Those wanting to establish a career in insurance have a variety of options. Contrary to popular belief, becoming an insurance agent or broker aren’t the only choices. One of the interesting career options in insurance is that of becoming a Certified Employee Benefits Specialist (CEBS).
So, what does this certified specialist do? What is the process of becoming one? What are the courses required to obtain employee benefits specialist certification? We’ll provide answers to these and more in this article.
Some employee benefits are mandated by law, and companies need someone to ensure that these are properly administered. That is the main role of a Certified Employee Benefits Specialist.
The CEBS is a designation earned by professionals. Since this job deals with employee benefits and retirement plans, those already in human resources or insurance can find this title useful.
Understanding the ins and outs of this valuable role can help you decide if this is a good designation to pursue and advance your career. Keep in mind that this is not the only title out there, and this designation can be combined with some of the other best insurance designations that can further your career.
Apart from gaining knowledge on administering employee benefits, HR professionals use this certification to get more financial training. Although CEBS typically find work at human resource departments, the title is useful for gainful employment in these sectors:
A certification like this can be useful for advancing your career, particularly for insurance, finance, or human resources professionals. In most cases, employers seek professionals who earned this title and hire them to improve their reputation in their respective industry.
An organization that has a certified employee benefits specialist shows prospective hires that the company is concerned about their employees’ welfare. This can be a good strategy to attract and retain top talent, apart from offering competitive compensation.
Pursuing this designation, taking the courses and passing the exams for employee benefits specialist certification demonstrates that a candidate possesses a high level of skill. Prospective employers will see that a candidate with this certification has the skills to design and implement employee benefits, which can be a crucial and difficult task.
Those who pursue CEBS designation can expect to obtain their desired job and have better leverage when it comes to negotiating their compensation package.
The CEBS title is commonly acquired by taking courses at the Wharton School of the University of Pennsylvania or the CPA Training Center. Aspiring CEBS in Canada can take the courses at the International Foundation of Employee Benefits Plans (IFEB) or Dalhousie University.
The way to obtain the CEBS designation is straightforward and involves the following steps:
Aspiring employee benefits specialists must enroll in the CEBS program by registering with their chosen provider online.
The advantage of the CEBS program is that there are no formal employee benefits specialist certification requirements. Anyone with or without work experience can take the program, making it accessible for beginners and professionals alike.
Candidates can order the materials for required reading in print and digital formats. For each of the program’s five courses, students will typically acquire a study guide, textbook, and supplemental readings.
The CEBS curriculum covers a variety of technical skills, like managing financial risks associated with benefit plans and using cash flow analysis to make more accurate estimates of plan costs. Courses may also include evaluating the initial cost of group insurance products.
Candidates can study independently at their own pace, take in-person classes, or participate in online study groups with instructor support. Live sessions can allow for peer interaction and additional study resources.
There are five required courses in total for the CEBS program. This is comprised of two health-related courses, two courses related to retirement, and one that covers principles in both areas. These courses are classified as Group Benefits Associate (GBA) and Retirement Plans Associate (RPA) courses.
Candidates will need to complete the two GBA and RPA courses, along with a fifth course that helps them understand the principles behind the two titles and prepare them for more complex certifications. The five courses are:
Note that aspiring certified employee benefits specialists do not have to take the courses in numerical order; they can take these courses in any order they wish, allowing for greater learning flexibility.
Candidates can use the practice exams that are included with the digital study guide to test their knowledge and get familiar with the computer-based testing environment.
These practice exams are composed of 100 questions with automatic scoring features. The actual exam, however, will consist of between 75 and 85 questions, which must be answered within a 90-minute period.
The testing windows for the CEBS exams are quarterly. Candidates can schedule and take the exams online.
Each exam generally requires a passing grade of 70 percent. The exams are comprehensive, covering content from the study guide and the textbook of each course.
Candidates for the CEBS title have a choice of taking only the GBA or RPA courses and becoming a Group Benefits Associate or Retirement Plans Associate, respectively. To become a certified employee benefits specialist, candidates must take all five courses. Completing all five courses gives candidates the benefit of becoming a GBA and RPA, apart from becoming a fully qualified CEBS.
Once candidates have passed all the exams, they automatically obtain the CEBS certification. The formal certification is awarded by the program’s sponsors, the International Foundation of Employee Benefit Plans (IFEBP) and the Wharton University of Pennsylvania.
If successful, formal notification of your certification and official CEBS certification documentation will be sent to you via the CEBS online portal or mailed to your registered address.
The time it takes to complete the CEBS program largely depends on a candidate’s commitment to studying and how quickly they absorb the lessons. Typically, completing the CEBS program can take an average of three years, if the candidate is working at a full-time job.
The total cost of getting the employee benefits specialist certification is approximately $4,000. This dollar value includes the cost of course materials, along with registration and exam fees. The cost can be higher or lower depending on the study materials and study options the candidate chooses. Keep in mind these costs:
each exam for each course costs approximately $565, which comes with two exam attempts
study guides are priced at $720 per course, giving candidates print and online access
textbook prices can vary according to the specific textbooks chosen
instructor-led online study groups may be taken, costing about $260 per course
in the US, exam retakes cost $100 each
it costs $100 to transfer exams from the US to Canada and vice-versa
late optional CE credit requests cost $100
For Canadian CEBS candidates taking courses in Dalhousie University in Nova Scotia, exam fees cost CA$665 while study guides can cost anywhere between CA$325 and CA$440. Online study groups for each course can cost CA$260.
Newly appointed certified employee benefits specialists are not required to maintain the CEBS designation. However, CEBS titleholders are encouraged to remain updated about industry trends, best practices, and any developments in the benefits industry.
A CEBS can keep tabs on these trends by maintaining membership in the International Society of Certified Employee Benefit Specialists (ISCEBS) and other related organizations.
While optional, taking these continuing professional development measures can help CEBS leverage networking, education, mentoring, and career advancement opportunities.
The Certified Employee Benefits Specialist title is a designation that provides many professional and organizational advantages. These include:
According to this report, two out of three CEBS title holders say that their designation has helped them gain job opportunities or promotions. Over half of CEBS surveyed say that their certification led to higher salaries and bonuses.
Earning and having the CEBS title affords title holders more respect from their clients, colleagues, and senior management. This certification can elevate your stature in the benefits community.
Studying for the CEBS exams and mastering the skills and knowledge contained in the courses greatly enhances professionals’ understanding of retirement benefits and health plans. Equipped with these skills and knowledge, professionals can do their jobs more confidently and efficiently.
This designation is recognized across a wide range of industries, including human resources, insurance, finance, and law. Those with employee benefits specialist certification gain a competitive advantage when applying for jobs or leadership positions related to employee benefits.
Qualified CEBS can have the privilege of joining a dedicated network of like-minded professionals who can offer collaboration, mentorship, and ongoing support throughout their careers.
Successful graduates of the CEBS program often feel more confident to lead benefit-related initiatives and make recommendations about employee benefits within an organization. The confidence emanates from gaining knowledge and skills from a rigorous curriculum.
The CEBS program is one of the few certifications that have a streamlined, self-paced curriculum that allows earning the designation feasible even for busy professionals. Those who hold a full-time job can progress through the courses at their own pace and balance their work commitments.
Whether earning the CEBS title is worth the personal investment in terms of time, effort, and paying fees depends on the individual professional. For those looking to expand their knowledge and career prospects, as well as gain recognition in the employee benefits industry, then yes, becoming a CEBS is worth it.
Employers can also deem the title worth it if they hire CEBS-trained professionals who can effectively create and drive strategic employee benefit initiatives in their business.
Do you think the employee benefits specialist certification can help advance your career? Let us know in the comments
