Which part of the industry (agency, brokerage, or carrier)? Which position/job title (manager, producer, underwriter, manager, or ???)? Which city/state? What's the prior background/employment history?
Having a CPCU doesn't mean one know's insurance and all it's intricacies.
Independent Guy, you are the fount of wisdom. Designations surely help provide bona fides but are no guarantee of a higher wage.
CPCU with 5+ years experience in Iowa: $40k if you are lucky. Same person in Northern Virginia: double that, but even then you can't afford a hovel to live in.
Results and reputation matter more than designation. It's a small world we work in...
Re the CPCU, learning as much as you can about a field you are working in is always a good start. People that surmise the CPCU has little value probably never tried to obtain it because its such hard work. CPCU will open doors. That said the CPCU in and of itself (same as MBA, JD, MA..etc) is just basically saying you are trainable, have discipline, and the follow through to think strategically and acheive long term goals. CPCU with 5 years experience should be over $50k in underwriting, and claims. On the sales side if your not making $65-80k with a CPCU and 5 years of selling this may be a sign your in the wrong field. CPCU later...
The CPCU Society provides figures on how much more a CPCU earns on average compared to those who don't have it. Just as there is a considerable higher pay average for college graduates vs high school graduates, there is a considerable earnings increase for CPCU's.
There's an old saying, though, about someone with a CPCU, CLU, and MBA, but no JOB.
A CPCu is great for increasing knowledge, contacts, and respect, but the other factors that go into success are still needed.
40 years experience--compliance. CPCU, CLU, CIC, ACSR, Masters in Public Administration, Insurance Training Professional--current pay of $37,500. No luck trying to break into underwriting or claims. The highr insurance education just did not work out for me.
Generally speaking there are only two ways to make a CPCU degree have an effect on your income: One, when the agency is owned by your father; Two, when you work as an underdog for a low-pay alphabet named Broker AND GET $10 more a week. In reality, the insurance field is so complex that only 15+ years' experience makes a difference between individuals, and by that time you've been wise to go Independent or too old to make it count! I'd save that money and use my time to network around and get started a.s.a.p.
I got my CPCU because I wanted to know more, not to make money. Having a CPCU is much like a college degree. On its own it will not make you a cent. When I first got my college degree in business from a big name public university, I was unloading trucks in the middle of the night at Wal-Mart. I had to go get some nicer clothes, refine my appearance, hustle, look around, and go on interviews to get a job. Same with the CPCU - you have to combine it with experience, hard work, and relationships for it to help you. Even then, don't expect the letters by your name to do anything.
I totally aguee with Scott. Holding a CPCU degree shows that you are one of a small group of Insurance Agents serious enough to pursue more knowledge. It has nothing to do directly with income. You are the only one that can make it be a difference. Cheer up!
I'm a producer with 40 years in the business, and I have yet to find a CPCU who knows the practical side of insurance. It's what you really know, and how you can apply it that counts most.