The CPCU is P&C related, although it covers a lot of general underwriting issues as well, and the LOMA courses are generally for Life/Health. Do either of these have the cachet in the insurance/financial industry to be worth the effort?
Obtaining a CPCU designation is worth it. I know a few folks that have it and they said the test was hard as hell, but they received a significant pay increase and it opens up a lot of doors if you choose to look outside your current company. I have a P&C now, I'm debating on whether I want to try for the CPCU and get back in insurance. My current employer is under "strategic assessment" and will probably be sold in the next 6 months.
CPCU is definitely worth it in the insurance ranks. More on the Operations/Management side that on the agency/sales side. I've started working on my ChFC in case I finally decide to do my own agency. Stuff bores me to tears though.
Anybody know anything about LOMA? My wife is an hourly customer service phone answering person, but the company seems pretty interested in LOMA. They pay her $50 every time she passes one of their tests. Over the past 5 years, she has probably passed at least 7 of these tests, and can put some letters behind her name, not exactly sure what they are.
My wife has finished a milestone on the LOMA certificate path. She is now certified a PCS(Professional Customer Service). Doesn't mean a thing as far as I can tell for promotions, but, she got a nice big $150 check for finishing this one. I just wish I knew if there was any company that valued the LOMA thing. She seems to study quite a bit for each test.
I'm not sure where you are at, but I would think a LOMA cert would get her a low paying (30s?) but very family friendly full time job at the state Department of Insurance. Flex time and/or telecommuting options would make it a perfect job for a secondary income in a two parent home. A LOMA cert seems like it definitely would have some value as some kind of claims handler, contracts manager or whatnot at a life or health insurance company.
I've taken a fair number of LOMA test and personally find them pretty useless. I haven't had to study for any of them yet. I take 6-7 at a time just to get the certs. The reason I take them is that I'm currently working in an insurance company and this is an industry that thing they are different (they aren't) and the long-timers hold it against newer people that they aren't 'insurance people'. The certificates, particularly the FLMI, seem to quite them up a bit. It would also help, a fair amount if you were looking for a job in the industry or if you didn't have a 'real' degree and wanted to move up in the industry. Having said that, I don't think there are many places that will move you up because you get one and also I believe they will have little impact to anyone in the professional ranks.