We get questions from students all the time about how much it costs to get their BC insurance license. In the grand scheme of things, a few hundred dollars to get your license is well worth the investment because you’ll be opening up a new skill set and a new career for yourself. In the long run, these costs are minimal. While I don’t recommend students focus a lot of the overall cost of things, it is definitely something you should know about. In response, we’ve written a guide with the full BC insurance licensing cost breakdown for you.
BC LEVEL 1 INSURANCE LICENSE COST
In BC, there are 2 ways to get your license: you can take the Fundamentals of Insurance exam or the CAIB 1 exam. One is not better than the other but for new brokers, I recommend taking the Fundamentals exam for reasons explained in our guide breaking down CAIB 1 vs Fundamentals.
OPTION #1 – FUNDAMENTALS OF INSURANCE
If you choose the Fundamentals of Insurance exam, there are 2 costs involved in getting your Level 1 license:
- Taking the Fundamentals of Insurance Course: $199
- I.B.A.B.C. Fundamentals of Insurance Exam Fee: $195
OPTION #2 – CAIB 1
If you choose the CAIB 1 route, there are 2 costs involved:
- Taking the CAIB 1 Course: $199
- I.B.A.B.C. CAIB Exam Fee: $395
If cost is a concern and you want to break into the insurance industry quickly, I recommend taking the Fundamentals of Insurance path.
BC LEVEL 2 INSURANCE LICENSING COST BREAKDOWN
Once you pass Level 1, most brokers will want to consider a Level 2 license which lets them work independently inside and outside the office. Regardless of how you get your Level 1 license, the courses you need to get your Level 2 license is the same: you need to pass BOTH CAIB 2 & CAIB 3 exams.
- Taking the Level 2 (CAIB 2 & 3) Course Bundle: $299
- I.B.A.B.C. CAIB Exam Fee: $395 each
BC LEVEL 3 INSURANCE LICENSING COST
Once you’ve gotten some experience, you may want to start your own insurance brokerage or may be asked to run one as a nominee. In that case, you’ll need to get your Level 3 license. Most brokers won’t need this license but if you do, here are the costs:
- CAIB 4 Course: $199
- CAIB 4 Exam Fee: $395
INSURANCE COUNCIL OF BC INSURANCE LICENSING FEE
You can see the full Insurance Council of BC Fee Schedule on their website but here’s a quick breakdown of the annual licensing fee:
- If your license is issued between June 1 – Feb 29, the fee is $225 ($200 application fee + $25 government fee)
- If your license is issued between March 1 – May 31, the fee is $250 ($200 application fee + $50 government fee)
If you are struggling with these costs, we do our best to help with different financial aid options such as our interest-free financing plans or our scholarship program.
I hope this Alberta insurance licensing cost breakdown was helpful to you. If you still have any questions about the costs involved or different financing plans available through PNC Learning, don’t hesitate to contact me.