Today's financial services industry is continually changing and increasingly complex. To better serve the needs of consumers, state departments of insurance require active professionals to keep pace with this change through continuing education (CE).
These professional seminars and courses are designed to provide financial services professionals with the knowledge they need to stay informed and competitive.
And increasingly, this education is being delivered at home through distance education technology. In a recent study conducted by Agent Media in partnership with the National Association of Independent Life Brokerage Agencies, 67 percent of agents said they receive their continuing education online, compared with 59 percent in 2006.
Many people appreciate the advantages of distance education. Online courses reduce travel expenses and time away from the office. Most online programs allow individuals to work at their own pace at hours that are convenient for them. This allows students to create a balance between full-time employment, education, and family obligations.
But not all online continuing education is alike, and for the busy professional with a limited budget and time, it's important to identify CE opportunities that provide the maximum return on investment. What should professionals consider when choosing an online CE program?
Following are eight important things to look for.
1. Who is offering this continuing education program? Look for an educational provider that has some history and experience in providing quality CE programs in the field of financial services education. Also look to see if the media, regulators, or industry associations have called any of the organization's educational offerings into question.
2. Is the continuing education course-part of a designation or degree program? Courses in designation programs often qualify for continuing education. While earning continuing education is an important requirement for maintaining licenses, CE is also a good opportunity to earn advanced credentials that can enhance an individual's professionalism, client service skills, and personal reputation.
3. Is the continuing education opportunity being offered by a nonprofit educational institution? Make certain that the organization providing the continuing education is primarily an educational institution and not a marketing organization. Some for-profit firms offer high-quality education, but make sure that the organization's primary motivation in offering this education is growing professionalism and serving consumers and the industry -- not lining their pockets.
4. Is a qualified person responsible for delivering the CE class? Look for an individual who is a professional educator or experienced in the topic being discussed. Ask if the instructor holds reputable advanced credentials.
5. Is the continuing education provider accredited? Many people are understandably confused about the various types of accreditation for organizations and designations in the marketplace. The highest standard is regional accreditation.
6. What are my license requirements? It is often a good idea to check with your state department of insurance about what CE you need before you enroll in a specific course. Some states require education in specific categories of knowledge as part of the license renewal process.
7. Will my company reimburse me for taking this CE course? Companies often do their due diligence and limit their reimbursements to programs of substance. If your company will not reimburse employees who complete a particular CE course, that may be a red flag.
8. Will completion of this CE session place me in a better position to serve the needs of clients? In the end, it should all be about the consumer. Financial professionals who complete a CE program without gaining knowledge that better serves their clients have wasted their money.
Completing continuing education requirements is an integral part of professionalism and signifies your commitment to career-long, practical learning that benefits both you and your clients. Online CE in particular can be convenient and rewarding. Know what to look for when seeking a provider, and you'll ensure the best experience possible.
Eric B. Gordon is the assistant vice president for communications at The American College. He can be reached at 610-526-1450.
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