As I reflect on my journey from being an exam taker to a mentor, I am reminded of the dedication and perseverance required to succeed in the Insurance Commission exam. The journey from being an exam taker and Sun Life advisor candidate to a mentor has provided me with valuable insights into the challenges associated with this pivotal examination. Now, as a manager candidate supporting my advisors for their IC exams, I am committed to providing a step-by-step guide to help aspiring financial advisors in the Philippines navigate the process of passing the Insurance Commission IC Exam.
In this guide, we'll delve into the essentials of the IC Exam, offering insights and a step-by-step approach to ensure success.
Understanding the Insurance Commission Exam (IC Exam) for Life Insurance
The IC Exam is a crucial milestone for financial advisors in the Philippines, comprising both Traditional and Variable types. Each exam requires a thorough understanding of insurance and investment concepts. A fee of P2020 accompanies these exams, emphasizing the importance of preparation. Non-refundable in case of absence or failure, passing this exam is not just a requirement but a gateway to a fulfilling career.
Is the Insurance Exam (IC EXAM) Easy?
No. Personally, It was challenging. You have to have 70% in each test or get at least 35 in the 50-item exam.
Do not worry, though. If you apply to be a Sun Life financial advisor under our team, we will guide you as you learn about all the relevant life insurance concepts!
But do not rely solely on these reviews, passing the IC Exam is mostly dependent on your solo effort to review the material at your own efficient pace.
Preparing for the Exam
For personalized and effective preparation, our team offers
tailored reviews for each candidate, ensuring a deep understanding of the
material. Here's a breakdown of key steps:
A. Study Resources and Review Materials (Secure IC Exam reviewer pdfs!)
Personalized Review: Our team offers personalized review sessions to ensure that each candidate comprehensively understands the material. You are always welcome to join our team so you are assured of quality mentorship throughout your journey.
Memorization and Understanding: It is crucial to not only memorize but also deeply understand the concepts. Make sure your manager translates each question for you and explains each answer. Do not be comfortable just reading or memorizing the IC Exam Reviewer Philippines in pdf format. You can also print a copy or keep a notebook for your notes.
Mock Exams: Regularly answering mock exams and sharing scores for tailored review sessions. Do at least 2 mock sessions per day and send your scores to your manager so you can review missed questions for the next session.
Time Dedication: Allocating 1-2 hours daily for a month before the exam is essential. Treat it like how medicine, law, engineering, and other professionals prepare for their licensure exams because IT IS NOT EASY.
B. Common Challenges Faced by Aspiring Financial Advisors during the IC Exam
Time Constraints: Many candidates struggle with time management during the preparation phase.
Reluctance to Seek Clarification: Fear of asking questions can hinder the learning process. Your managers are available to answer any of your questions.
Health Concerns: Addressing the possibility of rescheduling due to unforeseen health issues.
Managing health concerns proactively and considering rescheduling options if needed. We have experienced this recently. One of our advisor candidates got sick days before the exam so we had to secure a medical certificate and write an email to the organizer.
Navigating the Exam Process
A. Registration and Scheduling
Unit managers efficiently manage the registration and scheduling, ensuring a seamless experience. You just have to provide all of your basic information, contact details, and other government IDs and documents to proceed. Consult your UM for the complete list. Once you are also done paying the exam fee, expect to get an exam schedule shortly.
B. Exam Structure and Format
The exam, featuring 50 items for both traditional and variable components, includes
multiple-choice and true or false questions. Our reviewers include a total of 450 questions for both exams. It might seem impossible to master the whole thing, but with dedication and effort, you can definitely understand each item and answer accordingly.
C. Strategies for Answering Exam Questions
Success hinges on reviewing with a fresh mind and prioritizing keywords for effective
preparation. Mastering these components is crucial for a smooth examination experience. Aspiring financial advisors should entrust their preparations to personalized reviews offered by their team, dedicating 1-2 hours daily for one month before the exam. With these strategies, candidates can confidently face the Insurance Commission Exam and embark on a successful career as financial advisors in the Philippines.
When reviewing insurance concepts, be sure to detach any knowledge you have about Sun Life products from the generic concepts. There may be products and features (such as non-forfeiture options) that are discussed in your reviewer that may not apply or be available to any of the company’s products. So be sure to read and comprehend with an open mind.
D. What to do during the IC Exam day
Prepare your black pens, IDs, and vaccination cards before leaving for the venue. Two hours will be given to you to complete the exam but a lot of the examinees finish way too early. Do not be pressured to answer fast just because your peers are finishing early. Take all the time you need to concentrate on your answer sheet.
What to Do While Waiting for the Result
A. Sales Process Training
Utilize the waiting period to enhance knowledge of the sales process, ensuring readiness for client interactions and future engagements.
B. Prospecting and Joint Field Work
Stay proactive by engaging in prospecting activities. Schedule Joint Field Work (JFW) with managers to gain practical experience, and refine skills for real-world scenarios. This period serves as a valuable opportunity to strengthen expertise in client interactions and sales strategies. Aspiring financial advisors can
strategically prepare for success beyond the exam, ensuring a seamless
transition into their roles.
C. Personality Development
You can also pray hard for the result. Create a routine for inner work such as meditation and personality development activities. This will ensure that you get the right attitude of growth whether or not you pass or fail the IC Exam. I am unsure what the IC Exam passing rate is now, but it is best to be mentally prepare for any scenario.
Conclusion
Mastering the IC Exam is not just a hurdle to cross but a transformative step toward becoming a successful financial advisor. As we recap the key points, remember that challenges are part of the journey, and success is born from dedication and preparation. I believe that success in the Insurance Commission Exam is not only achievable but also a stepping stone to a rewarding career in the financial industry.
In conclusion, this guide aims to inspire and guide aspiring financial advisors, ensuring that success in the IC Exam is not just an accomplishment but a foundation for a flourishing career. With determination, strategic preparation, and continuous learning, you can navigate the IC Exam and embark on a fulfilling journey as a financial advisor in the Philippines.
If you want to know how to be a financial advisor or learn more about life insurance, feel free to send a message to @ChoosingSunrise. Or send an application to mafrancia.d.afulugencia@sunlife.com.ph.
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