fees (although not CIC course fees) for eligible, currently enrolled students who pass any of the CIC exams. For more information about the CIC, click here.

Certified Risk Manager (CRM)
The National Alliance for Insurance Education and Research offers the CRM designation to those who have demonstrated an in-depth knowledge of risk management by passing five exams on the topic. FIN 3305 and 4335 will help prepare a student for the risk management tests. The RMI Program reimburses exam fees (although not CRM course fees) for eligible, currently enrolled students who pass any of the CRM exams. For more information about the CRM, click here.