Have No Fear

I have found that what keeps most from attaining advanced insurance designations is simple fear. It is certainly the case that the ARM tests are designed to be challenging, for the value of the degree is in part tied to the level of competency that must be demonstrated.

However, in vast majority of cases, insurance professionals are able to get the designations they want if they put forth a sustained effort. They may fail once or twice (I even heard of one current CPCU who failed exams four times before passing!), but eventually those with sufficient determination seem to reach their goals. As with so many things in life, persistence is often the defining difference between success and failure

A Worthy Endeavor?

The main question at hand, then, is whether getting the ARM is worth your own time and effort. Of course, part of the answer to this question depends on your personal career goals.

The American Institute for CPCU and Insurance Institute of America (“The Institutes”) recommends the course of study for “Agents/brokers, agency principals, line of business managers and executives, risk managers, and operational risk staff for banks and insurers.” If any of these job types are in your career goals, then the ARM may indeed be a worthwhile pursuit for you.

This is especially the case if you are one of the many insurance professionals who either lack a baccalaureate degree or decided on a career path after you picked your college major. An ARM designation could help you “catch up” with your peers by demonstrating a level of dedication, knowledge, and intelligence that employers typically regard as necessary for increased responsibilities.

A Quicker Study

Simply put, studying for insurance exams is a challenge. Most people find a good part of the material to be a little on the dry side, so maintaining concentration can be a tall order. Although there is little chance that insurance texts will suddenly have the mass appeal of a John Grisham novel, there are some steps you can take to make the experience a little more pleasant.

One of the most important things is to make sure that you have settled upon a learning style that is most effective for you. The Institutes do a great job of providing options. Resources include text books, workbooks, practice questions, flash cards, and access to study groups and online classes. Going through a course of study with a fellow professional can also help you keep motivated and on schedule.

Although the ARM curriculum presents some challenging concepts, the most difficult obstacle is certainly the sheer amount of information. Perhaps the best advice comes from an old Roman proverb: “Repetition is the mother of learning.” Mnemonic tricks like acronyms often help, but I generally find that the more I read, hear, and write something, the better it sticks with me.

That being said, reading a book on improving your memory may also make a difference. Putting facts to music, tying information to strong emotions, or weaving data into unusual stories are among some of the creative techniques that have enabled many to shave down the amount of necessary study time.

Finishing the Course

While Magellan is usually known for being the first to circumnavigate the globe, he was actually long dead by the time his bedraggled fleet docked in Spain. Apparently motivated by little other than a desire to demonstrate his power, the great explorer had died 16 months earlier in an ill-considered rush to arms with a minor Filipino chieftain. After being wounded multiple times in the face and legs, Magellan had collapsed in the Pacific surf, succumbing to the effects of a poison arrow and a native force that outnumbered his own by 30 to one.

Magellan's navigational achievements have been counted among the most important in human history. However, the immense rewards and future successes that would have undoubtedly been his were lost when he departed from the goal upon which his whole life had been centered.

Fortunately, the pursuit of the ARM involves no danger to life or limb; it is only the direction of your career that is at risk. If your goals in the risk management field are high, then the ARM is definitely worth your consideration. Check out the resources, accurately consider the difficulty of the task, and don't stop short once you embark on the journey.