Modernised vocational training programme: Management assistants for insurances and finances

The latest innovations in life and health insurances or new financial products – management assistants for insurances and finances have to be up-to-date in this many-faceted field. Together with the social partners and business practice experts, the German Federal Institute for Vocational Education and Training (BIBB) has therefore modernised the three-year vocational education and training programme.

For instance, unit-linked life insurances now are also part of the product range covered in the apprenticeship. The subject area "Financial advice" will be made more flexible, so that apprentices can determine two qualification units themselves. In the subject area "Insurance", the qualification range will be adapted to current developments by offering claims services and performance management, amongst other things, as new elective qualifications in future. The amendment of the training regulations, which were last revised in 2006, is scheduled to become effective on August 1, 2014.

The reason for this modernisation is the requirements of the current in-company training provision. For instance, the two subject areas "Insurance" and "Financial advice" still form part of the job description. However, in the subject area "Financial advice" the partial amendment substitutes the previous elective qualification "Sales of financial products" with the elective qualifications "Financing consultancy for commercial customers" and "Optimisation of customer financial product portfolios".

Moreover, in the subject area "Insurance", changes are adopted regarding the structure of the final examination, thus opening up for the examination committee more options for technical discussion.

The vocational education and training occupation continues to enjoy high popularity. With 5,817 new apprenticeship contracts, that is, 52.8 per cent male and 47.2 per cent female new apprentices, this occupation occupies 29th position in the ranking of vocational education and training occupations according to new contracts in 2012. And with an average tariff monthly apprenticeship wage of 830 Euro in the first, 896 Euro in the second and 962 Euro in the third training year, the remuneration was also significantly above the nationwide average of 730 Euro in the past year.

In future, the occupational profile will be available as a Europass certificate explanation in the German, English and French language, helping the fully trained specialists in pursuing a career anywhere in Europe.