Every day, we get students asking us how much it costs to get their RIBO license. Rather than answering each question individually, we figured it would be helpful for everyone if we wrote a brief breakdown of the RIBO insurance licensing cost from study materials to exam fees to RIBO’s annual licensing fees.
RIBO 1 Insurance Licensing Costs
In Ontario, there are 2 costs to getting your insurance license:
- Study Materials: our RIBO 1 course is $249 and teaches you everything you need to know to ace the RIBO 1 exam.
- Exam Fees: when you’re ready to write the exam, you will need to submit an application to RIBO along with the $250 ($300 after January 1, 2024) exam fee.
Once you get this license, you’ll be able to advise clients on and sell all types of general insurance such as home, car, and business insurance.
RIBO 2 Unrestricted Technical License Costs
While the RIBO 1 license is mandatory, many brokers choose to get further licenses in order to advance their careers. Getting a Level 2 license lets you work unsupervised so you have more freedom and can take on more responsibility in the workplace. Getting higher licenses also means you will make more money!
Similar to your RIBO Entry Level 1 license, there are 2 costs to consider:
- Study Materials: our RIBO 2 Unrestricted Technical course bundle is $349
- Exam Fees: again, you will need to submit an application and pay the exam fee
RIBO Insurance Licensing Cost – Level 3 Unrestricted Management
This license is required if you want to own or manage your own brokerages as the Principal Broker (called a Nominee in other provinces). This license allows you to supervise other brokers that are Level 2 or below.
Similar to what we’ve discussed above, there are 2 costs involved:
- Study Materials: our RIBO 3 Management course is $249
- Exam Fees: are the same as the above
RIBO Annual Licensing Fee
Once you become licensed, you need to pay RIBO an annual fee to maintain your license. As of the writing of this article, the annual licensing fee for individuals is $210.
The complete fee schedule can be found here.
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 RIBO 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.