Brett Boadway—Chief Operating Officer, IBAO
2021 presented many changes to the RIBO licensing process. Between the pandemic forcing things to go online to IBAO stepping in to handle exam administration and coordination, the exam process received a full-on makeover this past year. Below are my top tips, based on the most frequently asked questions we receive. Three cheers for getting more licensed talent into your offices to better serve Ontario’s consumers.
ARRANGE A GROUP EXAM SITTING ON A DATE OF YOUR CHOICE
For groups of individuals looking to write their exam together in a designated location (i.e., a brokerage office, out of province or through an affiliate) we offer all exam types in scheduled group sittings. This option has a five–person minimum and must be registered four weeks prior to the scheduled exam date. Pick a date that works for you.
GET EXAMS SHIPPED STRAIGHT TO YOUR BROKERAGE
During the pandemic, we arranged for exams to be shipped directly to brokerage offices so new hires could write their exam in-house. This process was embraced by brokerages as we managed through public health restrictions. Hosting exams in your brokerage remains a fantastic option, however if exam rules appear to have been breached, an investigation and review by both IBAO and RIBO will take place—the exam candidate, the proctor and the Principal Broker are all accountable.
ONLINE EXAMS GET INSTANT RESULTS
The benefit of writing an exam online is receiving unofficial results instantly. While an official pass letter takes a couple of days to process after proctor footage is reviewed, it’s a bonus to know where efforts landed right away.
BE AWARE THAT PASS RATES ARE APPROXIMATELY 50%
This means that half of the people who challenge the exam are unsuccessful. From our vantage point, we see many people attempting the exam unprepared. Quite frankly, browsing the RIB act and understanding auto insurance in Ontario isn’t a successful study strategy. Taking our Broker Launchpad course prior to challenging the exam ensures a much higher probability of passing. In fact, it increases passing odds by 18% relative to other study options.
THE EXAM CAN BE TAKEN UP TO FOUR TIMES (BUT HOPEFULLY ONLY ONE IS NEEDED)
This is a common area of confusion. IBAO has two versions of the Level 1 exam, and the Insurance Institute of Ontario has two versions of the Level 1 exam, meaning there are four versions. A candidate can challenge the exam twice with one provider. If they’re unsuccessful both times, they can move to the other provider. If the candidate is unsuccessful four times after exhausting the four versions in circulation, they must wait eight months before challenging again. For those who don’t pass, we also regularly host a two day Exam Clinic to help get them across the finish line.