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RIBO 3 Unrestricted Management Exam Information

For becoming a Principal Broker you need to pass the RIBO 3 Unrestricted Management Exam. All the info about the exam is written in this article.

The RIBO Unrestricted Management exam allows you to become a Principal Broker of an insurance brokerage.  Before you can take this exam, you must have 2 years experience as a licensed RIBO broker.

We have a few students trying for the RIBO Unrestricted Management exam soon and they inspired me to write about the exam.  In this post, I’ll talk about:

  • How much time you have to write the exam
  • What grade you need to pass the exam
  • Format and weighting of the exam

HOW MUCH TIME SO I HAVE TO WRITE THE RIBO UNRESTRICTED MANAGEMENT EXAM?

You will have 3 hours to write the exam.

WHAT DO I NEED TO PASS THE EXAM?

The exam is broken up into 3 parts (discussed later).  You need to score at least a 60% on each part with a minimum overall score of 75% to pass the exam.

If you failed to get 60% in Part 1 or 3, but still scored a 75%, you can just retake the Parts you failed.  You will not need to retake the whole exam.

HOW IS THE EXAM FORMATTED & WEIGHTED?

It is broken down into 3 Parts:

  1. RIB Act & Regulations: This section has 20 Multiple Choice questions worth 20 marks total and makes up about 17% of the total exam content.
  2. Administration & Finance: This section requires you to answer short answer questions for a total of 85 marks.  This part makes up the bulk of your exam at 70%.
  3. RIBO Form 1 & Financial Statements: This section is also shower answer questions worth 15 marks in total.  This section makes up 13% of the exam content.

I hope this was able to help some of you.  If you still have questions about this, feel free to contact me anytime.  If you’re interested in learning about the RIBO Unrestricted Technical exam, we have an article on that too.