Is there a minimum education requirement for the insurance industry?
The conditions for licensing in the insurance industry are included in the “Fit and Proper” Guidelines (GL23/Guideline 23) issued by the Insurance Authority. All intermediaries who wish to be licensed must abide by this guideline.
IA listed the educational requirements for intermediaries (individuals) in the “Fit and Proper” Guidelines. The minimum academic qualification required to apply for a license is to pass 5 subjects in the Hong Kong Certificate of Education Examination (HKCEE) or the Hong Kong Diploma of Secondary Education Examination (HKDSE), including Chinese+Mathematics or English+Mathematics; The passing grade for the Diploma of Secondary Education Examination (HKDSE) is Level 2 for each subject; as for the Hong Kong Certificate of Education Examination (HKCEE), their passing grade is E. Combining results from more than one exam year to meet the licensing condition is acceptable. In other words, language proficiency and mathematics (logical thinking) are requirements that the Insurance Authority attaches great importance to.If students are taking other courses, such as Yijin, Advanced Diploma, etc.,you should also pay attention to whether the qualifications are equal to or higher than the qualifications of obtaining passing grades in 5 subjects of the Hong Kong Diploma of Secondary Education Examination (HKDSE), especially Chinese+Mathematics or English+Mathematics.
If the students do not meet the requirements in terms of academic qualifications, that does not mean there are no other solutions in getting candidates to be qualified for a license. If students have completed an Insurance Professional Diploma issued by the Institute of Professional Education and Knowledge, Yi Jin Scheme, or has a recognized professional qualification, the academic requirement can be substituted by these schemes or alternative qualifications. Examples of recognized professional qualifications include: Certified Financial Planner (CFP), Fellow of the Chartered Institute of Insurance (ACII), Member of the Institute of Actuaries of Australia (FIAA), Member of the American Association of Actuaries (FSA), etc. For more examples, please refer to:
https://www.ia.org.hk/tc/legislative_framework/files/Insurance_Qualifications_eng.pdf
“Insurance Ordinance” (Chapter 41) “on “Fit and Fit” Guidelines Criteria (GL23/Guideline 23)
https://www.ia.org.hk/en/legislative_framework/files/Eng_GL23_FPP.pdf
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