CPCU vs. MBA?

Question

I am enrolled in an MBA program (which is a So-So program) at the University of Tennessee-Chattanooga. I have completed 1 class out of 12. I am currently working at a Commercial Transportation Insurance agency as a Marketing Manager. I really like my job and the industry; I feel like this could be a career path...and down the road would like to have my own transporation (big trucks) insurance agency. My question is: Should I go after my CPCU or continue to go after my MBA? Which one will be more beneficial within the insurance industry? Thanks in advance for your advice...

I was talking with the director or our in-house training, who has his CPCU, and he recommended that I go after an Associate in Risk Management (ARM) or a Certified Insurance Counselor (CIC) accreditation before I jumped into the CPCU since I have been in the industry less than a year.

Any suggestions with either one of these?

I was talking with the director of our in-house training, who has his CPCU, and he recommended that I go after an Associate in Risk Management (ARM) or a Certified Insurance Counselor (CIC) accreditation before I jumped into the CPCU since I have been in the industry less than a year.

Any suggestions with either one of these?

Answer 1

Well, it's MUCH MUCH MUCH easier to get an MBA than a CPCU. Honestly, my CPCU classes that I've taken were very MUCH harder than my Master's level work.

In the insurance industry, the CPCU will take you a LOT farther than the Master's degree, unless you want to do more management and less technical stuff.

Between the other two, I think it depends on what you're doing. If you want to go claims/risk management, go for the ARM. If you're doing underwriting/sales, go for the CIC. Notice, neither make much of a difference in marketing OR management.

Answer 2

Bottom line: get both. CPA: Go after this first. Which path do you want to take? Tax or audit? You will need this to sign off on many things. A CPA is a very well respected credential - it will open many doors for you in the Big 4, as well as in other places. This is cheaper than an MBA, but requires many hours of independent study (i.e., cram and practice). MBA: Get this second. Already being a CPA will help you to be accepted into better programs, plus, a couple of years of work experience will help refine what you want to tailor your MBA towards. Perhaps after doing tax or audit after a few years you'd rather trickle over into finance, or do a major shift and go into marketing or something along those lines. You may decide that business is not even something you want to do for a living anymore so you save yourself the time and pain of getting a business degree. Plus, many firms (including Big 4) will help pay (at least somewhat) for your MBA if you go part time or weekends. In terms of comparisons: CPA: a foot wide and a mile deep MBA: a mile wide and a foot deep CPA + MBA = well rounded individual

Answer 3

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Answer 4

You say you want to OWN your own commercial agency? You are not content working for another company?

Go with the MBA. You'll develop critical-reasoning skills that will be invaluable as an entrepreneur. MBA is no guarantee of success in running your own agency, but it will be of more theoretical value.

CPCU is an industry-only designation that's pretty much useless outside of a corporate insurance environment. Insurance companies will pay you more if you're CPCU, since that's an indicator of knowledge above and beyond the normal employee. Unfortunately, you won't be taking a paycheck from an employer.

Neither the MBA nor the CPCU will get you more clients. I have never once heard of someone say they chose a particular agent or agency due to an MBA or CPCU designation. Since you're going to be the owner of the company, definitely go with the MBA.

Answer 5

Mmmmm.... both have the pro's and con's, but as an HR Professional with both an MBA and HR certifications... I chose to get an MBA with the mindset that I may not be in HR forever, but the MBA is universal... HR certifications are not.

My argument would be the same for all of the various insurance cert's... especially given there are so many...

Spend some research time on careerjournal, forbes, fortune, and money... as well as the BLS. There is plenty of data out there about how many times/what percentage of people will change career paths during their life time...

MBA's are also being touted much higher than law degrees, which is the decision I was faced with...

As for my personal opinion of MBA's and business degrees in general (and as someone who hires people with advanced degree's as well) - the value I have being in the "corporate world" and having a true understanding of all things business - is that I can play on a different playing field than most of my "Human Resources" peers. I can and often am involved at the executive level talking finance, economics, marketing, strategy, etc...

You also learn valuable critical thinking and problem solving... when you have needs analysis and project management reinforced so much throughout your degree... It's funny, you don't necessarily see the immediate value, but my way of thinking in LIFE has changed... the way I approach decisions even as a parent is influenced by my business background...

(My poor daughter, who was 8 or 9 at the time, had to make a decision on what extra-curricular activities she wanted to do, so I told her to write everything down and then write the positives and negatives of why she wanted to do each of them.... to which she replied by slapping her forehead, and saying... "Oh no Mom!!!! Not another T-chart!!!")

Anyway - Good Luck!!!

Answer 6

I'm working on my CPCU and it is tough. It is self study at home so you can take it at your own pace. It has a lot of accounting and economics in it. If your a real glutton for punishment -you may be able to do both - just take one or two CPCU classes per year (maybe in the summer if your not doing your MBA classes then).

If you want to stay in the insurance industry - the CPCU is well respected. As a claims adjuster - it is more beneficial for me to have a CPCU than and MBA.

Answer 7

First, I disagree with the people who think a CPCU is harder than an MBA. A CPCU can be self-studied without a teacher or a class - I self-studied for most of my CPCU courses. The course guide spoon feeds you what they think is important, and the exams are very similar to the course guide questions.

The CPCU is well-respected in the insurance business. But an MBA is more generally useful, especially for someone who wants to run his own business.

Answer 8

Cpcu Salary

Answer 9

CPCU for sure. Every VP and higher at my Columbus OH company has a CPCU. People who get the certification are treated differently when they graduate and are fast tracked for promotion.

Answer 10

I say go for both