Seven tips to reduce the cost of your CPCU® designation

Reduce the Cost of Your CPCU® Designation (7 Tips)

The CPCU® designation will, in total, cost over $6,000. ($6,160 to be exact). That’s a good chunk of money, especially if you’re funding the whole CPCU® designation out of your own pocket! To help alleviate some of this cost, we’ve put together a guide of seven tips to help you reduce the cost of the CPCU® designation. For a breakdown of the CPCU® designation cost, see our blog about the CPCU® designation cost.

Tip 1: Employer Reimbursement

Before you purchase any CPCU® material, talk to your manager. The majority of property casualty employers will reimburse you for study material, reimburse you if you pass your exam, or pay for all exams and study material upfront.

The first step in your ® process should be to meet with your manager about employer reimbursement or funding for the CPCU®. If your employer does not fund your CPCU®, the below tips will be extremely helpful in helping you save some money.

Tip 2: CPCU® Scholarship

Each year, 100 students are awarded a CPCU® scholarship. These scholarships are equivalent to a $4,000 value used for textbooks, course guides, study aids and exam fees. To apply for this scholarship, the applicant must be nominated by their employer. Each employer may select up to two nominees. CPCU® scholarship nominee requirements:

  • Must be nominated by the president, CEO, or chair of an organization with a minimum of fifty employees.
  • Nominating employer must be a company whose practices are primarily in the property-casualty insurance field.
  • Nominee must be considered a high performer.
  • Nominee must complete the CPCU®program within three years of receiving the scholarship.

Often employers are unaware that this scholarship exists. Send the CPCU® scholarship link and brochure to your manager along with a few reasons as to why you believe you should be nominated.

Disclaimer

Please note, AssociatePI is not affiliated with The Institutes or the CPCU® Society. AssociatePI is an independent company that is not endorsed by or otherwise supported or recognized by The Institutes in any way. The above links are intended for your informational purposes only, to help you purchase your study material.

Tip 3: Other Exam and Degree Credit

If you have completed any of the following designations or college degrees, you are eligible for CPCU® exam credit. Fill out The Institutes Waiver to skip the specified CPCU® exam.

Note: The waiver takes about two weeks to process and costs $175 for each waiver that is accepted

ACAS or FCAS: Eligible to waive the CPCU® Elective exam

ACII or FCII: Eligible to waive the CPCU® Elective exam

CIP: Eligible to waive the CPCU® Elective exam

CA1 and CA2: Eligible to waive the CPCU® 500 and CPCU® 520 exam (Must have credit for both courses and must pay two waiver fees)

CFA: Eligible to waive the CPCU® Elective exam

FFSI: Eligible to waive the CPCU® 556 exam

FLMI: Eligible to waive the CPCU® Elective exam

Law Degree: Any graduate of a law school approved by the American Bar Association or any person admitted to a state bar is eligible to waive the CPCU® 530 exam

Master’s in Business Administration (MBA): Eligible to waive the CPCU® 540 exam

Master’s in Finance: Eligible to waive the CPCU® 540 exam

Master’s in Financial Services: Eligible to waive the CPCU® 556 exam

Master’s in Risk Management and Insurance: Eligible to waive the CPCU® 500 exam

For Master’s in Business Administration, Finance, Financial Services and Risk Management, degree must be from one of the following:

  • Middle States Association of College and Schools
  • Commission on Higher Education
  • New England Association of Schools and Colleges
  • North Central Association of Colleges and Schools
  • Northwest Association of Schools and Colleges
  • Southern Association of Colleges and Schools
  • Western Association of Schools and Colleges
  • Non-U.S. Degrees contact the World Education Services for Degree Evaluation for eligibility

Non-Life Fellow: Eligible to waive the CPCU® Elective exam

RPLU: Eligible to waive the CPCU® Elective exam

RPLU – ASLI Electives: Eligible to waive the ASLI Elective Requirement

Disclaimer

Please note, AssociatePI is not affiliated with The Institutes or the CPCU® Society. AssociatePI is an independent company that is not endorsed by or otherwise supported or recognized by The Institutes in any way. The above links are intended for your informational purposes only, to help you purchase your study material.

Tip 4: CPCU® College Credit

A number of universities offer collegiate level courses that are eligible for CPCU® exam credit. To see if your university offers any of these eligible courses or to see if you have already completed one of these eligible courses, see The Institutes Collegiate Studies for CPCU® Waiver Form.

Go to the waiver form and click the “select the qualified course to waive” option for a list of eligible universities and courses (see image below for details). You may waive up to two eligible exams

You must have received a B or better in the course to receive credit for the CPCU® exam

Disclaimer

Please note, AssociatePI is not affiliated with The Institutes or the CPCU® Society. AssociatePI is an independent company that is not endorsed by or otherwise supported or recognized by The Institutes in any way. The above links are intended for your informational purposes only, to help you purchase your study material.

Tip 5: Exam Early Registration

You can save $70 per exam if you sign up early for the Prometric Testing Center. Signing up early means you have signed up for your exam before the testing window opens. For instance, if the upcoming testing window is October 15th to December 15th, you must sign up for your exam BEFORE October 15th.

CPCU® testing windows

  • July 15 to September 15
  • October 15 to December 15
  • January 15 to March 15
  • April 15 to June 15

CPCU® exam costs

  • Onsite registration = $235
  • Early Prometric registration = $260
  • Standard Registration = $330

Tip 6: Purchase Secondhand Study Material

You can save A LOT of money by purchasing secondhand study material. The following links are all great resources for finding used, and typically well maintained, study material. It might take some digging to find the best deals, but often you can find used books for as little as $50. The only downside to purchasing secondhand material is that you will not have access to the practice exams or online course.

Tip 7: Rent CPCU® Textbooks

Renting books is a common strategy used by college students to save money on text books, but did you know it’s also possible to rent your CPCU® books?!

Checkout the links below to see if you can find the study material for your next exam. This is an extremely smart option as you can often rent your books for up to six months for about $20 or $30 dollars. All you have to do is simply return your books at the end of the rental period using a free shipping label supplied by the book rental company.

Once again, the downside to renting or purchasing secondhand material is that you WILL NOT have access to the practice exams

Bonus – Free CPCU® Practice Exam

Ready to get started studying? We’re here to help (for free). Download one of our free CPCU® practice exams to get a feel for the type of content you will be studying.

Download: Free CPCU® Practice Exam

More Information

For more information about the CPCU® designation checkout some of our other free resources:

Disclaimer

CPCU® exams are administered by the American Institute for Chartered Property Casualty Underwriters (“The Institutes”). AssociatePI does not administer the actual exams, we are an independent resource of free content, advice, and study material for professional insurance education. This blog is intended for informational purposes only, to inform prospective students of the benefit of the CPCU® designation.

CPCU® and API are trademarks of the American Institute for Chartered Property Casualty Underwriters (“The Institutes”). AssociatePI LLC is not affiliated with, associated with, endorsed by or otherwise supported or recognized by The Institutes in any way. AssociatePI LLC is not authorized by The Institutes to offer courses, practice examinations, or any other resources related to the Institutes’ designations or other programs.

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