I was recently speaking with a prospective student and she was wondering about whether insurance was the right industry for her and I’d like to share some of the points I brought up with her here (in full disclosure, she decided to pursue another career).
1) Insurance is a great career to be in, it’s not very glamorous but it’s something everyone has to buy so there’s no shortage of customers and you won’t be subject to a lot of downsizing and booms and busts.
2) Although you do need to get licensed, the educational requirements are quite reasonable. Rather than spending years earning a degree or thousands of dollars in classes, there are plenty of self-study or online options available. Anyone from a high-school graduate or a new immigrant could get licensed and start a career in insurance.
3) Compensation in the insurance industry is also quite good when you factor in bonuses and commissions. According to an Insurance Brokers Association of Ontario (IBAO) study (see sources), salaries for an Account Manager/Executive can be as high as $120,000/yr.
In the end, choosing a career is a highly personal decision but if you have any questions, feel free to reach out.